Pune, India., July 17, 2023 (GLOBE NEWSWIRE) -- The global low speed vehicle market size was valued at USD 10.92 billion in 2022 and is expected to be worth USD 11.91 billion in 2023. The market is projected to reach USD 22.56 billion by 2030, recording a CAGR of 9.5% during the forecast period.
A low speed vehicle is a limited-use vehicle or truck that can run at a maximum speed of up to 25 mph and has a total weight of less than 1,400 kg. These vehicles are also useful as a golf cart, industrial/commercial vehicle, and neighborhood vehicle. Low speed vehicles are easier to drive as compared to other automobiles and are used in university campuses, schools, colleges, and golf courses. These features are expected to accelerate the low speed vehicle market growth.
Drivers & Restraints-
Growing Use of Low Speed Automobiles for Small Distance Trips to Boost Market Growth
The demand for eco-friendly vehicles is growing across towns and cities as customers are trying to reduce their carbon footprint. These vehicles can be used for short distance commutes on a daily basis and carry a sufficient number of passengers, which can significantly reduce environmental pollution due to lesser number of automobiles. Governments are also introducing various emission control rules and regulations, which will further drive the product sales. However, rising safety concerns and lack of proper infrastructure can stifle the market development.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 9.5% |
| 2030 Value Projection | USD 22.56 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 11.91 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 150 |
Competitive Landscape-
Companies to Engage in Partnerships, Acquisitions, and Business Expansions to Augment Market Competition
The leading companies involved in this market include Deere & Company, Textron, Inc., Yamaha Motor Co., Ltd., and Polaris Industries, Inc. These firms are focusing on producing cutting-edge electric low speed vehicles for a vast range of customers across the world.
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Segments-
Electric Vehicles to Gain Significant Traction with Growing Demand for Eco-Friendly Vehicles
Based on propulsion type, the market is segmented into ICE and electric low-speed vehicle. The electric low-speed vehicle segment is expected to exhibit substantial growth in this market as there is a growing demand for eco-friendly and technologically advanced automobiles, helping customers reduce their carbon footprint.
Growing Demand for Low Speed Automobiles for Lightweight Daily Transport to Boost Sales of Commercial Utility Vehicles
The market is segmented into golf carts, commercial utility vehicles, and personal carriers based on vehicle type. The commercial utility low-speed vehicle segment is anticipated to capture the largest low speed vehicle market share during the forecast period as they are being increasingly adopted for short-distance transport.
Sustainability in Industrial Applications and Other Features to Boost Demand for Industrial Low Speed Automobiles
In terms of application, the market is bifurcated into golf courses, industrial facilities, airports, and hotels & resorts. The low speed industrial vehicle segment is predicted to account for a dominant share in the market due to their attractive features, such as sustainability in industries, safety features, affordability, and eco-friendliness.
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Regional Insights-
North America Market to Gain Momentum Due to Vast Presence of Golf Courses
North America is set to dominate the global market as the number of golf courses is rising across the region. This is propelling the adoption of low speed golf carts. OEMs across North America are focusing on expanding their production capacity to cater to the growing demand for these vehicles. These factors will help the regional market grow. Europe is expected to hold the second-largest share in the global market due to the presence of leading OEMs.
Report Coverage:
The report studies the market in detail and highlights various important areas, such as leading market players, vehicle types, and competitive landscape. The report also delivers insights into the latest market trends and covers key developments in the industry. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.
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A list of prominent Low Speed Vehicle manufacturers operating in the global market:
- Club Car (U.S.)
- Textron, Inc. (U.S.)
- Deere & Company (U.S.)
- Polaris Industries, Inc. (U.S.)
- Yamaha Motor Co., Ltd. (Japan)
- Kubota Corp. (Japan)
- Ingersoll-Rand plc (Ireland)
- Xiamen Dalle Electric Car Co., Ltd. (China)
- Bradshaw Electric Vehicles (U.K.)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)
- Moto Electric Vehicles (U.S.)
COVID-19 Impact:
Decline in Recreational Activities Hampered Market Growth during Pandemic
The COVID-19 outbreak had an adverse impact on the automotive sector due to the enforcement of lockdowns across the globe. This market also faced several challenges during this period as major regions across the world, such as North America and Asia Pacific shut down their production plants for a temporary period. This factor hindered the market progress.
Notable Industry Development:
- March 2023: Club Car introduced the Club Car CRU, a street-legal lifestyle vehicle that claims to disrupt the low-speed vehicle market. The company is expanding its electric vehicle portfolio into a new, innovative category of Neighborhood Electric Vehicles (NEV). The CRU has an ergonomic shape, superior handling, capacity for six occupants, and a top speed of 25 miles per hour.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Low Speed Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric
- ICE
- Market Analysis, Insights and Forecast – By Vehicle Type
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Market Analysis, Insights and Forecast – By Application
- Golf Courses
- Industrial Facilities
- Airports
- Hotels & Resort
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Low Speed Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric
- ICE
- Market Analysis, Insights and Forecast – By Vehicle Type
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Market Analysis, Insights and Forecast – By Application
- Golf Courses
- Industrial Facilities
- Airports
- Hotels & Resort
- Market Analysis – By Country
- The U.S.
- By Propulsion Type
- Canada
- By Propulsion Type
- Mexico
- By Propulsion Type
- The U.S.
- Europe Low Speed Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric
- ICE
- Market Analysis, Insights and Forecast – By Vehicle Type
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Market Analysis, Insights and Forecast – By Application
- Golf Courses
- Industrial Facilities
- Airports
- Hotels & Resort
- Market Analysis – By Country
- The U.K
- Propulsion Type
- Germany
- Propulsion Type
- France
- Propulsion Type
- Rest of Europe
- Propulsion Type
- The U.K
- Asia Pacific Low Speed Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric
- ICE
- Market Analysis, Insights and Forecast – By Vehicle Type
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Market Analysis, Insights and Forecast – By Application
- Golf Courses
- Industrial Facilities
- Airports
- Hotels & Resort
- Market Analysis – By Country
- China
- Propulsion Type
- India
- Propulsion Type
- Japan
- Propulsion Type
- Rest of Asia Pacific
- Propulsion Type
- China
- Rest of the World Low Speed Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Propulsion Type
- Electric
- ICE
- Market Analysis, Insights and Forecast – By Vehicle Type
- Golf Cart
- Commercial utility vehicle
- Personal Carrier
- Market Analysis, Insights and Forecast – By Application
- Golf Courses
- Industrial Facilities
- Airports
- Hotels & Resort
- Competitive Analysis
- Key Industry Development
- Global Market Ranking Analysis (2022)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Club Car(U.S.)
- Textron, Inc.(U.S.)
- Deere & Company(U.S.)
- Polaris Industries, Inc.(U.S.)
- Yamaha Motor Co., Ltd.(Japan)
- Kubota Corp.(Japan)
- Ingersoll-Rand plc(Ireland)
- Xiamen Dalle Electric Car Co., Ltd.(China)
- Bradshaw Electrics(U.K.)
- Suzhou Eagle ElectricManufacturing Co., Ltd(China)
- Moto Electrics(U.S.)
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