Low Speed Vehicle Market - Forecast(2021 - 2026)

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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 ApplicationAirport, 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, By Propulsion, 2020

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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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1. Low Speed Vehicle Market Overview
    1.1 Definitions and Scope
2. Low Speed Vehicle Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By End User Industry
    2.3 Key trends segmented by Geography
3. Low Speed Vehicle Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Low Speed Vehicle Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Low Speed Vehicle Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Low Speed Vehicle Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Low Speed Vehicle Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Low Speed Vehicle Market – By Vehicle Type (Market Size -$Million/Billion)
    8.1 Golf Cart
    8.2 Commercial Turf Utility
    8.3 Industrial Utility Vehicle
    8.4 Personal Mobility Vehicle
    8.5 Others
9. Low Speed Vehicle Market – By Application (Market Size -$Million/Billion)
    9.1 Airport
    9.2 Retail
    9.3 Logistics
    9.4 Golf Courses
    9.5 Hotel and Resorts
    9.6 Industries
    9.7 Others
10. Low Speed Vehicle Market – By Propulsion (Market Size -$Million/Billion)
    10.1 Diesel
    10.2 Electric
    10.3 Gasoline
11. Low Speed Vehicle Market – By Power (Market Size -$Million/Billion)
    11.1 <8kW
    11.2 8-15kW
    11.3 >15kW
12. Low Speed Vehicle Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 Germany
        12.2.2 France
        12.2.3 UK
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Netherlands
        12.2.8 Others
    12.3 APAC
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia
        12.3.6 Indonesia
        12.3.7 Malaysia
        12.3.8 Others
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Chile
        12.4.4 Colombia
        12.4.5 Others
    12.5 RoW
        12.5.1 Middle East
        12.5.2 Africa
13. Low Speed Vehicle Market - Market Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. Low Speed Vehicle Market – Industry Competitive Landscape (Premium)
    14.1 Market Share – Global
    14.2 Market Share by Region
    14.3 Market Share By Vehicle Type
15. Low Speed Vehicle Market – Key Company List by Country Premium (Premium)
16. Low Speed Vehicle Market - Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10

List of Tables

1 US Low Speed Vehicle Market Size 2018
2 Canada Low Speed Vehicle Market Share 2018
3 Brazil Low Speed Vehicle Market Outlook 2019 - 2023
4 Mexico Low Speed Vehicle Market Research 2018
5 Germany Low Speed Vehicle Market Trends 2019 - 2023 
6 France Low Speed Vehicle Market Growth 2019 - 2023 
7 UK Low Speed Vehicle Market Demand 2019 - 2023 
8 Italy Low Speed Vehicle Market Segmentation 2018
9 Russia Low Speed Vehicle Market Analysis 2019 - 2023
10 China Low Speed Vehicle Market Revenue 2019 - 2023
11 Japan Low Speed Vehicle Market Volume 2019 - 2023
12 South Korea Low Speed Vehicle Market Potential 2019 - 2023
13 India Low Speed Vehicle Market Leaders 2018
14 Saudi Arabia Low Speed Vehicle Market Forecast 2019 - 2023 
15 Kuwait Low Speed Vehicle Market Value 2018

List of Figures

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