Low-Speed Vehicle Market by Type, Power Output, Propulsion, Application and Region - Global Forecast to 2025 - ResearchAndMarkets.com

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

For more information about this report visit https://www.researchandmarkets.com/r/bkv12r

View source version on businesswire.com: https://www.businesswire.com/news/home/20200527005475/en/

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