The low speed vehicle market in APAC was valued at US$ 4,306.7 million in 2019 and is projected to reach US$ 6,422.3 million by 2027; it is expected to grow at a CAGR of 5.2% from 2020 to 2027.
The low speed vehicle market in APAC is anticipated to witness an impressive growth during the forecast period. Increasing government initiatives to promote sustainable transportation and rising construction and infrastructure industry are the major driving factors for the low speed vehicle market. However, the high ownership and maintenance costs may restrain the growth. Despite this limitation, the growing demand for electric vehicles is expected to offer ample growth opportunities for the players operating in the low speed vehicle market in APAC during 2020–2027.
The low speed vehicles (LSVs) have applications in diverse areas such as hotels, resorts, airports, colleges and universities, personal transportation, and urban mobility. Various types of LSVs include commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers that are used by commercial and industrial, as well as individual users. Therefore, low speed vehicle companies aim to provide low speed vehicles and neighbourhood electric vehicles in APAC. In South Asia, these vehicles are used as passenger vehicles and are significantly smaller than electric cars; however, they are not subject to the same official approval and registration requirements as passenger cars. A rising number of warehouses and golf courses in the region is also supporting the growth of this market. The growing logistics industry is likely to trigger the need for more warehouses, which would consequently boost the use of low speed vehicles in the region. An increase in the number of warehouses would play a direct role in accelerating the adoption of low speed vehicles. On the other hand, Japan, Indonesia, Vietnam, Singapore, Australia, and Taiwan are the countries that have huge automotive markets. The booming automotive sector in mentioned countries is expected to support further production of electric vehicles, including low speed vehicles and thus complement the growth of low speed vehicle market.
Club Car, LLC, Cruise Car, Inc., Deere & Company, Garia Utility, Melex Ltd., Moto Electric Vehicles, Polaris Inc., Textron Specialized Vehicles Inc., and Yamaha Golf-Car Company are among the major companies operating in the low speed vehicle market in APAC.
The overall low speed vehicle market size in APAC has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the low speed vehicle market in APAC. It also provides an overview and forecast for the low speed vehicle market based on all the segmentations provided with respect to the APAC region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in low speed vehicles.