Automotive

Image

U.S. Low Speed Vehicle Market – Industry Trends and Forecast to 2031

  • Automotive
  • Upcoming Report
  • Feb 2024
  • Country Level
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

U.S. Low Speed Vehicle Market, By Vehicle Type (Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, Personal Mobility Vehicle), Power Output (8 KW to 15 KW, Less than 8 KW, More Than 15 KW), Number of Passenger (4 Passenger, 2 Passenger, More Than 5 Passenger), Transmission Type (Automatic Transmission, Manual Transmission, Others), Propulsion Type (Electric, Gasoline, Diesel), Application Type (Hotel and Resorts, Golf Courses, Tourist Destination, Industrial Facilities, Airports, Residential and Commercial Premises, Others) – Industry Trends and Forecast to 2031.

U.S. Low Speed Vehicle Market Analysis and Size

The recent regulations by the U.S. government to limit carbon emissions have increased the demand for low speed electric vehicles. Even the growth in manufacturing industries and a boost in e-commerce are leading to increased growth of the market. The low speed vehicles are characterized by different propulsion types such as electric, gasoline and diesel. Electric propulsion has been used in a golf cart and in many mobility vehicles. Gasoline operated engines are also provided by the companies in commercial and industrial utility vehicles. As with gasoline, diesel engines are provided by the companies for industrial purposes.

Data Bridge Market Research analyses that the U.S. low speed vehicle market which was USD 1,984.26 million in 2023, is expected to reach USD 3,145.87 million by 2031, and is expected to undergo a CAGR of 6.4% during the forecast period. “Commercial Turf Utility Vehicle” dominates the vehicle type segment of the U.S. low speed vehicle market owing to the high demand of this type in the market. 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.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Vehicle Type (Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, Personal Mobility Vehicle), Power Output (8 KW to 15 KW, Less than 8 KW, More Than 15 KW), Number of Passenger (4 Passenger, 2 Passenger, More Than 5 Passenger), Transmission Type (Automatic Transmission, Manual Transmission, Others), Propulsion Type (Electric, Gasoline, Diesel), Application Type (Hotel and Resorts, Golf Courses, Tourist Destination, Industrial Facilities, Airports, Residential and Commercial Premises, Others)

Market Players Covered

Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), KUBOTA Corporation (Japan), American LandMaster (U.S.), Ingersoll Rand (U.S.), Columbia Vehicle Group Inc. (U.S.), Deere & Company (U.S.), Textron Inc. (U.S.), The Toro Company (U.S.), Moto Electric Vehicles (U.S.)

Market Opportunities

  • Increase in demand for automotive industry
  • Rising government initiatives
  • The rise in the demand of Low Speed Vehicle  in business-to-business (b2b)

Market Definition

Low speed vehicles can be defined as a 4-wheeled vehicle that attains a speed more than 20 miles per hour but not more than 25 miles per hour. In 1 mile on a paved level surface and composed of gross vehicle weight rating less than 3,000 pounds. These vehicles are generally used for campus security, yard work, grounds keeping, meter maids, and hunting. These vehicles offer low weight and can carry up-to 8 passengers.

U.S. Low Speed Vehicle Market Dynamics

Drivers

  • Regulatory Compliance and Safety Requirements

Stringent government regulations related to road safety, emissions, and driver behavior drive the adoption of telematics solutions. Telematics systems can monitor and report on various safety parameters, such as vehicle speed, harsh braking, and seatbelt usage, helping organizations comply with regulations and improve overall safety standards. The need to meet compliance requirements and ensure driver and public safety acts as a driver for the vehicle telematics market.

  • Growing Demand for Connected Cars

The increasing integration of vehicles with advanced connectivity features is a significant driver for low speed vehicle. Connected cars enable seamless communication between vehicles, infrastructure, and external systems, enhancing driver experience, safety, and efficiency. Telematics systems play a crucial role in enabling vehicle connectivity, providing services such as remote diagnostics, vehicle tracking, emergency assistance, and in-car entertainment. The demand for connected cars and the desire for enhanced driving experiences contribute to the growth of the market.

  • Rapid Technological Advancements

The development of technologically advanced automation solutions and the integration of the Industrial Internet of Things (IIoT) and cloud-computing, are acting as other growth-inducing factors. These solutions offer improved support and monitoring of remote sites, cloud-based tracking, smart event processing and administration of unmanned operations.

Opportunities

  • Insurance Industry Adoption

The insurance industry's adoption of telematics-based insurance policies, commonly known as usage-based insurance (UBI), is driving the vehicle telematics market. UBI policies use telematics data to assess driver behavior and offer personalized insurance premiums based on individual driving patterns. This approach incentivizes safe driving habits and encourages the adoption of telematics systems. Insurance companies are increasingly partnering with telematics service providers to offer UBI policies, thereby driving the demand for telematics solutions.

