Global Low Speed Vehicle Market By Power Output (15 kW), Propulsion (Diesel, Electric, Gasoline), LSV Type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2025
Market Analysis: Global Low Speed Vehicle Market
The global low speed vehicle market is expected to reach USD 13.18 billion by 2025, from USD 8.93 billion in 2017 growing at a CAGR of 5.1% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Low Speed Vehicle Market
Low speed vehicles is a class of 4 wheeler vehicles that have maximum capable speed of 40 km/h and minimum capable speed of 32 km/h that allow them to travel on public roads. These LSV have power output between 8 kW to 15 kW. LSV are available in three propulsion type namely diesel, electric and gasoline. There are various types of these LCVs which are available in the market namely commercial turf utility vehicles, golf carts, industrial utility vehicles and personnel carriers which are used for various purposes. The increasing urbanization in the developing countries all over the world, such as China, India and others is generating immense opportunities for the manufacturers of the low-speed vehicles to satisfy the emerging needs of the economic mobility infrastructure. Furthermore, increasing pressure from the government for reducing the emission of greenhouse gases will create the market for the low speed vehicles market.
- Large aging population to drive the demand for LSVs
- Stringent emission regulations
- Integrated mobility of LSVs
- LSV is available in minimal safety standards/equipment
- Cost reduction & improved energy density of EV cells
Segmentation: Global Low Speed Vehicle Market
By Power Output
- <8 kW
- 8 kW–15 kW
- >15 kW
By LSV Type
- Commercial Turf Utility Vehicles
- Golf Carts
- Industrial Utility Vehicles
- Personnel Carriers
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Rest of south America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Competitive Landscape: Global Low Speed Vehicle Market
The global low speed vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of low speed vehicle market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
In October 2017, Polaris launched intelligent off-road suspension DYNAMIX Active Suspension, for its low speed vehicles. Furthermore, in September 2017, Textron signed the deal for supply with the Real Club Valderrama, a golf club in Spain to supply 40 units of E-Z-GO RXV ELiTE golf carts.
Key Market Competitors: Global Low Speed Vehicle Market
The key players operating in the global low speed vehicle market are –
- Club Car/Ingersoll Rand
The other players in the market are, Yamaha, Kawasaki, Ontario, American Sportworks, Bad Boy/Intimidator, ACG, Inc., JH Global Services, Inc., Farasis Energy, Inc., Bintelli Electric Vehicles, Ontario Drive & Gear Ltd., and many more.
Research Methodology: Global Low Speed Vehicle Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Historical and current market size and projection up to 2025
- Market trends impacting the growth of the global low speed vehicle market
Analyze and forecast the low speed vehicle market on the basis of power output, propulsion, LSV type
Trends of key regional and country-level markets for power output, propulsion, LSV type
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis