The Worldwide Low-Speed Vehicle Industry is Expected to Reach $14.4 Billion by 2027
DUBLIN, April 11, 2022 /PRNewswire/ -- The "Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering
The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%.
The Commercial Turf Utility Vehicle segment is expected to lead the Vehicle type segment
The hotels and resorts industry is completely dependent on tourism activities. According to the latest World Tourism Barometer, global travel activity rebounded sharply in the third quarter of 2021, while remaining far below pre-pandemic levels. International tourist arrivals increased by 58% in the three months ended September 2021 compared to the same period of 2020. These travel activities globally are creating demand from the hotel and resorts industry to provide the best facilities and convenient activities to their providers. For instance, in 2019, Atlanta, the Palm Dubai ordered a fleet for LSVs from Club Car.
Apart from this, hotels and resorts are now promoting battery-operated vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install EV charging stations at over 84 hotels across India. A few examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the market for commercial turf utility vehicles is largely dependent on the travel and tourism industry, and with the growth of the tourism industry, the market for commercial turf utility vehicles is predicted to grow during forecasted period.
North America is projected to be the largest regional market
North America accounts for 80% of the world's golf cart demand, with the US accounting for 96% of the regional golf cart demand. Thus, the US is the largest country-level market in the region and accounts for more than two-thirds of the overall market, followed by Canada and Mexico. Mexico and Canada are also gaining traction due to lower manufacturing costs, low manpower costs, and favorable government policies.
The market is held strongly by established American and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US), and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the US have advanced comfort and safety technologies.
The North American low-speed vehicle market features vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The US government is also focusing on the electric vehicle market and even giving subsidy benefits on taxes for promoting them.
Golf courses are expected to hold the largest market share during the forecast period. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Pre- Vs Post-COVID-19 Scenario
3.2 Report Summary
4 Premium Insights
4.1 Attractive Opportunities in Low-Speed Vehicle Market
4.2 Low-Speed Vehicle Market, by Vehicle Type
4.3 Low-Speed Vehicle Market, by Propulsion
4.4 Low-Speed Vehicle Market, by Battery Type
4.5 Low-Speed Vehicle Market, by Application Type
4.6 Low-Speed Vehicle Market, by Power Output
4.7 Low Speed Vehicle (L6 and L7) Market, by Category
4.8 Low-Speed Vehicle Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Geriatric Population
5.2.1.2 Growing Popularity for Golf
5.2.1.3 Growing Electric Vehicle Charging Infrastructure
5.2.2 Restraints
5.2.2.1 High Costs Restraining Adoption in Developing and Underdeveloped Regions
5.2.2.2 Lack of Safety Standards/Equipment
5.2.3 Opportunities
5.2.3.1 Increasing Real Estate and Commercial Sector
5.2.3.2 Increasing Developments of Autonomous and Connected Technologies
5.2.4 Challenges
5.2.4.1 Cost Reduction and Improved Energy Density of Ev Batteries
5.3 Porter's Five Forces Analysis
5.4 Case Studies
5.4.1 Golf Car Powertrain Nvh Sources and Mitigation Methods
5.4.2 Golf Carts Making Rounds in Some Communities
5.4.3 Investigation into Conversion of Fleet of Plug-In-Electric Golf Carts into Solar-Powered Vehicles Using Fuzzy Logic Control
5.4.4 Design and Construction of an Autonomous Golf Cart; Analyzing Case Studies of Transitioning from Human-Driving to Self-Driving Vehicles
