Low Speed Vehicle Market

Low Speed Vehicle Market worth $4.2 billion by 2022

The report "Low Speed Vehicle Market for North America by Manufacturer, Power Output (<8 kW, 8–15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personnel Carrier), and Country: Forecast to 2022" The low speed vehicle market in North America is projected to grow at a CAGR of 3.1%. It is estimated to be at USD 3.6 billion in 2017 and expected to reach USD 4.2 billion by 2022. The rising trend of using low speed vehicles in gated communities, resorts, industrial & college campuses is projected to fuel the demand for these vehicles.  

Browse 79 market data Tables and 42 Figures spread through 118 Pages and in-depth TOC on "Low Speed Vehicle Market for North America by Manufacturer, Power Output (<8 kW, 8–15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personnel Carrier), and Country: Forecast to 2022"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/north-america-low-speed-vehicle-market-1965274.html

“Golf carts are the largest segment in the low speed vehicle market in North America”

The study segments the low speed vehicle market by vehicle type into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers. In terms of volume, golf carts accounted for the largest market share, whereas, personnel carriers are estimated to be the fastest growing segment. Increase in golf communities and golfing activities resulted in the high demand for golf carts. The personnel carriers are expected to grow with the increase in gated communities, resorts, and its uses in such locations.

“The 8 kW –15 kW is estimated to have the largest market in the low speed vehicle market for North America”

The low speed vehicles in North America are also segmented, by their power output range as <8 kW, 8 kW –15 kW, and >15 kW. The 8 kW –15 kW powered vehicles are estimated to have the largest market share, whereas, >15 kW is estimated to be the fastest growing segment during the forecast period. The increasing demand for >15 kW can be attributed due to its all-terrain application, maximum speed output, and as it can withstand loads up to certain limits.

“With the growing trend towards electrification, zero emission, and vehicle weight reduction, the electric low speed vehicles are estimated to have the largest market”

The battery is the power source for electric vehicles. Presently, batteries cost almost one-third of the total electric vehicle price. It is observed that the battery price has shown a decline of 20% from 2011 to 2016. OEMs and battery manufacturers are working toward the development of high energy density batteries to deliver more distance coverage on a single charge.

Since the automotive industry is moving toward electric vehicles, a similar trend is emerging in the low speed vehicle segment too, especially for golf cars and personnel carriers. The electric low speed vehicles are a better fit option as they are required for short-distance coverage and can be used for low power output. With the growing trend towards electrification, zero emission, and vehicle weight reduction, the electric low speed vehicles are estimated to have the largest market during the forecast period. 

“Presence of a large number of electric vehicle manufacturers and strict emission regulations would drive the US low speed vehicle market”

The US is estimated to be the largest and fastest growing low speed vehicle market during the forecast period. The market growth in the region can be attributed to the presence of established manufacturers such as Polaris, Textron, and Club Car. Also, the strict emission regulations, rapid improvement in battery technology, and increasing demand for electric vehicles are expected to boost the market for low speed vehicles in this country.   

The key companies profiled in the study are Polaris (US), Textron (US), Deere (US), Toro (US), Kubota (Japan), Yamaha (Japan), Club Car (US), Taylor-Dunn (US), Columbia Parcar (US), and American Landmaster (US).

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Report Code
AT 5757
PR Published ON
11/23/2017
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