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 & Resorts, Golf Courses, Tourist Destination, Industrial Facilities, Airports, Residential & Commercial Premises, Others) Industry Trends and Forecast to 2028
Market Analysis and Insights: U.S. Low Speed Vehicle Market
Low speed vehicle market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2021 to 2028 and expected to reach USD 2,751.05 million by 2028. Growing number of accidents is driving the market growth.
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 upto 8 passengers.
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.
This low speed vehicle market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
U.S. low speed vehicle market is segmented into six notable segments which are based on vehicle type, power output, number of passenger, transmission type, propulsion type, and application type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of vehicle type, U.S. low speed vehicle market has been segmented into golf cart, commercial turf utility vehicle, industrial utility vehicle and personal mobility vehicle. In 2021, commercial utility vehicle segment dominate the U.S. low speed vehicle market owing to several factors such as shifting inclination towards tourism sector, wide usage vehicle for small distance rides and others.
- On the basis of power output, U.S. low speed vehicle market has been segmented into less than 8 kw, 8 kw to 15 kw and more than 15 kw. In 2021, 8 kw to 15 kw segment dominate the U.S. low speed vehicle market due to capacity of carrying more load, high durability and strength of the motor and many more.
- On the basis of number of passenger, U.S. low speed vehicle market has been segmented into 4 passenger, 2 passenger and more than 5 passenger. In 2021, 4 passenger segment augments the market with maximum market share due to the rising demand of LSV in the varied sectors including hotels, resorts, golf courses and others for transportation model.
- On the basis of transmission type, U.S. low speed vehicle market has been segmented into automatic transmission, manual transmission and others. In 2021, automatic transmission holds largest market share as the low speed vehicle has maximum speed of 25 mph and using manual transmission will not be lead to efficient mileage of the vehicle.
- On the basis of propulsion type, U.S. low speed vehicle market has been segmented into electric, gasoline and diesel. In 2021, electric propulsion segment holds maximum market share owing to the increase in the adoption rate of electric vehicle and growing pollution free or zero emission vehicles.
- On the basis of application type, U.S. low speed vehicle market has been segmented into golf courses, tourist destination, hotel & resorts, industrial facilities, airports, residential & commercial premises and others. In 2021, hotel & resorts segment dominate the U.S. low speed vehicle market owing to growing adoption of low speed vehicles in the hospitality sector and increase in the spending towards leisure facility.
Rising Demand of Low Speed Vehicle in Automotive Industry
Low speed vehicle market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in low speed vehicle and changes in regulatory scenarios with their support for the low speed vehicle market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Low Speed Vehicle Market Share Analysis
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, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to low speed vehicle market.
The major players covered in the report are Yamaha Motor Co., Ltd., Polaris Inc., KUBOTA Corporation, American LandMaster, Ingersoll Rand, Columbia Vehicle Group Inc., Deere & Company, Textron Inc., The Toro Company, Moto Electric Vehicles among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of low speed vehicle market.
- 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.
- In January 2017, American Landmaster launched a new UTvs American LandMaster lineup. The new model includes LandStar UTVs equipped with LandMAXX Commercial Power Engine System for ALM, Schafer Driveline oil-filled transaxle and CVTech automatic transmission. This product launch helped the company to strengthen its product category.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for low speed vehicle.