Low-Speed Vehicle Market

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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 2025

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Report Code: AT 5757 May, 2020, by marketsandmarkets.com

[156 Pages Report] The global low-speed vehicle market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020. The key factors driving the global low-speed vehicle market are increasing emission standards, rising adoption from the geriatric population and the rising trend of using LSV in gated communities, hotels & resorts, industrial facilities, golf courses & college campuses.

Low Speed Vehicle Market for North America

Commercial turf utility vehicle segment be the largest segment, by vehicle type

Commercial turf vehicles are used in turf management applications such as playgrounds, turf utility, and hotels & resorts (tourism, gated communities, and college campuses). The end-users of commercial turf utility vehicles include sports grounds, both on and off the main campus, and top-quality playing surfaces for sports ranging from rugby and cricket to polo and hockey. With the shifting preference toward luxury tourism and increasing tourism expenditure, especially in North America and Europe, the demand for commercial turf low-speed vehicles is anticipated to increase.

Hotels and resorts are estimated to be the largest market for global low-speed vehicle market, by Application type

The growth of the hospitality sector is likely to boost investments in resorts and gated communities, which, in turn, would escalate the demand for low-speed vehicles during the forecast period the growing adoption of low-speed vehicles with the ease of maneuverability in gated communities, airports, and golf courses is expected to propel the market growth. The cumulative spending of leisure travelers in North America was estimated at USD 762 billion in 2019, an increase of more than 6% from 2018. The increased spending is anticipated to boost the demand for luxury services in the hospitality sector. According to the National Hotel Association, the hotel segment witnessed the highest growth historically (6%) during 2009-2017. Additionally, a few of the parameters that play an essential role in delivering a high level of services include reliable transport and comfortable seating. Low-speed vehicles are considered apt for delivering the same. Also, the tectonic shift toward the adoption of electric LSVs (largely spearheaded by commercial turf utility vehicle and golf cart) is further anticipated to deepen the penetration of LSVs during the forecast period.

Low Speed Vehicle Market for North America

North America is estimated to be the largest market in the global low-speed vehicle market

The North American market is estimated to dominate the Global LSV market during the forecast period. North America accounts for 51% of the world’s golf supply with the US accounting for 43% of the world’s golf supply. Additionally, increasing stringent emission norms and safety standards, and the shifting focus of manufacturers to enhance driver comfort features are expected to drive north America low-speed vehicle market. Further, the growth of luxury tourism is expected to boost the sales of low-speed vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses. The growth of service sectors such as travel and tourism, which is likely to increase the demand for low-speed vehicles in luxury hotels and resorts.

Key Market Players

Some of the key players in the global low-speed market is dominated by global players and comprise several regional players. The key players in the global low-speed vehicle market are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies. Yamaha Motor Corporation (Japan), Textron Inc. (US), has adopted the strategies of expansion to retain its leading position in the global low-speed market, whereas Ingersoll Rand (US) Company adopted a partnership as a key strategy to sustain its market position.

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Scope of the Report

Report Metric

Details

 

Market Size Available for Years

 

2018–2025

Base Year Considered

2019

Forecast Period

2020–2025

Forecast Units

Value (USD) and Volume (Units)

Segments Covered

By Vehicle Type (Golf Cart, Commercial Turf Utility Vehicle, Industrial Utility Vehicle, Personal Mobility Vehicle), Power Output (<8kW, 8–15kW, >15 kW), Propulsion (Diesel, Electric, Gasoline), Application type (Golf Courses, Hotels & Resorts, Airports, Industrial Facilities.

Geographies Covered

North America, Europe, Asia Pacific, RoW

Companies Covered

Key players in the global low speed vehicle market are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US)
Additionally, the report covers 10 other players.

