The global low-speed vehicles market is likely to exhibit a steady 5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global low-speed vehicles market is primarily driven by the growing demand for low-speed vehicles in industrial applications, as low-speed vehicles are perfect for shuttling material as well as manpower in industrial applications, as they present a lack of speed-related risk.
The growing popularity of golf, particularly in Asia Pacific, is also likely to be a major driver for the low-speed vehicles market, as this is likely to drive the demand for golf carts.
Leading players in the global low-speed vehicles market include American Landmaster, Club Car LLC, Taylor-Dunn Manufacturing Company, Tomberlin Automotive Group, Kubota Corporation, Deere Company, Yamaha Golf-car Company, The Toro Company, Textron, and Polaris Industries Inc.
In July 2019, Navya (previously Navia) announced that they will focus on the technological development of robotic low-speed vehicles and move away from commercialization due to regulatory barriers. The company has emerged as a leading player in the low-speed vehicles market due to the development of robotic shuttles, but this decision may provide some much needed respite for the company, as the change in roles will lead to a leaning down process, leading to cost savings.
The global low-speed vehicles market can be segmented by power output, propulsion, application, and region.
By power output, the Low-speed vehicle Sales is segmented into <8kW, 8-15kW, and >15kW.
Based on propulsion, the Low-speed vehicle Sales can be segmented into diesel, electric, and gasoline.
Based on application, the Low-speed vehicle Sales is segmented into industrial utility, golf cart, personnel carrier, and public transport vehicle.
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The global low-speed vehicles market is likely to be dominated by North America over the forecast period, according to MRFR. The global low-speed vehicles market is mainly dominated by North America primarily due to the first mover advantage, as the rapid growth of the industrial sector as well as recreational facilities such as golf courses in North America led to a growing demand for low-speed vehicles. Widespread demand for low-speed vehicles in industrial complexes as well as sports and recreational complexes is likely to be a major driver for the Low-speed vehicle Sales in North America over the forecast period.
The increasing demand for low-speed vehicles for personal transportation is also likely to be a major factor in the low-speed vehicles market’s growth in North America over the forecast period, due to the growing prevalence of the obese and geriatric demographics. The obesity epidemic in the U.S. has reached worrying proportions, leading to marketers coming up with various solutions to make daily life easier for obese people in North America. This has the potential to drive the Low-speed vehicle Sales at a robust growth rate over the forecast period. Europe is also likely to be a major regional market for low-speed vehicles due to the growing demand from the geriatric demographic. The growing geriatric demographic in North America and Europe is likely to be a major driver for the global low-speed vehicles market over the forecast period.
Asia Pacific is likely to exhibit rapid growth in the global low-speed vehicles market over the forecast period due to the growing demand for low-speed vehicles for industrial as well as personal transportation. The increasing popularity of golf in Southeast Asia and the increasing demand for golf karts is also likely to be a major driver for the low-speed vehicles market in Asia Pacific, as the rising disposable income of high net worth individuals in Asia Pacific has driven the demand for leisurely pursuits such as golf. The rising popularity of tourist destinations in Asia Pacific is also likely to be a major driver for the low-speed vehicles market, as low-speed vehicles are often used for tourists to get around sites in countries such as India, China, Thailand, Myanmar, Vietnam, and Cambodia.