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Low Speed Vehicle Market Overview
The
market for Low Speed Vehicle is forecast to reach $6.1 billion by 2026,
growing at a CAGR of 7.5% from 2021 to 2026. The Low Speed Vehicle market is
estimated to witness substantial growth over the forecast period primarily due
to the growing demand for adoption of these vehicles in golf courses, hotel,
industries, resorts and other areas. Low Speed Vehicle has less carbon emission
and has very low noise which plays a crucial role in attracting customers to
adopt low speed vehicle which is environment friendly and easy to use. These off-road electric vehicles generally
run at a speed 20-25mph and mostly run on battery leading to eco-friendly
transportation. Hotels and resort tend to hold highest market share in low
speed vehicle due to increase in providing commutation services to their guests
in personnel carriers and golf carts for gaining customer interest. North
America is estimated to have highest market growth during the forecasted period
due to its high number of golf courses, high geriatric population and luxury tourism.
Low Speed Vehicle Market Report Coverage
The report: “Low Speed Vehicle Market– Forecast (2021-2026)”, by IndustryARC
covers an in-depth analysis of the following segments of the Low Speed Vehicle market.
By Vehicle
type– Golf cart, Commercial turf utility vehicle, industrial
utility vehicle, personal mobility vehicle and others
By Propulsion– Diesel, Electric, Gasoline
By power – <8 KW, 8 KW–15 KW, >15 KW
By Application – Airport, Retail,
Logistic, Hotel and Resort, industries, Golf course and others.
By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy,
Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others), and
RoW (Middle east and Africa)
Key Takeaways
- The Low Speed Vehicle market is estimated
to witness substantial growth over the forecast period primarily due to
the growing demand for adoption of these vehicles in hotels, industries
and others.
- Electric vehicle is set to account for
maximum revenue share of the Low Speed Vehicle market.
- Hotels and resorts are expected to have maximum revenue due to increase in use of low speed vehicles for providing commutation service to the guests..
- Low Speed Vehicle market is dominated by North America and is expected to hold highest market share during the forecast period, 2020-2025.
Low Speed
Vehicle Market Segment Analysis - By Vehicle Type
Low speed vehicle is segmented into vehicle type such as Golf cart, Commercial turf utility vehicle, industrial utility vehicle, personal mobility vehicle and others. Golf Cart is expected to hold the largest market share at 31% in 2020 due to increase in number of golf courses around the world along with rising geriatric population. Personnel carriers are majorly used in Hotels & resorts, playgrounds, gated communities, golf courses and others. The demand for commercial turf low-speed vehicles in North America and Europe is anticipated to increase low-speed vehicles market.
Low Speed Vehicle Market Segment
Analysis - By Application
Hotel and resorts accounted for maximum revenue share of the global Low Speed Vehicle market at 36.5% in 2020. Hotel and resort are rapidly increasing the use of low speed vehicle to provide service to their guest, this factor is likely to propel the demand for low speed vehicle market. The rise in demand for golf have increased the golf courses and in turn increased the requirement of these vehicles which is further expected to have substantial growth in the market. An increase in traveling across the globe has increased the use of low speed vehicles by airport authorities for carrying luggage and passengers and is likely to spur the low speed vehicle market.
Low Speed Vehicle Market Segment
Analysis - By Geography
Low Speed Vehicle market is dominated by North America at 38% share in 2020 and is expected to have substantial growth over the forecasted period. High standard and luxury tourism in North America drives the Electronic low speed vehicle and is estimated to boost the American market in upcoming time. APAC region on the other hand is expected to have substantial growth in low speed vehicles in the field of industrial sector. For emerging industries, low-speed vehicles are used as it has less carbon emission compared to other vehicles. These vehicles comply the government norms which ultimately boost the market growth.
Low Speed Vehicle Market Drivers
Zero Carbon Emission and Low Noise
One of the major drivers of low speed vehicles market is the lower emission of gases and has less noise compared to regular vehicles. These vehicles are most preferred by airport authorities, golf courses, and industry warehouses which help them to use eco-friendly vehicles. The pollution control norms laid down by governments are compiled by these vehicles and has increased the demand for low speed vehicles. Low speed vehicles are adopted by luxury tourism as they produce less noise and carbon emission than some other vehicles. Thus, this driver is expected to boost the market in forecasted period 2020 to 2025.
Increase in Use of Batteries
The use of lithium ion batteries is rapidly
increasing in low speed vehicles for its long life and high power generation. Low speed vehicle manufacturers are increasing the adoption of these batteries as they are more power
efficient and have the capacity to generate higher energy, which tends to increase
the performance of the vehicle, having low cost and no maintenance which is
expected to boost the market growth .
Low Speed Vehicle Market Challenges
Lack of safety
Though low speed vehicles have many advantages it
lags behind in term of safety, these vehicles are not as safe compared to other
vehicles. The safety issues like Braking in golf cars becomes a challenge as
most these vehicles have only rear wheel breaking system which may lead to loss
of control while breaking the vehicle. Hence
it becomes one of the major challenges for low speed vehicle market.
Low Speed Vehicle Market Landscape
Product launches, acquisitions, and R&D activities are
key strategies adopted by players in the Low Speed Vehicle market. The Low
Speed Vehicle market is dominated by major companies such Yamaha Motor
Corporation, Textron Inc., Toro Company, Polaris, Kubota, John Deere Renault, Moto
Electric Vehicles, Club Car LLC., American Landmaster.
Acquisitions/Technology Launches/Partnerships
- In June, 2020 Textron Specialized Vehicles Inc. has launched its Hauler 800 ELiTE electric utility vehicle, powered by Samsung SDI lithium technology. This offers zero-maintenance batteries with increased range and energy efficiency.
- In January, 2020 Textron Specialized Vehicles Inc. introduced closed-loop electronic fuel injection (EFI) technology which adjusts the fuel-to-air ratio in the engine to improve fuel economy.
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