What would be the demand for the low-speed vehicle by vehicle type and region?

The global Low-Speed Vehicle Market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020The rising trend of using LSVs in gated communities, hotels, and resorts, industrial facilities, golf courses & college campuses and changing face of the transportation industry to drive the low-speed vehicles market is projected to fuel the demand of these vehicles.

To respond to customer preference, the OEMs are developing low-speed vehicles with advanced & efficient systems. These developments are mainly found in Golf Carts and utility vehicles. For instance, Textron Specialized Vehicles announced the release of new models of its E-Z-GO Express personal transport vehicles, featuring the industry’s first 72-volt AC electric powertrain to provide users with more power, range, and performance. The car operates through an advanced battery management system that monitors the overall efficiency of the vehicles. Also, the growth is observed with the increase in the speed limit from the 25 mph to 40mph on selected permissible roads. In cities such as Georgia, Florida, Arizona and South Carolina among others, has 35 mph speed limits whereas, in cities such as Texas and Alaska, the permissible speed limit is 40 mph.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1965274

With increasing focus on vehicle weight reduction and system efficiency, several advancements like improved safety features and high power have led to the improvement in low-speed vehicles. As the vehicle trend is shifting towards the electric vehicles, during the forecast period, the electric LSV segment is expected to have the largest market and the fastest growth. The new advancement such as battery management in golf carts and utility vehicles are gaining popularity as it helps in efficient power management. Also, there has been an increasing trend for high power vehicles which can be maneuver on the permissible roads and can be used as personnel carriers and utility vehicles. Hence, in the coming years, electric LSVs are expected to have significant growth, along with the high power LSVs which will eventually drive the low-speed vehicles market.

The global low-speed vehicle market has been segmented into the following regions, namely, North America, Europe, Asia Pacific, and RoW. North America is expected to be the largest market during the forecast period.

Expansions and new product developments are the key strategies adopted by prominent players in the global low-speed vehicle market. This growth can be attributed to increasing in the trend of using LSVs in hotels and resorts, industrial facilities, golf courses & gated communities and changing face of transportation industry such as the use of autonomous technology and telematics in the low-speed vehicle.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1965274

As the transportation industry is shifting toward the ride-hailing option, the LSV market is expected to contribute a significant share in such new markets, especially in the station-based mobility market. There has been a growing trend of special economic zones, IT parks, and industrial areas wherein the production unit or the offices are in the same vicinity or nearby areas. Station-based mobility is expected to have a major role in such instances. The distance between two towers or business units in the same locality can be covered using LSVs. Thus, LSVs are expected to be a suitable option for station-based mobility or for ride-sharing, thus OEMs can focus on electric LSVs and personnel carriers which can be uncashed for such untapped opportunities.

Key Market Players

Some of the key players in the global low-speed market is dominated by global players and comprise several regional players. The key players in the global low-speed vehicle market are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies. Yamaha Motor Corporation (Japan), Textron Inc. (US), has adopted the strategies of expansion to retain its leading position in the global low-speed market, whereas Ingersoll Rand (US) Company adopted a partnership as a key strategy to sustain its market position.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/north-america-low-speed-vehicle-market-1965274.html

Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of globalFortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's™ flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.