Low-Speed Vehicle Market

Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027

Report Code: AT 5757 Mar, 2022, by marketsandmarkets.com

[272 Pages Report] 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%. Low-speed vehicles (LSVs) are 4-wheeled vehicles with a maximum capable speed of typically about 25 mph (40 km/h). These vehicles are used as industrial vehicles, neighborhood vehicles, and golf carts. It is easy to maneuver and hence find applications in golf courses, school, college & university campuses. industrial areas, corporate offices, museums, and gated communities, among others. Low-speed vehicles are currently available in conventional fuel models as well as electric models. According to experts, almost 62% of LSVs are electrically operated globally.

Low-Speed Vehicle Market

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COVID-19 IMPACT ON MARKET

The outbreak of COVID-19 has severely impacted the overall supply chain of the LSV market. The halt in production and end use sector operations have affected the LSV market. The pandemic has affected the overall growth of the industry in 2020 and at the start of 2021, as end use organization along with major LSV players such as Textron Inc. (US), Yamaha (Japan), Deere & Company (US), and The Toro Company (US) had to suspend their operations and production. This scenario impacted the low-speed vehicle market, especially in European and North American countries, as the growth of this market is directly related to the production and sales of vehicles.

However, strong vaccination efforts around the world have been driving LSV sales and production since Q2 of 2021. Thus, with encouraging reports on vaccine development and no recent lockdowns in major countries, the LSV market had started to rebound to pre-COVID levels from Q3 2021.

Though golf cart demand in the US was back on track by the end of 2020, and as per data by the Golf Datatech for all of 2020, play increased 13.9% compared to 2019 in the US, while other key countries such as China, India, Japan, Germany, France, and the UK were severely impacted by the COVID-19 pandemic. The second wave of COVID-19 and resultant lockdowns impacted Europe by the end of 2020 and Asian countries in Q1 of 2021 and disrupted the whole LSV supply chain. However, LSV demand started recovering since Q2 of 2021. The possibility of new COVID-19 variants and fluctuating number of cases in major countries such as India, China, South Korea, and the US in 2022 might impact the low-speed vehicle demand in 2022. However, a recovery in vehicle demand since mid-2021 with higher rates of vaccination is expected to support the growth of the market in the coming years.

Market Dynamics

DRIVER: Rising geriatric population

As per the World Bank, the global population is growing at a rate of ~1% annually. Further, according to the same World Bank statistics, nearly 35% of the global population came under the 40-79 age group in 2020. Nearly 25% of the population in the US were 60 years and above, European nations had an average of 21.5% of the population above 60 years and above, and Japan is the oldest country with nearly 28% of the population in that age group. As per the UN Census Bureau, the global population crossed 7.9 billion in February 2022. As per medical studies, the reflex actions of the human body tend to reduce with growing age. This supports that people are now moving toward safer driving options

Thus, these figures show that the geriatric population is increasing, and low-speed vehicles which run at 25 mph are the best and safe solutions available for this population. The current trend for safe, comfortable, and easy mobility solutions is growing. People in the geriatric age group look for door-to-door movement mobility solutions, and low-speed compact vehicles fulfill this requirement. Companies have developed products keeping the elderly group population in consideration with models like E-Z-Go Express S4 introduced in 2021, Club Car’s Onward Series introduced in 2017, and Garia Via provides a full customization option to its customers and Cushion Shuttle 6 for movement of more passengers. In 2016, Wajima, a city in Japan, introduced free automated golf car services for the elderly population. Therefore, considering these factors, the rise in the geriatric population could drive the market for low-speed vehicles.

RESTRAINT: Lack of safety standards/equipment

The National Highway Traffic Safety Administration (NHTSA) monitors safety standards for conventional vehicles for the US. NHTSA has set standards for LSVs under section 571.500 Standard No. 500. The standard requires low-speed vehicles to be equipped with headlamps, stop lamps, turn signal lamps, taillamps, reflex reflectors, parking brakes, rearview mirrors, windshields, seat belts, and vehicle identification numbers. Accordingly, if the vehicle does not follow the standards set by the regulatory body, it does not get certified for street legality operations. Many LSV manufacturers are providing customized vehicles that might not follow some standards set, and this restrains LSVs from operating on streets in many areas.

NHTSA does not include the LSV segment under the usual crash test that is done for conventional vehicles in many areas, but few countries like Canada conducted crash tests for low-speed vehicles in 2020. As these vehicles are lightweight and designed to operate at minimum speeds for general purposes, their safety standards are not stringent. The vehicles lack the availability of airbags, which increases the risk of damages for passengers. The body design is not crash-proof or does not give protection to the driver and can lead to serious injuries in case of accidents.

Similarly, exemptions are made for LSVs in European countries as well. Another factor leading to lack of safety standards in European countries is no requirement for driver license for vehicles with speed limit below 25 mph. Teenagers above 15 years tend to drive these vehicles on roads leading to causalities.

Safety concerns can discourage consumers from choosing an LSV as their primary vehicle. This has led LSVs to be permitted to ride on selected roads and localities, retraining the growth of the low-speed vehicle market.

OPPORTUNITY: Increasing real estate and commercial sector

The real estate sector is growing globally. Introduction of large residential projects is seen as the new face of the real estate industry. As per IBEF, the real estate sector in India is expected to reach USD 1 trillion by 2030 and by 2025, it will contribute 13% to the country’s GDP. The demand for easy mobility solutions within such large facilities is increasing. Use of golf buggies for the real estate industry is the new trend observed. The distance between two towers or business units in the same locality can be covered with the help of LSVs. For instance, the Onward series introduced in 2020 by Club Cars offers easy mobility for passengers within such zones. Apart from it, in 2018, MOTOEV introduced a special series of electric low-speed vehicles for transit in such real estate projects.

Apart from this, the hospitality sector such as hotels and resorts for best service and ease of mobility of customers within the large spaces utilize LSVs. As per IBEF, the travel market in India is projected to reach USD 125 billion by FY-2027 from an estimated USD 75 billion in FY-2020. As per the Federal reserve bank of St. Louis, US, the hospitality sector contributed nearly 3.8% to the US GDP. Therefore, this would open opportunities for the low-speed vehicle market to serve the arising demands. For instance, Atlantis, The Palm, a five-star hotel in Dubai, made an agreement with Club Cars for a fleet of electric LSVs, where the fleet included Carryall 500 and 700 models from Club Car’s product portfolio.

Another commercial sector leading an open opportunity for LSVs is the aviation sector. Movement of passengers within the large airport structures requires easy and safe solution, and LSVs best serve this requirement. For instance, Belgian ground handling services provider, Aviapartner, gave a supply contract to Citroen to supply its electric vehicle fleet at Brussels airport for movement of crew and passengers. Carttec On Wheels has developed special series of electric vehicles for airport mobility named NASSAU.
Therefore, growth of real estate, hospitality, and aviation sectors would drive the demand for easy mobility solutions and LSVs meeting this demand would possess a lucrative growth prospect simultaneously.

