DUBLIN, April 11, 2022 /PRNewswire/ — The “Low-Speed Vehicle Market by Type (Commercial and Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (15kW), Propulsion (Diesel, Electric, and Gasoline), Application and The “Region – Forecast to 2027” report has been added to from ResearchAndMarkets.com offer
The low-speed vehicle market is expected to grow from $8.9 billion in 2021 for $14.4 billion by 2027, at a CAGR of 8.2%.
Commercial Lawn Utility Vehicle Segment Expected to Lead Vehicle Type Segment
The hotel and resort industry is entirely dependent on tourism activities. According to the latest Global Tourism Barometer, global tourism activity rebounded strongly in the third quarter of 2021, although still well below pre-pandemic levels. International tourist arrivals increased by 58% in the three months ended September 2021 compared to the same period of 2020. These global travel activities are creating demand from the hospitality industry and resorts to provide the best convenient facilities and activities to their suppliers. For example, in 2019, Atlantathe Palm Dubai has ordered a fleet of LSVs from Club Car.
Apart from this, hotels and resorts are now promoting battery-powered vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install electric vehicle charging stations in over 84 hotels across India. Some examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the commercial turf utility vehicle market largely depends on the travel and tourism industry, and with the growth of the tourism industry, the commercial turf utility vehicle market is expected to grow over the forecast period. .
North America expected to be the largest regional market
North America accounts for 80% of global golf cart demand, with the United States accounting for 96% of regional golf cart demand. Thus, the United States is the largest market at the national level in the region and accounts for more than two-thirds of the overall market, followed by Canada and Mexico. Mexico and Canada are also gaining momentum due to lower manufacturing costs, low labor costs and favorable government policies.
The market is strongly held by established US and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US) and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the United States have advanced comfort and safety technologies.
The North American low-speed vehicle market includes vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Low-speed electric vehicles are widely preferred in the region due to their zero carbon emissions and reduced noise. The US government is also focusing on the electric vehicle market and even giving tax subsidies to promote them.
Golf courses are expected to hold the largest market share over the forecast period. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market.
Main topics covered:
1. Introduction
2 Research methodology
3 Executive summary
3.1 Pre-vs post-COVID-19 scenario
3.2 Summary of the report
4 premium previews
4.1 Attractive Opportunities in the Low Speed Vehicle Market
4.2 Low-speed Vehicle Market, By Vehicle Type
4.3 Low Speed Vehicle Market, by Propulsion
4.4 Low-speed Vehicle Market, By Battery Type
4.5 Low Speed Vehicles Market, by Application Type
4.6 Low Speed Vehicle Market, By Power Output
4.7 Low Speed Vehicle (L6 & L7) Market, by Category
4.8 Low-speed Vehicle Market, by Region
5 Market Overview
5.1 Presentation
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in the geriatric population
5.2.1.2 Growing Popularity of Golf
5.2.1.3 Development of electric vehicle charging infrastructure
5.2.2 Constraints
5.2.2.1 High Costs Limiting Adoption in Developing and Underdeveloped Regions
5.2.2.2 Lack of safety standards/equipment
5.2.3 Opportunities
5.2.3.1 Increase in the real estate and commercial sector
5.2.3.2 Growing developments in autonomous and connected technologies
5.2.4 Challenges
5.2.4.1 Cost Reduction and Energy Density Improvement of EV Batteries
5.3 Porter’s Five Forces Analysis
5.4 Case studies
5.4.1 Golf Car Powertrain Nvh Sources and Mitigation Methods
5.4.2 Golf carts making rounds in some communities
5.4.3 Investigation of Converting a Fleet of Plug-In Electric Golf Carts to Solar Powered Vehicles Using Fuzzy Logic Control
