The global Low-Speed Vehicle Market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020. The rising trend of using LSVs in gated communities, hotels, and resorts, industrial facilities, golf courses & college campuses and changing face of the transportation industry to drive the low-speed vehicles market is projected to fuel the demand of these vehicles.
To respond to customer preference, the OEMs are developing low-speed vehicles with advanced & efficient systems. These developments are mainly found in Golf Carts and utility vehicles. For instance, Textron Specialized Vehicles announced the release of new models of its E-Z-GO Express personal transport vehicles, featuring the industry’s first 72-volt AC electric powertrain to provide users with more power, range, and performance. The car operates through an advanced battery management system that monitors the overall efficiency of the vehicles. Also, the growth is observed with the increase in the speed limit from the 25 mph to 40mph on selected permissible roads. In cities such as Georgia, Florida, Arizona and South Carolina among others, has 35 mph speed limits whereas, in cities such as Texas and Alaska, the permissible speed limit is 40 mph.
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With increasing focus on vehicle weight reduction and system efficiency, several advancements like improved safety features and high power have led to the improvement in low-speed vehicles. As the vehicle trend is shifting towards the electric vehicles, during the forecast period, the electric LSV segment is expected to have the largest market and the fastest growth. The new advancement such as battery management in golf carts and utility vehicles are gaining popularity as it helps in efficient power management. Also, there has been an increasing trend for high power vehicles which can be maneuver on the permissible roads and can be used as personnel carriers and utility vehicles. Hence, in the coming years, electric LSVs are expected to have significant growth, along with the high power LSVs which will eventually drive the low-speed vehicles market.The global low-speed vehicle market has been segmented into the following regions, namely, North America, Europe, Asia Pacific, and RoW. North America is expected to be the largest market during the forecast period.
Expansions and new product developments are the key strategies adopted by prominent players in the global low-speed vehicle market. This growth can be attributed to increasing in the trend of using LSVs in hotels and resorts, industrial facilities, golf courses & gated communities and changing face of transportation industry such as the use of autonomous technology and telematics in the low-speed vehicle.
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As the transportation industry is shifting toward the ride-hailing option, the LSV market is expected to contribute a significant share in such new markets, especially in the station-based mobility market. There has been a growing trend of special economic zones, IT parks, and industrial areas wherein the production unit or the offices are in the same vicinity or nearby areas. Station-based mobility is expected to have a major role in such instances. The distance between two towers or business units in the same locality can be covered using LSVs. Thus, LSVs are expected to be a suitable option for station-based mobility or for ride-sharing, thus OEMs can focus on electric LSVs and personnel carriers which can be uncashed for such untapped opportunities.
Key Market Players
Some of the key players in the global low-speed market is dominated by global players and comprise several regional players. The key players in the global low-speed vehicle market are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies. Yamaha Motor Corporation (Japan), Textron Inc. (US), has adopted the strategies of expansion to retain its leading position in the global low-speed market, whereas Ingersoll Rand (US) Company adopted a partnership as a key strategy to sustain its market position.
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