CHALLENGE: Cost reduction and improved energy density of EV batteries

A major part of the total cost associated with an electric LSV is the cost of its battery. As per the paper published by MDPI in 2021, nearly 19% of the total vehicle cost is accounted for by the battery. Initially, the use of lead-acid batteries in electric vehicles was mostly used, but recently many countries have banned the use of lead-acid batteries due to their hazardous effects on the environment. With the introduction of lithium-ion batteries, all major low-speed vehicle manufacturers are now focusing on developing products compatible with lithium-ion battery systems. Currently, one of the key challenges for low-speed vehicle manufacturers is the development of lithium-ion batteries that are compact and highly efficient, keeping the cost structure into consideration. According to the American Council, in 2021, lithium-ion batteries that have an average range of 60–80 miles based on 48V and 100A cost above USD 1,500, and the lithium-ion battery packs might go above USD 2,500 depending on voltage capacity, casing quality, and design.
China is one of the major countries manufacturing and supplying raw materials of lithium-ion batteries. Nearly 80% of the raw materials are supplied from China. Such dependency on a particular region has created challenges for supply and cost control. During the pandemic, the EV market was affected because of the same reason.

Another challenge faced is the energy density of EV batteries. Though lithium-ion batteries are now providing high energy density solutions and long-range travel capacity for regular passenger electric vehicles, it is a challenge to produce such high energy density batteries for compact low-speed vehicles, with equivalent longer running efficiencies. Currently, electric LSVs range averagely between 50-60 miles on a single charge.

In 2021, the Department of Energy’s (DOE) Vehicle Technologies Office, US, estimated that the cost of an electric vehicle lithium-ion battery pack declined 87% between 2008 and 2021. Hence, the industry is on the way to resolving the challenge related to batteries, which would provide better solutions for the growth of the low-speed vehicle market.

The lithium-ion segment is projected to lead the low-speed vehicle  by battery type market

Due to stringent emission standards across the world, coupled with relatively lower operating costs of electric LSVs, there is a shifting preference toward electrically driven LSVs. As these vehicles are intended for short distances, the electric drivetrain serves the purpose of travel and fulfills the power requirement. Approximately 60% of the total LSVs are electrically driven. North America is projected to be the largest market due to the wide acceptance of LSVs, high number of charging stations, and government support. Thus, the adoption and use of lithium-ion batteries can help reduce vehicle running and maintenance costs. This will lead to a strong pathway for production of lithium-ion electric low-speed vehicles during the forecasted period.

North America is estimated to be the largest market in 2021

The US, with higher demand for LSVs in golf courses and personal mobility, was the largest country-level market for low-speed vehicles globally in 2021. Moreover, higher demand for low-speed vehicles from other application areas, including hotels and resorts, airports, and industrial facilities, is expected to drive the market growth in the region. Continuous product innovations by leading regional LSV manufacturers, including Textron (US), Deere & Company (US), The Toro Company (US), and Club Car (US), coupled with government policies promoting the development and demand from end use sectors, are further boosting the market growth in the region.

Furthermore, golf adoption has seen rapid growth in the recent past, especially after COVID-19, as for all of 2020, play increased 13.9% compared to 2019. Moreover, The National Golf Foundation recently reported that the total number of rounds of golf played in the US will surpass last year’s total by 4% to 5%. This growth in registration and play in the golf sector is expected to fuel the demand for golf carts and commercial turf utility vehicles across North America during the forecast period.

Additionally, shifting focus of tourists toward luxury experiences, especially in the hospitality sector, is further expected to boost LSV sales in North America. To deliver experiences to the tourists which sync with their expectorations, hotels & resorts are showcasing low-speed vehicles in their featured offerings. The growing demand for LSVs in gated communities, collages, and theme parks for short-distance commute due to their low operational cost is further expected to drive the LSV demand during the forecast period.

Low-Speed Vehicle Market by Region

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Key Market Players

The low-speed vehicle market is consolidated. Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US)  are the key companies operating in the market.

These companies adopted new product launches, partnerships, and joint ventures to gain traction in the low-speed vehicle market.

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Scope of the Report

Report Metric

Details

Market size available for years

2017–2027

Base year considered

2020

Forecast period

2021–2027

Forecast units

Volume (Units) and Value (USD Million)

Segments covered

By vehicle type, power output, battery type, propulsion, application type, and region.

Geographies covered

Asia Pacific, North America, Europe, and the Rest of the World [RoW]

Companies covered

Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US) 

Along with the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs

The study segments the low-speed vehicle  market :

Application Type

  • golf courses
  • hotels & resorts
  • airports
  •  industrial facilities
  • others

By Vehicle Type

  • golf cart
  • commercial turf utility vehicle
  • industrial utility vehicle
  • personal mobility vehicle

By Propulsion

  • Electric
  • Diesel
  • gasoline

By Power Output

  • <8 KW
  • 8–15 KW
  • >15 KW

By Battery Type

  • Li-Ion
  • Lead Acid

By Region

  • Asia Pacific
  • North Americ
  • Europe
  •  Rest of the World [RoW]

