Low-Speed Vehicle Market Projected to Reach USD 9.01 billion, at a 5% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
Updated 7 min read
Market Research Future
Low-Speed Vehicle [LSV] Market Boost by Growing Demands and Technical Advancements in The Automotive Industry to Drive the Global Market
New York, US, June 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Low-Speed Vehicle Market Information By Power Output, Propulsion, Application, and Region - Forecast till 2030”, The low-speed vehicle market can expand from USD 6.4 billion in 2022 to USD 9.01 billion by 2030, at a rate of 5.00% over the forecast period (between 2022 and 2030).
Low-Speed Vehicle Market Overview
Metre maids, hunting, garden work, industrial utility, grounds maintenance and campus security all use low speed vehicles. The cars are small and light, and they can carry up to 6 people. They also get great mileage, which contributes to the market for vehicles experiencing growth. These goods are quickly gaining popularity among motorists who want to leave a small carbon imprint. Due to the vehicle's low emissions, families who possess both a vehicle and a standard car are proven to have a 23% decrease in transportation-related carbon dioxide emissions.
Competitive Landscape:
The major firms in the low-speed vehicle industry include
The majority of nations charge more to purchase electric cars than diesel or petrol models. Because of this, it is difficult for the poorest households to quickly switch from (older) diesel and petrol cars to electric vehicles. The vehicle's limited travel distance (up to 40 miles on a single charge), which limits the kinds of roads it is permitted to travel on, is another important restraint. Vehicle safety standards are also lower than those for passenger cars. It is anticipated that the lack of charging stations, particularly in developing and underdeveloped areas, along with the low speed that only allows for limited street use, will impede market growth during the review period.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 9.01 billion
CAGR during 2022-2030
5% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Power output, Propulsion, Application and Region
Key Market Opportunities
Key manufacturers' new product strategies are anticipated to spur market expansion
Key Market Dynamics
Government regulations and rules for vehicle emissions are strict Increase in the number of low-speed vehicle used in cities and towns for short distances
Browse In-depth Market Research Report (98 Pages) onLow-Speed Vehicle Market:
A significant factor that is anticipated to propel the vehicle market over the forecast period at a significant CAGR is the growing demand for eco-friendly vehicles, especially on the streets in towns and cities for short commutes. Additionally, these vehicles can accommodate a significant number of passengers, which helps with on-road transportation. These factors are expected to propel the vehicle market throughout the course of the forecast period.
Leading organizations from around the world are working together to reduce emissions along with strict emission regulations to stop the temperature rise from causing significant transportation emissions. The adoption of these vehicles is anticipated to increase significantly for use in towns and cities for short distance trips and campus rides in factories, hospitals, universities, golf courses, colleges, residential apartments, and other applications. These vehicles are estimated to reduce the demand for conventional vehicles. Thus, over the course of the forecast period, this factor is expected to significantly boost the low-speed vehicle market.
Supply agreements, the creation of new products, and business expansions are the main strategies used by North American manufacturers. Textron and Polaris are some of the top low speed vehicle manufacturers that have adopted these strategies to develop their businesses. Additionally, efforts made to enhance these products' performances will give businesses a technical edge, and expansion aids in the development of a more effective business strategy. Furthermore, prominent manufacturers are always focused on manufacturing cost-effective and easy to drive vehicles. During the forecast period, these factors are anticipated to help the market grow even more.
Before COVID-19, people could research cars online to compare pricing, inspect them virtually in 360-degrees, and even go to websites to "build their own cars." Even though many nations, including a large portion of the United States, required that the actual sales process take place at auto dealerships, those features were still available. The technology came in handy during the pandemic as dealerships around the world struggled to comply with changing in-person limitations. Some dealers closed their sales floors to the public and engaged with customers over the phone, via videoconference, or by special appointment only. Potential buyers could also take advantage of sites and apps that helped them explore and arrange related services, such as financing and insurance, remotely and virtually as part of the car-buying process.
Customers have nevertheless flocked back to dealership floors as some of the pandemic-related restrictions have been lifted. In order to see, touch, sit in, and test-drive a vehicle before purchasing it, many customers still prefer to interact with a dealer. Different platforms, both real and virtual, coexist side by side at the moment, competing and complementing one another. Tesla in particular, along with other fast movers such as Porsche, Volkswagen, and Volvo, is at the vanguard of selling by means other than a dealer showroom. Even manufacturers with established dealer networks around the world are experimenting with new dealer- or manufacturer-led models for selling and maintaining cars. The low-speed vehicle sector will hence have greater growth potential.
Low-Speed Vehicle Market Segmentation
By Power Output
By power output, the Low-Speed Vehicle Market has been divided into three categories: 8kW, 8-15kW, and >15kW. Because more technologically advanced cars are being used in more places, including Asia Pacific and Europe, the >15kW segment is expected to grow at the fastest rate during the forecast period, 2022–2030. This segment dominated market growth in 2021.
By Propulsion
Diesel, electric, and petrol propulsion segments have been listed, based on the propulsion. Due to the growing demand for pollution-free, zero-emission vehicles, the electric category dominated the low-speed vehicle market revenue in 2021 and is anticipated to increase at a quicker rate over the forecast period, 2022–2030. This has a huge impact on how the low-speed vehicle market develops.
By Application
Industrial Utility, Golf Cart, Personnel Carrier, and Public Transport Vehicle are examples of low-speed vehicle applications. The industrial utility segment dominated the low-speed vehicle market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. As there is a growing need for vehicles in large industries to move between plants, public transport and commercial utility vehicles are utilized in resorts, hospitals, colleges and residential complexes.
Due to the high availability of golf courses, the North American low-speed vehicle industry, which had a USD 2.7 billion value in 2021, is predicted to grow at a rate of 43.90% during the study period. Manufacturers in developing nations including the U.S., Canada, and Mexico expect to grow production volume at the same time as technology develops quickly at these facilities.
Asia Pacific low-speed vehicle market would attain a considerable CAGR from 2022 to 2030. Local electric vehicles and golf carts have become increasingly popular in the area as a result of legislative attempts by governments to improve public awareness about environmental safety and protection. India will experience the fastest growth rate in the region, while China currently dominates the market.
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