Low-speed Vehicle Industry:
Low-speed vehicles or neighborhood electric vehicles (NEV) are small in size, and its weight is far less than the regular ones. A special license is needed to drive these vehicles, and they cannot be operated on regular roadways. Resultantly, these vehicles find their usages in factories, stations, airports, and golf courses to transport packages and personnel. These vehicles are mostly battery-driven with minimal chances of emission.
The global Low-Speed Vehicle market is witnessing a considerable rise. The market growth attributes to the demand for eco-friendly transport options. Besides, the proliferation of electric vehicles drives the growth of the market. Moreover, stringent government regulations to control vehicle emissions and pollution levels escalate the market demand.
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According to Market Research Future (MRFR), the global low-speed vehicle market is poised to reach 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 usages across industries increase market demand. Many countries are now offering special packages for manufacturers showing a keen interest in the field.
Simultaneously, the government incentive programs to encourage manufacturers for the production of low-speed electric vehicles propel the growth of the market. Additionally, the increasing production and sales of electric cars and stringent emission regulations positively impact market growth. The advent of electric vehicles to increase electric mobility at reduced operational cost drives the growth of the market.
Improving electric vehicle infrastructures in countries like South Korea, Japan, China, the US, and Germany substantiates market growth. Conversely, the manufacturing process of low-speed vehicles incurs high costs, which can be seen as a possible growth impeder for the market. Also, low-cost vehicles have a longer lifespan, much greater than the conventional cars; this can slow down the low-speed vehicle market growth considerably, blocking the path for introducing the new 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, Public Transport Vehicle, and others.
By Regions : Asia Pacific, Americas, Europe, and Rest-of-the-World.
Low-speed Vehicle Market - Regional Analysis
North America dominates the global low-speed vehicle market. The market growth is attributed to the massive increase in the production and sales of e-vehicles in the region. Besides, the increased energy-efficient solutions in electric vehicles drive market growth. Growing investments from Private and public organizations and the rise in demand for safety features in vehicles foster the growth of the market. The North American low-speed vehicle market is projected to retain its dominance throughout the assessment period.
Asia Pacific stands second in the global low-speed vehicle market share. The market growth is driven by the growing demand for electric vehicles with a low operating cost. Moreover, the increased government backing support for the low-speed EV vehicle industry in the region. Also, increasing R&D investments and a large potential consumer base in India and China create a huge demand for environment-friendly vehicles, contributing to market sales.
Europe is a sizable market for low-speed vehicles. Regulatory laws of the European Union (EU) to minimize vehicle emissions influence market growth. Besides, and timelines for creating zero-emission zones in countries like the UK and France increase the demand for low-speed electric vehicles to foster the growth of the regional market. Furthermore, favorable incentives policies propel the growth of the market in the region.
Low-speed Vehicle Market - Competitive Analysis
Highly competitive, the low-speed vehicle market appears fragmented due to the presence of 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, and EVs changing faster than ever before, research projects to optimize energy-efficiency has become crucial.
Many researches to integrate low-speed motor solutions have opened up substantial investment opportunities for the market players. Industry players are investing substantially to develop innovative technologies that can ease the challenges of next-generation mobility solutions.
Major Players:
Players leading the global low-speed vehicle market include Textron (US), Polaris Industries Inc. (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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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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