The global low-speed vehicle market is growing rapidly, mainly due to the rising demand for eco-friendly transport options. Additionally, government initiatives to promote low-speed vehicle usages for in-premise purposes create substantial market demand. The proliferation of electric vehicles (EVs) positively impacts the growth of the market.
According to
Market Research Future (MRFR), the global low-speed vehicle market is expected
to garner a valuation of USD 6.4 BN by 2022, registering a 5% CAGR during the
forecast period (2022-2030). Stricter government regulations to control vehicle
emissions and pollution levels boost the low-speed vehicle market size.
Simultaneously,
the government incentive programs to encourage manufacturers for the production
of low-speed electric vehicles to propel the growth of the market. The advent
of electric vehicles to increase electric mobility at reduced operational costs
drives the market growth.
On the other hand,
high manufacturing costs of low-speed vehicles is a major factor impeding the
market growth. Also, low-cost vehicles have a greater lifespan than
conventional cars. This can slow down the growth of the low-speed vehicle
market, minimizing the chances of new models.
Global Low-Speed Vehicle Market
- Segments
The LSV market is
segmented into power output, propulsion, application, and regions. The power
output segment is sub-segmented into <8kW, 8-15kW, and >15kW. The
propulsion segment is sub-segmented into diesel, electric, and gasoline. The
application segment is sub-segmented into industrial utility, golf cart,
personnel carrier, public transport vehicle, and others. By regions, the market
is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global LSV Market - Regional Analysis
North America dominates the global low-speed
vehicle market. The market growth is attributed to the massive increase in the
production and sales of e-vehicles in the region. Besides, the increased
energy-efficient solutions in electric vehicles drive market growth. Growing
investments from Private and public organizations and the rise in demand for
safety features in vehicles foster the market's growth. The North American
low-speed vehicle market is projected to retain its dominance throughout the
assessment period.
Asia Pacific stands second in the global
low-speed vehicle market. The market growth is driven by the growing demand for
electric vehicles with a low operating cost. Moreover, the increased government
backing support for the low-speed EV vehicle industry in the region. Also,
increasing R&D investments and a large potential consumer base in India and
China create a huge demand for environment-friendly vehicles, contributing to
market sales.
Europe is a sizable market for low-speed
vehicles. Regulatory laws of the
European Union (EU) to minimize vehicle, emissions influence market growth.
Besides, and timelines for creating zero-emission zones in countries like the
UK and France increase the demand for low-speed electric vehicles to foster
regional market growth. Furthermore, favorable incentives policies propel the
growth of the market in the region.
Low-Speed Vehicle Market
- Competitive Analysis
Highly competitive, the low-speed vehicle
market size
appears fragmented due to the presence of several well-established players. To
gain a larger competitive share, players incorporate strategies like mergers
& acquisitions, collaboration, expansion, and technology/product launch.
With the industry, technologies, and EVs changing faster than ever before,
research projects to optimize energy-efficiency has become crucial.
Many researches to integrate low-speed motor
solutions have opened up substantial investment opportunities for the market
players. Industry players are investing substantially to develop innovative
technologies that can ease the challenges of next-generation mobility
solutions.
Major Players
Players leading the global low-speed vehicle
market include Textron (US), Polaris Industries Inc. (US), The Toro Company
(US), Deere Company (US), Yamaha Golf-Car Company (US), Kubota Corporation
(Japan), Taylor-Dunn Manufacturing Company (US), Tomberlin Automotive Grp.
(US), Club Car LLC. (US), and American Landmaster (US), among others.
Industry/ Innovation/ Related News
March 04, 2021 ----DSG Global, Inc. (Canada), an emerging global
technology company, announced signing a distributorship agreement with Auto
Supermall, Ltd. through its automotive division Imperium Motor Corp (IMC), an
EV sales and marketing company offering a wide variety of affordable vehicles,
including high speed, mid-speed, and low-speed electric vehicles.
Through this agreement, Auto Supermall
becomes DSG's exclusive Retail Sub Distributor for Mexico and the Commercial
Sub Distributor for Mexico and Canada.
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