Low Speed Vehicle Market to Grow at a CAGR of 4.2% to reach US$ 16.46 Billion from 2020 to 2027

The low speed vehicle market was valued at US$ 11.98 Billion in 2019 and is expected to grow at a CAGR of 4.2% from 2020 to 2027 to reach US$ 16.46 Billion by 2027.

The low speed vehicle market has witnessed eminent growth in the last couple of years globally. The positive economic outlook, rising disposable incomes, and growing population are among the factors that are driving the demand for infrastructure projects. Also, pertaining to high volume of online orders, the e-commerce industry is growing which would result into more ownership of warehouse in the region. Low speed vehicles within the warehouse supports in shifting the boxes form one place to another. Above-mentioned factors plays a major role in accelerating the low speed vehicle market growth. The APAC held the largest market share in 2019 and is anticipated to be the fastest growing region in the low speed vehicle market. North America and Europe are the second and third largest region in the low speed market.  

Coronavirus outbreak began in Wuhan (China) during December 2019. It has been spreading at a fast pace across the world and some of the worst affected countries include China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US. The outbreak of COVID-19 and its resulting effects such as border lockdowns, shutdowns, travel bans have started to impact businesses across various industries. The low speed vehicle market is anticipated to have a medium impact owing to the disruptions in the global supply chains. The companies operating in this market will see a drop in overall sales in the short term (3-6 months), however, the market will see a steady growth in the coming years.

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Low Speed Vehicle Market: Strategic Insights

Low Speed Vehicle Market

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  CAGR (2019 - 2027)

  4.2%
• Market Size 2019
  US$ 11.98 Billion
• Market Size 2027
  US$ 16.46 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Bintelli Electric Vehicle
• Club Car LLC
• Cruise Car Inc
• Deere Company
• HDK Co Ltd
• Moto Electric Vehicles
• Polaris Inc
• Textron Specialized Vehicles Inc
• The Toro Company

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Commercial Turf Utility Vehicles
• Golf Carts
• Industrial Utility Vehicles
• Personnel Carriers

Propulsion

• Diesel
• Electric
• Gasoline

Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South and Central America

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Market Insights

Rising government initiatives to encourage sustainable transportation

European Union, China, Japan, Canada, India, and South Korea are some of the major geographies where governments are proactively taking steps to increase the adoption of electric vehicles. For instance, in the European Union, significant improvements were made in fuel economy standards for existing vehicle. A ‘Clean Vehicles Directive’ was formulated for the procurement of electric buses by government sector. Another directive called ‘Energy Performance Buildings Directive’ is also formed which sets minimum standards for setting up charging infrastructure in buildings.

Propulsion Insights

The low speed vehicle market, by propulsion, is segmented into diesel, electric, and gasoline. The fuel-powered segment captured a dominating share in the global low speed vehicle market.  There has been growing trend of high power vehicles that are capable to move on the permissible roads and can be utilized as utility vehicles and personnel carriers. Hence, during the forecast period, electric low speed vehicles are projected to have significant growth, along with high-power low speed vehicles which in turn is expected to eventually drive the low speed vehicle market.

Type Insights

The low speed vehicle market, by type, is segmented into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers. The golf carts segment captured a dominating share in the global low speed vehicle market. Several communities in the United States depend heavily on low-speed electric vehicles to get around. For older people walking can sometimes be difficult while driving a car can be burdensome and even unsafe.

Market initiative and new development strategies are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. These strategies are mostly observed in North America and Europe. The players present in the low speed vehicle market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally.

Low Speed Vehicle Market Report Scope

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Low speed vehicle Market – By Type 

• Commercial Turf Utility Vehicles
• Golf Carts
• Industrial Utility Vehicles
• Personnel Carriers

Low speed vehicle Market – By Propulsion

• Diesel
• Electric
• Gasoline

Low speed vehicle Market – By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific

  • China
  • India
  • Australia
  • South Korea
  • Japan
  • Rest of Asia Pacific

• Middle East & Africa

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa

• South America

  • Brazil
  • Argentina
  • Rest of South America

Company Profiles

• Bintelli Electric Vehicle
• Club Car, LLC
• Cruise Car, Inc.,
• Deere & Company
• HDK Co., Ltd.
• Moto Electric Vehicles
• Polaris Inc.
• Textron Specialized Vehicles Inc.
• The Toro Company
• Yamaha Golf-Car Company