Recent Developments

  • In January 2022, Yamaha launched the Drive2 Powertrain AC Lithium. The new Lithium-ion-powered golf car is with Independent Rear Suspension (IRS). Yamaha is known for offering the strongest product line of golf and utility cars in the world, and the addition of the Drive2 PowerTech with IRS model offers customers the same comfort, reliability, and performance.
  • In January 2022, The Toro Company launched Workman UTX. The commercial-grade, 4-wheel drive vehicle uses a proprietary ground speed governing system. Workman UTX’s ground speed and RPM are not directly connected, allowing the manager to limit the speed of the machine without gutting the power.
  • In June 2021, The Club Car Current is designed for low-speed logistics and cargo operations. The company has partnered with ARYO Inc to develop the product. The Club Car Current is ideal for low-speed logistics and cargo services. It has the agility and versatility that is essential in a campus or urban environment, filling the gap between full-sized trucks and small utility carts.
  • In December 2021, The R&A has named The Toro Company as a Founding Partner and Official Golf Course Maintenance Partner for its planned community golf facility at Glasgow, Scotland. This partnership would pave a path for the sales of gold cars in the region.
  • In August 2021, Club Car announced the all-new integration of Club Car Connect with EzLocator, the industry leader in daily pin placement management. This new partnership enables superintendents with the ability to manage pin locations with speed and precision. At the same time, golfers will enjoy exact yardages seamlessly delivered to their Club Car golf car updated through the cloud with the new integration.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 33)
    1.1 OBJECTIVES
    1.2 MARKET PRODUCT DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           FIGURE 1 MARKET SEGMENTATION: LOW-SPEED VEHICLE MARKET
           1.3.1 YEARS CONSIDERED IN THE STUDY
    1.4 CURRENCY CONSIDERED
    1.5 SUMMARY OF CHANGES
    1.6 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA
           FIGURE 2 LOW-SPEED VEHICLE MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 List of key secondary sources to estimate base numbers
                    2.1.1.2 List of key secondary sources for market sizing
                    2.1.1.3 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primary interviews
           2.1.3 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
    2.2 MARKET SIZE ESTIMATION
           FIGURE 3 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 4 BOTTOM-UP APPROACH: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE & COUNTRY
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 5 TOP-DOWN APPROACH: MARKET, BY PROPULSION AND APPLICATION
                    FIGURE 6 MARKET: RESEARCH DESIGN & METHODOLOGY
           2.2.3 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY-SIDE
    2.3 FACTOR ANALYSIS
    2.4 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 7 DATA TRIANGULATION
    2.5 RESEARCH ASSUMPTIONS
           TABLE 1 ASSUMPTIONS
    2.6 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 52)
    3.1 PRE- VS POST-COVID-19 SCENARIO
           FIGURE 8 PRE- & POST-COVID-19 SCENARIO: LOW-SPEED VEHICLE MARKET SIZE, 2019–2027 (USD MILLION)
           TABLE 2 LOW-SPEED VEHICLE SIZE: PRE- VS. POST-COVID-19 SCENARIO, 2019–2027 (USD MILLION)
    3.2 REPORT SUMMARY
           FIGURE 9 LOW-SPEED VEHICLE SIZE, BY VEHICLE TYPE, 2021 VS. 2027

4 PREMIUM INSIGHTS (Page No. - 56)
    4.1 ATTRACTIVE OPPORTUNITIES IN LOW-SPEED VEHICLE MARKET
           FIGURE 10 RISING DEMAND FROM END USE SECTORS LIKE INDUSTRIAL FACILITIES AND AIRPORTS TO DRIVE THE MARKET
    4.2 MARKET, BY VEHICLE TYPE
           FIGURE 11 COMMERCIAL TURF UTILITY VEHICLES HELD LARGEST MARKET IN 2021 (USD MILLION)
    4.3 MARKET, BY PROPULSION
           FIGURE 12 ELECTRIC PROPULSION TO DOMINATE THE MARKET
    4.4 MARKET, BY BATTERY TYPE
           FIGURE 13 LI-ION TO HOLD LARGEST MARKET DURING FORECAST PERIOD
    4.5 MARKET, BY APPLICATION TYPE
           FIGURE 14 GOLF COURSES HELD LARGEST MARKET IN 2021
    4.6 MARKET, BY POWER OUTPUT
           FIGURE 15 <8 KW HELD LARGEST MARKET IN 2021
    4.7 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY
           FIGURE 16 L7 VEHICLE ACCOUNTS MAXIMUM SHARE BY CATEGORY SEGMENT
    4.8 MARKET, BY REGION
           FIGURE 17 NORTH AMERICA ESTIMATED TO ACCOUNT FOR THE LARGEST SHARE OF THE MARKET

5 MARKET OVERVIEW (Page No. - 61)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 18 LOW-SPEED VEHICLE MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Rising geriatric population
                               FIGURE 19 PERCENTAGE OF POPULATION AGE 65 & ABOVE, US, 1996-2020
                    5.2.1.2 Growing popularity for golf
                    5.2.1.3 Growing electric vehicle charging infrastructure
                               FIGURE 20 NUMBER OF EV CHARGING STATION LOCATIONS AND EVSE PORTS IN US, 2021
                               FIGURE 21 NUMBER OF CHARGING STATIONS IN TOP 10 COUNTRIES IN EUROPE, 2020
           5.2.2 RESTRAINTS
                    5.2.2.1 High costs restraining adoption in developing and underdeveloped regions
                    5.2.2.2 Lack of safety standards/equipment
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing real estate and commercial sector
                    5.2.3.2 Increasing developments of autonomous and connected technologies
           5.2.4 CHALLENGES
                    5.2.4.1 Cost reduction and improved energy density of EV batteries
    5.3 PORTER’S FIVE FORCES ANALYSIS
           TABLE 3 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 22 PORTER’S FIVE FORCES
           5.3.1 INTENSITY OF COMPETITIVE RIVALRY
           5.3.2 THREAT OF SUBSTITUTES
           5.3.3 BARGAINING POWER OF SUPPLIERS
           5.3.4 BARGAINING POWER OF BUYERS
           5.3.5 THREAT OF NEW ENTRANTS
    5.4 CASE STUDIES
           5.4.1 GOLF CAR POWERTRAIN NVH SOURCES AND MITIGATION METHODS
           5.4.2 GOLF CARTS MAKING ROUNDS IN SOME COMMUNITIES
           5.4.3 INVESTIGATION INTO CONVERSION OF FLEET OF PLUG-IN-ELECTRIC GOLF CARTS INTO SOLAR-POWERED VEHICLES USING FUZZY LOGIC CONTROL
           5.4.4 DESIGN AND CONSTRUCTION OF AN AUTONOMOUS GOLF CART; ANALYZING CASE STUDIES OF TRANSITIONING FROM HUMAN-DRIVING TO SELF-DRIVING VEHICLES
           5.4.5 IMPACTS OF LOW-SPEED VEHICLES ON TRANSPORTATION INFRASTRUCTURE AND SAFETY
    5.5 PATENT ANALYSIS
    5.6 LOW-SPEED VEHICLE: IN MARKET SCENARIO
           FIGURE 23 LOW-SPEED VEHICLE MARKET SCENARIO, 2019–2027 (USD MILLION)
           5.6.1 REALISTIC SCENARIO
                    TABLE 4 LOW-SPEED VEHICLE (REALISTIC SCENARIO), BY REGION, 2019–2027 (USD MILLION)
           5.6.2 LOW IMPACT SCENARIO
                    TABLE 5 MARKET (LOW IMPACT SCENARIO), BY REGION, 2019–2027 (USD MILLION)
           5.6.3 HIGH IMPACT SCENARIO
                    TABLE 6 MARKET (HIGH IMPACT SCENARIO), BY REGION, 2019–2027 (USD MILLION)
    5.7 SUPPLY CHAIN ANALYSIS
           FIGURE 24 SUPPLY CHAIN ANALYSIS: MARKET
    5.8 MARKET ECOSYSTEM
           FIGURE 25 MARKET ECOSYSTEM
           TABLE 7 ROLE OF COMPANIES IN MARKET ECOSYSTEM
    5.9 AVERAGE SELLING PRICE (ASP) ANALYSIS
           TABLE 8 AVERAGE SELLING PRICE (ASP), BY REGION
           TABLE 9 AVERAGE SELLING PRICE (ASP), BY VEHICLE TYPE
    5.10 REGULATORY ANALYSIS
           5.10.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS
                    TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 REST OF WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.10.2 REGULATORY ANALYSIS FOR LOW-SPEED VEHICLES, BY COUNTRY
                    TABLE 14 US: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES
                    TABLE 15 CANADA: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES
                    TABLE 16 EUROPE/ASIA: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES
    5.11 TRADE ANALYSIS
                    TABLE 17 IMPORT TRADE DATA: 870310 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
                    TABLE 18 EXPORT TRADE DATA: 870310 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
                    TABLE 19 IMPORT TRADE DATA: 870899 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
                    TABLE 20 EXPORT TRADE DATA: 870899 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
                    TABLE 21 IMPORT TRADE DATA: 843280 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
                    TABLE 22 EXPORT TRADE DATA: 843280 HS CODE, BY KEY COUNTRIES, 2020 (THOUSAND USD)
    5.12 TECHNOLOGY TREND
           5.12.1 FUTURE IS OF ELECTRIC TECHNOLOGY
           5.12.2 ADVANCED FEATURES FOR LUXURY AND SAFETY
    5.13 KEY CONFERENCES & EVENTS IN 2022-2023
                    TABLE 23 LOW-SPEED VEHICLE MARKET: DETAILED LIST OF CONFERENCES & EVENTS