5.4.4 Design and construction of an autonomous golf cart; Analyze case studies on the transition from human driving to autonomous vehicles
5.4.5 Impacts of low-speed vehicles on transport infrastructure and safety
5.5 Patent Analysis
5.6 Low Speed Vehicle: In Market Scenario
5.6.1 Realistic scenario
5.6.2 Low Impact Scenario
5.6.3 High Impact Scenario
5.7 Supply Chain Analysis
5.8 Market ecosystem
5.9 Average Selling Price (ASP) Analysis
5.10 Regulatory Analysis
5.11 Business Analysis
5.12 Technology trend
5.13 Key Conferences and Events in 2022-2023
6 analyst recommendations
6.1 North America should dominate the market
6.2 Main focus areas: safety features and electric vehicles
6.3 Conclusion
7 Low Speed Vehicle Market, By Vehicle Type
7.1 Presentation
7.1.1 Research methodology
7.1.2 Assumptions
7.1.3 Industry Overview
7.2 Golf cart
7.2.1 Increasing Enrollment and Investment to Drive Demand
7.3 Commercial Lawn Utility Vehicle
7.3.1 Growth of Hotels and Resorts to Drive Demand
7.4 Industrial utility vehicle
7.4.1 Growth of the construction sector to stimulate demand
7.5 Personal mobility vehicle
7.5.1 Increased domestic travel to drive demand
8 Low Speed Vehicle Market, By Power Output
8.1 Presentation
8.1.1 Research methodology
8.1.2 Assumptions
8.1.3 Industry Overview
8.2 8.2.1 Growing Demand in Golf Courses to Drive the Segment
8.3 8 -15Kw
8.3.1 Growth of Hospitality Sector to Drive the Segment
8.4 >15Kw
8.4.1 Growing Demand from Key Industries to Drive the Segment
9 Low-speed Vehicle Market, By Battery Type
9.1 Presentation
9.1.1 Research methodology
9.1.2 Assumptions
9.1.3 Industry Overview
9.2 Lithium-Ion (Li-Ion)
9.2.1 Several working advantages over lead acid battery to drive demand
9.3 Lead-acid
9.3.1 Low Efficiency and Dangerous Nature Leading to Lower Demand
10 Low Speed Vehicle Market, By Type of Application
10.1 Presentation
10.1.1 Research methodology
10.1.2 Assumptions
10.1.3 Industry Overview
10.2 Golf courses
10.2.1 Development of new golf courses to stimulate demand
10.3 Hotels and resorts
10.3.1 Investments in the hotel sector to stimulate demand
10.4 Airports
10.4.1 Increase in airport operations to stimulate demand
10.5 Industrial facilities
10.5.1 Growth in construction and manufacturing sector to drive demand
10.6 Others
11 Low Speed Vehicle Market, by Propulsion
11.1 Presentation
11.1.1 Research methodology
11.1.2 Assumptions
11.1.3 Industry Overview
11.2 Electrical
11.2.1 Investments in charging infrastructure to drive demand
11.3 Gasoline
11.3.1 Electric Vehicle Range Anxiety to Drive Demand
11.4 Diesel
11.4.1 Lack of in-row charging infrastructure to drive demand
12 Low Speed Vehicle (L6 & L7) Market, By Category
12.1 Presentation
12.1.1 Research methodology
12.1.2 Assumptions
12.2 L7 vehicle
12.2.1 Increase in demand for Japan, Chinaus and European countries to drive the segment
12.3 L6 vehicle
12.3.1 Golf and Hospitality Investments to Drive the Segment
13 Low-speed Vehicle Market, by Region
13.1 Presentation
14 Competitive Landscape
14.1 Overview
14.2 Low Speed Vehicles Market Share Analysis, 2020
14.3 Business Assessment Quadrant: Low Speed Vehicles Market Vendors
14.3.1 Star
14.3.2 Emerging Leaders
14.3.3 Ubiquitous
14.3.4 Participants
14.3.5 Competitive Benchmarking
14.4 Competitive Scenario
14.4.1 New Product Launches
14.4.2 Offers
14.4.3 Other developments, 2019-2022
14.5 Key Players Strategies/Right to Earn, 2019-2021
14.6 Top Listed/Public Players Revenue Analysis
15 company profiles
15.1 Key Players
15.1.1 Textron Inc.
15.1.2 Deere & Company
15.1.3 Yamaha Motor Co. Ltd
15.1.4 The Toro Company
15.1.5 Kubota Company
15.1.6 Club car
15.1.7 American Landmaster
15.1.8 Columbia Vehicle Group Inc
15.1.9 Waev Inc.
15.1.10 Bradshaw Electric Vehicles
15.2 Additional Players
15.2.1 Electric cars Agt
15.2.2 Bintelli electric vehicles
15.2.3 Suzhou Eagle Electric Vehicle Manufacturing
15.2.4 Electric highways
15.2.5 Marshal
15.2.6 Garia
15.2.7 Ev Star
15.2.8 Hdk electric vehicle
15.2.9 Tropos Motors
15.2.10 Pilot cars
15.2.11 Electric Motorcycle Vehicles
15.2.12 Acg inc
15.2.13 Citecar electric vehicles
15.2.14 Cruise Car Inc
15.2.15 Ligier Group
15.2.16 Kawasaki Motor Corporation United States
16 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wb3zt8
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