Global Commercial Turf Utility Vehicle Market, By Propulsion Type (Electric, Gasoline and Diesel), Power Output (> 8 KW and 8 KW–15 KW), Subscription (New Purchase and Rental), Seating Capacity (2 Seater, More Than 2 Seater), Turf Type (Natural Grass, Artificial), Towing Capacity (Less Than 680 KG, More Than 680 KG), Application (Golf Courses, Hotel and Resorts, Airports, Colleges and Universities, Zoos, Others) - Industry Trends and Forecast to 2029.
Market Analysis and Size
Tourism activities are highly crucial for hotels and resorts. The hotel and resorts industry need to offer best facilities and convenient activities to their providers owing to the growing travel activities globally. Thus, hotels and resorts are offering battery-operated vehicles nowadays while focusing on structures to support electric mobility solutions.
Global Commercial Turf Utility Vehicle Market was valued at USD 363.15 million in 2021 and is expected to reach USD 675.58 million by 2029, registering a CAGR of 7.60% during the forecast period of 2022-2029. “Less Than 680 KG” accounts for the largest towing capacity segment in the respective segment owing to the high usage in wide range of sectors. 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.
Market Definition
Commercial turf utility vehicle, also known as Low-speed vehicles (LSVs), refer to the 4-wheeled vehicles with a maximum capable speed of 25 mph (40 km/h). These vehicles are highly utilized as neighborhood vehicles, golf carts and industrial vehicles. They are easy to maneuver and find applications in golf courses, corporate offices, museums, and industrial areas, among others.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Propulsion Type (Electric, Gasoline and Diesel), Power Output (> 8 KW and 8 KW–15 KW), Subscription (New Purchase and Rental), Seating Capacity (2 Seater, More Than 2 Seater), Turf Type (Natural Grass, Artificial), Towing Capacity (Less Than 680 KG, More Than 680 KG), Application (Golf Courses, Hotel and Resorts, Airports, Colleges and Universities, Zoos, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Textron Inc. (US), Deere & Company (US), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), The Toro Company (US), Polaris Inc. (US), Yamaha Motor Co., Ltd. (Japan), KUBOTA Corporation (Japan), Columbia Vehicle Group Inc. (US), SpeedwaysElectric (India), HDK ELECTRIC VEHICLE (US), Marshell Green Power (China), STAR EV CORPORATION (US), Tropos Motors (US), American Landmaster (US), Garia A/S (Denmark), Ingersoll Rand (US), Bintelli Electric Vehicles (US), Guangdong Lvtong New Energy Electric Vehicle Technology Co., LTD. (China), and Moto electric vehicles (US), among others
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Market Opportunities
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Commercial Turf Utility Vehicle Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Rise in Geriatric Population
The rise in geriatric population vehicles acts as one of the major factor driving the growth of commercial turf utility vehicle market. Commercial turf utility vehicles are used by geriatric population to move around.
- Popularity for Golf
The increase in the popularity of golf as a leisure activity among population accelerate the market growth. The change in lifestyle and increased disposable income is accelerating the preference for golf globally.
- Technological Advancements
The rise in technological advancements, such as integration of all-EV charging stations systems with the Internet of Things (IoT) and real-time information solutions further influence the market. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the commercial turf utility vehicle market.
Opportunities
Furthermore, increase in real estate and commercial sector extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in developments of autonomous and connected technologies will further escalate the growth of commercial turf utility vehicle market.
Restraints/Challenges faced by the Commercial Turf Utility Vehicle Market
On the other hand, high costs restraining adoption in developing and underdeveloped regions and lack of safety standards/equipment are expected to obstruct market growth. Also, cost reduction and improved energy density of EV batteries are projected to challenge the commercial turf utility vehicle market in the forecast period of 2022-2029.
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, the 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.
COVID-19 had a Major Impact on Commercial Turf Utility Vehicle Market
The COVID-19 had a negative impact on the commercial turf utility vehicle market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand of commercial turf utility vehicle market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the commercial turf utility vehicle market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Recent Developments
- In September 2020, Deere and Company acquired Unimil, the Brazilian aftermarket service parts business which was founded in 1999 and has 430 employees approximately. This acquisition helps the company striking the advancement of trade, reshaping the working model and revolutionizing generation frameworks in farming.
Global Commercial Turf Utility Vehicle Market Scope
The commercial turf utility vehicle market is segmented on the basis of propulsion type, power output, application, subscription, seating capacity, turf type and towing capacity. The growth amongst these segments will help you analyze 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
- 8 Kw
- 8 Kw–15 Kw
Seating Capacity
- 2 Seater
- More Than 2 Seater
Turf Type
- Natural Grass
- Artificial
Subscription
- New Purchase
- Rental
Application
- Golf Courses
- Hotel and Resorts
- Airports
- Colleges and Universities
- Zoos
- Others
Towing Capacity
- Less Than 680 Kg
- More Than 680 Kg
Commercial Turf Utility Vehicle Market Regional Analysis/Insights
The commercial turf utility vehicle market is analyzed and market size insights and trends are provided by country, propulsion type, power output, application, subscription, seating capacity, turf type and towing capacity.
The countries covered in the commercial turf utility vehicle market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the commercial turf utility vehicle market because of the rise in the demand of zero carbon emission vehicles within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the expansion of the production plant of electric vehicles in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as 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 Textron Inc. (US), Deere & Company (US), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), The Toro Company (US), Polaris Inc. (US), Yamaha Motor Co., Ltd. (Japan), KUBOTA Corporation (Japan), Columbia Vehicle Group Inc. (US), SpeedwaysElectric (India), HDK ELECTRIC VEHICLE (US), Marshell Green Power (China), STAR EV CORPORATION (US), Tropos Motors (US), American Landmaster (US), Garia A/S (Denmark), Ingersoll Rand (US), Bintelli Electric Vehicles (US), Guangdong Lvtong New Energy Electric Vehicle Technology Co., LTD. (China), and Moto electric vehicles (US), among others.
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