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Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026

Region : Global | Format: PDF | Report ID: FBI103021

 

KEY MARKET INSIGHTS

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Low speed vehicles are used for meter maids, hunting, yard work, industrial utility, grounds keeping, and campus security. The vehicles are light in weight and can bear up to 6 passengers. Additionally, they have an excellent mileage, thus there is increasing demand for vehicles market.These products are becoming highly popular amongst drivers who want to have a minor carbon footprint. Furthermore, families which have both, vehicle and a regular car shown to have at 23% decrease in transportation-related carbon dioxide emissions, owing to, the vehicle emmits low emissions. Most vehicles are electric, and can go up to 30 miles on a one full charge, thus, this can satisfy the basic commuting needs of drivers. There is an increasing need for the vehicles in various fields is expected to boost the growth of market during forecast period at substaintial CAGR.


LATEST TRENDS


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Stringent Government Rules and Regulations toward Vehicle Emission


The conventional fuel-powered vehicle makes use of an IC engine to generate power. In an ideal situation, the combustion system fully incinerate the gas and creates carbon dioxide and water as waste.On the other hand, the combustion system generates numerous greenhouse gases, leading to environmental pollution. On the other hand, an EV uses an electric motor powered by continuous supply of current; thus, EVs do not create any pollutants. Germany, U.S., France, and China have implemented strict government regulations and laws for vehicle emission, making it compulsory for the vehicle manufacturers to use superior technologies to combat high-emission levels in vehicles. The program launched by the CARB (California Air Resources Board) also includes guidelines for vendors to produce and supply zero-emission vehicles (ZEVs). These new trends in the vehicle are fuelling the adoption of electric vehicles.


DRIVING FACTORS


Increase in the Usage of Low Speed Vehicles in the Towns and Cities for Small Distance Journeys is Expected to Drive the Growth of Market


Growing demand for eco-friendly vehicles, specially on the streets in towns and cities for short commutes is a prominent factor that is estimated to fuel the vehicle market over the forecast period at significant CAGR. Moreover, these vehicles can carry an adequate number of passengers together with its helpful impact on road transportation, also, these factors are expected to drive the vehicle market over the forecast period. Worldwide, leading bodies are collaborating association to reduce emission in combination with strict emission policy to stop  the temperature increase caused majorly transportation emission. These vehicles are estimated to reduce the demand for conventional vehicles and thus, adoption of these vehicles is anticipated to increase significantly for usage in towns and cities for small distance journeys and campus rides in factories, hospitals, universities, golf courses, colleges,  residential apartments, and other applications. Thus, this factor is projected to boost the market considerably over the forecast period.


New Product Strategies by the Key Manufacturers is Anticipated to Boost the Market Growth


The prominent strategies adopted by the manufacturers in North America are supply contracts, new product developments, and expansions. Textron and Polaris are some of the top low speed vehicle manufacturers that have adopted these strategies to develop their businesses. Moreover, efforts taken to improve performances of these products will help companies gain a technical advantage, and  expansion helps to prepare a superior business strategy. Furthermore, the key manufacturers are continuously focusing on developing cost effective and easy to drive vehicles. These factors are anticipated to further boost the growth of market during the forecast period.


RESTRAINING FACTORS


High Cost Associated with Electric Low Speed Vehicles is Expected to Hinder Growth


In majority of the countries, electric vehicles are more expensive to buy than diesel and petrol cars. As a result, quickly replacing (older) diesel and petrol cars with electric vehicles is not easy for the most poor households. Moreover, one of the key restraints of the vehicle is, the limited travelling speed (range up to 40 miles in one charge) that restricts the types of roads on which they are allowed. Furthermore, the vehicles have lower safety standards than passenger cars. Lack of recharge stations, particularly in underdeveloped and developing regions, coupled with its low speed that restricts its application to particular streets, these factors are anticipated to hamper the growth of during the forecast period.


SEGMENTATION


By Engine Type Analysis


Electric Low Speed Vehicle is Expected to Hold the Largest Market Share


Based on the engine type, the market is segmented into ICE and electric vehicle. The electric vehicle segment is expected to exhibit significant growth in this market owing to a rise in the rate of adoption of technologically advanced vehicles in various regions such as Asia Pacific and Europe. The ICE vehicle segment is also expected to show declination in the market growth as key manufacturers are focusing on developing electrical vehicle as there is shift towards electric vehicle from conventional fuel vehicle. These factors are projected to boost the growth of electric vehicle market during forecast period.


