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Report
Global Low Speed Vehicle Market Report and Forecast 2024-2032
Market Report I 2023-12-19 I 190 Pages I EMR Inc.
Global Low Speed Vehicle Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global low speed vehicle market grew significantly in 2023. Aided by the urbanisation, increasing traffic congestions, and an escalating demand for eco-friendly transportation solutions, the market is projected to further grow at a CAGR of 3.3% between 2024 and 2032.
Low speed vehicles, often dubbed as neighbourhood electric vehicles or golf carts, represent a niche in the automotive spectrum. Restricted to speeds of 20-25 mph, these electrically driven vehicles are swiftly becoming a staple in gated communities, resorts, golf courses, and even urban locales for short-distance commutes. Renowned for their energy efficiency, reduced emissions, and compact design, LSVs offer a pragmatic approach to the woes of urban mobility, marrying convenience with sustainability.
A significant driver behind the ascension of the low speed vehicle market growth is the burgeoning global commitment towards sustainable and green transportation. With cities grappling with pollution levels and vehicular emissions identified as culprits, there is a palpable shift towards eco-friendly transit alternatives. LSVs, with their electric operations and zero-emission status, are ideally positioned to cater to this burgeoning demand.
As per the low speed vehicle market analysis, the urban landscapes are witnessing a metamorphosis. Increased traffic congestions, lack of parking spaces, and a growing emphasis on pedestrian-friendly zones underscore the need for compact, efficient, and adaptable vehicles. LSVs, in this context, are not mere alternatives but essential instruments that address the challenges of modern urban mobility.
From an application standpoint, LSVs' spectrum of usage has diversified. While golf courses and gated communities remain traditional strongholds, the commercial sector is waking up to the potentials of these vehicles. Logistics, last-mile delivery, and even institutional campuses are exploring the feasibility of LSVs, propelled by their cost-efficiency and adaptability. Additionally, as tourism pivots towards eco-friendliness, many tourist destinations are adopting LSVs as the primary mode of transport, further amplifying the low speed vehicle market demand.
The manufacturing realm of LSVs is also experiencing innovations. As battery technologies advance, newer LSV models are offering extended ranges, enhanced features, and improved safety measures. Integration of smart technologies, IoT, and even autonomous functionalities are on the horizon, ensuring that LSVs remain relevant and adaptable to evolving consumer demands.
Market Segmentation
The market can be divided based on type, end use, and region.
Market Breakup by Type
- Passenger Vehicle
- Heavy Duty Vehicle
- Utility Vehicle
- Off-road Vehicle
Market Breakup by End Use
- Golf Courses
- Tourist Destinations
- Hotels and Resorts
- Airports
- Residential and Commercial Premises
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global low speed vehicle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Polaris Industries Inc.
- Deere & Co.
- Kubota Corporation
- Ingersoll Rand Inc. (Club Car)
- Textron Inc.
- Yamaha Motor
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Low Speed Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Low Speed Vehicle Historical Market (2018-2023)
8.3 Global Low Speed Vehicle Market Forecast (2024-2032)
8.4 Global Low Speed Vehicle Market by Type
8.4.1 Passenger Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Heavy Duty Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Utility Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Off-road Vehicle
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Low Speed Vehicle Market by End Use
8.5.1 Golf Courses
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Tourist Destinations
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Hotels and Resorts
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Airports
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Residential and Commercial Premises
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Low Speed Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Low Speed Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Low Speed Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Low Speed Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.2 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Low Speed Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Low Speed Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Polaris Industries Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Deere & Co.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Kubota Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Ingersoll Rand Inc. (Club Car)
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Textron Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Yamaha Motor
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Low Speed Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Low Speed Vehicle Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Low Speed Vehicle Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Low Speed Vehicle Historical Market: Breakup by End Use (USD Million), 2018-2023
5. Global Low Speed Vehicle Market Forecast: Breakup by End Use (USD Million), 2024-2032
6. Global Low Speed Vehicle Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Low Speed Vehicle Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Low Speed Vehicle Market Structure
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