Low-speed Vehicle Market Overview
factors such as increasing environmental awareness, rising fuel prices, and the need for alternative transportation options in congested urban areas.
In terms of geography, the Asia-Pacific region is the largest market for LSVs, driven by the high demand in countries such as China and India. North America and Europe are also growing markets for LSVs, driven by the increasing popularity of alternative transportation options and the growth of green initiatives in these regions.
The LSV market is highly competitive, with a large number of players offering a wide range of products. Key players in the market include companies such as Polaris Industries, Textron, and GEM. These companies offer LSVs in various forms, including golf carts, utility vehicles, and neighborhood electric vehicles, among others.
These vehicles generally move at 20-25mph speed. These are battery-driven with minimal emissions. Therefore, the Low-speed Vehicle Market is facing huge demand globally
Low-speed vehicles are in higher demand among consumers. People prefer small size and lower-weight vehicles for regular usage.
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The growing rate of the geriatric population is surging its demand because it is considered safe for them due to lower speed. Safe solutions are also available in the vehicle, which is making it convenient for usage and providing easy mobility solutions is growing.
The real estate sector's growth and the implementation of large residential projects are creating a growth opportunity for the market. The hospitality sector provides services like the ease of mobility within large spaces by utilizing low-speed vehicles. Commercial sectors such as the aviation sector are driving the market.
COVID-19 has severely impacted the Low-speed Vehicle Market by disrupting its supply chain process. The halting of manufacturing and production processes has affected the market. The market was highly affected during 2020. When the lockdown was lifted, the market faced a recovery loss due to increased demand.
The Low-speed Vehicle Market is estimated to achieve a 5 % CAGR during the forecast period by 2023. It is projected to reach a valuation from USD 8,613.3 million in 2017 to USD 11,509.6 million by 2023 to 2030.
Low-speed Vehicle Market Segmentation
The Low-speed Vehicle Market is segmented into power output, propulsion, and application.
The power output of the market is segregated into 8kW, 8-15kW, and 15kW. The propulsion segment is divided into fragments such as diesel, electric, and gasoline.
The application section of the market consists of industrial utility, golf carts, personnel carriers and public transport vehicles.
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Low-speed Vehicle Regional Analysis
The Low-speed Vehicle Market is showing tremendous growth in prominent regions across the world. It covers the major countries of the North American region, Asia Pacific, Europe and the rest of the world, which involves Latin America and the Middle East and Africa. These regions are flourishing due to the presence of high-end industrial players.
Among all the regions, the Asia Pacific is observed as the rapidly progressing region in the forecast period. The automotive sector development and improvement are driving the regional market of APAC. North America is another superior region of the market because due to its advanced infrastructure. The Asia Pacific is dominating due to the presence of emerging end-user.
Low-speed Vehicle Industry News
Club Car today announced its definitive agreement for acquiring Garia A/S ("Garia"), which is a Denmark-based electric low-speed vehicle manufacturer for the utility, consumer and golf markets, from Lars Larsen Group. Financial terms are not disclosed, but the transaction is expected to close in the second quarter.
Low-speed Vehicle Market Key Players:
- Polaris Industries Inc. (U.S.)
- Textron (U.S.)
- The Toro Company (U.S.)
- Yamaha Golf-Car Company (U.S.)
- Deere Company (U.S.)
- Kubota Corporation (Japan)
- Tomberlin Automotive Grp. (U.S.)
- Taylor-Dunn Manufacturing Company (U.S.)
- Club Car LLC. (U.S.)
- and American Landmaster (U.S.).
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