DUBLIN--(BUSINESS WIRE)--The "Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global low-speed vehicle market is projected to reach USD 6,388 million by 2025 from USD 4,226 million in 2020.
The key companies profiled in the study are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies.
Increase in stringent emission regulations and growing adoption from the geriatric population drive the low-speed vehicles market.
The rising trend of using LSVs in hotels & resorts, industrial facilities, golf course, gated communities & college campuses is projected to fuel the demand of these vehicles. On the other hand, minimal safety features are identified as the key factors which can restrain the growth of the LSV market.
Low-speed vehicle with <8KW is estimated to be the largest market for LSV market, by power output.
The market for a low-speed vehicle with <8KW vehicle is projected to be the largest market. As most of the Golf courses and resorts mostly prefer low-speed vehicles with output power less than 8 KW (~3-4 KW). The growing demand for LSVs with low seating capacity is further likely to augment the sales of LSVs with <8 KW power output. Also, with high demand for these low-power LSVs, the Chinese players are exporting these vehicles in North America and Europe at relatively much lower costs. However, the lack of safety standards coupled with built-quality is hampering the sales of these LSVs manufactured by China in North America and Europe. Thus, with an increase in short commute, the demand for these types of vehicles is estimated to grow.
Commercial turf utility Vehicle is estimated to have the largest share in Global LSV market
The commercial turf utility vehicle market is projected to be the largest segment for Global low-speed vehicles. the demand for commercial turf utility vehicles is expected to grow due to the increase in the number of hotels and resorts and the operation of existing luxury resorts and hotels, which are the end-users of commercial turf utility vehicles.
North America anticipated holding the largest share in Global LSV Market.
The North American market is estimated to dominate the Global LSV market during the forecast period. North America accounts for 51% of the world's golf supply with the US accounting for 43% of the world's golf supply. Thus, the US is the largest market in the region and accounts for more than two-thirds of the overall market. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and golf courses are likely to bolster the demand for low-speed vehicles in North America.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Low-Speed Vehicle Market
4.2 Low-Speed Vehicle Market, by Application Type
4.3 Low-Speed Vehicle Market, by Vehicle Type
4.4 Low-Speed Vehicle Market, by Propulsion Type
4.5 Low-Speed Vehicle Market, by Power Output
4.6 Low-Speed Vehicle Market, by Region
5 Recommendations
5.1 Low-Speed Vehicle Manufacturers should Focus on North America as Priority Market
5.2 Companies should Enhance Focus on Safety Features and Electric Vehicles
5.3 Conclusion
6 Market Overview
6.1 Introduction
6.2 Years Considered
6.3 Market Dynamics
6.3.1 Drivers
6.3.1.1 Rising Geriatric Population to Drive Demand for LSVS
6.3.1.2 Growing Electric Vehicle Charging Infrastructure to Boost Demand for LSVS
6.3.1.3 Increasing Stringent Emission Regulations to Raise Demand for Low-Speed Electric Vehicles
6.3.2 Restraints
6.3.2.1 Lack of Safety Standards/Equipment
6.3.3 Opportunities
6.3.3.1 Growing Advancements in Mobility Solutions
6.3.3.2 Increasing Use of Lithium-Ion Batteries in Low-Speed Vehicles
6.3.3.3 Rising Deployment of Connected Technology and Autonomous Low-Speed Vehicles
6.3.4 Challenges
6.3.4.1 Development of Fail-Safe Electronic and Electrical Components
6.3.4.2 Cost Reduction and Improved Energy Density of EV Batteries
6.4 US LSV Regulations, by State
6.5 Supply Chain
6.6 Low-Speed Vehicle Market, Scenarios Analysis
6.6.1 Most Likely Scenario
6.6.2 Optimistic Scenario
6.6.3 Pessimistic Scenario
6.7 Impact of COVID-19
6.7.1 COVID-19 Health Assessment
6.7.2 Impact on Low-Speed Vehicle Market
7 Low-Speed Vehicle Market, by Vehicle Type
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions
7.1.3 Industry Insights
7.2 Golf Cart
7.2.1 Increase in Number of Golf Courses is Expected to Propel Golf Cart Market Growth
7.3 Commercial Turf Utility Vehicle
7.3.1 Hotels & Resorts Likely to Boost Demand for Commercial Turf Utility Vehicles
7.4 Industrial Utility Vehicle
