Asia-Pacific Commercial Turf Utility Vehicle Market – Industry Trends and Forecast to 2030

Asia-Pacific Commercial Turf Utility Vehicle Market, By Propulsion Type (Electric, Gasoline, Diesel), Power Output (8KW-15KW, > 8KW), Subscription (New Purchase, Rental), Seating Capacity (2 Seater and More Than 2 Seater), Turf Type (Natural Grass, Artificial Grass), Towing Capacity (Less Than 680, More Than 680), Application (Golf Courses, Hotel & Resorts, Airports, Colleges & Universities, Zoos, and Others) – Industry Trends and Forecast to 2030.

Asia Pacific Commercial Turf Utility Vehicle Market Analysis and Size

The tourism industry is significant to hotels and resorts. With increased travel activities worldwide, the hotel and resort industry must provide their providers with the best amenities and practical activities. In light of this, hotels and resorts now offer battery-powered vehicles while concentrating on building infrastructure to support electric mobility solutions. Commercial turf utility vehicles are used for pickups, people movers, steel mesh sides, waste collection bodies, tail lifts, isothermal storage units, electric ambulances, and snow blades, which play a significant role.

Data Bridge Market Research analyses that the commercial turf utility vehicle market, valued at USD 1,186.77 million in 2022, will reach USD 2,507 million by 2030, growing at a CAGR of 9.8% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Asia Pacific Commercial Turf Utility Vehicle Market Scope and Segmentation

Market Definition

Low-speed vehicles (LSVS), or commercial turf utility vehicles, are four-wheeled automobiles with a top speed limit of 25 mph (40 km/h). Golf carts, neighborhood vehicles, and commercial vehicles all fall under the category of commercial turf utility vehicles. They can be used in corporate offices, museums, golf courses, and industrial settings because they are simple to move around.

Commercial Turf Utility Vehicle Market Dynamics

Drivers

• The popularity of golf and an increase in the elderly population can help the economy

Golf is becoming increasingly popular as a leisure activity, spurring market expansion. Global preference for golf is growing due to lifestyle changes and rising disposable income. One of the major factors propelling the expansion of the commercial turf utility vehicle market is the rise in the elderly population. Geriatrics use commercial turf utility vehicles for transportation while displaying skills in the arena of golf.

• Technological developments can spur market expansion

Increasing technological developments, such as the internet of things (IoT) and real-time information solutions integrated into All-EV charging station systems, influence the market. The technologies locate nearby charging stations and offer real-time data on the number of open spots. Additionally, the market for commercial turf utility vehicles is benefited from rapid urbanization, a shift in lifestyle, an increase in investments, and rising consumer spending.

Opportunities

• The use of commercial turf in the tourism and hospitality industries can contribute to the growth

As more people use the hospitality industry, investments in hotels, resorts, and gated communities will likely increase as people use commercial turf utility vehicles to transport them to nearby locations. Commercial turf utility vehicles, such as pickups, people movers, steel mesh sides, waste collection bodies, tail lifts, isothermal storage units, electric ambulances, and snow blades, also play a significant role in tourism. They assist in offering customers specialized services as well.

Restraints/Challenges

• High costing can tamper the growth of the economy

Market expansion is anticipated to be hampered by high costs that prevent adoption in developing and underdeveloped areas and a lack of safety standards and equipment. Cost reduction and increased energy density of E.V. batteries are also anticipated to threaten the market for commercial turf utility vehicles.

This commercial turf utility vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. to gain more info on the commercial turf utility vehicle market contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2020, The Brazilian aftermarket service parts company Unimil, which was founded in 1999 and currently employs about 430 people, was acquired by Deere and the company. This purchase aids the business in advancing trade, reshaping the operational model, and modernizing generational farming frameworks.

Asia Pacific Commercial Turf Utility Vehicle Market Scope

The commercial turf utility vehicle market is segmented on the basis of propulsion type, power output, subscription, seating capacity, turf type, towing capacity and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Propulsion Type

• Electric
• Gasoline
• Diesel

Power Output

• 8KW-15KW
• 8KW

Subscription

• New Purchase
• Rental

Seating Capacity

• 2 Seater
• More Than 2 Seater

Turf Type

• Natural Grass
• Artificial Grass

Towing Capacity

• Less Than 680
• More Than 680

Application

• Golf Courses
• Hotel & Resorts
• Airports
• Colleges & Universities
• Zoos
• Others

Commercial Turf Utility Vehicle Market Regional Analysis/Insights

The commercial turf utility vehicle market is analysed and market size insights and trends are provided by propulsion type, power output, subscription, seating capacity, turf type, towing capacity and application as referenced above.

The countries covered in the commercial turf utility vehicle market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)

With the increasing demand for environmentally friendly vehicles, which has increased demand for low-speed electric vehicles, China holds the largest market share. Additionally, the expansion of the market in China is directly impacted by the rising disposable income.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Commercial Turf Utility Vehicle Market Share Analysis

The commercial turf utility vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. the above data points provided are only related to the companies' focus related to commercial turf utility vehicle market

Some of the major players operating in the commercial turf utility vehicle Market are:

• Polaris Inc. (U.S.)
• Yamaha Motor Co., Ltd. (Japan)
• Columbia Vehicle Group Inc. (U.S.)
• Waev, Inc. (U.S.)
• Addax Motors (Belgium)
• Bintelli Electric Vehicles (U.S.)
• KUBOTA Corporation. (Japan)
• Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd   (China)