This research report categorizes the global low-speed vehicle market based on the following segments

Global Low-Speed Vehicles Market, By Vehicle Type

Note: The chapter is further segmented at country level (North America, Europe, APAC & RoW)

  • Golf Cart
  • Commercial Turf Utility Vehicle
  • Industrial Utility Vehicle
  • Personal Mobility Vehicle

Global Low-Speed Vehicles Market, By Power Output

Note: The chapter is further segmented at country level (North America, Europe, APAC & RoW)

  • <8 KW
  • 8 KW–15 KW
  • >15 KW

Global Low-Speed Vehicles Market, By Propulsion

Note: The chapter is further segmented at country level (North America, Europe, APAC & RoW)

  • Electric
  • Gasoline
  • Diesel

Global Low-Speed Vehicles Market, By Application Type

Note: The chapter is further segmented at country level (North America, Europe, APAC & RoW)

  • Golf Courses
  • Hotels & Resorts
  • Airports
  • Industrial Facilities

Global Low Speed Vehicles Market, By Region

  • Asia Pacific
  • Europe
  • North America
  • Rest of the World

Key questions addressed by the report

  • What would be the demand for the low-speed vehicle by vehicle type and region?
  • How will the low-speed vehicle market shape up in the future?
  • What are the current and future trends in the low-speed vehicle market?
  • How the penetration of low-speed vehicles by propulsion type varies by region?
  • Which are the key players in the global low-speed vehicle market?

The report also features an exclusive competitive leadership mapping of key players represented in a four-quadrant box, representing the visionary leaders as well as dynamic differentiators

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 17)
    1.1 STUDY OBJECTIVES
    1.2 PRODUCT DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
    1.4 LIMITATIONS
    1.5 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 20)
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
           2.1.3 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
           2.1.4 PRIMARY PARTICIPANTS
    2.2 FACTOR ANALYSIS
           2.2.1 INTRODUCTION
           2.2.2 DEMAND-SIDE ANALYSIS
                    2.2.2.1 Increasing demand for electric low-speed vehicle applications
           2.2.3 SUPPLY-SIDE ANALYSIS
                    2.2.3.1 Technological advancements and diversification in automotive industry
    2.3 MARKET SIZE ESTIMATION
           2.3.1 BOTTOM-UP APPROACH: MARKET SIZE ESTIMATION METHODOLOGY OF GLOBAL LOW-SPEED VEHICLES (BY VEHICLE TYPE AND APPLICATION)
           2.3.2 TOP-DOWN APPROACH: MARKET SIZE ESTIMATION METHODOLOGY OF GLOBAL LOW-SPEED VEHICLES (BY PROPULSION TYPE AND POWER OUTPUT)
    2.4 MARKET BREAKDOWN AND DATA TRIANGULATION
    2.5 ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 30)

4 PREMIUM INSIGHTS (Page No. - 32)
    4.1 ATTRACTIVE OPPORTUNITIES IN LOW-SPEED VEHICLE MARKET
    4.2 MARKET, BY APPLICATION TYPE
    4.3 MARKET, BY VEHICLE TYPE
    4.4 MARKET, BY PROPULSION TYPE
    4.5 MARKET, BY POWER OUTPUT
    4.6 MARKET, BY REGION

5 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 35)
    5.1 LOW-SPEED VEHICLE MANUFACTURERS SHOULD FOCUS ON NORTH AMERICA AS PRIORITY MARKET
    5.2 COMPANIES SHOULD ENHANCE FOCUS ON SAFETY FEATURES AND ELECTRIC VEHICLES
    5.3 CONCLUSION

