The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
“Increase in stringent emission regulations and growing adoption from the geriatric population drive the low-speed vehicles market.”
The global low-speed vehicle market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020The rising trend of using LSVs in hotels & resorts, industrial facilities, golf course, gated communities & college campuses is projected to fuel the demand of these vehicles. On the other hand, minimal safety features are identified as the key factors which can restrain the growth of the LSV market.
“Low-speed vehicle with <8KW is estimated to be the largest market for LSV market, by power output.”
The market for a low-speed vehicle with <8KW vehicle is projected to be the largest market. As most of the Golf courses and resorts mostly prefer low-speed vehicles with output power less than 8 KW (~3–4 KW). The growing demand for LSVs with low seating capacity is further likely to augment the sales of LSVs with <8 KW power output. Also, with high demand for these low-power LSVs, the Chinese players are exporting these vehicles in North America and Europe at relatively much lower costs. However, the lack of safety standards coupled with built-quality is hampering the sales of these LSVs manufactured by China in North America and Europe. Thus, with an increase in short commute, the demand for these types of vehicles is estimated to grow.
“Commercial turf utility Vehicle is estimated to have the largest share in Global LSV market”
The commercial turf utility vehicle market is projected to be the largest segment for Global low-speed vehicles. the demand for commercial turf utility vehicles is expected to grow due to the increase in the number of hotels and resorts and the operation of existing luxury resorts and hotels, which are the end-users of commercial turf utility vehicles.
“North America anticipated holding the largest share in Global LSV Market.”
The North American market is estimated to dominate the Global LSV market during the forecast period. North America accounts for 51% of the world’s golf supply with the US accounting for 43% of the world’s golf supply. Thus, the US is the largest market in the region and accounts for more than two-thirds of the overall market. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and golf courses are likely to bolster the demand of low speed vehicles in North America.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type ? Tier-1 - 90%, Tier-2 - 10%
- By Designation ? C level - 20 %, Manager level - 60%, Other designations -20%
- By Region? North America - 40%, Europe - 30%, APAC- 20%, RoW-10%
The key companies profiled in the study are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies.
Global Low Speed Vehicles Market By Vehicle Type (Golf Cart, Commercial Turf Utility Vehicle, Industrial Utility Vehicle, Personal Mobility Vehicle), Power Output (<8kW, 8–15kW, >15 kW), Propulsion (Diesel, Electric, Gasoline), Application type (Golf Courses, Hotels & Resorts, Airports, Industrial Facilities) & Region (North America, Europe, APAC and RoW)
Key Benefits of Buying the Report:
- The study provides a qualitative and quantitative analysis of the global low speed vehicle market, by vehicle, in volume (units) and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the global low speed vehicle market, by application, in volume (units) and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the global low speed vehicle market, by propulsion type, in volume (units), and value (USD million), at the regional level.
- The study provides a qualitative and quantitative analysis of the global low speed vehicle market, by power output, in volume (units), and value (USD million), at the regional level.
- The study includes the profiles of 10 key companies and an additional nine companies, which have a significant impact on the market, along with their financial structure, recent developments, and product portfolio.
- The report covers the competitive landscape that reflects the market ranking analysis of leading players, along with the dominant strategies adopted by these stakeholders to retain their position.