The low speed vehicle market in North America is projected to grow at a CAGR of 3.06%, reaching USD 4.15 Billion by 2022 from USD 3.57 Billion in 2017. The rising trend of using low speed vehicles in gated communities, resorts, industrial, & college campuses is projected to fuel the demand for these vehicles. Also, possible advancements in ride-hailing and integrated mobility solutions, the market for low speed vehicles is projected to showcase a steady growth rate over the forecast period.
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The report "Low Speed Vehicle Market for North America by Manufacturer, Power Output (<8 kW, 8–15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personnel Carrier), and Country - Forecast to 2022", The low speed vehicle market in North America is projected to grow at a CAGR of 3.06%. It is estimated to be at USD 3.57 Billion in 2017 and projected to reach USD 4.15 Billion by 2022.
The rising trend of using low speed vehicles in gated communities, resorts, industrial & college campuses is projected to fuel the demand for these vehicles.
Browse 79 Market Data Tables and 42 Figures spread through 118 Pages and in-depth TOC on "Low Speed Vehicle Market for North America by Manufacturer, Power Output (<8 kW, 8–15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personnel Carrier), and Country - Forecast to 2022"
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“Electric low speed vehicles to have the largest market among another types of propulsion.”
The battery is the power source for electric vehicles. Presently, battery costs almost one-third of the total electric vehicle price.
It is observed that the battery price has shown a decline of 20% from 2011 to 2016. OEMs and battery manufacturers are working toward the development of high energy density battery to deliver more distance coverage on a single charge.
Since the automotive industry is moving toward electric vehicles, a similar trend is being observed in the low speed vehicle segment too, where key vehicle types are golf cars and personnel carriers. The electric low speed vehicles are a better fit option as they are required for short-distance coverage and can be used for low power output.
With the growing trend toward electrification, zero emission, and vehicle weight reduction, the electric low speed vehicles are estimated to have the largest market during the forecast period.
“>15 kW power output market to grow at the fastest pace in the low speed vehicle market for North America”
Based on the use and the terrain, the power output or the vehicle type of low speed vehicle is considered. The market for the high-power output (>15 kW) segment is expected to showcase the highest growth during the forecast period.
High power output vehicles are found in all types of low speed vehicles, such as commercial turf utility vehicles, industrial utility vehicles, and personnel carriers. The demand for high-speed low speed vehicles is increasing with the increase in the speed limit and government permission to ride it on selected roads and high-speed capability requires high power output.
“Presence of large number of electric vehicle manufacturers and strict emission regulations would drive the US low speed vehicle market”
The US is estimated to be the largest and fastest growing low speed vehicle market during the forecast period. The market growth in the region can be attributed due to the presence of established manufacturers such as Polaris, Textron, and Club Car.
Also, the strict emission regulations, rapid improvement in battery technology, and increasing demand for electric vehicles are expected to boost the market for low speed vehicles in this country.
The key companies profiled in the study are Polaris (US), Textron (US), Deere (US), Toro (US), Kubota (Japan), Yamaha (Japan), Club Car (US), Taylor-Dunn (US), Columbia Parcar (US), and American Landmaster (US).
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