6 MARKET OVERVIEW (Page No. - 36)
    6.1 INTRODUCTION
    6.2 YEARS CONSIDERED
    6.3 MARKET DYNAMICS
           6.3.1 DRIVERS
                    6.3.1.1 Rising geriatric population to drive demand for LSVs
                    6.3.1.2 Growing electric vehicle charging infrastructure to boost demand for LSVs
                    6.3.1.3 Increasing stringent emission regulations to raise demand for low-speed electric vehicles
           6.3.2 RESTRAINTS
                    6.3.2.1 Lack of safety standards/equipment
           6.3.3 OPPORTUNITIES
                    6.3.3.1 Growing advancements in mobility solutions
                    6.3.3.2 Increasing use of lithium-ion batteries in low-speed vehicles
                    6.3.3.3 Rising deployment of connected technology and autonomous low-speed vehicles
           6.3.4 CHALLENGES
                    6.3.4.1 Development of fail-safe electronic and electrical components
                    6.3.4.2 Cost reduction and improved energy density of EV batteries
    6.4 US LSV REGULATIONS, BY STATE
    6.5 SUPPLY CHAIN
    6.6 LOW-SPEED VEHICLE MARKET, SCENARIOS ANALYSIS
           6.6.1 MOST LIKELY SCENARIO
           6.6.2 OPTIMISTIC SCENARIO
           6.6.3 PESSIMISTIC SCENARIO
    6.7 IMPACT OF COVID-19
           6.7.1 COVID-19 HEALTH ASSESSMENT
           6.7.2 IMPACT ON MARKET

7 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE (Page No. - 53)
    7.1 INTRODUCTION
           7.1.1 RESEARCH METHODOLOGY
           7.1.2 ASSUMPTIONS
           7.1.3 INDUSTRY INSIGHTS
    7.2 GOLF CART
           7.2.1 INCREASE IN NUMBER OF GOLF COURSES IS EXPECTED TO PROPEL GOLF CART MARKET GROWTH
    7.3 COMMERCIAL TURF UTILITY VEHICLE
           7.3.1 HOTELS & RESORTS LIKELY TO BOOST DEMAND FOR COMMERCIAL TURF UTILITY VEHICLES
    7.4 INDUSTRIAL UTILITY VEHICLE
           7.4.1 GROWING CONSTRUCTION SECTOR LIKELY TO DRIVE DEMAND FOR INDUSTRIAL UTILITY VEHICLES
    7.5 PERSONAL MOBILITY VEHICLE
           7.5.1 RISE IN DOMESTIC TRAVEL TO DRIVE PERSONAL MOBILITY MARKET

8 LOW-SPEED VEHICLE MARKET, BY APPLICATION TYPE (Page No. - 61)
    8.1 INTRODUCTION
           8.1.1 RESEARCH METHODOLOGY
           8.1.2 ASSUMPTIONS
           8.1.3 INDUSTRY INSIGHTS
    8.2 GOLF COURSES
           8.2.1 DEVELOPMENT OF NEW GOLF COURSES TO DRIVE DEMAND FOR GOLF CARTS
    8.3 HOTELS & RESORTS
           8.3.1 INVESTMENTS IN HOSPITALITY SECTOR TO DRIVE LOW-SPEED VEHICLE MARKET
    8.4 AIRPORTS
           8.4.1 LOW OPERATING COST OF ELECTRIC LOW-SPEED VEHICLES AND INCREASE IN AIR CARGO TO BOOST MARKET GROWTH
    8.5 INDUSTRIAL FACILITIES
           8.5.1 GROWTH OF MANUFACTURING SECTOR TO INCREASE DEMAND FOR LOW-SPEED VEHICLES

9 LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE (Page No. - 68)
    9.1 INTRODUCTION
           9.1.1 RESEARCH METHODOLOGY
           9.1.2 INDUSTRY INSIGHTS
    9.2 ELECTRIC
           9.2.1 INVESTMENTS IN CHARGING INFRASTRUCTURE LIKELY TO FUEL DEMAND FOR ELECTRIC LSV
    9.3 GASOLINE
           9.3.1 RANGE ANXIETY OF ELECTRIC VEHICLES TO DRIVE GASOLINE LOW-SPEED VEHICLE MARKET
    9.4 DIESEL
           9.4.1 LACK OF CHARGING INFRASTRUCTURE IN ROW LIKELY TO FUEL DEMAND FOR DIESEL LSV IN NEAR FUTURE

