Pune, June 19, 2020 (GLOBE NEWSWIRE) -- The global low speed vehicle market size is projected to reach USD 8.17 billion by the end of 2026. Applications of the product across diverse industry verticals will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Low Speed Vehicle Market Size, Share & Industry Analysis, By Engine Type (ICE, Electric), By Vehicle Type (Industrial Utility, Golf Cart, Personal Carrier, Public Transport Vehicle), and Regional Forecasts, 2019-2026,” the market was worth USD 5.65 billion in 2018 and will exhibit a CAGR of 4.8% during the forecast period, 2019-2026.
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COVID-19 Impact Analysis:
The recent coronavirus outbreak has had an adverse impact on majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
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The report states that the market value was at USD 5.65 billion in 2018. It also contains the following:
- Detailed examination of the factors driving the market;
- In-depth study of the market segments;
- Comprehensive analysis of the regional prospects and competitive milieu of the market; and
- Careful assessment of the various challenges facing the market.
Low speed vehicles are gaining rapid popularity across the world, owing to their widespread applications across diverse industry verticals. The ability of these products to carry a considerable number of passengers with minimum emissions will lead to a huge demand in the coming years. The massive investments in the research and development of electric vehicles will have a huge impact on market growth. These vehicles are normally used in applications such as golf course carriers and short distance commute. Increasing concerns surrounding global warming and climate change have compelled governments as well as leading authorities to enforce strict policies regarding the carbon emissions. The use of technologically advanced batteries in these vehicles has opened up a huge potential for wider applications. The growing demand for low speed vehicles, coupled with the emphasis on the development of cost-effective products, will emerge in favor of the companies operating in the market.
Product Innovations Have Benefited Major Companies; Market to Derive Growth from Numerous Such Innovations
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing number of product launches, coupled with the emphasis on introduction of innovative concepts, has benefited several companies. Encouraged by this, several companies are looking to upgrade their products by integrating trending concepts. In 2017, Polaris announced an upgrade in its highly popular ‘Timbersled’. The company introduced a new TRIO front shock in the vehicle. Although the vehicle initially catered to numerous applications, the increasing trends of snow biking encouraged the company to bring about this upgrade. Given the popularity and high sale of this product, this latest upgrade will help the company acquire an even wider consumer base. Polaris’ latest step will have a positive impact on the growth of the overall market in the forthcoming years.
North America to Hold the Largest Market Share; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, and the Rest of the World. Among these regions, the market in North America is likely to hold the largest low speed vehicles market share in the coming years. The presence of numerous golf courses in several countries across this region will aid the growth of the regional market. The growing efforts put in by companies to increase the volume of production and sale of low speed vehicles will have a huge impact on market growth. As of 2018, the market in North America was worth USD 2.14 billion and this value is projected to increase further in the coming years. Besides North America, the market in Asia Pacific will witness considerable growth in the coming years, owing to the huge adoption of these vehicles. The huge population in emerging countries such as India, China, and Japan will contribute to the growth of the market in this region.
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Industry Developments:
2019: Textron Specialized Vehicles Inc., announced the launch of a new electric utility vehicle. The company introduced ‘Hauler 800 ELiTE,’ an electric utility vehicle integrated with Samsung SDI lithium technology.
List of Key Companies Profiled in the Low Speed Vehicle Market Report are:
- Club Car (U.S.)
- Textron, Inc. (U.S.)
- Deere & Company (U.S.)
- Polaris Industries, Inc. (U.S.)
- Yamaha Motor Co., Ltd. (Japan)
- Kubota Corp. (Japan)
- Ingersoll-Rand plc (Ireland)
- Xiamen Dalle Electric Car Co., Ltd. (China)
- Bradshaw Electric Vehicles (U.K.)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China)
- Moto Electric Vehicles (U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Low Speed Vehicle Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Engine Type
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Vehicle Type
- Industry Utility
- Golf Cart
- Personal Carrier
- Public Transport
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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