Low Speed ​​Vehicles Market by Type, Power Output, Propulsion, Application and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Low Speed ​​Vehicle Market by Type (Commercial & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (15 kW), Propulsion (Diesel, Electric and Gasoline), Application and Region – Forecast to 2027″ has been added to the report from ResearchAndMarkets.com offer.

The low-speed vehicle market is expected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%.

Commercial Lawn Utility Vehicle Segment Expected to Lead Vehicle Type Segment

The hotel and resort industry is entirely dependent on tourism activities. According to the latest Global Tourism Barometer, global tourism activity rebounded strongly in the third quarter of 2021, although still well below pre-pandemic levels. International tourist arrivals increased by 58% in the three months ending September 2021 compared to the same period of 2020. These global travel activities are creating demand from the hospitality industry and resorts to provide the best convenient facilities and activities to their suppliers. For example, in 2019, Atlanta, the Palm Dubai ordered a fleet of LSVs from Club Car.

Apart from this, hotels and resorts are now promoting battery-powered vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install electric vehicle charging stations in over 84 hotels across India. Some examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the commercial turf utility vehicle market largely depends on the travel and tourism industry, and with the growth of the tourism industry, the commercial turf utility vehicle market is expected to grow over the forecast period. .

North America is expected to be the largest regional market

North America accounts for 80% of global golf cart demand, with the United States accounting for 96% of regional golf cart demand. Thus, the United States is the largest national market in the region and represents more than two-thirds of the overall market, followed by Canada and Mexico. Mexico and Canada are also gaining ground due to lower manufacturing costs, low labor costs and favorable government policies.

The market is strongly held by established US and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US) and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the United States have advanced comfort and safety technologies.

The North American low-speed vehicle market includes vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Low-speed electric vehicles are widely preferred in the region due to their zero carbon emissions and reduced noise. The US government is also focusing on the electric vehicle market and even giving tax subsidies to promote them.

Golf courses are expected to hold the largest market share over the forecast period. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market.

Market dynamics

Drivers

• Increase in the geriatric population

• Growing popularity of golf

• Develop electric vehicle charging infrastructure

Constraints

• High costs hinder adoption in developing and underdeveloped regions

• Lack of safety/equipment standards

Opportunities

• Increase in the real estate and commercial sector

• Growing developments in autonomous and connected technologies

Challenges

• Reduced costs and improved energy density of EV batteries

Companies cited

• ACG Inc

• AGT electric cars

• American Landmaster

• Bintelli electric vehicles

• Bradshaw Electric Vehicles

• Citécar electric vehicles

• Club car

• Columbia Vehicle Group Inc

• Cruise Car Inc

• Deere & Company

• garia

• HDK electric vehicle

• Kawasaki Motor Corporation United States

• Kubota Company

• Ligier Group

• Marshal

• Electric Motorcycle Vehicles

• Pilot cars

• Electrical circuits

• Star EV

• Suzhou Eagle Electric Vehicle Manufacturing

• textron inc.

• The Toro Company

• Tropos Engines

• Waev Inc

• Yamaha Motor Co.Ltd

For more information about this report visit https://www.researchandmarkets.com/r/uprlx1