10 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT (Page No. - 74)
     10.1 INTRODUCTION
             10.1.1 RESEARCH METHODOLOGY
             10.1.2 INDUSTRY INSIGHTS
     10.2 <8 KW
             10.2.1 RISING DEMAND FOR LSV IN GOLF COURSES AND RESORTS IS LIKELY TO FUEL DEMAND FOR LOW-POWER OUTPUT LSV
     10.3 8 –15 KW
             10.3.1 RISING DEMAND IN HOTELS & RESORTS TO BOLSTER DEMAND FOR LSV WITH POWER OUTPUT RANGE OF 8–15 KW
     10.4 >15 KW
             10.4.1 RISING DEMAND IN INDUSTRIAL SEGMENT ANTICIPATED TO BOOST MARKET GROWTH

11 LOW-SPEED VEHICLE MARKET, BY REGION (Page No. - 80)
     11.1 INTRODUCTION
             11.1.1 RESEARCH METHODOLOGY
             11.1.2 ASSUMPTIONS
             11.1.3 INDUSTRY INSIGHTS
     11.2 APAC
             11.2.1 CHINA
                       11.2.1.1 Growth of industrial sector is driving LSV market
             11.2.2 INDIA
                       11.2.2.1 Growth in tourism and hospitality sectors is likely to boost demand for LSVs
             11.2.3 JAPAN
                       11.2.3.1 High demand for industrial utility vehicles is likely to propel market growth
             11.2.4 SOUTH KOREA
                       11.2.4.1 Low-speed vehicle market is largely driven by high growth opportunities in industrial and tourism sectors
             11.2.5 THAILAND
                       11.2.5.1 Owing to affordable golfing demand for LSVs to increase in Thailand
             11.2.6 REST OF APAC
     11.3 NORTH AMERICA
             11.3.1 US
                       11.3.1.1 Rising demand for zero-emission vehicles and growth of tourism industry to drive US market
             11.3.2 MEXICO
                       11.3.2.1 Growing hospitality sector to drive Mexican low-speed vehicle market
             11.3.3 CANADA
                       11.3.3.1 Increasing demand for LSVs in golf courses likely to drive Canadian low-speed vehicle market
     11.4 EUROPE
             11.4.1 UK
                       11.4.1.1 Commercial turf utility vehicles to hold lion’s share in UK
             11.4.2 FRANCE
                       11.4.2.1 Golf carts projected to be fastest-growing segment in French LSV market, by vehicle type
             11.4.3 GERMANY
                       11.4.3.1 Demand for golf carts is anticipated to grow at faster rate
             11.4.4 NORDIC
                       11.4.4.1 Commercial utility vehicles to remain most attractive segment throughout forecast period
             11.4.5 ITALY
                       11.4.5.1 Tourism is likely to increase demand for LSVs in Italy
             11.4.6 SPAIN
                       11.4.6.1 Commercial turf utility vehicles to create significant revenue opportunities in Spain
     11.5 ROW
             11.5.1 SOUTH AFRICA
                       11.5.1.1 Increase in number of golf courses likely to increase demand for LSVs in South Africa
             11.5.2 BRAZIL
                       11.5.2.1 Hotels and world-class golf courses likely to boost demand for LSVs
             11.5.3 IRAN
                       11.5.3.1 Growth of travel and tourism industry to boost growth of LSVs

12 COMPETITIVE LANDSCAPE (Page No. - 108)
     12.1 OVERVIEW
     12.2 MARKET RANKING ANALYSIS
     12.3 COMPETITIVE LEADERSHIP MAPPING
             12.3.1 TERMINOLOGY
             12.3.2 VISIONARY LEADERS
             12.3.3 INNOVATORS
             12.3.4 DYNAMIC DIFFERENTIATORS
             12.3.5 EMERGING COMPANIES
     12.4 COMPETITIVE LEADERSHIP MATRIX
             12.4.1 STRENGTH OF PRODUCT PORTFOLIO
             12.4.2 BUSINESS STRATEGY EXCELLENCE
     12.5 RIGHT TO WIN
     12.6 COMPETITIVE SCENARIO
             12.6.1 NEW PRODUCT DEVELOPMENTS/LAUNCHES
             12.6.2 EXPANSIONS, 2018–2019
             12.6.3 ACQUISITIONS/PARTNERSHIPS/AGREEMENTS, 2018–2020

