Low-speed Vehicle Market 2020 Global Industry Forecast To 2023 Research Report is latest Global Low-speed Vehicle Industry Report published by Market Research Future. According to study Market for Low-speed Vehicle is forecast to grow at 5% CAGR during 2020 to 2023. This growth is attributed to factors such as increasing demand, new investments, and technological advancements.Low-speed Vehicle Market Segmentation 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 Report Forecast till 2023
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Market Synopsis
Low-speed vehicle market 2020 his assessed to flourish in the coming years. These vehicles are designed for particular tasks and are supposed to witness a rise in applications in the foreseeable future. The recently published report on the global low-speed vehicle market by Market Research Future offers a detailed analysis of the foreseeable trends based on the study of key market divergences. It indicates that the market is expected to mark 5% CAGR across the review period 2018 to 2023. Also, the low-speed vehicle market size, in terms of revenue, is expected to grow from USD 8,613.3 Mn in 2017 to USD 11,509.6 Mn by the end of the forecast period. Rising Popularity of Golf in North America to Expand Low-speed Vehicle Market. Longer Lifespan to Favor Foreseeable Low-speed Vehicle Market Trends
Golf cars are one of the most used low-speed vehicles and are likely to witness high demand in the upcoming years. These cars are not only used in golf courts but commercial spaces such as resorts, hospitals, etc. for transportation. Commercial spaces that are stretched over a large area are supposed to drive the growth of the low-speed vehicle market in the forthcoming years. The rising standards of living, in conjunction with increasing income, have led to drastic rise in demand for such commercial spaces and services provided by them. This, in turn, is set to lead the proliferation of the low-speed vehicle market.
Electric public transportation is being invested in to counter the hazards of air pollution. Irreversible impacts of vehicle emissions on the environment is projected to boost demand for electric or clean energy-based low-speed vehicles for public transportation. It is presumed to impact the market favorably in the upcoming years. These vehicles have a longer lifespan which is another driving factor. However, the high cost of production can check the growth of the low-speed vehicle market in the coming years.
Market Segmentation
Based on output, the segments of the low-speed vehicle market are <8kW, >15kW, and 8-15kW. Among these, the 8-15Kw segments is projected to exercise dominance over the market in the near future. Meanwhile, the >15Kw segment is supposed to exhibit a faster rate of growth over the next few years.
On the basis of propulsion, the segments of the low-speed vehicle market are gasoline, diesel, and electric. The electric segment is currently dominating the market for low-speed vehicles. It is further expected to gain traction in the foreseeable future.
The segments of the low-speed vehicle market, based on application are industrial utility, personnel carrier, golf cart, and public transport vehicle. Among these, the golf cart segment is prognosticated to hold the dominant share and is also assessed to expand at the highest growth rate in the coming years.
Regional Analysis
The geographical evaluation of the global low-speed vehicle has been assessed on the basis of regional segments. These regions are also sub-segmented and assessed on the basis of countries. The regions profiled in the study are as follows – North America, Asia-Pacific (APAC), Europe, and Rest-of-the-World (RoW). North America is set to capture the highest share of the market. Increasing demand for golf cars and rising popularity of golf, especially among the elite class, is projected to expand the low-speed vehicle market in the region. Also, the region is supposed to increase investments in research & development for the development of product portfolio. Europe is anticipated to maintain its shareholding and the second spot. Asia Pacific is projected to boost the production of these vehicles, thus, supporting market growth.
Competitive Dashboard
Polaris Industries Inc. (U.S.), The Toro Company (U.S.), Textron (U.S.), Yamaha Golf-Car Company (U.S.), Kubota Corporation (Japan), Deere Company (U.S.), Tomberlin Automotive Grp. (U.S.), Club Car LLC. (U.S.), Taylor-Dunn Manufacturing Company (U.S.), and American Landmaster (U.S.) are few of the players holding global low-speed vehicle market share.
List of tables:
TABLE 1 MARKET SYNOPSIS 15
TABLE 2 LIST OF ASSUMPTIONS 18
TABLE 3 GLOBAL LOW SPEED VEHICLE MARKET, BY POWER OUTPUT, 2016-2023 (USD MILLION) 40
TABLE 4 GLOBAL LOW SPEED VEHICLE MARKET, BY PROPULSION, 2016-2023 (USD MILLION) 43
TABLE 5 GLOBAL LOW SPEED VEHICLE MARKET, BY APPLICATION, 2016-2023 (USD MILLION) 47
TABLE 6 GLOBAL LOW SPEED VEHICLE MARKET, BY REGION, 2016-2023 (USD MILLION) 49
TABLE 7 NORTH AMERICA: LOW SPEED VEHICLE MARKET, BY COUNTRY, 2016-2023 (USD MILLION) 50
TABLE 8 NORTH AMERICA: LOW SPEED VEHICLE MARKET, BY POWER OUTPUT, 2016-2023 (USD MILLION) 51
TABLE 9 NORTH AMERICA: LOW SPEED VEHICLE MARKET, BY PROPULSION, 2016-2023 (USD MILLION) 52
TABLE 10 NORTH AMERICA: LOW SPEED VEHICLE MARKET, BY PROPULSION, 2016-2023 (USD MILLION) 53
TABLE 11 U.S.: LOW SPEED VEHICLE MARKET, BY POWER OUTPUT, 2016-2023 (USD MILLION) 54
Continued…
List Of Figures:
FIGURE 1 GLOBAL LOW-SPEED VEHICLE MARKET: MARKET STRUCTURE 18
FIGURE 2 KEY TAKEAWAYS OF THE GLOBAL LOW-SPEED VEHICLE MARKET 19
FIGURE 3 KEY BUYING CRITERIA OF LOW SPEED VEHICLE 19
FIGURE 4 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 21
FIGURE 5 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 21
FIGURE 6 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023) 22
FIGURE 7 REST OF WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 22
FIGURE 8 LOW SPEED VEHICLE MARKET, BY REGION, 2017 23
FIGURE 9 RESEARCH PROCESS OF MRFR 25
FIGURE 10 TOP DOWN & BOTTOM UP APPROACH 28
FIGURE 11 DROC ANALYSIS OF GLOBAL LOW SPEED VEHICLE MARKET 30
FIGURE 12 DRIVERS IMPACT ANALYSIS: LOW SPEED VEHICLE MARKET 32
FIGURE 13 RESTRAINTS IMPACT ANALYSIS: LOW SPEED VEHICLE MARKET 33
FIGURE 14 SUPPLY CHAIN: LOW SPEED VEHICLE MARKET 35
Continued…
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