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 growth of this market can be attributed to the rising geriatric population, growing popularity for golf, and growing electric vehicle charging infrastructure.
As per primary and secondary analysis, North America is considered the largest market for low-speed vehicles, and Europe is the second-largest market. Some important factors that are driving the demand for low-speed vehicles in these regions are inclination of the population for door-to-door mobility solutions, growth of hospitality sector in these regions, increase in popularity of golf, with North America having the majority of golf courses of that when considered globally, and increasing number of geriatric populations.
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But certain factors do provide restraining and challenging environments such as the roll cage or crash-proof bodies do not provide adequate accidental protection; thus, manufacturers are working toward safety issues. Safety concerns regarding these vehicles can hamper the growth of the market. As these vehicles are driven on permissible areas, the inclusion of safety features is a major concern for users as well as manufacturers. Also, with rising trend of ride-hailing, the demand for LSVs is expected to increase in the coming years, provided the speed limits are revised.
The electric low-speed vehicles started their journey with lead-acid batteries, especially in the European and Asia markets, to reduce the environmental hazards and follow government mandates. Lithium-ion battery types were deployed extensively in Europe and North America. Now, many of the LSV manufacturers have either shifted or are shifting to lithium-ion batteries, but the cost is one of the major factors associated with these batteries. Thus, OEMs and battery suppliers are trying to deal with it. Thus, lithium-ion is expected to dominate the battery type segment during the forecast period.
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Stringent emission regulations in all major regions are compelling LSV manufacturers to develop and commercialize electric low-speed vehicles. For instance, In February 2022, Deere & Company acquired majority ownership in Kreisel Electric Inc, a key player in the development of immersion-cooled battery technology. The Austrian company manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform.
Additionally, other several advantages offered by electric low-speed vehicles like low operating cost, limited maintenance, and no pollution are expected to drive the demand for such vehicles from end use sectors. Thus, electric low-speed vehicles are expected to register the highest growth rate during the forecast period.
Key Market Players:
The key companies profiled in the study are 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).
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