Top Players Covered in the Low Speed Vehicle Market Research Report are 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.) and other key market players.
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.
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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.
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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.
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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.
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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.)
By Engine Type
By Vehicle Type
• Industry utility
• Golf Cart
• Personal Carrier
• Public Transport
• 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
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