13 COMPANY PROFILES (Page No. - 121)
     13.1 POLARIS INC.
(Business Overview, Products Offered, Recent Developments, and SWOT Analysis)*
     13.2 TEXTRON INC.
     13.3 DEERE & COMPANY
     13.4 THE TORO COMPANY
     13.5 INGERSOLL-RAND
     13.6 YAMAHA MOTOR CORPORATION
     13.7 KUBOTA CORPORATION
     13.8 AMERICAN LANDMASTER
     13.9 COLUMBIA VEHICLE GROUP INC.
     13.10 ADDITIONAL COMPANIES
               13.10.1 NORTH AMERICA
                          13.10.1.1 AGT Electric Cars
                          13.10.1.2 Bintelli Electric Vehicles
               13.10.2 ASIA PACIFIC
                          13.10.2.1 Suzhou Eagle Electric Vehicle Manufacturing
                          13.10.2.2 speedways electric
                          13.10.2.3 Marshell
               13.10.3 NORTH AMERICA
                          13.10.3.1 Garia
                          13.10.3.2 Star EV
                          13.10.3.3 HDK electric vehicle
                          13.10.3.4 Tropos Technologies
               13.10.4 ROW
                          13.10.4.1 Pilotcars

*Details on Business Overview, Products Offered, Recent Developments, and SWOT Analysis not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 149)
     14.1 CURRENCY & PRICING
     14.2 KEY INSIGHTS OF INDUSTRY EXPERTS
     14.3 DISCUSSION GUIDE
     14.4 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     14.5 AVAILABLE CUSTOMIZATIONS
             14.5.1 GLOBAL LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE,  BY COUNTRY
                       14.5.1.1 North America (US, Canada, Mexico)
                       14.5.1.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       14.5.1.3 APAC (China, India, Japan, South Korea, and Thailand)
             14.5.2 GLOBAL LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT,  BY COUNTRY
                       14.5.2.1 North America (US, Canada, Mexico)
                       14.5.2.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       14.5.2.3 APAC (China, India, Japan, South Korea, and Thailand)
     14.6 RELATED REPORTS
     14.7 AUTHOR DETAILS


LIST OF TABLES (88 Tables)