6 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 99)
    6.1 NORTH AMERICA IS EXPECTED TO LEAD THE MARKET
    6.2 KEY FOCUS AREAS: SAFETY FEATURES AND ELECTRIC VEHICLES
    6.3 CONCLUSION

7 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE (Page No. - 101)
    7.1 INTRODUCTION
           7.1.1 RESEARCH METHODOLOGY
           7.1.2 ASSUMPTIONS
           7.1.3 INDUSTRY INSIGHTS
                    FIGURE 26 MARKET, BY VEHICLE TYPE, 2021 VS. 2027 (USD MILLION)
                    TABLE 24 MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                    TABLE 25 MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                    TABLE 26 MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                    TABLE 27 MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
    7.2 GOLF CART
           7.2.1 INCREASE IN NUMBER OF REGISTRATIONS AND INVESTMENTS TO DRIVE DEMAND
                    TABLE 28 GOLF CARTS MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 29 GOLF CARTS MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 30 GOLF CARTS MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 31 GOLF CARTS MARKET, BY REGION, 2021–2027 (USD MILLION)
    7.3 COMMERCIAL TURF UTILITY VEHICLE
           7.3.1 GROWTH OF HOTELS & RESORTS TO DRIVE DEMAND
                    TABLE 32 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 33 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 34 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 35 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2021–2027 (USD MILLION)
    7.4 INDUSTRIAL UTILITY VEHICLE
           7.4.1 GROWING CONSTRUCTION SECTOR TO DRIVE DEMAND
                    TABLE 36 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 37 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 38 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 39 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2021–2027 (USD MILLION)
    7.5 PERSONAL MOBILITY VEHICLE
           7.5.1 RISE IN DOMESTIC TRAVEL TO DRIVE DEMAND
                    TABLE 40 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 41 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 42 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 43 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2021–2027 (USD MILLION)

8 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT (Page No. - 112)
    8.1 INTRODUCTION
           8.1.1 RESEARCH METHODOLOGY
           8.1.2 ASSUMPTIONS
           8.1.3 INDUSTRY INSIGHTS
                    FIGURE 27 MARKET, BY POWER OUTPUT, 2021 VS. 2027 (USD MILLION)
                    TABLE 44 MARKET, BY POWER OUTPUT, 2017–2020 (UNITS)
                    TABLE 45 MARKET, BY POWER OUTPUT, 2021–2027 (UNITS)
                    TABLE 46 MARKET, BY POWER OUTPUT, 2017–2020 (USD MILLION)
                    TABLE 47 MARKET, BY POWER OUTPUT, 2021–2027 (USD MILLION)
    8.2 <8 KW
           8.2.1 RISING DEMAND IN GOLF COURSES TO DRIVE THE SEGMENT
                    TABLE 48 <8 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 49 <8 KW: MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 50 <8 KW: MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 51 <8 KW: MARKET, BY REGION, 2021–2027 (USD MILLION)
    8.3 8 –15 KW
           8.3.1 GROWTH OF HOSPITALITY SECTOR TO DRIVE THE SEGMENT
                    TABLE 52 8 –15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 53 8 –15 KW: MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 54 8 –15 KW: MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 55 8 –15 KW: MARKET, BY REGION, 2021–2027 (USD MILLION)
    8.4 >15 KW
           8.4.1 RISING DEMAND FROM MAJOR INDUSTRIES TO DRIVE THE SEGMENT
                    TABLE 56 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 57 >15 KW: MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 58 >15 KW: MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 59 >15 KW: MARKET, BY REGION, 2021–2027 (USD MILLION)

9 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE (Page No. - 121)
    9.1 INTRODUCTION
           9.1.1 RESEARCH METHODOLOGY
           9.1.2 ASSUMPTIONS
           9.1.3 INDUSTRY INSIGHTS
                    FIGURE 28 MARKET, BY BATTERY TYPE, 2021 VS. 2027 (USD MILLION)
                    TABLE 60 MARKET, BY BATTERY TYPE, 2017–2020 (UNITS)
                    TABLE 61 MARKET, BY BATTERY TYPE, 2021–2027 (UNITS)
                    TABLE 62 MARKET, BY BATTERY TYPE, 2017–2020 (USD MILLION)
                    TABLE 63 MARKET, BY BATTERY TYPE, 2021–2027 (USD MILLION)
    9.2 LITHIUM-ION (LI-ION)
           9.2.1 SEVERAL WORKING ADVANTAGES OVER LEAD-ACID BATTERY TO DRIVE DEMAND
                    TABLE 64 LI-ION: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 65 LI-ION: MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 66 LI-ION: MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 67 LI-ION: GLOBAL MARKET, BY REGION, 2021–2027 (USD MILLION)
    9.3 LEAD-ACID
           9.3.1 LOW EFFICIENCY AND HAZARDOUS NATURE LEADING TO DECREASE IN DEMAND
                    TABLE 68 LEAD ACID: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                    TABLE 69 LEAD ACID: MARKET, BY REGION, 2021–2027 (UNITS)
                    TABLE 70 LEAD ACID: MARKET, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 71 LEAD ACID: MARKET, BY REGION, 2021–2027 (USD MILLION)

