The demand for low-speed vehicles in gated communities, resorts and across college campuses is expected to fuel demand through 2022, according to a Research and Markets report.
The low-speed vehicle market is expected to grow from $3.57 billion in 2017 to $4.15 billion in 2022, the report said.
In the low-speed vehicle market, personnel carriers seating two to eight people, are projected to be in high demand by consumers with an increase in shorter commutes.
The golf cart market is expected to be the largest segment of the low-speed vehicle market for North America due to an increase of interest in electric cars and golf courses in the region.
The U.S. market is estimated to dominate the low-speed vehicles market through 2022, due to high purchase orders from the U.S. military for utility vehicles.