TABLE 1 GOVERNMENT POLICIES AND STRINGENT EMISSION STANDARDS FOR LOW-SPEED VEHICLES IN US
TABLE 2 LOW-SPEED VEHICLE MARKET (MOST LIKELY SCENARIO), BY REGION, 2018–2025 (USD MILLION)
TABLE 3 MARKET (OPTIMISTIC SCENARIO), BY REGION, 2018–2025 (USD MILLION)
TABLE 4 MARKET (PESSIMISTIC SCENARIO), BY REGION, 2018–2025 (USD MILLION)
TABLE 5 GLOBAL MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 6 GLOBAL MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 7 GOLF CART MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 8 GOLF CART MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 9 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 10 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 11 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 12 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 13 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 14 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 15 GLOBAL LOW-SPEED VEHICLE MARKET, BY APPLICATION TYPE, 2018–2025 (UNITS)
TABLE 16 GLOBAL MARKET, BY APPLICATION TYPE, 2018–2025 (USD MILLION)
TABLE 17 MARKET FOR GOLF COURSES, BY REGION, 2018–2025 (UNITS)
TABLE 18 MARKET FOR GOLF COURSES, BY REGION, 2018–2025 (USD MILLION)
TABLE 19 MARKET FOR HOTELS & RESORTS, BY REGION, 2018–2025 (UNITS)
TABLE 20 MARKET FOR HOTELS & RESORTS, BY REGION, 2018–2025 (USD MILLION)
TABLE 21 MARKET FOR AIRPORTS, BY REGION, 2018–2025 (UNITS)
TABLE 22 MARKET FOR AIRPORTS, BY REGION, BY REGION, 2018–2025 (USD MILLION)
TABLE 23 MARKET FOR INDUSTRIAL FACILITIES, BY REGION,  2018–2025 (UNITS)
TABLE 24 MARKET FOR INDUSTRIAL FACILITIES, BY REGION, 2018–2025 (USD MILLION)
TABLE 25 GLOBAL LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE, 2018–2025 (UNITS)
TABLE 26 GLOBAL MARKET, BY PROPULSION TYPE, 2018–2025 (USD MILLION)
TABLE 27 ELECTRIC LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 28 ELECTRIC LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 29 GASOLINE LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 30 GASOLINE LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 31 DIESEL LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 32 DIESEL LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 33 GLOBAL LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2018–2025 (UNITS)
TABLE 34 GLOBAL LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2018–2025 (USD MILLION)
TABLE 35 <8 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 36 <8 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 37 8-15 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 38 8-15 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 39 >15 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 40 >15 KW LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 41 GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 42 GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 43 APAC: MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 44 APAC: MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 45 CHINA: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 46 CHINA: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 47 INDIA: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 48 INDIA: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 49 JAPAN: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 50 JAPAN: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 51 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 52 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 53 THAILAND: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 54 THAILAND: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 55 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 56 NORTH AMERICA MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 57 US: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 58 US: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 59 MEXICO: CLUB CAR MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 60 MEXICO: CLUB CAR MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 61 CANADA: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 62 CANADA: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 63 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 64 EUROPE: MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 65 UK: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 66 UK: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 67 FRANCE: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 68 FRANCE: MARKET, BY VEHICLE TYPE, 2017–2025 (USD MILLION)
TABLE 69 GERMANY: PERSONAL MOBILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 70 GERMANY: PERSONAL MOBILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 71 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 72 NORDIC: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 73 ITALY: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 74 ITALY: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 75 SPAIN: INDUSTRIAL UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 76 SPAIN: INDUSTRIAL UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 77 ROW: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 78 ROW: MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 79 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 80 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 81 BRAZIL: GAS POWERED LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 82 BRAZIL: GAS POWERED LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 83 IRAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 84 IRAN: ELECTRIC UTILITY VEHICLE MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 85 NEW PRODUCT DEVELOPMENTS/LAUNCHES, 2018–2019
TABLE 86 EXPANSIONS, 2018–2019
TABLE 87 ACQUISITIONS/PARTNERSHIPS/AGREEMENTS, 2018–2020
TABLE 88 CURRENCY EXCHANGE RATES (WRT PER USD)
 
 
LIST OF FIGURES (45 Figures)
 
