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The global low speed vehicle market size was USD 5.65 billion in 2018 and is projected to reach USD 8.17 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period.
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 excellent mileage, thus there is an increasing demand for the vehicles market. These products are becoming highly popular amongst drivers who want to have a minor carbon footprint. Furthermore, families which have both, a vehicle and a regular car are shown to have a 23% decrease in transportation-related carbon dioxide emissions, owing to the vehicle emitting low emissions. Most vehicles are electric and can go up to 30 miles on one full charge, thus, this can satisfy the basic commuting needs of drivers. There is an increasing need for vehicles in various fields is expected to boost the growth of the market during the forecast period at a substantial CAGR.
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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 incinerates 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.
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, especially 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 to reduce emission in combination with strict emission policy to stop the temperature increase causing major transportation emission. These vehicles are estimated to reduce the demand for conventional vehicles and thus, the 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, key manufacturers are continuously focusing on developing cost-effective and easy to drive vehicles. These factors are anticipated to further boost the growth of the market during the forecast period.
High Cost Associated with Electric Low Speed Vehicles is Expected to Hinder Growth
In the majority of 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 poorest households. Moreover, one of the key restraints of the vehicle is the limited traveling speed (range up to 40 miles in one charge) that restricts the types of roads on which they are allowed. Furthermore, 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.
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 vehicles. 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 decline in the market growth as key manufacturers are focusing on developing electrical vehicles as there is a shift towards electric vehicles from conventional fuel vehicles. These factors are projected to boost the growth of the electric vehicle market during the forecast period.
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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 an increasing need for the vehicles in the large industry to travel from one plant to another, also there is increasing usage of public transport and industrial utility vehicles in the resort, hospitals, colleges, and residential apartments. There is steady growth in the golf cart segment as the golf cart has a long life cycle as compared to the other vehicles. These factors are anticipated to boost growth during the forecast period.
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 the 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 the market during the forecast period at a significant CAGR across the globe.
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 vehicles for various customers in the world.
For example, Textron, Inc., one of the prominent US-based manufacturers 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.
An Infographic Representation of Low Speed Vehicle Market
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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.
Value (USD billion) & Volume (units)
By Engine Type
By Vehicle Type
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
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