10 LOW-SPEED VEHICLE MARKET, BY APPLICATION TYPE (Page No. - 129)
     10.1 INTRODUCTION
             10.1.1 RESEARCH METHODOLOGY
             10.1.2 ASSUMPTIONS
             10.1.3 INDUSTRY INSIGHTS
                       FIGURE 29 MARKET, BY APPLICATION, 2021 VS. 2027 (USD MILLION)
                       TABLE 72 MARKET, BY APPLICATION, 2017–2020 (UNITS)
                       TABLE 73 MARKET, BY APPLICATION, 2021–2027 (UNITS)
                       TABLE 74 MARKET, BY APPLICATION, 2017–2020 (USD MILLION)
                       TABLE 75 MARKET, BY APPLICATION, 2021–2027 (USD MILLION)
     10.2 GOLF COURSES
             10.2.1 DEVELOPMENT OF NEW GOLF COURSES TO DRIVE DEMAND
                       TABLE 76 GOLF COURSES: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 77 GOLF COURSES: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 78 GOLF COURSES: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 79 GOLF COURSES: MARKET, BY REGION, 2021–2027 (USD MILLION)
     10.3 HOTELS & RESORTS
             10.3.1 INVESTMENTS IN HOSPITALITY SECTOR TO DRIVE DEMAND
                       TABLE 80 HOTELS & RESORTS: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 81 HOTELS & RESORTS: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 82 HOTELS & RESORTS: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 83 HOTELS & RESORTS: MARKET, BY REGION, 2021–2027 (USD MILLION)
     10.4 AIRPORTS
             10.4.1 INCREASE IN AIRPORT OPERATIONS TO DRIVE DEMAND
                       TABLE 84 AIRPORTS: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 85 AIRPORTS: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 86 AIRPORTS: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 87 AIRPORTS: MARKET, BY REGION, 2021–2027 (USD MILLION)
     10.5 INDUSTRIAL FACILITIES
             10.5.1 GROWTH OF CONSTRUCTION AND MANUFACTURING SECTOR TO DRIVE DEMAND
                       TABLE 88 INDUSTRIAL FACILITIES: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 89 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 90 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 91 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2021–2027 (USD MILLION)
     10.6 OTHERS
               TABLE 92 OTHERS: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
               TABLE 93 OTHERS: MARKET, BY REGION, 2021–2027 (UNITS)
               TABLE 94 OTHERS: MARKET, BY REGION, 2017–2020 (USD MILLION)
               TABLE 95 OTHERS: MARKET, BY REGION, 2021–2027 (USD MILLION)

11 LOW-SPEED VEHICLE MARKET, BY PROPULSION (Page No. - 142)
     11.1 INTRODUCTION
             11.1.1 RESEARCH METHODOLOGY
             11.1.2 ASSUMPTIONS
             11.1.3 INDUSTRY INSIGHTS
                       FIGURE 30 MARKET, BY PROPULSION, 2021 VS. 2027 (USD MILLION)
                       TABLE 96 MARKET, BY PROPULSION, 2017–2020 (UNITS)
                       TABLE 97 MARKET, BY PROPULSION, 2021–2027 (UNITS)
                       TABLE 98 MARKET, BY PROPULSION TYPE, 2017–2020 (USD MILLION)
                       TABLE 99 MARKET, BY PROPULSION TYPE, 2021–2027 (USD MILLION)
     11.2 ELECTRIC
             11.2.1 INVESTMENTS IN CHARGING INFRASTRUCTURE TO DRIVE DEMAND
                       TABLE 100 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 101 ELECTRIC: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 102 ELECTRIC: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 103 ELECTRIC: MARKET, BY REGION, 2021–2027 (USD MILLION)
     11.3 GASOLINE
             11.3.1 RANGE ANXIETY OF ELECTRIC VEHICLES TO DRIVE DEMAND
                       TABLE 104 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 105 GASOLINE: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 106 GASOLINE: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 107 GASOLINE: MARKET, BY REGION, 2021–2027 (USD MILLION)
     11.4 DIESEL
             11.4.1 LACK OF CHARGING INFRASTRUCTURE IN ROW TO DRIVE DEMAND
                       TABLE 108 DIESEL: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 109 DIESEL: GLOBAL MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 110 DIESEL: GLOBAL MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 111 DIESEL: GLOBAL MARKET, BY REGION, 2021–2027 (USD MILLION)

12 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY (Page No. - 151)
     12.1 INTRODUCTION
             12.1.1 RESEARCH METHODOLOGY
             12.1.2 ASSUMPTIONS
                       FIGURE 31 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2021 VS. 2027 (USD MILLION)
                       TABLE 112 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2017–2020 (UNITS)
                       TABLE 113 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2021–2027 (UNITS)
                       TABLE 114 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2017–2020 (USD MILLION)
                       TABLE 115 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2021–2027 (USD MILLION)
     12.2 L7 VEHICLE
             12.2.1 HIGHER DEMAND FROM JAPAN, CHINA, US, AND EUROPEAN COUNTRIES TO DRIVE THE SEGMENT
                       TABLE 116 L7 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 117 L7 VEHICLE: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 118 L7 VEHICLE: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 119 L7 VEHICLE: MARKET, BY REGION, 2021–2027 (USD MILLION)
     12.3 L6 VEHICLE
             12.3.1 INVESTMENTS IN GOLF AND HOSPITALITY TO DRIVE THE SEGMENT
                       TABLE 120 L6 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 121 L6 VEHICLE: MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 122 L6 VEHICLE: MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 123 L6 VEHICLE: MARKET, BY REGION, 2021–2027 (USD MILLION)