7.4.1 Growing Construction Sector Likely to Drive Demand for Industrial Utility Vehicles
7.5 Personal Mobility Vehicle
7.5.1 Rise in Domestic Travel to Drive Personal Mobility Market
8 Low-Speed Vehicle Market, by Application Type
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Golf Courses
8.2.1 Development of New Golf Courses to Drive Demand for Golf Carts
8.3 Hotels & Resorts
8.3.1 Investments in Hospitality Sector to Drive Low-Speed Vehicle Market
8.4 Airports
8.4.1 Low Operating Cost of Electric Low-Speed Vehicles and Increase in Air Cargo to Boost Market Growth
8.5 Industrial Facilities
8.5.1 Growth of Manufacturing Sector to Increase Demand for Low-Speed Vehicles
9 Low-Speed Vehicle Market, by Propulsion Type
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Industry Insights
9.2 Electric
9.2.1 Investments in Charging Infrastructure Likely to Fuel Demand for Electric Lsv
9.3 Gasoline
9.3.1 Range Anxiety of Electric Vehicles to Drive Gasoline Low-Speed Vehicle Market
9.4 Diesel
9.4.1 Lack of Charging Infrastructure in Row Likely to Fuel Demand for Diesel Lsv in Near Future
10 Low-Speed Vehicle Market, by Power Output
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Industry Insights
10.2 <8 KW
10.2.1 Rising Demand for Lsv in Golf Courses and Resorts is Likely to Fuel Demand for Low-Power Output Lsv
10.3 8 -15 KW
10.3.1 Rising Demand in Hotels & Resorts to Bolster Demand for Lsv with Power Output Range of 8-15 KW
10.4 >15 KW
10.4.1 Rising Demand in Industrial Segment Anticipated to Boost Market Growth
11 Low-Speed Vehicle Market, by Region
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.1.3 Industry Insights
11.2 APAC
11.2.1 China
11.2.1.1 Growth of Industrial Sector is Driving Lsv Market
11.2.2 India
11.2.2.1 Growth in Tourism and Hospitality Sectors is Likely to Boost Demand for LSVS
11.2.3 Japan
11.2.3.1 High Demand for Industrial Utility Vehicles is Likely to Propel Market Growth
11.2.4 South Korea
11.2.4.1 Low-Speed Vehicle Market is Largely Driven by High Growth Opportunities in Industrial and Tourism Sectors
11.2.5 Thailand
11.2.5.1 Owing to Affordable Golfing Demand for LSVS to Increase in Thailand
11.2.6 Rest of Apac
11.3 North America
11.3.1 US
11.3.1.1 Rising Demand for Zero-Emission Vehicles and Growth of Tourism Industry to Drive Us Market
11.3.2 Mexico
11.3.2.1 Growing Hospitality Sector to Drive Mexican Low-Speed Vehicle Market
11.3.3 Canada
11.3.3.1 Increasing Demand for LSVS in Golf Courses Likely to Drive Canadian Low-Speed Vehicle Market
11.4 Europe
11.4.1 UK
11.4.1.1 Commercial Turf Utility Vehicles to Hold Lion'S Share in Uk
11.4.2 France
11.4.2.1 Golf Carts Projected to be Fastest-Growing Segment in French Lsv Market, by Vehicle Type
11.4.3 Germany
11.4.3.1 Demand for Golf Carts is Anticipated to Grow at Faster Rate
11.4.4 Nordic
11.4.4.1 Commercial Utility Vehicles to Remain most Attractive Segment Throughout Forecast Period
11.4.5 Italy
11.4.5.1 Tourism is Likely to Increase Demand for LSVS in Italy
11.4.6 Spain
11.4.6.1 Commercial Turf Utility Vehicles to Create Significant Revenue Opportunities in Spain
11.5 Row
11.5.1 South Africa
11.5.1.1 Increase in Number of Golf Courses Likely to Increase Demand for LSVS in South Africa
11.5.2 Brazil
11.5.2.1 Hotels and World-Class Golf Courses Likely to Boost Demand for LSVS
11.5.3 Iran
11.5.3.1 Growth of Travel and Tourism Industry to Boost Growth of LSVS
12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Leadership Mapping
12.3.1 Terminology
12.3.2 Visionary Leaders
12.3.3 Innovators
12.3.4 Dynamic Differentiators
12.3.5 Emerging Companies
12.4 Competitive Leadership Matrix
12.4.1 Strength of Product Portfolio
12.4.2 Business Strategy Excellence
12.5 Right to Win
12.6 Competitive Scenario
12.6.1 New Product Developments/Launches
12.6.2 Expansions, 2018-2019
12.6.3 Acquisitions/Partnerships/Agreements, 2018-2020
13 Company Profiles
13.1 Polaris Inc.
13.2 Textron Inc.
13.3 Deere & Company
13.4 The Toro Company
13.5 Ingersoll-Rand
13.6 Yamaha Motor Corporation
13.7 Kubota Corporation
13.8 American Landmaster
13.9 Columbia Vehicle Group Inc.
13.10 Additional Companies
13.10.1 North America
13.10.1.1 AGT Electric Cars
13.10.1.2 Bintelli Electric Vehicles
13.10.2 Asia Pacific
13.10.2.1 Suzhou Eagle Electric Vehicle Manufacturing
13.10.2.2 Speedways Electric
13.10.2.3 Marshell
13.10.3 North America
13.10.3.1 Garia
13.10.3.2 Star EV
13.10.3.3 HDK Electric Vehicle
13.10.3.4 Tropos Technologies
13.10.4 ROW
13.10.4.1 Pilotcars
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