The low-speed vehicle market is projected to grow from USD 10.4 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 7.4%. The growth of this market can be attributed to the rising geriatric population, growing popularity for golf, and growing electric vehicle charging infrastructure.
Major OEMs of LSV are from the USA and Japan. The top 5 OEMs of low speed vehicle market are Textron inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd (Japan), The Toro Company (US), and Kubota Corporation (Japan). Low speed vehicle is investing in new technologies to such as autonomous vehicles to improve safety especially for the aged population and developing connected technologies such as tracking, GPS, wireless communications. In Jan 2023 Club car said it will reveal its new connectivity software in its golf carts which will enable golf cart operators with a golf GPS and 3D graphics of the course.
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Textron Inc is a top key player in the LSV market. The company has invested 4.7% of the annual revenue in R&D in 2022, for developing new products according to needs of customer demands. In January 2023, the company had launched EZGO RXV using connected technology in the dashboard to guide the rider for locating the tee, range finders, and personal items over the ground and in January 2021, they also launched Electronic Fuel Injection (EFI) technology to increase fuel efficiency of LSVs. The company has aimed to grow through acquisitions and partnership program. For instance, in January 2019, the company made a partnership agreement with Tracker (US) to manufacture off-road vehicles in ATVs and side-by-side vehicles with high performance. The company provides its services to US government with 22%, and commercial sector 78%. All the factors for widening the product offering, technology and partnership program have made Textron Inc a top player in LSV market.
Yamaha Motor Co., Ltd. (USA) has a diversified product portfolio, under which it offers golf carts in the land mobility segment. Company had invested 4.7% of its annual revenue in the R&D to widen its product portfolio, on the same instance in January 2022, they launched Drive2 Powertrain AC Lithium, an electric LSV. To increase its sales, the company uses many marketing tactics such as in January 2021, the company launched a marketing campaign named as “Smart Buy” which gave incentives on the golf cart vehicles for NGCOA club members. To increase the market presence the company is increasing their distributor channels across the globe for the golf cart business, for instance in December 2021, a new distributor center was inaugurated in Palmetto (US). The company also gives services in aftermarket segment wherein in 2019, they launched a program for buying golf carts who are used less than 7 years with an interest rate lower than 1.99%. The company generates its highest revenue from Asia Pacific up to 41% from the total revenue. All these marketing program and increasing their distributorship globally has made the company a prominent player in the LSV market.
The Toro Company (US) has their mainly focus on increasing their market presence where they are focused on partnership and acquisitions program for their growth. The company had acquired Intimidator Group (US) in January 2022 with a deal size of USD 400 million to manufacture Spartan Mowers and a new production line manufacturing zero-turn mowers. On the same instance they also acquired Left Hand Robotics Inc. (US) to install the autonomous drive system for their turf and snow vehicles management. To expand their production due to high demand in US region for LSVs, the company had announced for investing USD 50 million in their Batesville plant for the next 5 years from 2022. All these factors have made the company a significant player in the LSV market.
Deere & Company has the largest market share in North America in which it generates nearly 64.1% of sales from US. The company had invested 3.6% R&D in 2022, where they showcased their autonomous drive capable product named as AutoTrac (Starfire 7000) in June 2022 for all the Gator utility vehicles for increasing the safety and riding experience for their customers and also launched a new Gator XUV865R signature edition in April 2022 which was a 4-wheel drive vehicle.
With increase in popularity for golf courses, golf events and commercial sector post pandemic the company inaugurated their new office at Chicago in December 2021 to expand product offering and business in North America. To establish a strong market hold in North America, the company had invested USD 24 million in December 2019 for their manufacturing facility based in US to produce lawn equipment’s and gator utility vehicles. All these factors have made the company a leading player in LSV market.
Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility Vehicle, Golf Cart, Personal Mobility Vehicle), Power Output (<8, 8-15, >15 kW), Propulsion, Battery Type, Application, Category Voltage & Region - Global Forecast to 2028
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