Low Speed Vehicle Market to rise at 5% CAGR and reach $11,509.6 million by 2023, according latest Global Low-Speed Vehicle Market Analysis Report published by Market Research Future. Low-Speed Vehicle Market by Terrains Power Output, Propulsion, Application, Region with forecast to 2023.
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Low-Speed Vehicle Market to rise at 5% CAGR and reach $11,509.6 million by 2023, according latest Global Low-Speed Vehicle Market Analysis Report published by Market Research Future. Low speed vehicles are often manufactured to meet special demands set by the consumers. The four-wheeled vehicles are small, and its weight is far less than the regular ones. Global Low-Speed Vehicle Industry Report analyzes Market for Low-Speed Vehicle by Terrains Power Output (15kW), by Propulsion (Diesel, Electric, Gasoline), by Application (Industrial Utility, Golf Cart, Personnel Carrier, Public Transport Vehicle), Region with forecast to 2023.
Major Low-Speed Vehicle Companies covered in the market report include Polaris Industries (U.S.), Textron (U.S.), Deere & Co. (U.S.), The Toro Company (U.S.), Kubota Corporation (Japan), Yamaha Motor Company Limited (Japan), Club Car (U.S.), Taylor-Dunn (U.S.), American Landmaster (U.S.), Ontario Drive & Gear Ltd. (Canada) and others.
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Global Market Highlights:
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 many 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).
However, the lack of government regulations on the manufacturing of low-speed vehicles is a major factor, hindering the growth of low-speed vehicle market.
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.
Low-Speed Vehicle Market Segments:
Based on type of propulsion, the market has been segmented as diesel, electric and gasoline. Amongst this, the electric segment is expected to dominate the growth of the market. The low-speed electric vehicles are gaining traction with the increasing trend towards electrification, reduction in weight of vehicles and zero emissions. In low-speed electric vehicles, the battery is the primary source of power. The battery manufacturers are working towards the development of the high energy density battery so that more distance could be covered on a single charge. The major low-speed electric vehicles are golf cars, personnel carriers and others. The low-speed electric vehicles are best suitable for short-distance coverage and low power output.
By end-users, the market has been segmented as Golf courses, Airports, Hotels and resorts, Residential premises and others. The hotels and resorts segment is expected to dominate the market. The growth of the tourism industry across the major nations and the increasing expectations of the tourist for the enhanced services from the hotel industry is further driving the growth of the market.
Regional Analysis:
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.
TABLE OF CONTENTS:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Continued…
LIST OF TABLES:
TABLE 1 MARKET SYNOPSIS 15
TABLE 2 LIST OF ASSUMPTIONS 18
TABLE 3 GLOBAL LOW SPEED VEHICLE MARKET, BY POWER OUTPUT, 2016-2023 (USD MILLION) 40
TABLE 4 GLOBAL LOW SPEED VEHICLE MARKET, BY PROPULSION, 2016-2023 (USD MILLION) 43
TABLE 5 GLOBAL LOW SPEED VEHICLE MARKET, BY APPLICATION, 2016-2023 (USD MILLION) 47
TABLE 6 GLOBAL LOW SPEED VEHICLE MARKET, BY REGION, 2016-2023 (USD MILLION) 49
TABLE 7 NORTH AMERICA: LOW SPEED VEHICLE MARKET, BY COUNTRY, 2016-2023 (USD MILLION) 50
Continued…
LIST OF FIGURES:
FIGURE 1 GLOBAL LOW-SPEED VEHICLE MARKET: MARKET STRUCTURE 18
FIGURE 2 KEY TAKEAWAYS OF THE GLOBAL LOW-SPEED VEHICLE MARKET 19
FIGURE 3 KEY BUYING CRITERIA OF LOW SPEED VEHICLE 19
FIGURE 4 NORTH AMERICA MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 21
FIGURE 5 EUROPE MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 21
FIGURE 6 ASIA-PACIFIC & MARKET SHARE BY COUNTRY (2017 VS 2023) 22
FIGURE 7 REST OF WORLD MARKET SIZE & MARKET SHARE BY COUNTRY (2017 VS 2023) 22
Continued…
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