DUBLIN--(BUSINESS WIRE)--The "Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%.
The Commercial Turf Utility Vehicle segment is expected to lead the Vehicle type segment
The hotels and resorts industry is completely dependent on tourism activities. According to the latest World Tourism Barometer, global travel activity rebounded sharply in the third quarter of 2021, while remaining far 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 travel activities globally are creating demand from the hotel and resorts industry to provide the best facilities and convenient activities to their providers. For instance, in 2019, Atlanta, the Palm Dubai ordered a fleet for LSVs from Club Car.
Apart from this, hotels and resorts are now promoting battery-operated vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install EV charging stations at over 84 hotels across India. A few 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 market for commercial turf utility vehicles is largely dependent on the travel and tourism industry, and with the growth of the tourism industry, the market for commercial turf utility vehicles is predicted to grow during forecasted period.
North America is projected to be the largest regional market
North America accounts for 80% of the world's golf cart demand, with the US accounting for 96% of the regional golf cart demand. Thus, the US is the largest country-level market 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 traction due to lower manufacturing costs, low manpower costs, and favorable government policies.
The market is held strongly by established American 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 US have advanced comfort and safety technologies.
The North American low-speed vehicle market features vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The US government is also focusing on the electric vehicle market and even giving subsidy benefits on taxes for promoting them.
Golf courses are expected to hold the largest market share during 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.
Market Dynamics
Drivers
- Rising Geriatric Population
- Growing Popularity for Golf
- Growing Electric Vehicle Charging Infrastructure
Restraints
- High Costs Restraining Adoption in Developing and Underdeveloped Regions
- Lack of Safety Standards/Equipment
Opportunities
- Increasing Real Estate and Commercial Sector
- Increasing Developments of Autonomous and Connected Technologies
Challenges
- Cost Reduction and Improved Energy Density of EV Batteries
Companies Mentioned
- ACG Inc
- AGT Electric Cars
- American Landmaster
- Bintelli Electric Vehicles
- Bradshaw Electric Vehicles
- Citecar Electric Vehicles
- Club Car
- Columbia Vehicle Group Inc
- Cruise Car Inc
- Deere & Company
- Garia
- HDK Electric Vehicle
- Kawasaki Motor Corporation USA
- Kubota Corporation
- Ligier Group
- Marshell
- Moto Electric Vehicles
- Pilot Cars
- Speedways Electric
- Star EV
- Suzhou Eagle Electric Vehicle Manufacturing
- Textron Inc
- The Toro Company
- Tropos Motors
- Waev Inc
- Yamaha Motor Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/uprlx1