By Vehicle Type Analysis


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Public Transport and Industrial Utility Low Speed Vehicles are Expected to Hold the Largest Market Share


Based on the vehicle type, the market is segmented into public transport, industrial utility, golf cart, and personal carrier. Public transport and industrial utility vehicles are expected to hold the largest market share, as there is increasing need for the vehicles in the large industry to travel from one plant to another, also there is increasing usage public transport and industrial utility vehicles in the resort, hospitals, collages, and residential apartments. There is steady growth in the golf cart segment as the golf cart has long life cycle as compared to the other vehicles. These factors are anticipated to boost the growth of during the forecast period.     


REGIONAL INSIGHTS


North America Low speed vehicle market Size, 2015-2026 (USD Billion)

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By geography, the market has been segmented into Asia Pacific,  North America, Europe, and Rest of the World. North America is expected to hold the largest share of the global market owing to the presence of numerous golf courses in the region. OEMs are planning to increase their production volume coupled with rapid technological advancements in manufacturing facilities in emerging regions such as U.S., Canada, and Mexco. Europe is projected to hold the second largest share of this market, which is primarily attributed to key OEMs presence in the region along with massive production in the region Asia Pacific is also expected to show major growth in this market over the forecast period. The presence of popular automotive low speed vehicle manufacturing companies expected to boost the market growth in this region. These factors are anticipated to boost the growth of market during the forecast period at significant CAGR across the globe.


KEY INDUSTRY PLAYERS


Textron, Inc., Deere & Company, Polaris Industries, Inc., and Yamaha Motor Co., Ltd. are Top Market Players


Textron, Inc., Deere & Company, Polaris Industries, Inc., and Yamaha Motor Co., Ltd. are the top manufacturers in the world. These players are focusing on providing technologically advanced electric low speed vehicle for various customers in the world.


For example, Textron, Inc., one of the prominent US based manufacturer of vehicles. The company provides vehicles to various customers across the globe, such as, private golf facilities, including Alabama’s Robert Trent Jones Golf Trail, which acquired more than 1,400 E-Z-GO ELiTE low speed vehicles in 2019 to serve over 500,000 customers each year.


However, Club Car, Kubota Corp, Ingersoll-Rand plc, Xiamen Dalle Electric Car Co., Ltd., Bradshaw Electric Vehicles are also prominent players in the global low speed vehicle market.


LIST OF KEY PLAYERS PROFILED:



  • Club Car(U.S.)

  • Textron, Inc.(U.S.)

  • Deere & Company(U.S.)

  • Polaris Industries, Inc.(U.S.)

  • Yamaha Motor Co., Ltd.(Japan)

  • Kubota Corp.(Japan)

  • Ingersoll-Rand plc(Ireland)

  • Xiamen Dalle Electric Car Co., Ltd.(China)

  • Bradshaw Electric Vehicles(U.K.)

  • Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd(China)

  • Moto Electric Vehicles(U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • 2019 – Textron Specialized Vehicles Inc., launched Hauler 800 ELiTE electric utility vehicle with Samsung SDI lithium technology. The Hauler 800 ELiTE offers no-maintenance batteries with increased energy and range efficiency.

  • 2017 – Polaris announced the new Timbersled TRIO front shock. This advancement was done in bike with the rapidly rising trend of snow biking. TRIO offers improved handling, control, and comfort. It also includes adjustability for all terrain, riding levels, or personal style.

  • 2020 –, The National Highway Traffic Safety Administration gave permission for independent vehicle startup Nuro Inc. over the next two years to arrange up to 5,000 low-speed electric delivery vehicles without human controls similar to steering wheels and mirrors.


REPORT COVERAGE


The low speed vehicle market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, engine types, application type and leading markets of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation









































 ATTRIBUTE



  DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion) & Volume (units)



Segmentation



By Engine Type



  • ICE

  • Electric



By Vehicle Type



  • Industry utility

  • Golf Cart

  • Personal Carrier

  • Public Transport



 



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)

  • Rest of the World



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 5.65 billion in 2018 and is projected to reach USD 8.17 billion by 2026.

In 2018, the market value stood at USD 5.65 billion.

The market is projected to grow at a CAGR of 4.8% and will exhibit steady growth in the forecast period (2019-2026).

The electric segment is expected to be the leading segment in this market during the forecast period.

Increase in the usage of these vehicles in the towns and cities for small distance journeys is expected to drive the growth of market

Textron, Inc., Deere & Company, Polaris Industries, Inc., and Yamaha Motor Co., Ltd. are the leading players in the global market.

North America dominated the market share in 2018.

New product strategies by the key manufacturers of these vehicles is anticipated to boost the adoption of this type of vehicle

Low Speed Vehicle Market Size, Share and Global Industry Trend Forecast till 2026
  • Jun, 2020
  • 2018
  • 2015-2017
  • 150

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