13 LOW-SPEED VEHICLE MARKET, BY REGION (Page No. - 159)
     13.1 INTRODUCTION
             13.1.1 RESEARCH METHODOLOGY
             13.1.2 ASSUMPTIONS
                       FIGURE 32 INDUSTRY INSIGHTS
                       FIGURE 33 MARKET, BY REGION, 2021 VS. 2027 (USD MILLION)
                       TABLE 124 MARKET, BY REGION, 2017–2020 (UNITS)
                       TABLE 125 MARKET, BY REGION, 2021–2027 (UNITS)
                       TABLE 126 MARKET, BY REGION, 2017–2020 (USD MILLION)
                       TABLE 127 MARKET, BY REGION, 2021–2027 (USD MILLION)
     13.2 ASIA PACIFIC
               FIGURE 34 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, 2021 VS. 2027 (USD MILLION)
               TABLE 128 ASIA PACIFIC: MARKET, BY COUNTRY, 2017–2020 (UNITS)
               TABLE 129 ASIA PACIFIC: MARKET, BY COUNTRY, 2021–2027 (UNITS)
               TABLE 130 ASIA PACIFIC: MARKET, BY COUNTRY, 2017–2020 (USD MILLION)
               TABLE 131 ASIA PACIFIC: MARKET, BY COUNTRY, 2021–2027 (USD MILLION)
             13.2.1 CHINA
                       13.2.1.1 Growth of industrial sector to drive the market
                                   TABLE 132 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 133 CHINA: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 134 CHINA: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 135 CHINA: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.2.2 INDIA
                       13.2.2.1 Growth in tourism and hospitality sectors to drive the market
                                   TABLE 136 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 137 INDIA: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 138 INDIA: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 139 INDIA: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.2.3 JAPAN
                       13.2.3.1 High demand for industrial utility vehicles to drive the market
                                   TABLE 140 JAPAN: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 141 JAPAN: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 142 JAPAN: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 143 JAPAN: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.2.4 SOUTH KOREA
                       13.2.4.1 High growth opportunities in tourism sector to drive the market
                                   TABLE 144 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 145 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 146 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 147 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.2.5 THAILAND
                       13.2.5.1 Affordable golfing demand to drive the market
                                   TABLE 148 THAILAND: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 149 THAILAND: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 150 THAILAND: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 151 THAILAND: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.2.6 REST OF ASIA PACIFIC
     13.3 NORTH AMERICA
               FIGURE 35 NORTH AMERICA: LOW-SPEED VEHICLE MARKET SNAPSHOT
               TABLE 152 NORTH AMERICA: MARKET, BY COUNTRY, 2017–2020 (UNITS)
               TABLE 153 NORTH AMERICA: MARKET, BY COUNTRY, 2021–2027 (UNITS)
               TABLE 154 NORTH AMERICA: MARKET, BY COUNTRY, 2017–2020 (USD MILLION)
               TABLE 155 NORTH AMERICA: MARKET, BY COUNTRY, 2021–2027 (USD MILLION)
             13.3.1 US
                       13.3.1.1 Rising demand for zero-emission vehicles to drive the market
                                   TABLE 156 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 157 US: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 158 US: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 159 US: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.3.2 MEXICO
                       13.3.2.1 Growing hospitality sector to drive the market
                                   TABLE 160 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 161 MEXICO: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 162 MEXICO: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 163 MEXICO: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.3.3 CANADA
                       13.3.3.1 Developments in golf industry to drive the market
                                   TABLE 164 CANADA: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 165 CANADA: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 166 CANADA: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 167 CANADA: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
     13.4 EUROPE
               FIGURE 36 EUROPE: LOW-SPEED VEHICLE MARKET SNAPSHOT IN EUROPE
               TABLE 168 EUROPE: MARKET, BY COUNTRY, 2017–2020 (UNITS)
               TABLE 169 EUROPE: MARKET, BY COUNTRY, 2021–2027 (UNITS)
               TABLE 170 EUROPE: MARKET, BY COUNTRY, 2017–2020 (USD MILLION)
               TABLE 171 EUROPE: MARKET, BY COUNTRY, 2021–2027 (USD MILLION)
             13.4.1 UK
                       13.4.1.1 Growing tourism industry to drive the market
                                   TABLE 172 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 173 UK: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 174 UK: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 175 UK: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.4.2 FRANCE
                       13.4.2.1 Growing popularity of golf to drive the market
                                   TABLE 176 FRANCE: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 177 FRANCE: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 178 FRANCE: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 179 FRANCE: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.4.3 GERMANY
                       13.4.3.1 Increase in popularity of golf to drive the market
                                   TABLE 180 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 181 GERMANY: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 182 GERMANY: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 183 GERMANY: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.4.4 NORDIC COUNTRIES
                       13.4.4.1 Tourism development to drive the market
                                   TABLE 184 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 185 NORDIC: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 186 NORDIC: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 187 NORDIC: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.4.5 ITALY
                       13.4.5.1 Growth of tourism sector to drive the market
                                   TABLE 188 ITALY: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 189 ITALY: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 190 ITALY: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 191 ITALY: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.4.6 SPAIN
                       13.4.6.1 Increasing golf popularity to drive the market
                                   TABLE 192 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 193 SPAIN: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 194 SPAIN: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 195 SPAIN: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
     13.5 REST OF THE WORLD (ROW)
               FIGURE 37 ROW: MARKET, 2021 VS. 2027 (USD MILLION)
               TABLE 196 ROW: MARKET, BY COUNTRY, 2017–2020 (UNITS)
               TABLE 197 ROW: MARKET, BY COUNTRY, 2021–2027 (UNITS)
               TABLE 198 ROW: MARKET, BY COUNTRY, 2017–2020 (USD MILLION)
               TABLE 199 ROW: MARKET, BY COUNTRY, 2021–2027 (USD MILLION)
             13.5.1 SOUTH AFRICA
                       13.5.1.1 Increase in number of golf courses to drive the market
                                   TABLE 200 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 201 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 202 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 203 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.5.2 BRAZIL
                       13.5.2.1 Golf hotels and world-class golf courses to drive the market
                                   TABLE 204 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 205 BRAZIL: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 206 BRAZIL: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 207 BRAZIL: MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)
             13.5.3 IRAN
                       13.5.3.1 Growth of travel and tourism industry to drive the market
                                   TABLE 208 IRAN: MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS)
                                   TABLE 209 IRAN: MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS)
                                   TABLE 210 IRAN: MARKET, BY VEHICLE TYPE, 2017–2020 (USD MILLION)
                                   TABLE 211 IRAN: GLOBAL MARKET, BY VEHICLE TYPE, 2021–2027 (USD MILLION)

14 COMPETITIVE LANDSCAPE (Page No. - 202)
     14.1 OVERVIEW
     14.2 LOW-SPEED VEHICLE MARKET SHARE ANALYSIS, 2020
               TABLE 212 MARKET SHARE ANALYSIS, 2020
               FIGURE 38 SHARE OF LEADING COMPANIES IN MARKET, 2020
     14.3 COMPANY EVALUATION QUADRANT: MARKET SUPPLIERS
               FIGURE 39 COMPETITIVE EVALUATION MATRIX: MARKET SUPPLIERS, 2021
             14.3.1 STAR
             14.3.2 EMERGING LEADERS
             14.3.3 PERVASIVE
             14.3.4 PARTICIPANTS
             14.3.5 COMPETITIVE BENCHMARKING
                       TABLE 213 LOW-SPEED VEHICLE MARKET: COMPANY PRODUCT FOOTPRINT, 2021
                       TABLE 214 MARKET: COMPANY APPLICATION FOOTPRINT, 2021
                       TABLE 215 LOW-SPEED VEHICLE: COMPANY REGION FOOTPRINT, 2021
                       FIGURE 40 DETAILS ON KEY DEVELOPMENTS BY LEADING PLAYERS
     14.4 COMPETITIVE SCENARIO
             14.4.1 NEW PRODUCT LAUNCHES
                       TABLE 216 PRODUCT LAUNCHES, 2018–2022
             14.4.2 DEALS
                       TABLE 217 DEALS, 2019–2022
             14.4.3 OTHER DEVELOPMENTS, 2019–2022
                       TABLE 218 OTHER DEVELOPMENTS, 2019–2022
     14.5 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2019–2021
               FIGURE 41 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENTS AND PARTNERSHIPS AS KEY GROWTH STRATEGIES, 2019–2021
     14.6 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS
               FIGURE 42 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2018-2020