FIGURE 1 LOW-SPEED VEHICLE MARKET: MARKET SEGMENTATION
FIGURE 2 MARKET: RESEARCH DESIGN
FIGURE 3 RESEARCH METHODOLOGY MODEL
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION
FIGURE 5 DATA TRIANGULATION
FIGURE 6 PARAMETERS & ASSUMPTIONS FOLLOWED FOR LOW-SPEED  VEHICLE MARKET ANALYSIS
FIGURE 7 PARAMETERS & LIMITATIONS FOR MARKET ANALYSIS
FIGURE 8 MARKET OUTLOOK
FIGURE 9 MARKET, BY VEHICLE TYPE,  2020 VS. 2025 (USD MILLION)
FIGURE 10 STRINGENT EMISSION NORMS, RISING DEMAND FOR ELECTRIC VEHICLES, AND LOWER OPERATING COSTS ARE EXPECTED TO DRIVE GLOBAL LOW-SPEED VEHICLE MARKET DURING FORECAST PERIOD
FIGURE 11 GOLF COURSES TO HOLD LARGEST MARKET SIZE IN 2020
FIGURE 12 COMMERCIAL TURF UTILITY VEHICLE IS PROJECTED TO HOLD LARGEST MARKET SIZE IN 2025
FIGURE 13 MARKET FOR ELECTRIC LSV SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 14 LSV WITH <8 KW TO HOLD LARGEST MARKET SIZE THROUGHOUT FORECAST PERIOD
FIGURE 15 NORTH AMERICA TO CONTINUE TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
FIGURE 16 GLOBAL LOW-SPEED VEHICLE MARKET DYNAMICS
FIGURE 17 NUMBER OF PERSONS AGED 65 AND ABOVE: 1900–2060  (NUMBERS IN MILLIONS)
FIGURE 18 NUMBER OF CUMULATIVE EV SALES VS. CUMULATIVE EV CHARGING STATIONS AND RATIO OF EVS TO CHARGING STATIONS
FIGURE 19 NUMBER OF EV CHARGING STATIONS IN EUROPE
FIGURE 20 LOW-SPEED VEHICLES: SUPPLY CHAIN & KEY PLAYERS
FIGURE 21 COVID-19 GLOBAL PROPAGATION
FIGURE 22 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 23 LSV CAR MARKET–WITH VS WITHOUT COVID-19 SCENARIO, 2020 (US$ MILLION)
FIGURE 24 LSV CARMARKET–IMPACT OF COVID-19 BY REGION, 2018–2025 (US$ BILLION)
FIGURE 25 GOLF CAR MARKET, BY VEHICLE TYPE,  2020 VS. 2025 (USD MILLION)
FIGURE 26 GOLF CAR MARKET, BY APPLICATION TYPE, 2020 VS. 2025 (USD MILLION)
FIGURE 27 GOLF CAR MARKET, BY PROPULSION TYPE, 2020 VS. 2025 (USD MILLION)
FIGURE 28 ELECTRIC GOLF TROLLEY MARKET, BY POWER OUTPUT, 2020 VS. 2025 (USD MILLION)
FIGURE 29 ELECTRIC GOLF TROLLEY MARKET: MARKET IN EUROPE IS ESTIMATED TO GROW AT HIGHEST CAGR (2020–2025)
FIGURE 30 LOW-SPEED VEHICLE MARKET, BY REGION, 2020 VS. 2025 (USD MILLION)
FIGURE 31 APAC: MARKET SNAPSHOT
FIGURE 32 NORTH AMERICA: MARKET SNAPSHOT
FIGURE 33 LOW-SPEED VEHICLE MARKET IN EUROPE, BY COUNTRY, 2020 VS. 2025 (USD MILLION)
FIGURE 34 ELECTRIC LOW SPEED VEHICLE MARKET: RANKING ANALYSIS, 2019
FIGURE 35 LOW-SPEED VEHICLE MANUFACTURERS: COMPETITIVE LEADERSHIP MAPPING, 2019
FIGURE 36 LOW-SPEED VEHICLE MANUFACTURERS: COMPANY-WISE PRODUCT OFFERING ANALYSIS
FIGURE 37 LOW-SPEED VEHICLE MANUFACTURERS: COMPANY-WISE BUSINESS STRATEGY ANALYSIS
FIGURE 38 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENTS & PARTNERSHIPS/ AGREEMENTS/SUPPLY CONTRACTS/COLLABORATIONS/JOINT VENTURES AS KEY GROWTH STRATEGIES, 2017–2019
FIGURE 39 POLARIS INC.: COMPANY SNAPSHOT
FIGURE 40 TEXTRON INC.: COMPANY SNAPSHOT
FIGURE 41 DEERE & COMPANY: COMPANY SNAPSHOT
FIGURE 42 THE TORO COMPANY: COMPANY SNAPSHOT
FIGURE 43 INGERSOLL-RAND: COMPANY SNAPSHOT
FIGURE 44 YAMAHA MOTOR CORPORATION: COMPANY SNAPSHOT
FIGURE 45 KUBOTA CORPORATION: COMPANY SNAPSHOT

