Low-Speed Vehicle (LSV) Market Research Report- Forecast 2030

Low-speed Vehicle Market Segmentation by Power Output (<8kW, 8-15kW, >15kW), by Propulsion (Diesel, Electric, Gasoline), by Application (Industrial Utility, Golf Cart, Personnel Carrier, Public Transport Vehicle) and Region - Global Report Forecast till 2030

ID: MRFR/AM/4042-CR | October 2020 | Region: Global | 98 pages

Low speed vehicle Market Synopsis:


Low-speed vehicle market is garnering much attention from various sectors due to which it can expect a smooth run with 5% CAGR during the forecast period (2018-2023). During that time, its valuation can grow from USD 8,613.3 million in 2017 to USD 11,509.6 million by 2023.


Market Segmentation


The report includes a segmental analysis of the low-speed vehicle market for better understanding. The market can be segmented by power output, propulsion, and application. By power output, the market comprises <8kW, 8-15kW, and >15kW. Based on propulsion, the market can be segmented into diesel, electric, and gasoline. Based on application, the market includes industrial utility, golf cart, personnel carrier, and public transport vehicle.


Regional Analysis


Region-specific analysis of the low-speed vehicle market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is the present frontrunner. However, the APAC region is expected to be the fastest budding region during the forecast period. North America’s dominance depends on its superior infrastructure, whereas, the APAC region is relying mostly on the emerging industries that can help the market progress as well.


Key Competitors


The significant players profiled in the low-speed vehicle market are Polaris Industries Inc. (U.S.), Textron (U.S.), The Toro Company (U.S.), Yamaha Golf-Car Company (U.S.), Deere Company (U.S.), Kubota Corporation (Japan), Tomberlin Automotive Grp. (U.S.), Taylor-Dunn Manufacturing Company (U.S.), Club Car LLC. (U.S.), and American Landmaster (U.S.).


Market Overview


Low speed vehicles are often manufactured to meet special demands set by the consumers. The four-wheeled vehicles are small in size, and its weight is far less than the regular ones. To drive such cars, a special license is needed, and it cannot be operated on a regular road. They are also known as neighborhood electric vehicles (NEV). Factories, airports, stations, golf courses, mostly find a use for such vehicles to transport packages and personnel.


Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and enable market players in having strategies planned accordingly.


Low-speed vehicles generally move around with a speed of 20-25mph. These vehicles are mostly battery-driven with minimal chances of emission. With the demand for eco-friendly transport options on the rise, these vehicles are bound to take the low-speed vehicle market forward. At the same time, the stringent imposition of government laws regarding pollution has spurred the demand for such cars across industries. Government initiatives are also making manufacturers interested in venturing forward in the sector. Many of the countries are now offering special packages for manufacturers showing a keen interest in the field. These factors can substantially take the low-speed vehicle market forward.  


On the downside, the manufacturing process of the low-speed vehicles incurs a heavy cost which can be seen as a possible detractor. At the same time, these vehicles have a longer lifespan, much greater than the conventional cars, which blocks the path for introduction of the new models in industrial sectors. This can slow down the low-speed vehicle market growth considerably.


Research Methodology


Immaculate methodologies applied by dexterous research analysts at Market Research Future (MRFR) bring out the best in the reports. The report is a specimen of deft handling of the subjected market as well which has undergone two complimenting methodology; primary and secondary. The primary method includes obtaining data from interviews and discussions with the market influencers and analyzing of the same for a better grasp over the said market. The method is followed by a secondary one that includes top-down and bottom-up approaches to gain profound insights regarding the industry. The report further contains a detailed analysis of the market trends, factors, and expert inputs to offer a better-quality report.


Analysis Period



  • Base Year - 2017

  • Projection Period - From 2018 to 2023

  • Market Valuation - USD Million


Power Output



  • <8kW

  • 8-15kW

  • >15kW


Propulsion



  • Diesel

  • Electric

  • Gasoline


Application



  • Industrial Utility

  • Golf Cart

  • Personnel Carrier

  • Public Transport Vehicle


Region


North America

  • U.S.

  • Canada

  • Mexico


Europe

  • Germany

  • France

  • Spain

  • U.K.

  • Rest of Europe 


Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Rest of Asia Pacific 


Rest-of-the-World (RoW)

  • Latin America

  • The Middle East & Africa



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2023: USD 11,509.6 Million
  • 2030 : Significant value
  •   CAGR   5% CAGR (2022 to 2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Power Output, Propulsion, Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Polaris Industries Inc. (U.S.), Textron (U.S.), The Toro Company (U.S.), Yamaha Golf-Car Company (U.S.), Deere Company (U.S.), Kubota Corporation (Japan), Tomberlin Automotive Grp. (U.S.), Taylor-Dunn Manufacturing Company (U.S.), Club Car LLC. (U.S.), and American Landmaster (U.S.).
      Key Market Opportunities   New product launches and R&D Amongst major key Players
      Key Market Drivers

  • Stringent imposition of government laws regarding pollution has spurred the demand for such cars across industries
  • Demand for eco-friendly transport options on the rise, these vehicles


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    Frequently Asked Questions (FAQ) :


    The North American region is projected to gather momentum in the imminent period.

