New York, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Low Speed Vehicle Market to 2027 - Global Analysis and Forecasts by Type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, and Personnel Carriers); Propulsion (Diesel, Electric, and Gasoline) and Geography”, published by The Insight Partners. The low speed vehicle market growth is driven by the growing demand for electric vehicles at an unprecedented rate across major economies and rising government initiatives to encourage sustainable transportation.
| Report Coverage | Details |
| Market Size Value in | US$ 11.98 Billion in 2019 |
| Market Size Value by | US$ 16.46 Billion by 2027 |
| Growth rate | CAGR of 4.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 169 |
| No. Tables | 83 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type ; Propulsion and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Low Speed Vehicle Market: Competitive Landscape and Key Developments
Bintelli Electric Vehicles; Club Car, LLC; Cruise Car, Inc.; Deere & Company; HDK Co., Ltd.; Moto Electric Vehicles; Polaris Inc.; Textron Specialized Vehicles Inc.; The Toro Company; and Yamaha Golf-Car Company are among the key players in the global low-speed vehicle market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2019, Yamaha Golf-Car Company realigned its California territory with Cart Star Motors to grow sales and enhance its services to golf courses in the area. Turf Star, Inc., dba Cart Star Motors, would provide golf course sales and service across five locations in California, Southern Oregon, and Western Nevada, while Yamaha’s current dealer network will remain unaffected.
In 2019, Polaris Inc. opened its first multi-brand distribution center in Fernley, Nevada. The facility would support its growing Aftermarket, Parts, Garments, & Accessories businesses by providing additional capacity, improving delivery and customer service speed, and optimizing operations.
Low-speed vehicles are small four-wheeled vehicles, specifically designed with particular federal vehicle standards by licensed manufacturers. These are electrically powered, low-cost, low-emission, energy-efficient vehicles with quiet transportation. They are operated on public streets within the speed limit of 25 miles per hour. low-speed Moreover, increasing demand among the aging population and golf courses for these vehicles is responsible for driving the growth of the low-speed vehicles market. Additionally, growing public interest in low-speed vehicles to make short trips for social, shopping, and recreational purposes mainly within retired or other planned, self-contained communities is boosting the demand for low-speed vehicles. Globally, several governing bodies are establishing strategic alliances to curb and curtail emissions through strict emission policies. As a result, the acceptance of low-speed vehicles is expected to rise considerably in towns and cities for small-distance journeys, and in factories, hospitals, universities, colleges, residential apartments, golf courses, etc., for on-campus rides.
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The low-speed vehicle market is anticipated to witness impressive growth during the forecast period. Increasing government initiatives to promote sustainable transportation and rising global construction and infrastructure industries are the major driving factors fueling the low-speed vehicle market. However, the high ownership and maintenance costs may restrain the market growth. Despite these limitations, the growing demand for electric vehicles is expected to offer ample growth opportunities for the players operating in the low-speed vehicle market during 2020–2027.
Growing Demand for Electric Vehicles to Propel Low Speed Vehicle Market Growth During Forecast Period:
Electric mobility is growing at an unprecedented rate across prime economies. Due to increasing concerns regarding environmental protection and the enactment of supportive government policies, the sales of these vehicles have surged significantly in the past decade. According to International Energy Agency (IEA)’s “Global EV Outlook 2019,” the global number of electric vehicles crossed 5.1 million in 2018 from 2 million in 2017. Presently, China is the world’s largest market for electric vehicles, followed by Europe and the US.
Moreover, by 2030, electric vehicles are estimated to contribute 37%, 30%, and 29% share to the overall vehicle markets in Japan, Canada and the US, and India, respectively. Countries such as China, the US, and Norway are leading in electric mobility owing to various measures being taken by these countries for promoting the same. A few of these measures include improved fuel economy standards, zero and low emission vehicle-related incentives, and high tax rates on fossil fuels. In addition, continuous advancements in battery technology and expansion of charging infrastructure are a few other factors that are driving the adoption of electric vehicles. Vehicle manufacturers are making announcements about their intentions to launch electric vehicles in the coming years. Hence, the rising investments in electrification of transportation, growing charging infrastructure, advancements in battery technologies, and favorable government policies are among the major factors that are anticipated to drive the demand for electric vehicles, eventually boosting the demand for low-speed electric vehicles during the forecast period.
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Low Speed Vehicle market, by Propulsion
Based on propulsion, the low-speed vehicle market is segmented into diesel, electric, and gasoline. The preference for electrically powered, low-speed vehicles over diesel/gasoline-powered, low-speed vehicles is rapidly increasing due to rising environmental concerns. Also, the electric low-speed-powered low-speed vehicles need less maintenance than diesel/gasoline-powered low-speed vehicles.
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