Low-Speed Vehicle Market

Market Leader - Low-Speed Vehicle Market

The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%. The growth of this market can be attributed to the rising geriatric population, growing popularity for golf, and growing electric vehicle charging infrastructure.

LSV OEMs are investing in R&D to introduce innovative low-speed vehicle and collaborate with other stakeholders to improve the low-speed vehicle ecosystem. In 2021, The Club Car Current is designed for low-speed logistics and cargo operations. The company has partnered with ARYO Inc to develop the product. The Club Car Current is ideal for low-speed logistics and cargo services. It has the agility and versatility that is essential in a campus or urban environment, filling the gap between full-sized trucks and small utility carts.

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The low-speed vehicle market is consolidated. extron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US). These companies adopted several strategies to gain traction in this market. For instance, in January 2022, Yamaha launched the Drive2 Powertrain AC Lithium. The new Lithium-ion-powered golf car is with Independent Rear Suspension (IRS). Yamaha is known for offering the strongest product line of golf and utility cars in the world, and the addition of the Drive2 PowerTech with IRS model offers customers the same comfort, reliability, and performance.

Textron was founded in 1923 and is headquartered in Rhode Island, US. Textron is a multi-industry company that leverages its global network of aircraft, defense, industrial, and finance businesses to provide customers with innovative products and services around the world. The company conducts its business through five operating segments: Textron Aviation, Bell, Textron Systems, Finance, and Industrial.

The company’s specialized vehicle product line includes products sold by the Textron Specialized Vehicles like golf cars and other vehicles under the E-Z-GO, Cushman, Arctic Cat, TUG Technologies, Douglas Equipment, and Jacobsen brands. Textron designs, manufactures, and sells golf cars, off-road utility vehicles, recreational side-by-side and all-terrain vehicles, snowmobiles, and specialized turf-care vehicles. Textron has presence in more than 25 countries, employing nearly 33,000 people as of 2021.

Yamaha Motor Co. Ltd was established in 1955 and is headquartered in Shizuoka-ken, Japan. The company operates through the following segments: Land Mobility, Marine Products, Robotics, Financial Services, and Other Products. The Land Mobility segment offers motorcycles and parts, four-wheel buggies, snowmobiles, and electrically assisted bicycles. This segment also manufactures all-terrain vehicles, recreational off-highway vehicles, golf cars, snowmobiles, generators, small-sized snow throwers, and multipurpose engines.

The market in Asia Pacific is the highest contributor to the company’s revenue, with more than 50% share of the total revenue. As of 2020, the company employed more than 52,437 people worldwide.

The Toro Company manufactures, designs, and markets professional turf maintenance equipment and provides services for these equipment. It operates through three main business segments: Professional, Residential, and Other. The Professional segment consists of turf and landscape equipment; rental, specialty, and underground construction equipment; snow and ice management equipment; and irrigation products.

The company has a wide network of distributors, dealers, and retailers in more than 125 countries, including 36 domestic and 110 international distributors. The company has manufacturing facilities in the US, Mexico, Germany, Australia, Romania, the UK, Italy, Poland, and China. The company has brands named Ditch Witch, Exmark, Boss, American Augers, Ventrac, Subsite Electronics, HammerHead, Trencor, Unique Lighting Systems, Irritol, Perrot, and Hayter under its umbrella. The company also has sales offices in the US, Belgium, Japan, the UK, Italy, Australia, China, Poland, and Germany.

Deere & Company was founded in 1837 and is headquartered in Moline, Illinois, US. The company generates its business revenue through the following segments: Production & Precision Agriculture, Small Agriculture & Turf, Construction & Forestry, Financial Services, and Other. It offers UTVs and side-by-side vehicles through the Agriculture and Turf segment. The Agriculture and Turf segment includes products such as turf utility vehicles, riding lawn equipment, walk-behind mowers, commercial mowing equipment, and golf course equipment. It also provides implements for mowing, tilling, snow and debris handling, commercial, golf, and sports turf care applications, and outdoor power products.

The company has a strong presence in all major global markets such as the US, Canada, Europe, Latin America, Asia, Africa, Middle East, and Oceania. Deere & Company generated nearly 48% sales outside the US. It is a public company with 75,600 employees worldwide as of 2021.

Waev Inc is an electric mobility provider founded in 2021, manufacturing high-quality electric vehicles. Waev Inc is a privately held company headquartered in Anaheim, California. Five board of directors from Polaris Inc stepped out and formed Waev Inc. In December 2021, Waev Inc purchased the GEM and Taylor-Dunn LSV segments from Polaris Inc. Therefore, Waev Inc will now distribute, market, and support the GEM and Taylor-Dunn brands.

GEM is an established leader in the electric LSV space and has been so for more than 20 years. Taylor-Dunn has a rich 70-year legacy of providing trusted industrial vehicles to the market. Waev Inc. is a strategic partner dedicated to solving the mobility market’s challenges with nimble innovation and comprehensive solutions.

Founded in 1958, Club Car has a history of industry-leading innovation and design, initially focused on golf cars and then expanding to commercial utility vehicles and personal-use transportation. The company is headquartered in Augusta, Georgia (US). Club Car is the official golf car of the PGA of America, PGA Tour Tournament Players Club (TPC) Network, and European Tour. Club Car offers a wide range of specialized vehicles under different categories like personal operations, UTVs, commercial applications like merchandising, and golf operations.

In 1995, Club Car was acquired by Ingersoll Rand, but later, in April 2021, Platinum Equity acquired Club Car. Currently, Club Car is under the ownership of Platinum Equity.

Related Reports:

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 2027

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Low-Speed Vehicle Market Size,  Share & Growth Report
Report Code
AT 5757
RI Published ON
3/29/2022
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