The new report by Expert Market Research titled, ‘Global Low Speed Vehicle Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global low speed vehicle market share, assessing the market based on its segments like types, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3.2%
The increasing inclination of the population across emerging economies towards safer driving options owing to the increasing traffic congestions and rising geriatric population is driving the market growth. Low speed vehicles are comfortable and offer easy mobility with less complexity. These advantages are further gathering attention of people towards the vehicle.
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Moreover, the high costs associated with the emerging electric vehicles, along with the rising prices of petrol/diesel, are likely to provide impetus to the market in the coming years. In terms of region, North America accounts for a significant share of the market owing to the favourable policies of the government in the United States of America.
Low Speed Vehicle Industry Definition and Major Segments
Low speed vehicle is defined as a type of vehicle which is legally driven in the streets and the speed of this vehicle can vary between 20 mph to 30 mph. The weight of low-speed vehicles is very low and it can accommodate around 6 people in one go.
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On the basis of type, the market can be segmented into:
- Passenger Vehicle
- Heavy Duty Vehicle
- Utility Vehicle
- Off-road Vehicle
Based on end uses, the market has been segmented into:
- Golf Courses
- Tourist Destinations
- Hotels and Resorts
- Residential and Commercial Premises
The regional markets for low-speed vehicle include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Low Speed Vehicle Market Trends
The key trends in the low-speed vehicle market include the increasing application of these vehicles in the commercial sector, in various areas such as golf course, hunting, ground keeping, and real estate monitoring, among others, is propelling the market growth. The increasing inclination towards fuel-efficient vehicles is further bolstering the popularity of this vehicle. Meanwhile, the stringent regulations of the government aimed towards reducing the emission of carbon owing, to the escalating concerns pertaining to global warming, are likely to be the crucial trends in the market.
Furthermore, the growing research and development activities by the major automotive companies aimed towards further reducing the weight and improving the fuel efficiency of the vehicle are anticipated to accelerate the market growth in the forecast period.
Key Market Players
The major players in the market are Polaris Industries Inc., Deere & Co., Kubota Corporation, Ingersoll Rand Inc. (Club Car), Textron Inc., and Yamaha Motor, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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