Low-speedvehicles or neighborhood electric vehicles (NEV) are small in size, and itsweight is far less than the regular ones. A special license is needed to drivethese vehicles, and they cannot be operated on regular roadways. Resultantly,these vehicles find their usages in factories, stations, airports, and golfcourses to transport packages and personnel. These vehicles are mostlybattery-driven with minimal chances of emission.
The globallow-speed vehicle market is witnessing a considerable rise. The market growthattributes to the demand for eco-friendly transport options. Besides, theproliferation of electric vehicles drives the growth of the market. Moreover,stringent government regulations to control vehicle emissions and pollutionlevels escalate the market demand.
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According toMarket Research Future (MRFR), the global low-speed vehicle market is poised toreach USD 11,509.6 MN by 2023, growing at 5% CAGR during the forecast period(2018-2023). Also, government initiatives to promote low-speed vehicle usagesacross industries increase market demand. Many countries are now offeringspecial packages for manufacturers showing a keen interest in the field.
Simultaneously,the government incentive programs to encourage manufacturers for the productionof low-speed electric vehicles propel the growth of the market. Additionally,the increasing production and sales of electric cars and stringent emissionregulations positively impact market growth. The advent of electric vehicles toincrease electric mobility at reduced operational cost drives the growth of themarket.
Improvingelectric vehicle infrastructures in countries like South Korea, Japan, China,the US, and Germany substantiates market growth. Conversely, the manufacturingprocess of low-speed vehicles incurs high costs, which can be seen as apossible growth impeder for the market. Also, low-cost vehicles have a longerlifespan, much greater than the conventional cars; this can slow down the low-speedvehicle market growth considerably, blocking the path for introducing thenew models in industrial sectors.
Low-speed Vehicle Market - Segmentation
The report is segmented into four dynamics;
By Power Output : <8kW, 8-15kW, and >15kW.
By Propulsion : Diesel, Electric, and Gasoline.
By Application : Industrial Utility, Golf Cart, Personnel Carrier, PublicTransport Vehicle, and others.
By Regions : Asia Pacific, Americas, Europe, andRest-of-the-World.
Low-speedVehicle Market - Regional Analysis
North Americadominates the global low-speed vehicle market. The market growth is attributedto the massive increase in the production and sales of e-vehicles in theregion. Besides, the increased energy-efficient solutions in electric vehiclesdrive market growth. Growing investments from Private and public organizationsand the rise in demand for safety features in vehicles foster the growth of themarket. The North American low-speed vehicle market is projected to retain itsdominance throughout the assessment period.
Asia Pacificstands second in the global low-speed vehicle market. The market growth isdriven by the growing demand for electric vehicles with a low operating cost.Moreover, the increased government backing support for the low-speed EV vehicleindustry in the region. Also, increasing R&D investments and a largepotential consumer base in India and China create a huge demand forenvironment-friendly vehicles, contributing to market sales.
Europe is asizable market for low-speed vehicles. Regulatorylaws of the European Union (EU) to minimize vehicle emissions influence marketgrowth. Besides, and timelines for creating zero-emission zones in countrieslike the UK and France increase the demand for low-speed electric vehicles tofoster the growth of the regional market. Furthermore, favorable incentivespolicies propel the growth of the market in the region.
Low-speedVehicle Market - Competitive Analysis
Highlycompetitive, the low-speed vehicle market appears fragmented due to the presenceof several well-established players. To gain a larger competitive share,players incorporate strategies like mergers & acquisition, collaboration,expansion, and technology/product launch. With the industry, technologies, andEVs changing faster than ever before, research projects to optimizeenergy-efficiency has become crucial.
Many researchesto integrate low-speed motor solutions have opened up substantial investmentopportunities for the market players. Industry players are investingsubstantially to develop innovative technologies that can ease the challengesof next-generation mobility solutions.
MajorPlayers:
Players leadingthe global low-speed vehicle market include Textron (US), Polaris IndustriesInc. (US), The Toro Company (US), Deere Company (US), Yamaha Golf-Car Company(US), Kubota Corporation (Japan), Taylor-Dunn Manufacturing Company (US),Tomberlin Automotive Grp. (US), Club Car LLC. (US), and American Landmaster(US), among others.
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