ID: MRFR/AM/4042-CR | October 2020 | Region: Global | 98 Pages
Low-speed vehicle Market is expected to be valued at USD 9013.21 Million with a CAGR of 5% Forecast by 2030
$9013.21 Million
5%
North America
2022-2030
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 (2022-2030). During that time, its valuation can grow USD 9013.21 million by 2030.
Covid-19 Impact on the Market
Market Dynamics
With the LCV, FYN is looking at the option of contract manufacturing and plans to build a network of fast charging stations & a swappable battery network, keeping in mind the needs of its product range. The company has partnered with charging infra providers such as Log9Materials and Exicom. Plans are also underway to launch an electric light commercial vehicle using swappable battery technology, covering 80-200 km on a single charge.
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.
The new low-speed electric vehicle (LSEV) has a lightweight architecture that limits vehicle weight and maximizes payload capacity, demonstrating the company’s new roadmap of LSEVs assembled in the US. That safety trade-off allows them to be produced in lower volumes and for lower prices.
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.
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.).
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.
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
Power Output
Propulsion
Application
Region
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 5% CAGR (2022 to 2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019Â &Â 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 |
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The North American region is projected to gather momentum in the imminent period.
USD 9013.21 million by 2030 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.