ID: MRFR/AM/4042-CR | October 2020 | Region: Global | 98 pages
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.
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.
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.
|Market Size||2023: USD 11,509.6 Million|
|CAGR||5% CAGR (2020-2027)|
|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||
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.
Low-speed vehicles are fast becoming the norm of transportation for many private and public sectors. Its popularity is growing exponentially in tandem with the demand to implement eco-friendly ways in regular life. Low-speed vehicles are mainly four-wheeled, low on weight, electrically charged, and low on emission. These features adhere to the need generated by a large number of industries that prefer staying eco-friendly and abiding strict government laws. The vehicles are used mostly to transport personnel and packages in factories, golf courses, airports, stations, and in many other places. The global low-speed vehicle market is thriving on such applications and is currently eyeing for a 5% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) estimates the valuation to rise from USD 8,613.3 million in 2017 to USD 11,509.6 million by 2023. In addition, the published report has segments, drivers, and competitive analysis of the industry which can ensure a better command over the demography of the market in the coming years.
However, some factors can leave a plateaued effect on the low-speed vehicle market. It incurs heavy cost in production which can be considered a growth deterrent. Additionally, these vehicles have a longer lifespan compared to that of conventional cars which makes it less likely for the consumers to upgrade their vehicles. But such blows are temporary as eco-friendly nature of the car is percolating habits of the end-users.
Detailed analysis of the low-speed vehicle market reveals that the market can be segmented by output, propulsion, and application.
Based on output, the market can be segmented into <8kW, 8-15kW, and >15kW. 8-15kW segment is dominating the market. Meanwhile, >15kW segment is gaining fast popularity.
Propulsion-wise, the market comprises diesel, gasoline, and electric. The electric segment is dominating the market and is expected to gain more momentum than any other during the forecast period.
Application-based segmentation of the market industrial utility, golf cart, personnel carrier, and public transport vehicle. Golf cart segment holds the maximum market share and is expected to grow with the fastest CAGR during the forecast period.
North America is leading the low-speed vehicle market with considerable share and is expected to retain its position during the forecast period. The popularity of golf and superior infrastructure for manufacturing segment & public services are providing the region the upper hand. The region is further enjoying the edge owing to the presence of several big shots in this region.
Europe has the second largest market share, and it exhibits similar trends like that of North America. But it is the APAC that can turn the table for the global players. The region has several countries counting on the economic revamping initiated by the respected governments. With booming industries, these vehicles are gaining prominence, and the low-speed vehicle market is enjoying the bliss of much mobilization in sectors to grow further.
The significant players profiled in the low-speed vehicle market are Textron (the U.S.), Yamaha Golf-Car Company (the U.S.), Polaris Industries Inc. (the U.S.), Deere Company (the U.S.), Kubota Corporation (Japan), The Toro Company (the U.S.), Taylor-Dunn Manufacturing Company (the U.S.), Tomberlin Automotive Grp. (the U.S.), Club Car LLC. (the U.S.), and American Landmaster (the U.S.). These companies often get involved in merger, acquisition, collaboration, and other methods which can give them a breather from the intense competition and let them plan their course further ahead.
In August 2018, Polaris launched eight new application-specific packages. These packages include an additional 1-year Extended Service Contract. Other features of importance are optional cool weather add-ons for vehicles operating in inclement weather, providing comfort and convenience, which can ensure many takers of this product.
In August 2018, Textron introduced a new model for their E-Z-GO lineup, named the E-Z-GO Express 4x4. This new vehicle has the potential of changing the eco-friendly ride concept. The vehicle exhibits a 72-volt AC electric drivetrain which makes it stand out from the rest. In March 2017, it has acquired Arctic Cat Inc. a name to reckon with in recreational vehicle industry.
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.