Low Speed Vehicle Market

Market Leader - Low Speed Vehicle Market

The low speed vehicle market in North America is projected to grow at a CAGR of 3.1%, reaching USD 4.2 billion by 2022. The rising trend of using LSV in gated communities, resorts, industrial & college campuses, and advancements in the transportation industry is estimated to drive the low speed vehicle market.

The key strategies adopted by the players in the low speed vehicle market in North America are new product developments, supply contracts, and expansions. Polaris and Textron are some of the leading market players that have adopted these strategies to expand their businesses. While new product development helps a company to have a technological advantage, expansion helps to formulate a better business strategy as it enables a robust global footprint. For example, in January 2019, Textron Specialized Vehicles Inc., a Textron company, announced the launch of its Hauler 800 ELiTE electric utility vehicle, powered by Samsung SDI lithium technology.

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  • Capitalizing on the proven technology of E-Z-GO ELiTE vehicles, launched in January 2017, the Hauler 800 ELiTE offers zero-maintenance batteries with increased range and energy efficiency.
  • On the other hand, in September 2017, Polaris announced the new Timbersled TRIO front shock. The advancement was done in tandem with the rapidly growing trend of snow biking. TRIO provides improved control, handling, and comfort. It also includes adjustability for all riding levels, terrain, or personal style.

Based on factors such as the overall and segment-wise revenue, product offerings, new advances, global presence, and key strategies adopted by the companies, to advance in the market, the top players in the low speed vehicle market for North America include Club Car (US), Textron, Inc. (US), Yamaha Motor Co., Ltd. (Japan), Kubota Corp. (Japan), Deere & Co. (US), and Polaris Industries, Inc. (US).

Textron has a strong presence in the North American market. It has been adopting multiple strategies such as new product development, expansion, and supply contract to strengthen its position in the low speed vehicle market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. In January 2019, Textron and Tracker announced partnership for the ATV and specialized vehicle industry. Also, in March 2017, Textron and Artic (US) signed a merger agreement. Artic now operates as a subsidiary of Textron, wherein it designs and manufactures vehicles and equipment.

Polaris has strong R&D and production capacities. Strong presence in the developed markets of North America has made the company a formidable competitor in the low speed vehicle market. The company’s key strengths are stable revenue and advanced R&D capabilities, which have helped it to adopt the strategy of new product development. In March 2019, Polaris introduced all-new 2020 Timbersled lineup, which allows them to gain market share in the snow bike industry. In October 2017, Polaris introduced the intelligent off-road suspension, named as, DYNAMIX Active Suspension. This new edition also includes the RIDE COMMAND 7” display with a rear camera. The new system adjusts itself as per the driver’s inputs and terrain. With the real-time adjustment by the system, the drivers can control and choose the opt options such as comfort, sport, and firm, as per their convenience.

Related Reports:

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

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Report Code
AT 5757
RI Published ON
7/15/2019
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