Low Speed Vehicle Market Size, Share, Forecast Report 2029

 

Low Speed Vehicle Market

Low Speed Vehicle Market is estimated to grow at a CAGR of 7.3% from 2022-2029.

The factors driving the growth of Low Speed Vehicle Market includes rise in the geriatric population, increasing application of low speed vehicles in schools, museums and golf carts, rapid growth in the real estate industry and growing concerns related to public safety around the world. According to the report published by Statista, the Real Estate Industry in India was calculated around USD 180 billion in 2020 and is expected to reach USD 1 trillion by the end of 2030, which will accelerate the Low Speed Vehicle Market size in the approaching years. Moreover, rise in the launch of innovative products, fall in the prices of lithium-ion batteries, favorable Government policies for manufacturing electric vehicles and growing emphasis on reducing carbon emissions and minimizing road congestions, are some of the additional factors supplementing the Global Low Speed Vehicle Market. In addition, the increasing investments by leading players on research and development, rapid urbanization and rising disposable incomes, are further contributing to the market growth.

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However, the growth of Low Speed Vehicle Market is hindered attributed to lack of safety standards for low speed vehicles.

The prominent players operating in the market are Yamaha Motor Co., Ltd., Kawasaki Heavy Industries, Ltd., American Landmaster, Polaris Inc., Deere & Company., KUBOTA Corporation., Intimidator UTV, STAR EV CORPORATION, INGERSOLL RAND and Textron Inc., among others.

Based on Vehicle Type, the Golf Cart segment is predicted to expand at a significant CAGR during the forecast period

Growing popularity of golf as a sport across the globe, is the major factor responsible for the growth of the segment.

Based on Propulsion, the Electric segment is projected to grow at a remarkable CAGR over the forecast period

Rise in the sales of electric vehicles and growing concerns related to vehicular emissions, are propelling the segment’s growth.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Favorable Government policies for manufacturing electric vehicles, growing demand for golf carts, increase in the ageing population, rising concerns related to public safety, improved living standards and high per capita incomes, are some of the important factors augmenting the market growth in north America.

Key Development

• In 2019, Yamaha Motor partnered with Sony joint to delivering new low-speed mobility experience to the customers.

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

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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