Low-speed vehicle Market was valued at more than USD 7 Billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Low-speed vehicle Market was valued at more than USD 7 Billion in 2020 and is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Vehicle Type (Golf Cart, Commercial Turf Utility Vehicle, Industrial Utility Vehicle, and Personal Mobility Vehicle); Propulsion (Electric, Diesel, and Gasoline); Power Output (Less than 8 KW, 8 to 15 KW, and More than 15 KW); Region/Country.
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The Low-speed vehicle market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Low-speed vehicle market. The Low-speed vehicle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Low-speed vehicle market at the global and regional levels.
Market Overview
A low-speed vehicle is a four-wheeled motor vehicle, other than an all-terrain motor vehicle, which has a maximum capable running speed of about 40 kmph (25 mph). The market for low-speed vehicles is anticipated to grow during the forecast period in large part due to rising demand for environmentally friendly automobiles, particularly on city and town streets for short daily commutes. Moreover, the use of these cars is anticipated to increase dramatically for short-distance trips in cities and towns as well as for on-campus transportation at workplaces, hospitals, factories, universities, colleges, golf courses, and other locations. For instance, in 2020, The National Highway Traffic Safety Administration gave permission for independent vehicle startup Nuro Inc. over the next two years to arrange up to 5,000 low-speed electric delivery vehicles without human controls like steering wheels and mirrors.
Factors such as an increase in the demand for electricity as well as the fewer emission cars for use in industries, colleges, schools, airports, etc. are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Polaris Inc, Textron, The Toro Company, Yamaha Golf-Car Company, Deere & Company, Kubota Corporation, Columbia Vehicle Group Inc, Taylor-Dunn Manufacturing, Club Car LLC, American Landmaster
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. Moreover, transport limitations additionally made it difficult for enterprises in the automotive industry to get the inputs they required. Due to regulations designed to contain COVID-19, manufacturing businesses were shut down, which had an impact on the supply of automotive inputs and the activities of hired technology service providers
The global Low-speed vehicle market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on vehicle type, the market is segmented into a golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle. The industrial utility vehicle category is to witness higher CAGR during the forecast period owing to the increasing demand for vehicles in large industries to travel from one plant to another in a specific time. Moreover, increasing usage of vehicles in the resort, hospitals, colleges, and residential apartments as public transport are the factors that are also driving the growth of this market.
Based on propulsion, the market is categorized into electric, diesel, and gasoline. Among these, the electric segment holds a significant share in the market in 2020. electric, diesel, and gasoline. The vehicle uses the battery as a source of fuel to power the electric motor, which drives this vehicle. Moreover, the rising preference for zero-emission vehicles as they are pollution-free, and cheaper to maintain is a factor driving the growth of the market. on vehicle.
Based on power output, the low-speed vehicle market has been classified into less than 8 KW, 8 to 15 KW, and more than 15 KW. Less than 8 KW holds a significant share in the market in 2020. As most Golf courses and resorts mostly prefer low-speed vehicles with an output power of less than 8 KW. Moreover, the growing demand for a low-speed vehicle with low seating capacity is further likely to augment the sales of the low-speed vehicle with less than 8 KW power output
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Low-speed vehicle Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market adoption of the Low-speed vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Now, North America is in the lead. However, it is anticipated that during the projected period, the APAC area will grow the fastest. The supremacy of North America is based on its superior infrastructure and OEMs are planning to increase their production volume coupled with rapid technological advancements in manufacturing facilities in emerging regions such as the U.S., Canada, and Mexico, whereas the APAC region relies mostly on new industries that can advance the industry.
The major players targeting the market include
· Polaris Inc
· Textron
· The Toro Company
· Yamaha Golf-Car Company
· Deere & Company
· Kubota Corporation
· Columbia Vehicle Group Inc.
· Taylor-Dunn Manufacturing
· Club Car LLC
· American Landmaster
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Low-speed vehicle market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Low-speed vehicle market?
• Which factors are influencing the Low-speed vehicle market over the forecast period?
• What are the global challenges, threats, and risks in the Low-speed vehicle market?
• Which factors are propelling and restraining the Low-speed vehicle market?
• What are the demanding global regions of the Low-speed vehicle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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