According to “Low Speed Vehicle Market 2019 Global Size, Share, Trends, Regional Analysis and Industry Outlook Report” published by Market Research Future, The Low Speed Vehicle market to grow at 5% CAGR and reach $11,509.6 million market value by 2023. Low Speed Vehicle Industry 2019 Report Segments Market for Low Speed Vehicle by Power Output (<8kW, 8-15kW, >15kW), by Propulsion (Diesel, Electric, Gasoline), by Application (Industrial Utility, Golf Cart, Personnel Carrier, Public Transport Vehicle), and Region.
Global Low Speed Vehicle Key Players Analyzed in Report –
Leading players in the global Low Speed Vehicle market include American Landmaster, Club Car LLC, Taylor-Dunn Manufacturing Company, Tomberlin Automotive Group, Kubota Corporation, Deere Company, Yamaha Golf-car Company, The Toro Company, Textron, and Polaris Industries Inc.
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Global Market Highlights:
Low speed vehicles are often manufactured to meet special demands set by the consumers. The four-wheeled vehicles are small, and its weight is far less than the regular ones. To drive such cars, a special license is needed, and it cannot be operated on a regular road. They are also known as neighborhood electric vehicles (NEV). Factories, airports, stations, golf courses, mostly find a use for such vehicles to transport packages and personnel. The global Low Speed Vehicle market is likely to exhibit a steady 5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
The manufacturers are also focusing on expanding the distribution network across the globe, thereby driving the growth of the market. In many countries across the globe, the urban population has started adopting the low-speed vehicles for their routine works, which is driving the market for low-speed vehicles. The increasing environmental awareness is driving the increased demand for zero emission electric and solar powered low-speed vehicles. The global Low Speed Vehicle market is primarily driven by the growing demand for Low Speed Vehicle in industrial applications, as Low Speed Vehicle are perfect for shuttling material as well as manpower in industrial applications, as they present a lack of speed-related risk.
The growing popularity of golf, particularly in Asia Pacific, is also likely to be a major driver for the Low Speed Vehicle market, as this is likely to drive the demand for golf carts.
Market Segments Analysis:
The scope of the study segments the global low-speed vehicle market by propulsion, vehicle type, End-users and regions.
By Vehicle Type:
Neighborhood electric vehicles (NEV)
Electric golf carts
Electric personal utility vehicles
Off-road electric vehicles
Commercial electric vehicles
Hotels and resorts
Regional Market Insights:
The global Low Speed Vehicle Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The global Low Speed Vehicle market is mainly dominated by North America primarily due to the first mover advantage, as the rapid growth of the industrial sector as well as recreational facilities such as golf courses in North America led to a growing demand for Low Speed Vehicle. Widespread demand for Low Speed Vehicle in industrial complexes as well as sports and recreational complexes is likely to be a major driver for the low-speed vehicle market in North America over the forecast period.
However, the APAC region is expected to be the fastest budding region during the forecast period. North America’s dominance depends on its superior infrastructure, whereas, the APAC region is relying mostly on the emerging industries that can help the market progress as well. The rising popularity of tourist destinations in Asia Pacific is also likely to be a major driver for the Low Speed Vehicle market, as Low Speed Vehicle are often used for tourists to get around sites in countries such as India, China, Thailand, Myanmar, Vietnam, and Cambodia.
Europe is also likely to be a major regional market for Low Speed Vehicle due to the growing demand from the geriatric demographic. The growing geriatric demographic in North America and Europe is likely to be a major driver for the global Low Speed Vehicle market over the forecast period.
Table of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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