  • The Rising Automation Industry

The increasing adoption of the automation industry and various technological advancements associated with it has significantly contributed towards the growth of the U.S. low speed vehicle market. Advances in automation, robotics, and RFID technology enable improving accuracy and reducing operational costs.

Restraints/Challenges

  • Rising Competition

The U.S. low speed vehicle market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.

  • High Cost Associated with Implementation

The cost of low speed vehicle is very high in the market. Automotive systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.

This U.S. low speed 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 low speed 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.

Recent Development

  • In January 2020, Club Car, a brand of Ingersoll Rand launched the versatile utility vehicle Carryall 502. Carryall 502 offers increased visibility due to the widescreen and lower dashboard. This product launch helped the company to strengthen its product category

U.S. Low Speed Vehicle Market Scope

The U.S. low speed vehicle market is segmented on the basis of vehicle type, power output, number of passenger, transmission type, propulsion type, and application type. 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.

Vehicle Type

  • Commercial Turf Utility Vehicle
  • Golf Cart
  • Industrial Utility Vehicle
  • Personal Mobility Vehicle

Power Output

  • 8 KW to 15 KW
  • Less than 8 KW
  • More Than 15 KW

Number of Passenger

  • 4 Passenger
  • 2 Passenger
  • More Than 5 Passenger

Transmission Type

  • Automatic Transmission
  • Manual Transmission
  • Others

Propulsion Type

  • Electric
  • Gasoline
  • Diesel

Application Type

  • Hotel and Resorts
  • Golf Courses
  • Tourist Destination
  • Industrial Facilities
  • Airports
  • Residential and Commercial Premises
  • Others

Competitive Landscape and U.S. Low Speed Vehicle Market Share Analysis

The U.S. low speed 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, U.S. 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 U.S. low speed vehicle market.

Some of the major players operating in the U.S. low speed vehicle market are:

  • Yamaha Motor Co., Ltd. (Japan)
  • Polaris Inc. (U.S.)
  • KUBOTA Corporation (Japan)
  • American LandMaster (U.S.)
  • Ingersoll Rand (U.S.)
  • Columbia Vehicle Group Inc. (U.S.)
  • Deere & Company (U.S.)
  • Textron Inc. (U.S.)
  • The Toro Company (U.S.)
  • Moto Electric Vehicles (U.S.)


SKU-

Please fill in the below form for detailed Table of Content

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Table

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Figure

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for Infographics

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated 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 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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Please fill in the below form for Research Methodology

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

Please fill in the below form for Available Customization

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

FREQUENTLY ASK QUESTIONS

The U.S. Low Speed Vehicle Market size will be worth USD 3,145.87 million by 2031 during the forecast period.
The U.S. Low Speed Vehicle Market growth rate is 6.4% during the forecast period.
The Growing Demand for Connected Cars, Rapid Technological Advancements, Regulatory Compliance and Safety Requirements are the growth drivers of the U.S. Low Speed Vehicle Market.
The vehicle type, power output, number of passenger, transmission type, propulsion type, and application type are the factors on which the U.S. Low Speed Vehicle Market research is based.
The major companies in the U.S. Low Speed Vehicle Market are Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), KUBOTA Corporation (Japan), American LandMaster (U.S.), Ingersoll Rand (U.S.), Columbia Vehicle Group Inc. (U.S.), Deere & Company (U.S.), Textron Inc. (U.S.), The Toro Company (U.S.), Moto Electric Vehicles (U.S.).
Free Sample Report

CHOOSE LICENCE TYPE

  • 4200.00
  • 3500.00
  • 2000.00
  • 5500.00
  • 7500.00

Why Choose Us

Industry Coverage

DBMR works across the globe in multiple industries which equip us with knowledge across verticals and provide our clients with insights not only from their industry but how other industries will impact their ecosystem.

Regional Coverage

Coverage of Data Bridge is not restricted to developed or emerging economies. We work across the globe covering the largest array of countries where no other market research or business consulting firm has ever conducted research; creating growth opportunities for our clients in areas which are still unknown.

Technology Coverage

In today’s world, technology drives the market sentiment, so our vision is to provide our clients insights not only for developed technologies but upcoming and disrupting technological changes throughout the product lifecycle by enabling them with unforeseen opportunities in the market which will create disruption in their industry. This leads to innovation and our clients to come out as winners.

Goal Oriented Solutions

DBMR goal is to help our clients achieve their goals through our solutions; hence we formatively create the most appropriate solutions for our client needs, saving time and efforts for them to drive their grand strategies.

Unparallel Analyst Support

Our analysts take pride in our clients’ success. Unlike others, we believe in working along our clients to achieve their goals with 24 hours analyst support determining the correct needs and inspire innovation through service.

Banner

Client Testimonials