Pune, India, Dec, 2018/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Low Speed Vehicle Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global low-speed vehicle market is eyeing for an unprecedented USD 11,509.6 million by 2023 with a CAGR of 5% during the forecast period (2018-2023). Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. The vehicles are known for their broad utility in transporting personnel and packages in industries and sports such as golf. These four-wheeled vehicles are lightweight, electrically charged and emit minimal hazardous gas. In addition, these vehicles adhere to the government norms that strictly aims at reducing carbon footprint. At the same time, the government providing funding to manufacturers to boost the production can also be considered a good sign for the market in the coming years.
However, the low-speed vehicle market can go through marshes during the forecast period as its high production cost can clog the smooth flow expected of it. Meanwhile, low-speed vehicle’s long-life span can also adversely impact the growth rate by hindering the upgradation.
Extensive research of the low-speed vehicle market segments the market by output, propulsion, and application.
Based on the output, the low-speed vehicle market can be segmented into <8kW, 8-15kW, and >15kW. The 8-15kW segment is dominating the market with a valuation of USD 4,142.2 million in 2018 and can go up to USD 5,284 million by 2023. Meanwhile, the >15kW segment is gaining fast popularity and can attain the highest CAGR of 5.7% during the forecast period.
Propulsion-wise, the low-speed vehicle market comprises diesel, gasoline, and electric. The electric segment is in the leading position and is valued at USD 4,955.1 million in 2018 which can go up to USD 6,458.6 million by 2023. The segment is expected to beat others at 5.5% CAGR during the forecast period.
Application-based segmentation of the low-speed vehicle market comprise industrial utility, golf cart, personnel carrier, and public transport vehicle. Golf cart segment holds the maximum market share and enjoys a valuation of USD 4,771.5 million in 2018. It can rise to USD 6,176.1 million by 2023. The segment is expected to grow with the fastest CAGR of 5.3% during the forecast period.
Geographic analysis of the low-speed vehicle market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is leading the market with its market valuation pinned at USD 3,473.8 million in 2018. The regional market value can go up to USD 4,456.5 million by 2023 with an impressive 5.1% CAGR during the forecast period. Golf is a favorite sport in the region, and infrastructural superiority of the region are helping the market in staying ahead of its competitors. In addition, several market titans are based out of the region which provides sufficient traction to the market.
Europe has the second largest market share, and it exhibits similar features like that of North America. The regional market has a valuation of USD 2,509.7 million in 2018 which is expected to scale and exceed to USD 3,128.3 million by 2023 at a 4.5% CAGR during the forecast period.
The APAC can turn the table on the global players. The region has several countries investing heavily in refurbishing their industrial sectors which, as a consequence, is generating huge demand for low-speed vehicles. The regional low-speed vehicle market is eyeing for a valuation of USD 2,784.2 million by 2023 at a meteoric CAGR of 5.8% during the forecast period.
Prominent players profiled in the low-speed vehicles market are Deere Company (the U.S.), Kubota Corporation (Japan), Yamaha Golf-Car Company (the U.S.), The Toro Company (the U.S.), Polaris Industries Inc. (the U.S.), Taylor-Dunn Manufacturing Company (the U.S.), Tomberlin Automotive Grp. (the U.S.), Textron (the U.S.), Club Car LLC. (the U.S.), and American Landmaster (the U.S.). Merger, acquisition, collaboration, and other methods are strategies these companies employ to stay ahead of the rest.
In August 2018, Polaris launched eight new application-specific packages with an aim to better the user experience. With an additional 1-year extended service contract, these packages offer optional cool weather add-ons for vehicles operating in extreme weather which can ensure many takers of this product.
In August 2018, Textron introduced a new model E-Z-GO Express 4x4, as a part of their E-Z-GO lineup. With a potential to change the concept of riding, this vehicle boasts off a 72-volt AC electric drivetrain. This takes the company much ahead of its league. In March 2017, it bought Arctic Cat Inc. a leading name in the recreational vehicle industry.