Beyond Golf Courses: The Expanding Horizons of the Low-Speed Vehicle Market
The global low-speed vehicle market is growing rapidly, mainly due to the rising demand for eco-friendly transport options. Additionally, government initiatives to promote low-speed vehicle usages for in-premise purposes create substantial market demand. The proliferation of electric vehicles (EVs) positively impacts the growth of the market.
According to Market Research Future (MRFR), the global low-speed vehicle market is expected to garner a valuation of USD 6.4 BN by 2022, registering a 5% CAGR during the forecast period (2022-2030). Stricter government regulations to control vehicle emissions and pollution levels boost the low-speed vehicle market size.
Simultaneously, the government incentive programs to encourage manufacturers for the production of low-speed electric vehicles to propel the growth of the market. The advent of electric vehicles to increase electric mobility at reduced operational costs drives the market growth.
On the other hand, high manufacturing costs of low-speed vehicles is a major factor impeding the market growth. Also, low-cost vehicles have a greater lifespan than conventional cars. This can slow down the growth of the low-speed vehicle market, minimizing the chances of new models.
Global Low-Speed Vehicle Market - Segments
The LSV market is segmented into power output, propulsion, application, and regions. The power output segment is sub-segmented into <8kW, 8-15kW, and >15kW. The propulsion segment is sub-segmented into diesel, electric, and gasoline. The application segment is sub-segmented into industrial utility, golf cart, personnel carrier, public transport vehicle, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global LSV Market - Regional Analysis
North America dominates the global low-speed vehicle market. The market growth is attributed to the massive increase in the production and sales of e-vehicles in the region. Besides, the increased energy-efficient solutions in electric vehicles drive market growth. Growing investments from Private and public organizations and the rise in demand for safety features in vehicles foster the market's growth. The North American low-speed vehicle market is projected to retain its dominance throughout the assessment period.
Asia Pacific stands second in the global low-speed vehicle market. The market growth is driven by the growing demand for electric vehicles with a low operating cost. Moreover, the increased government backing support for the low-speed EV vehicle industry in the region. Also, increasing R&D investments and a large potential consumer base in India and China create a huge demand for environment-friendly vehicles, contributing to market sales.
Europe is a sizable market for low-speed vehicles. Regulatory laws of the European Union (EU) to minimize vehicle, emissions influence market growth. Besides, and timelines for creating zero-emission zones in countries like the UK and France increase the demand for low-speed electric vehicles to foster regional market growth. Furthermore, favorable incentives policies propel the growth of the market in the region.
Low-Speed Vehicle Market - Competitive Analysis
Highly competitive, the low-speed vehicle market size appears fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategies like mergers & acquisitions, collaboration, expansion, and technology/product launch. With the industry, technologies, and EVs changing faster than ever before, research projects to optimize energy-efficiency has become crucial.
Many researches to integrate low-speed motor solutions have opened up substantial investment opportunities for the market players. Industry players are investing substantially to develop innovative technologies that can ease the challenges of next-generation mobility solutions.
Major Players
Players leading the global low-speed vehicle market include Textron (US), Polaris Industries Inc. (US), The Toro Company (US), Deere Company (US), Yamaha Golf-Car Company (US), Kubota Corporation (Japan), Taylor-Dunn Manufacturing Company (US), Tomberlin Automotive Grp. (US), Club Car LLC. (US), and American Landmaster (US), among others.
Industry/ Innovation/ Related News
March 04, 2021 ----DSG Global, Inc. (Canada), an emerging global technology company, announced signing a distributorship agreement with Auto Supermall, Ltd. through its automotive division Imperium Motor Corp (IMC), an EV sales and marketing company offering a wide variety of affordable vehicles, including high speed, mid-speed, and low-speed electric vehicles.
Through this agreement, Auto Supermall becomes DSG's exclusive Retail Sub Distributor for Mexico and the Commercial Sub Distributor for Mexico and Canada.
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