15 COMPANY PROFILES (Page No. - 221)
     15.1 KEY PLAYERS
(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)*
             15.1.1 TEXTRON INC
                       TABLE 219 TEXTRON INC: BUSINESS OVERVIEW
                       FIGURE 43 TEXTRON INC: COMPANY SNAPSHOT
                       TABLE 220 TEXTRON INC: PRODUCTS OFFERED
                       TABLE 221 TEXTRON INC: NEW PRODUCT DEVELOPMENTS
                       TABLE 222 TEXTRON INC: DEALS
             15.1.2 DEERE & COMPANY
                       TABLE 223 DEERE & COMPANY: BUSINESS OVERVIEW
                       FIGURE 44 DEERE & COMPANY: COMPANY SNAPSHOT
                       TABLE 224 DEERE & COMPANY: PRODUCTS OFFERED
                       TABLE 225 DEERE COMPANY: NEW PRODUCT DEVELOPMENTS
                       TABLE 226 DEERE & COMPANY: DEALS
                       TABLE 227 DEERE & COMPANY: OTHER DEVELOPMENT
             15.1.3 YAMAHA MOTOR CO. LTD
                       TABLE 228 YAMAHA MOTOR CO LTD: BUSINESS OVERVIEW
                       FIGURE 45 YAMAHA MOTOR CO LTD: COMPANY SNAPSHOT
                       TABLE 229 YAMAHA CO. LTD: PRODUCTS OFFERED
                       TABLE 230 YAMAHA MOTOR CO LTD: NEW PRODUCT DEVELOPMENTS
                       TABLE 231 YAMAHA MOTOR CO LTD: DEALS
                       TABLE 232 YAMAHA MOTOR CO LTD: OTHER DEVELOPMENT
             15.1.4 THE TORO COMPANY
                       TABLE 233 THE TORO COMPANY: BUSINESS OVERVIEW
                       FIGURE 46 THE TORO COMPANY: COMPANY SNAPSHOT
                       TABLE 234 THE TORO COMPANY: PRODUCTS OFFERED
                       TABLE 235 THE TORO COMPANY: NEW PRODUCT DEVELOPMENTS
                       TABLE 236 THE TORO COMPANY: DEALS
             15.1.5 KUBOTA CORPORATION
                       TABLE 237 KUBOTA CORPORATION: BUSINESS OVERVIEW
                       FIGURE 47 KUBOTA CORPORATION: COMPANY SNAPSHOT
                       TABLE 238 KUBOTA CORPORATION: PRODUCTS OFFERED
                       TABLE 239 KUBOTA CORPORATION: NEW PRODUCT DEVELOPMENTS
                       TABLE 240 KUBOTA CORPORATION: DEALS
                       TABLE 241 KUBOTA CORPORATION: OTHER DEVELOPMENT
             15.1.6 CLUB CAR
                       TABLE 242 CLUB CAR: BUSINESS OVERVIEW
                       TABLE 243 CLUB CAR: PRODUCTS OFFERED
                       TABLE 244 CLUB CAR: NEW PRODUCT DEVELOPMENTS
                       TABLE 245 CLUB CAR: DEALS
                       TABLE 246 CLUB CAR: OTHER DEVELOPMENT
             15.1.7 AMERICAN LANDMASTER
                       TABLE 247 AMERICAN LANDMASTER: BUSINESS OVERVIEW
                       TABLE 248 AMERICAN LANDMASTER: PRODUCTS OFFERED
                       TABLE 249 AMERICAN LANDMASTER: NEW PRODUCT DEVELOPMENTS
             15.1.8 COLUMBIA VEHICLE GROUP INC
                       TABLE 250 COLUMBIA VEHICLE GROUP INC: BUSINESS OVERVIEW
                       TABLE 251 COLUMBIA VEHICLE GROUP INC: PRODUCTS OFFERED
                       TABLE 252 COLUMBIA VEHICLE GROUP INC: NEW PRODUCT DEVELOPMENTS
                       TABLE 253 COLUMBIA VEHICLE GROUP INC: DEALS
             15.1.9 WAEV INC
                       TABLE 254 WAEV INC: BUSINESS OVERVIEW
                       TABLE 255 WAEV INC: PRODUCTS OFFERED
                       TABLE 256 WAEV INC: NEW PRODUCT DEVELOPMENTS
                       TABLE 257 WAEV INC: DEALS
             15.1.10 BRADSHAW ELECTRIC VEHICLES
                       TABLE 258 BRADSHAW ELECTRIC VEHICLES: BUSINESS OVERVIEW
                       TABLE 259 BRADSHAW ELECTRIC VEHICLES: PRODUCTS OFFERED
                       TABLE 260 BRADSHAW ELECTRIC VEHICLES: DEALS
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.
     15.2 ADDITIONAL PLAYERS
             15.2.1 AGT ELECTRIC CARS
                       TABLE 261 AGT ELECTRIC CARS: COMPANY OVERVIEW
             15.2.2 BINTELLI ELECTRIC VEHICLES
                       TABLE 262 BINTELLI ELECTRIC VEHICLES: COMPANY OVERVIEW
             15.2.3 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING
                       TABLE 263 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING: COMPANY OVERVIEW
             15.2.4 SPEEDWAYS ELECTRIC
                       TABLE 264 SPEEDWAYS ELECTRIC: COMPANY OVERVIEW
             15.2.5 MARSHELL
                       TABLE 265 MARSHELL: COMPANY OVERVIEW
             15.2.6 GARIA
                       TABLE 266 GARIA: COMPANY OVERVIEW
             15.2.7 STAR EV
                       TABLE 267 STAR EV: COMPANY OVERVIEW
             15.2.8 HDK ELECTRIC VEHICLE
                       TABLE 268 HDK ELECTRIC VEHICLE: COMPANY OVERVIEW
             15.2.9 TROPOS MOTORS
                       TABLE 269 TROPOS MOTORS: COMPANY OVERVIEW
             15.2.10 PILOT CARS
                       TABLE 270 PILOT CARS: COMPANY OVERVIEW
             15.2.11 MOTO ELECTRIC VEHICLES
                       TABLE 271 MOTO ELECTRIC VEHICLES: COMPANY OVERVIEW
             15.2.12 ACG INC
                       TABLE 272 ACG INC: COMPANY OVERVIEW
             15.2.13 CITECAR ELECTRIC VEHICLES
                       TABLE 273 CITECAR ELECTRIC VEHICLES: COMPANY OVERVIEW
             15.2.14 CRUISE CAR INC
                       TABLE 274 CRUISE CAR INC: COMPANY OVERVIEW
             15.2.15 LIGIER GROUP
                       TABLE 275 LIGIER GROUP: COMPANY OVERVIEW
             15.2.16 KAWASAKI MOTOR CORPORATION USA
                       TABLE 276 KAWASAKI MOTOR CORPORATION USA: COMPANY OVERVIEW