5.4.5 Impacts of Low-Speed Vehicles on Transportation Infrastructure and Safety
5.5 Patent Analysis
5.6 Low-Speed Vehicle: in Market Scenario
5.6.1 Realistic Scenario
5.6.2 Low Impact Scenario
5.6.3 High Impact Scenario
5.7 Supply Chain Analysis
5.8 Market Ecosystem
5.9 Average Selling Price (ASP) Analysis
5.10 Regulatory Analysis
5.11 Trade Analysis
5.12 Technology Trend
5.13 Key Conferences & Events in 2022-2023
6 Analyst's Recommendations
6.1 North America is Expected to Lead the Market
6.2 Key Focus Areas: Safety Features and Electric Vehicles
6.3 Conclusion
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 Registrations and Investments to Drive Demand
7.3 Commercial Turf Utility Vehicle
7.3.1 Growth of Hotels & Resorts to Drive Demand
7.4 Industrial Utility Vehicle
7.4.1 Growing Construction Sector to Drive Demand
7.5 Personal Mobility Vehicle
7.5.1 Rise in Domestic Travel to Drive Demand
8 Low-Speed Vehicle Market, by Power Output
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 8.2.1 Rising Demand in Golf Courses to Drive the Segment
8.3 8 -15 Kw
8.3.1 Growth of Hospitality Sector to Drive the Segment
8.4 >15 Kw
8.4.1 Rising Demand from Major Industries to Drive the Segment
9 Low-Speed Vehicle Market, by Battery Type
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Lithium-Ion (Li-Ion)
9.2.1 Several Working Advantages Over Lead-Acid Battery to Drive Demand
9.3 Lead-Acid
9.3.1 Low Efficiency and Hazardous Nature Leading to Decrease in Demand
10 Low-Speed Vehicle Market, by Application Type
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.1.3 Industry Insights
10.2 Golf Courses
10.2.1 Development of New Golf Courses to Drive Demand
10.3 Hotels & Resorts
10.3.1 Investments in Hospitality Sector to Drive Demand
10.4 Airports
10.4.1 Increase in Airport Operations to Drive Demand
10.5 Industrial Facilities
10.5.1 Growth of Construction and Manufacturing Sector to Drive Demand
10.6 Others
11 Low-Speed Vehicle Market, by Propulsion
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.1.3 Industry Insights
11.2 Electric
11.2.1 Investments in Charging Infrastructure to Drive Demand
11.3 Gasoline
11.3.1 Range Anxiety of Electric Vehicles to Drive Demand
11.4 Diesel
11.4.1 Lack of Charging Infrastructure in Row to Drive Demand
12 Low-Speed Vehicle (L6 and L7) Market, by Category
12.1 Introduction
12.1.1 Research Methodology
12.1.2 Assumptions
12.2 L7 Vehicle
12.2.1 Higher Demand from Japan, China, Us, and European Countries to Drive the Segment
12.3 L6 Vehicle
12.3.1 Investments in Golf and Hospitality to Drive the Segment
13 Low-Speed Vehicle Market, by Region
13.1 Introduction
14 Competitive Landscape
14.1 Overview
14.2 Low-Speed Vehicle Market Share Analysis, 2020
14.3 Company Evaluation Quadrant: Low-Speed Vehicle Market Suppliers
14.3.1 Star
14.3.2 Emerging Leaders
14.3.3 Pervasive
14.3.4 Participants
14.3.5 Competitive Benchmarking
14.4 Competitive Scenario
14.4.1 New Product Launches
14.4.2 Deals
14.4.3 Other Developments, 2019-2022
14.5 Key Player Strategies/Right to Win, 2019-2021
14.6 Revenue Analysis of Top Listed/Public Players
15 Company Profiles
15.1 Key Players
15.1.1 Textron Inc
15.1.2 Deere & Company
15.1.3 Yamaha Motor Co. Ltd
15.1.4 The Toro Company
15.1.5 Kubota Corporation
15.1.6 Club Car
15.1.7 American Landmaster
15.1.8 Columbia Vehicle Group Inc
15.1.9 Waev Inc
15.1.10 Bradshaw Electric Vehicles
15.2 Additional Players
15.2.1 Agt Electric Cars
15.2.2 Bintelli Electric Vehicles
15.2.3 Suzhou Eagle Electric Vehicle Manufacturing
15.2.4 Speedways Electric
15.2.5 Marshell
15.2.6 Garia
15.2.7 Star Ev
15.2.8 Hdk Electric Vehicle
15.2.9 Tropos Motors
15.2.10 Pilot Cars
15.2.11 Moto Electric Vehicles
15.2.12 Acg Inc
15.2.13 Citecar Electric Vehicles
15.2.14 Cruise Car Inc
15.2.15 Ligier Group
15.2.16 Kawasaki Motor Corporation Usa
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wb3zt8
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