Low-Speed Vehicle Market Worth $6.3 Billion by 2025 - Exclusive Report by MarketsandMarkets™

News provided by

May 05, 2020, 10:30 ET

CHICAGO, May 5, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the global Low-Speed Vehicle Market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020. The rising trend of using LSV in hotels & resorts, industrial facilities, golf courses and college campuses is projected to fuel the demand of these vehicles.

Browse in-depth TOC on "Low-Speed Vehicle Market"
88 – Tables
45 – Figures
156 – Pages

Request for PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1965274

"Electric Low-Speed Vehicles Market to have the largest market among other types of propulsion"

The growing trend towards electrification, zero-emission, and lower operating cost, the electric LSV are estimated to have the largest market during the forecast period. The battery is the power source for electric vehicles. Presently, battery costs almost one-third of the total electric vehicle price. It is observed that the battery prices, which were more than USD 1,100 per kilowatt-hour in 2010, have fallen 87% in real terms to USD 156 per kilowatt-hour in 2019. OEMs and battery manufacturers are working towards the development of high energy density battery to deliver more distance coverage on a single charge. Since the automotive industry is moving towards electric vehicles, a similar trend is being observed in the LSV segment too, where key vehicle types are golf cars and personnel carriers. The electric LSV are a better fit option as the LSV is required for short distance coverage and can be used for low power output.

">15 kW power output market to grow at the fastest pace in the Low-Speed Vehicles Market for North America"

Based on the use and the terrain, the power output or the vehicle type of LSV is been considered. The market for the high-power output (>15 kW) segment is expected to showcase the highest growth during the forecast period. High power output vehicles are found in all types of LSV such as commercial turf utility vehicles, industrial utility vehicles, and personal carriers. The demand for high-speed LSVs is increasing with the increase in the speed limit and government permission to ride it on selected roads and high-speed capability requires high power output.

Request FREE Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=1965274

"Presence of a large number of EV manufacturers and strict emission regulations would drive the North America Low-Speed Vehicles Market"

North America is estimated to be the fastest and largest growing low-speed vehicles market during the forecast period. The market growth in the region can be attributed due to the presence of established manufacturers such as Polaris Inc., Textron Inc., and Ingersoll Rand plc, among others. Also, the strict emission regulations, rapid improvement in battery technology, and increasing demand for electric vehicles will boost the market for LSVs in this country.

Major players like Dana and Lydall are investing and increasing their footprint in the Asia Pacific market. For instance, in 2018, Dana inaugurated a plant that would manufacture thermal management products for conventional and new-energy vehicles in Yancheng, China. The rising penetration of such companies in Asia Pacific will drive the overall market.

The Low-Speed Vehicle Market is dominated by a few globally established players Ingersoll Rand plc (US), Textron, Inc. (US), Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), Yamaha Motor Co., Ltd. (Japan), Polaris Industries, Inc. (US), American Landmaster (US), Columbia Vehicle Group (US), HDK Electric Vehicle(US) and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China).

Browse Related Reports:

Electric Vehicle Market by Vehicle (Passenger Cars & Commercial Vehicles), Vehicle Class (Mid-priced & Luxury), Propulsion (BEV, PHEV & FCEV), EV Sales (OEMs/Models) Charging Station (Normal & Super) & Region - Global Forecast to 2030

Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/north-america-low-speed-vehicle-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/north-america-low-speed-vehicle.asp