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Low-Speed Vehicle Market by Type, Power Output, Propulsion, Application and Region - Forecast to 2027

Low-Speed Vehicle Market by Type, Power Output, Propulsion, Application and Region - Forecast to 2027

  • March 2022
  • 263 pages
  • ID: 5223263
  • Format: PDF
  • MarketsandMarkets

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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%. As per the World Bank, the global population is growing at a rate of ~1% annually. Further, according to the same World Bank statistics, nearly 35% of the global population came under the 40-79 age group in 2020. Nearly 25% of the population in the US were 60 years and above, European nations had an average of 21.5% of the population above 60 years and above, and Japan is the oldest country with nearly 28% of the population in that age group. As per the UN Census Bureau, the global population crossed 7.9 billion in February 2022. As per medical studies, the reflex actions of the human body tend to reduce with growing age. This supports that people are now moving toward safer driving options. The trend of an aging population in the US has grown nearly 3% from 1996 to 2020 and predicted to grow during the forecast period. Thus, these figures show that the geriatric population is increasing, and low-speed vehicles which run at 25 mph are the best and safe solutions available for this population. The current trend for safe, comfortable, and easy mobility solutions is growing. People in the geriatric age group look for door-to-door movement mobility solutions, and low-speed compact vehicles fulfill this requirement. Companies have developed products keeping the elderly group population in consideration with models like E-Z-Go Express S4 introduced in 2021, Club Car’s Onward Series introduced in 2017, and Garia Via provides a full customization option to its customers and Cushion Shuttle 6 for movement of more passengers. In 2016, Wajima, a city in Japan, introduced free automated golf car services for the elderly population. Therefore, considering these factors, the rise in the geriatric population could drive the market for low-speed vehicles.
Golf is considered a form of recreational sport.The average age of the golfer is nearly 54 years.

As per the National Golf Foundation (NGF) records in 2020, there was remarkable surge in both participation and rounds played despite the shutdowns and uncertainties of the COVID-19 pandemic. The NGF count showed 24.8 million golfers in the US in 2020, an increase of 500,000 and 2% over 2019. New players numbered 6.2 million in 2020. As per the NGF’s study, 2020 marked the third straight year more golfers came to the game in the US. Despite being the age group most at risk during the pandemic, older players showed an enthusiastic response for playing the sport. Further, in the US, two-thirds of private golf clubs were reported in a good financial situation in late 2020.
Also, at DLF Golf and Country Club, a prestigious golf club in Asia Pacific, there has been an increase in demand for membership and regular usage by existing members in 2020.Another factor that led to the growing popularity of the sport is the increase in rewards and prize money.

As per Professional Golf Tour of India (PGTI) in Asia Pacific, events that had prize money of USD 8-10 thousand in the early 2000s are now scaled up to a range starting from USD 30 thousand and going up to USD 0.2 million in professional golf tournaments.

There has been a remarkable increase in golf courses throughout the globe.Again, as per NGF, there was a 44% increase in the number from 2006 to 2019.
According to ASIAN Golf, nearly 5,000 golf courses were developed in Asia till March 2020, of which 196 were officially registered in India. Therefore, growing popularity among people for golf and rising enthusiasm toward this sport would drive the market for low-speed vehicles like golf carts.

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.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: Low-speed vehicle manufacturers – 45%, Component Suppliers-40% and Others– 15%
• By Designation: C Level - 35%, Directors- 35%, and Others – 30%
• By Region: Asia Pacific - 40%, Europe - 30%, and North America –30%
The low-speed vehicle market is led by established players such as Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US).

Research Coverage:
The study segments the Low-speed vehicle market and forecasts the market size based on Vehicle Type { golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle application type (golf courses, hotels & resorts, airports, industrial facilities, and others), propulsion (electric, diesel, and gasoline), battery type (Li-Ion and Lead Acid), power output (<8 KW, 8–15 KW, and >15 KW), and region (Asia Pacific, North America, Europe, and the Rest of the World [RoW]).
The study also includes an in-depth competitive analysis of the major Low-speed vehicle manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall Low-speed vehicle market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.

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