The new report by Expert Market Research titled, ‘Global Low Speed Vehicle Market and Forecast 2021-2026’, gives an in-depth analysis of the global low speed vehicle market, assessing the market based on its segments like type, end use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 3.6 Billion
- Forecast CAGR (2021-2026): 3.2%
- Forecast Market Size (2026): USD 4.4 Billion
The growing popularity of low-speed vehicles in gated communities, resorts, industrial areas, and university campuses is propelling the market forward. Growing demand for environmentally friendly automobiles, particularly on city streets for short commutes, is a major reason that is expected to boost the vehicle market in the forecast period. Furthermore, these vehicles can transport enough passengers, and their beneficial impact on on-road transportation is also likely to drive the vehicle market over the projection period.
Industry Definition and Major Segments
A low-speed vehicle is a four-wheeled motor vehicle that travels at 30 to 40 kilometers per hour and has a gross vehicle weight of up to 1,360 kg. These vehicles are largely battery-powered and emit very little pollution. With the growing need for environmentally friendly transportation solutions, these vehicles will undoubtedly propel the low-speed vehicle market ahead.
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Based on types, the market covers:
Based on end use, the market is categorised into:
The major regional markets include:
- North America
- Latin America
- Middle East and Africa
Governments are enacting tight laws and regulations on car emissions, which is driving the worldwide low-speed vehicle industry. The rise in pollution, technical advancements, and the automotive sector, as well as the decline in fossil fuel stocks, are all contributing to the worldwide low-speed vehicle industry growth. Furthermore, advancements in ride-hailing and embedded mobility options are likely to boost the low-speed vehicle industry's predicted expansion.
Key Market Players
The major players in the market are Polaris Industries, Deere Co, Kubota, Club Car/Ingersoll Rand, Textron Specialized Vehicles, Yamaha Motor, Kawasaki Motors, Ontario Drive Gear Ltd, among others. The report covers the information on investments and mergers and acquisitions, among other latest developments of these market players.
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