Growth opportunities in the global market look promising over the next six years. This is mainly due to the capability to carry suitable number of passengers with its helpful impact on transport and rising usage of low-speed vehicles, especially the on the streets of towns and cities.
Low Speed Vehicle Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The key driver contributing to the growth of the global market is the growing use of low-speed vehicles, primarily on the streets of cities and towns. Also, these vehicles’ capacity to carry passengers is having a positive impact on the transportation industry which will stimulate the market growth. The collaboration of companies, governments, and associations to reduce vehicle emissions is expected to fuel the low speed vehicle market demand. Moreover, the strategic initiatives undertaken by government have resulted in the adoption of these vehicles. For example, Europe in 2019 introduced a policy in which sustainable transport charging infrastructure and internalization of transport externalities will result in more charging stations which will accelerate the growth of the low-speed EV in the market.
The leading players in the market are promoting new strategies to expand the business, which is fuelling the market growth. For example, in 2018, Polaris developed ATV low-speed vehicles, which helped the company intensify its presence, thus leading to a larger scale of the low-speed vehicles. Polaris has planned to launch its vehicle by the end of 2022, which is expected to strengthen the market share. However, minimal safety standards and equipment’s in low-speed vehicles may curb the market growth.
Regional Drivers
Based on the regional coverage, North America is expected to lead market over the forecast period owing to the presence of major players like Deere and Company Polaris Inc., which is bringing more revenue reflecting high purchasing power. Moreover, the program initiated by California Air Resources Board (CARB) guides manufacturers to produce and deliver zero-emission vehicles (ZEVs), leading to the adoption of vehicles, thus raising the market growth.
Low Speed Vehicle Market’s Leading Manufacturers:
- STAR EV CORPORATION
- American Landmaster
- Yamaha Motor Co., Ltd.
- INGERSOLL RAND
- Deere & Company.
- Intimidator UTV
- Kawasaki Heavy Industries
- Textron Inc
- KUBOTA Corporation
- Polaris Inc.
Low Speed Vehicle Market Segmentation:
Segmentation by Vehicle Type:
- Golf Cart
- Commercial Vehicle
- Industrial Vehicle
- Personal Vehicle
- Others
Segmentation by Propulsion:
- Electric
- Gasoline
- Diesel
Segmentation by Power Output:
- <8 KW
- 8 –15 KW
- >15 KW
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
