Low Speed Vehicle Market

Analysts at GMI Research estimates that the Low Speed Vehicle Market was worth USD 9.1 billion in 2022, and forecast to touch USD 16.0 billion in 2030, growing at a CAGR of 7.3% from 2023-2030.

 

To have an edge over the competition by knowing the market dynamics and current trends of “Low-Speed Vehicle Market”, request for Sample Report here

Major Low Speed Vehicle Market Drivers

Rising usage of low-speed vehicles, especially on the on the streets of towns and cities, is expected to drive the global low speed vehicle market over the forecast period. These vehicles have the capability to carry an adequate number of passengers with its helpful impact on the transport. World leading associations, organizations and governmental bodies are collaborating and working together to reduce the vehicle emissions, which is expected to raise the global demand for the low-speed vehicles. Furthermore, strategic initiatives by the governmental bodies have led to the adoption of electric low-speed vehicles. For instance, in 2019 Europe introduces a favourable policy in which sustainable transport charging infrastructure and internalization of transport externalities, will lead to more charging stations which is expected to surge the growth of the electric low-speed vehicle in the market.

New strategies by the key players in the market for expanding the business is another factor which has primarily contributed to the growth of the market. For instance, in 2018 Polaris had launched ATV low speed vehicles which has helped the company in expanding the geographical presence, leading to more sales of the low-speed vehicles. By the end of 2022 Polaris has planned to launch its low-speed electric vehicle which is expected to surge the pace of the market’s growth.

Restraint in the Low-Speed Vehicle Market

However, low speed vehicles are equipped with minimal safety standards and equipment’s which is acting as a hinderance for the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Vehicle Type – Segment Analysis

Based on the vehicle type, golf cart is expected to witness a strong demand over the forecast years. This is due to the increasing popularity of the golf as a sport across the nations, which is primarily responsible for the growth of the market. In addition, low speed golf cart has been made street legal for personal transportation, which has driven the growth of the market.

Propulsion – Segment Analysis

Based on the propulsion, electric is expected to grow at a higher CAGR in the low-speed vehicle market, over the forecast period. This is due to the rise in the propulsion of electric vehicles coupled with favourable policies by the associations and governmental bodies. For instance, Europe level measures have been encouraging the use of smart charging and renewable electricity which has shifted the paddles for the industry. According to the European Automobile Manufacturers’ Association (ACEA), the market share of electric cars in the EU was about 2 % in the third quarter of 2018, around 30 % higher than in 2017.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, North America is expected to dominate the global low-speed vehicle market over the forecast period. Key players like Polaris Inc., Deere and Company are generating more revenue form the North American region which shows the high purchasing capacity of the region. In addition, the program launched by California Air Resources Board (CARB), also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), which has led to the adoption of vehicles.

Top Market Players

Various notable players operating in the market, include, Polaris Inc., Deere & Company., KUBOTA Corporation., INGERSOLL RAND, Textron Inc., Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., American Landmaster, Intimidator UTV, STAR EV CORPORATION, among others. 

Key Developments:

• • In 2019, Yamaha Motor & Sony joint together for developing and delivering new low-speed mobility experience to the customers.

Segments covered in the Report:

The global low-speed vehicle market has been segmented based on vehicle type, propulsion, power output, and regions. Based on vehicle type, the market is segmented into golf cart, commercial vehicle, industrial vehicle, personal vehicle, and others. Based on propulsion, the market is segmented into electric, gasoline and diesel. Based on power output, the market is segmented into <8 KW, 8 –15 KW, and >15 KW. 

For detailed scope of the “Low-Speed Vehicle Market” report request a Sample Copy of the report

Report Coverage	Details
Market Revenues (2022)	USD 9.1 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Vehicle Type, By Propulsion, By Power Output, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Polaris Inc., Deere & Company., KUBOTA Corporation., INGERSOLL RAND, Textron Inc., Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., American Landmaster, Intimidator UTV, STAR EV CORPORATION, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Low-Speed Vehicle Market by Vehicle Type

• • Golf Cart
  • Commercial Vehicle
  • Industrial Vehicle
  • Personal Vehicle
  • Others

Global Low-Speed Vehicle Market by Propulsion

• • Electric
  • Gasoline
  • Diesel

Global Low-Speed Vehicle Market by Power Output

• • <8 KW
  • 8 –15 KW
  • >15 KW

Global Low-Speed Vehicle Market by Region

• • North America Low-Speed Vehicle Market (Option 1: As a part of the free 25% customization)

    • By Vehicle Type
    • By Propulsion
    • By Power Output
    • US Market All-Up
    • Canada Market All-Up

  • Europe Low-Speed Vehicle Market (Option 2: As a part of the free 25% customization)

    • By Vehicle Type
    • By Propulsion
    • By Power Output
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Low-Speed Vehicle Market (Option 3: As a part of the free 25% customization)

    • By Vehicle Type
    • By Propulsion
    • By Power Output
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Low-Speed Vehicle Market (Option 4: As a part of the free 25% customization)

    • By Vehicle Type
    • By Propulsion
    • By Power Output
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Low-Speed Vehicle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Polaris Inc.
  • Deere & Company.
  • KUBOTA Corporation.
  • INGERSOLL RAND
  • Textron Inc.
  • Yamaha Motor Co., Ltd.
  • Kawasaki Heavy Industries, Ltd.
  • American Landmaster
  • Intimidator UTV
  • STAR EV CORPORATION