Low-speed Vehicle Market Overview
The rise in concern for the environment and its awareness due to the increased rate of pollution is driving the market. This factor lets the consumer for eco-friendly transport and binds them to maintain low speed. Implementing strict government laws based on pollution is accelerating the market's demand. Hence, governments are supporting the Low-speed Vehicle Market globally. The countries are also offering packages for manufacturers for the manufacture of the vehicle. These factors drive the market to reach its value.
Low-speed vehicles are in higher demand among consumers. People prefer small size and lower-weight vehicles for regular usage.
These vehicles generally move at 20-25mph speed. These are battery-driven with minimal emissions. Therefore, the Low-speed Vehicle Market is facing huge demand globally.
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The growing rate of the geriatric population is surging its demand because it is considered safe for them due to lower speed. Safe solutions are also available in the vehicle, which is making it convenient for usage and providing easy mobility solutions is growing.
The real estate sector's growth and the implementation of large residential projects are creating a growth opportunity for the market. The hospitality sector provides services like the ease of mobility within large spaces by utilizing low-speed vehicles. Commercial sectors such as the aviation sector are driving the market.
COVID-19 has severely impacted the Low-speed Vehicle Market by disrupting its supply chain process. The halting of manufacturing and production processes has affected the market. The market was highly affected during 2020. When the lockdown was lifted, the market faced a recovery loss due to increased demand.
The Low-speed Vehicle Market is estimated to achieve a 5 % CAGR during the forecast period by 2023. It is projected to reach a valuation from USD 8,613.3 million in 2017 to USD 11,509.6 million by 2023 to 2030.
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Low-speed Vehicle Market Segmentation
The Low-speed Vehicle Market is segmented into power output, propulsion, and application.
The power output of the market is segregated into <8kW, 8-15kW, and >15kW. The propulsion segment is divided into fragments such as diesel, electric, and gasoline.
The application section of the market consists of industrial utility, golf carts, personnel carriers and public transport vehicles.
Low-speed Vehicle Regional Analysis
The Low-speed Vehicle Market is showing tremendous growth in prominent regions across the world. It covers the major countries of the North American region, Asia Pacific, Europe and the rest of the world, which involves Latin America and the Middle East and Africa. These regions are flourishing due to the presence of high-end industrial players.
Among all the regions, the Asia Pacific is observed as the rapidly progressing region in the forecast period. The automotive sector development and improvement are driving the regional market of APAC. North America is another superior region of the market because due to its advanced infrastructure. The Asia Pacific is dominating due to the presence of emerging end-user.
Low-speed Vehicle Industry News
Club Car today announced its definitive agreement for acquiring Garia A/S ("Garia"), which is a Denmark-based electric low-speed vehicle manufacturer for the utility, consumer and golf markets, from Lars Larsen Group. Financial terms are not disclosed, but the transaction is expected to close in the second quarter.
Low-speed Vehicle Market Key Players:
· Polaris Industries Inc. (U.S.)
· Textron (U.S.)
· The Toro Company (U.S.)
· Yamaha Golf-Car Company (U.S.)
· Deere Company (U.S.)
· Kubota Corporation (Japan)
· Tomberlin Automotive Grp. (U.S.)
· Taylor-Dunn Manufacturing Company (U.S.)
· Club Car LLC. (U.S.)
· and American Landmaster (U.S.).
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