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3. Leading Companies in Low-Speed Vehicle Industry - Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan) and Kubota Corporation (Japan)

The low-speed vehicle market is projected to grow from USD 11.1 billion in 2024 to USD 16.3 billion by 2030, at a CAGR of 6.6%. This market's growth can be attributed to the rising inclination of the geriatric population towards safer, comfortable, and easy mobility, the growing popularity of golf, and adequate charging infrastructure.

Major LSV OEMs are from the USA and Japan. The top five OEMs in the low-speed vehicle market are Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd (Japan), The Toro Company (US), and Kubota Corporation (Japan). Key players in the low-speed vehicle market invest in new technologies such as autonomous vehicles, connected car technology, and advanced features such as GPS tracking and wireless communication.

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Textron Inc (US) is a top key player in the LSV market. The company invested 4.2% of its annual revenue in R&D in 2023 to develop new products according to customer demands. In June 2023, Textron Inc., under its brand E-Z-GO, launched a street-legal low-speed vehicle, this vehicle meets all National Highway Traffic Safety Administration standards for low-speed vehicles and can be operated on public roads with posted speed limits of 35 mph or less in most states. The company operates through six segments: Textron Aviation, Bell, Textron Systems, Finance, Textron eAviation, and Industrial. It manufactures specialized vehicles such as golf carts, recreational and utility vehicles, and light vehicles under the Industrial segment, contributing nearly 28% of total sales in 2023. The company provides its services to the US government with 22% and the commercial sector with 78%. The company has 52 manufacturing plants located across the US and 45 manufacturing plants outside the US. All the factors for widening the product offering, technology, and partnership program have made Textron Inc. a top player in the LSV market.

Yamaha Motor Co., Ltd. (Japan) operates through five segments: Land Mobility, Marine Products, Robotics, Financial Services, and Others. It offers motorcycles and parts, 4-wheel buggies, snowmobiles, and electrically assisted bicycles through the Land Mobility segment, while the Others segment covers various vehicles and equipment, including all-terrain vehicles, recreational off-highway vehicles, golf carts, snowmobiles, generators, small-sized snow throwers, and multi-purpose engines. The company invested 4.8% of its annual revenue in R&D in 2023. In January 2022, they launched Drive2 Powertrain AC Lithium, an electric LSV. The company generates most of its revenue from Asia Pacific, which is close to 48% of the total revenue. The company operates globally with 24 manufacturing facilities and maintains 46 sales offices to serve customers across different markets.

The Toro Company manufactures, designs, and markets professional turf maintenance equipment and provides services for these equipment. The company operates through three segments: Professional, Residential, and Others. The professional segment caters to the golf market and encompasses a diverse product range. The Toro 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 units at nine locations in the US, Mexico, Germany, Australia, Romania, the UK, Italy, Poland, and China. It also has sales offices in the US, Belgium, Japan, the UK, Italy, Australia, China, Poland, Spain, and Germany. The company invests 3.8% of the total revenue in R&D activities for new product and technology developments. In June 2023, The Toro company introduced the Vista Series passenger low speed vehicles. These vehicles are available in 4, 6, and 8-seater options. They are available in both battery and gas-powered variants.

Deere & Company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. It offers utility vehicles, golf course equipment & hay, and forage equipment through the Small Agriculture and Turf segment. Deere & Company has a large market share in North America, generating nearly 56% of sales from the US. The company had invested 3.6% of its total revenue for R&D in 2023. The company has 24 manufacturing facilities in the US and Canada, out of which five facilities are dedicated to manufacturing small agriculture and turf vehicles. It has 47 factories outside the US and Canada, strategically located in Argentina, Brazil, China, France, Germany, India, Israel, Italy, Mexico, the Netherlands, Russia, and Spain.

Kubota Corporation specializes in developing and selling agricultural and construction machinery equipment. The company’s business activities are divided into three segments: Farm & Industrial Machinery, Water & Environment, and Other, enabling it to serve various sectors. It manufactures utility vehicles and turf equipment under the Farm & Industrial Machinery segment. The Farm and Industrial machinery division generated about 87% of the total revenue in 2023. As of December 2023, Kubota Corporation generated 78% of its revenue from international markets. Industries such as turf utility and industrial facilities benefit from Kubota’s offerings, particularly its utility task vehicles (UTVs), which are suitable for navigating rough terrain in farms, industrial sites, and parks, facilitating the transportation of goods and people. The company operates in more than 120 countries; Kubota has established a global presence across Asia Pacific, North America, Europe, and other regions. Approximately 40% of its revenue is generated from the Asia Pacific region. As of December 2023, the company had around 52,608 employees, of which 12,924 were part-time employees.

Related Reports:

Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility, Golf Cart, Personal), Power Output (≤5, 6-15, >15 kW), Motor Type & Configuration, Propulsion, Battery Type, Application, Category, Voltage - Global Forecast to 2030

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