The study involves four main activities to estimate the current size of the global low-speed vehicle market. Exhaustive secondary research was done to collect information such as Vehicle Type (Golf Cart, Commercial Turf Utility Vehicle, Industrial Utility Vehicle, Personal Mobility Vehicle), Power Output (<8kW, 8–15kW, >15 kW), Propulsion (Diesel, Electric, Gasoline), Application type (Golf Courses, Hotels & Resorts, Airports, Industrial Facilities. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the market size of different segments considered under this study.

Secondary Research

The secondary sources referred for this research study include associations such as the National Highway Traffic Safety Administration (NHTSA), National Mobility Equipment Dealers Association (NMEDA), European Golf Association, corporate filings (such as annual reports, investor presentations, and financial statements), paid database and automotive associations. Secondary data has been collected and analyzed to arrive at the overall market size, which is further validated through primary research.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the low-speed vehicle market through secondary research. Several primary interviews have been conducted with market experts from both the demand- (low-speed vehicle manufacturers) and supply-side (batteries, electrical component manufacturers and others) players across four major regions—namely, North America, Europe, Asia-Pacific, and RoW. Approximately 20% and 80%, respectively of primary interviews have been conducted from both the demand and supply side. Primary data has been collected through questionnaires, e-mails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, including sales, operations, and administration, to provide a holistic viewpoint in our reports.

After interacting with industry participants, 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 for North America

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

Market Size Estimation

The bottom-up approach has been used to estimate and validate the size of the global low-speed vehicle market. The market size, by volume, has been derived by identifying the country-wise sales of low-speed vehicles, by vehicle type. To arrive at the market size in terms of volume, the historical sales of LSVs by major manufacturers in North America are considered from the MnM data repository. Benchmarking the data of North America and considering other macro-factors including but not limited to total golf courses, by country, airports, tourism industry’s contribution to GDP, etc. the other country/ regional sales of LSVs, by vehicle type, and applications are estimated. The low-speed vehicle sales, by propulsion and power output, are estimated using the top-down approach. The penetration, by propulsion type, was estimated for each region through secondary research. The estimates were further validated with the industry experts during the primary interviews. The arrived estimates were multiplied with the total LSV volume of each region to arrive at the market size, by propulsion type and market, by propulsion type. The arrived volume was further multiplied with the average selling price, by propulsion type, at the regional level to estimate the market by value (US$). A similar approach was followed to estimate the market by, power output

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that are said to affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The data was triangulated by studying various factors and trends from both the demand and supply sides of the global low-speed vehicle market.

Report Objectives

  • To define, describe, and forecast the global low-speed vehicle market, in terms of value (USD million) and volume (units), based on the following segments:
  • By Application (golf courses, hotels & resorts, airports, and industrial facilities)
  • 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 Region (APAC, North America, Europe, and RoW)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the global low-speed vehicle market
  • To analyze the market ranking of key manufacturers operating in the global low-speed vehicle market
  • To understand the competition in the global low-speed vehicle market and position the players as visionary leaders, innovators, emerging companies, and dynamic differentiators according to their product portfolio, strength, and business strategies
  • To analyze recent developments, alliances, joint ventures, mergers & acquisitions, new product launches, and other activities carried out by key industry players in the global low-speed vehicle market

Available Customizations

GLOBAL LOW-SPEED VEHICLES MARKET, BY PROPULSION AND BY COUNTRY

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

GLOBAL LOW-SPEED VEHICLES 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)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Low-Speed Vehicle Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Low-Speed Vehicle Market

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AT 5757
Published ON
May, 2020
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