    USD 11,509.6 million by 2023 is estimated for the market in the approaching period.

    A 5% CAGR is predicted to define the market’s development in the impending period.

    Kubota Corporation (Japan), Yamaha Golf-Car Company (U.S.), Deere Company (U.S.), and Tomberlin Automotive Grp. (U.S.) are the distinguishable companies in the market.

    The escalating demand for low-speed vehicles in airports, stations, and golf courses are predicted to push the market ahead in the forecast period.

    The vehicles function in a speed range from 20-25mph.

    Global Low Speed Vehicle Market: Competitive Landscape


    Polaris Industries Inc., Textron Inc., The Toro Company, Yamaha Golf-Car Company, and Deere & Company are the major players operating in the  global low speed vehicle market in 2017. A number of vehicle manufacturers are increasingly venturing into low speed vehicle owing to instant rise in the adoption rate in both public and private sector for transportation. These companies continue to retain their strong global presence through expansion, merger & acquisition, partnership & collaboration, and extensive product portfolio.


    Polaris Industries Inc. is engaged in designing, engineering, manufacturing, and marketing of power sports vehicles across the globe. The company operates through off-road vehicles (ORVS)/snowmobiles, motorcycles, global adjacent markets, and aftermarket business segments. In addition, the company produces and supplies various replacement parts, accessories, and recreational apparel through a network of dealers and distributors, as well as through online. Moreover, the company is the pioneer to introduce intelligent off-road suspension, DYNAMIX Active Suspension, for its low-speed vehicles. Polaris markets its products under the brand names - RANGER, Polaris ACE, GENERAL, RZR, Sportsman, RZR XP, RANGER XP, Turbo DYNAMIX, Timbersled, Slingshot, GEM, Goupil, Indian Motorcycles, Aixam, DAGOR, Sportsman MV, Taylor-Dunn, MRZR, Kolpin, Pro Armor, Klim, 509, and Trail Tech. Polaris is among the leading market players that have adopted novel product developments, supply agreements and expansions strategies to expand its business.


    Textron Inc. is among the best-known multi-industry companies that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services. In addition, the company markets its products under the iconic brand names including Cessna Aircraft, Beechcraft, Bell, E-Z-GO, and many more. The company produces numerous products in a range of industries spanning aerospace and defense, specialized vehicles, turf care and fuel systems. The company employed nearly 35,000 employees as of 2017 with a presence in over 25 countries. Textron is focusing to expand its international operations, growing sales and distribution capabilities for long-term growth prospects in Central and Eastern Europe as well as in India, China, the Middle East and Central and South America.


    The Toro Company, Inc. is one of the leading providers of innovative solutions for the outdoor environment, including turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting solutions.  The company operates through professional, residential, and distribution business segments. The company offer a wide a range of products across a family of global brands to help golf courses, professional contractors, groundskeepers, agricultural growers, rental companies, government and educational institutions, and homeowners. The company has the global reach in more than 125 countries and had an employee strength of 6,800 as of 2017. The company is focusing to grow their international business in the upcoming years through expanding, improving and leveraging their global customer relationships in emerging markets like Eastern Europe, Korea and China.


    Yamaha Golf-Car Company is one of the leading manufacturers of golf cars and utility vehicles across the world and operates as a subsidiary of Yamaha Motor Co. Ltd. The company has a strong team of partners including the NGCOA, the National Golf Foundation, Folds of Honor, The First Tee, multiple PGA sections, the International Light Transportation Vehicle Association, and many more. Yamaha offers versatility and class for all green transportation needs. The company is emphasizing not only on product level strategy but also go-to-market strategy. As such, there has been a notable increase in promotional campaign and R&D spending on design features. For instance, there is highly likelihood that Yamaha, which is primarily engaged in 2- passenger golf carts, will focus on 4 passenger electric vehicle model to capture the greater chunk of the market.


    Deere & Company is among the leading companies that manufactures and distributes agriculture and turf, and construction and forestry equipment worldwide. The company is one of the major producers of construction, forestry, and commercial and residential lawn care equipments across the globe. The company markets its products primarily through independent retail dealer networks and retail outlets. Deere & company operates through the agriculture and turf and construction and forestry segments. The company employed nearly 65,000 employees as of 2017 and facilities in more than 30 countries. The company mainly concentrates on delivering innovative products of superior quality built on a tradition of integrity and has developed a strategy to grow and sustain its successful global business through product development and R&D.