16 APPENDIX (Page No. - 265)
     16.1 INSIGHTS OF INDUSTRY EXPERTS
     16.2 DISCUSSION GUIDE
     16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     16.4 AVAILABLE CUSTOMIZATIONS
             16.4.1 GLOBAL LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE, BY COUNTRY
                       16.4.1.1 North America (US, Canada, Mexico)
                       16.4.1.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       16.4.1.3 APAC (China, India, Japan, South Korea, and Thailand)
             16.4.2 GLOBAL LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, BY COUNTRY
                       16.4.2.1 North America (US, Canada, Mexico)
                       16.4.2.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       16.4.2.3 APAC (China, India, Japan, South Korea, and Thailand)
     16.5 RELATED REPORTS
     16.6 AUTHOR DETAILS

The study involves four main activities to estimate the current size of the low-speed vehicle market.

  • Exhaustive secondary research was done to collect information on the market, such as vehicle type, power output, battery type, propulsion, application type, and region.
  • The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research.
  • Bottom-up and top-down approaches were employed to estimate the complete market size for different segments considered under this study.
  • Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

The secondary sources referred for the low-speed vehicle market is directly dependent on end use industry growth. LSV sales and end use industry demand is derived through secondary sources such as International Light Transportation Vehicle Association, Inc., National Mobility Equipment Dealers Association (NMEDA), National Motorists Association, Electrical Apparatus Service Association, Inc., European Golf Association, Japan Golf Association, Indian Golf Union, South African Golf Association (SAGA), Organisation for Economic Co-operation and Development (OECD), World Bank, CDC, and Eurostat]; corporate filings (such as annual reports, investor presentations, and financial statements); and trade, paid repository. Historical production data has been collected and analyzed, and the industry trend is considered to arrive at the forecast, which is further validated by primary research.

Primary Research

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as CXOs, Vice Presidents, Directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.

Primary interviews have been conducted to gather insights such as LSV sales forecast, low-speed vehicle market forecast, future technology trends, and upcoming technologies in the low-speed vehicle market. Data triangulation of all these points was done with the information gathered from secondary research as well as model mapping. Stakeholders from the demand and supply sides have been interviewed to understand their views on the aforementioned points.

Primary interviews have been conducted with market experts from both the demand- (end use industry organizations) and supply-side (low-speed vehicle providers) players across four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. Approximately 45% OEMs and 40% component suppliers, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In canvassing of primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report.

After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Low-Speed Vehicle Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

A detailed market estimation approach was followed to estimate and validate the value of the low-speed vehicle market and other dependent submarkets, as mentioned below.

  • Key players in the low-speed vehicle market were identified through secondary research, and their global market ranking was determined through primary and secondary research.
  • The research methodology included a study of annual and quarterly financial reports and regulatory filings of major market players (public), as well as interviews with industry experts for detailed market insights.
  • All vehicle level penetration rates, percentage shares, splits, and breakdowns for the Low-Speed Vehicle market were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain validated and verified quantitative and qualitative data.
  • The gathered market data was consolidated, enhanced with detailed inputs, analyzed, and presented in this report.

Bottom-Up Approach: Low-Speed Vehicle Market, By Vehicle Type & Country

Low-Speed Vehicle Market Size, and Bottom-Up Approach

The bottom-up approach has been used to estimate and validate the size of the global market. The market size for vehicle type, by volume, of the market has been derived by estimating annual vehicles (commercial turf utility vehicle, industrial utility vehicle, golf cart, and personal mobility) sales (units) at country level. This method will yield the volume of LSV types at the country level. The next step involves multiplying the volume of vehicle type and their respective average retail pricing to generate the country-level market by vehicle type. The summation of volume and value of the country-level market provides regional market and then global market, by vehicle type in terms of volume and value. The findings are then verified with various industry participants. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Top-Down Approach: Low-Speed Vehicle Market, By Propulsion And Application

Low-Speed Vehicle Market Size, and Top-Down Approach

The top-down approach has been used to calculate the market for low-speed vehicles by propulsion and application. The global market for low-speed vehicles has been broken down by region based on the penetration of the particular propulsion and application in the particular region. These findings are further discussed with primary respondents to validate the data, assumptions, penetrations, and future factors affecting the market.

Report Objectives

  • To define, describe, and forecast the low-speed vehicle market in terms of value (USD million) and volume (units), which includes the following segments:
  • By Application Type (golf courses, hotels & resorts, airports, industrial facilities, and others)
  • By Vehicle Type (golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle)
  • By Propulsion (electric, diesel, and gasoline)
  • By Power Output (<8 KW, 8–15 KW, and >15 KW)
  • By Battery Type (Li-Ion and Lead Acid)
  • By Region (Asia Pacific, Europe, North America, and RoW)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the market
  • To analyze the market share/ranking of leading players in the low-speed vehicle market and evaluate competitive leadership mapping
  • To strategically analyze the key player strategies and company revenue analysis
  • To strategically analyze the market with Porter’s five forces analysis, supply chain analysis, market ecosystem, trade analysis, case studies, ASP analysis, patent analysis, trends/disruptions impacting buyers, technology trend, conference and events, regulatory analysis, and the COVID-19 impact
  • To analyze recent developments, including supply contracts, new product launches, expansions, and other activities, undertaken by key industry participants in the market
  • To determine realistic scenarios, most likely scenarios, and optimistic scenarios related to the low-speed vehicle market
  • To give a brief understanding of the low-speed vehicle market in the recommendations chapter

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance with a company’s specific needs.

Gobal low-speed vehicle market, BY propulsion type, by country

  • North America (US, Canada, Mexico)
  • Europe (UK, France, Germany, Nordic, Italy, and Spain)
  • APAC (China, India, Japan, South Korea, and Thailand)

Note: The chapter would be further segmented by Gasoline, Electric, and Diesel

Global low-speed vehicle market, BY power output, by country

  • North America (US, Canada, Mexico)
  • Europe (UK, France, Germany, Nordic, Italy, and Spain)
  • APAC (China, India, Japan, South Korea, and Thailand)

Note: The chapter would be further segmented into <8 kW, 8 KW-15 kW, and >15 kW

Report Code
AT 5757
Published ON
Mar, 2022
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