Low Speed Vehicle Market to Reach USD 8.17 Billion with 4.8% CAGR by 2026

Pune, India, Feb. 16, 2021 (GLOBE NEWSWIRE) — The global low speed vehicle market size is projected to reach USD 8.17 billion by the end of 2026. Applications of the product across diverse industry verticals will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026,” the market was worth USD 5.65 billion in 2018 and will exhibit a CAGR of 4.8% during the forecast period, 2019-2026.

KEY INDUSTRY DEVELOPMENTS:

• 2019 – Textron Specialized Vehicles Inc., launched Hauler 800 ELiTE electric utility vehicle with Samsung SDI lithium technology. The Hauler 800 ELiTE offers no-maintenance batteries with increased energy and range efficiency.
• 2017 – Polaris announced the new Timbersled TRIO front shock. This advancement was done in bike with the rapidly rising trend of snow biking. TRIO offers improved handling, control, and comfort. It also includes adjustability for all terrain, riding levels, or personal style.
• 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 similar to steering wheels and mirrors.

Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/low-speed-vehicle-market-103021

Low speed vehicles are gaining rapid popularity across the world, owing to their widespread applications across diverse industry verticals. The ability of these products to carry a considerable number of passengers with minimum emissions will lead to a huge demand in the coming years. The massive investments in the research and development of electric vehicles will have a huge impact on market growth.

These vehicles are normally used in applications such as golf course carriers and short distance commute. Increasing concerns surrounding global warming and climate change have compelled governments as well as leading authorities to enforce strict policies regarding the carbon emissions. The use of technologically advanced batteries in these vehicles has opened up a huge potential for wider applications. The growing demand for low speed vehicles, coupled with the emphasis on the development of cost-effective products, will emerge in favor of the companies operating in the market.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/low-speed-vehicle-market-103021

Product Innovations Have Benefited Major Companies; Market to Derive Growth from Numerous Such Innovations

The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing number of product launches, coupled with the emphasis on introduction of innovative concepts, has benefited several companies. Encouraged by this, several companies are looking to upgrade their products by integrating trending concepts. In 2017, Polaris announced an upgrade in its highly popular ‘Timbersled’. The company introduced a new TRIO front shock in the vehicle.

Although the vehicle initially catered to numerous applications, the increasing trends of snow biking encouraged the company to bring about this upgrade. Given the popularity and high sale of this product, this latest upgrade will help the company acquire an even wider consumer base. Polaris’ latest step will have a positive impact on the growth of the overall market in the forthcoming years.

Quick Buy –  Low Speed Vehicle Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103021

North America to Hold the Largest Market Share; Presence of Several Large Scale Companies to Aid Growth

The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, and the Rest of the World. Among these regions, the market in North America is likely to hold the largest low speed vehicles market share in the coming years. The presence of numerous golf courses in several countries across this region will aid the growth of the regional market. The growing efforts put in by companies to increase the volume of production and sale of low speed vehicles will have a huge impact on market growth.

As of 2018, the market in North America was worth USD 2.14 billion and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific will witness considerable growth in the coming years, owing to the huge adoption of these vehicles. The huge population in emerging countries such as India, China, and Japan will contribute to the growth of the market in this region.

Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/low-speed-vehicle-market-103021

LIST OF KEY PLAYERS PROFILED IN THE REPORT:

• Club Car(U.S.)
• Textron, Inc.(U.S.)
• Deere & Company(U.S.)
• Polaris Industries, Inc.(U.S.)
• Yamaha Motor Co., Ltd.(Japan)
• Kubota Corp.(Japan)
• Ingersoll-Rand plc(Ireland)
• Xiamen Dalle Electric Car Co., Ltd.(China)
• Bradshaw Electric Vehicles(U.K.)
• Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd(China)
• Moto Electric Vehicles(U.S.)

Segmentation:

By Engine Type

•             ICE

•             Electric

By Vehicle Type

•             Industry utility

•             Golf Cart

•             Personal Carrier

•             Public Transport

By Geography

•             North America (U.S., Canada, and Mexico)

•             Europe (U.K., Germany, France and Rest of Europe)

•             Asia-Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)

•             Rest of the World

Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/low-speed-vehicle-market-103021

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
Fortune Business Insights™
LinkedIn | Twitter | Blogs

Press Release: https://www.fortunebusinessinsights.com/press-release/low-speed-vehicle-market-10031