HOME Research Insight Textron, Inc. (US) and Polaris Industries, Inc. (US) are the Top Players in the Low Speed Vehicle Market



Textron, Inc. (US) and Polaris Industries, Inc. (US) are the Top Players in the Low Speed Vehicle Market


The low speed vehicle market in North America is projected to grow at a CAGR of 3.06%, reaching USD 4.15 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 strong global footprint. For example, in September 2017, Textron signed a supply contract with the Real Club Valderrama, a golf club in Spain. The company has ordered approximately 40 units of E-Z-GO RXV ELiTE golf carts. On the other hand, in September 2017, Polaris announced the new Timbersled TRIO front shock. The advancement has been done with the rapid growth of snow biking. TRIO provides improved control, handling, and comfort. It also provides 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 are 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 2017, the company launched a new electric vehicle, named as, E-Z-GO RXV golf car, which is equipped with the Samsung SDI lithium technology offering zero-maintenance batteries. Also, in March 2017, Textron had a merger agreement with the Artic (US). Artic would now operate as a subsidiary of Textron, wherein it would design and manufacture 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 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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