Global Low speed vehicle Market By Propulsion, Vehicle Type, End-users: Global Industry Forecast to 2023

Global Low speed vehicle Market 2018 Information Report By Propulsion (Diesel, Electric, Gasoline), By Vehicle Type (Neighborhood electric vehicles (NEV), Electric golf carts, Electric personal utility vehicles, Off-road electric vehicles and Commercial electric vehicles), By End-users (Golf courses, Airports, Hotels and resorts, Residential premises, Other) And By Region - Forecast To 2023.

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Electric Axle Drive Systems Market Major Companies:

Robert Bosch GmbH (Germany), American Axle & Manufacturing Holdings, Inc.(U.S.), ZF Friedrichshafen AG (Germany), GKN Plc (U.K.), Magna International Inc. (Canada), Schaeffler Technologies AG & Co. KG (Germany), Continental AG (Germany), Bonfiglioli Riduttori S.P.A. (Italy), Borgwarner Inc. (U.S.) and Ziehl Abegg SE (Germany).

The manufactures of the low-speed vehicles are focusing on product innovation at affordable prices, owing to the increasing demand for fuel efficient and low maintenance low-speed vehicles. The manufacturers are also focusing on expanding the distribution network across the globe, thereby driving the growth of the market. In many countries across the globe, the urban population has started adopting the low-speed vehicles for their routine works, which is driving the market for low-speed vehicles. The increasing environmental awareness is driving the increased demand for zero emission electric and solar powered low-speed vehicles.

However, the lack of government regulations on the manufacturing of low-speed vehicles is a major factor, hindering the growth of low-speed vehicle market.

Electric Axle Drive Systems Market Summary:

Based on type of propulsion, the market has been segmented as diesel, electric and gasoline. Amongst this, the electric segment is expected to dominate the growth of the market. The low-speed electric vehicles are gaining traction with the increasing trend towards electrification, reduction in weight of vehicles and zero emissions. In low-speed electric vehicles, the battery is the primary source of power. The battery manufacturers are working towards the development of the high energy density battery so that more distance could be covered on a single charge. The major low-speed electric vehicles are golf cars, personnel carriers and others. The low-speed electric vehicles are best suitable for short-distance coverage and low power output.

By end-users, the market has been segmented as Golf courses, Airports, Hotels and resorts, Residential premises and others. The hotels and resorts segment is expected to dominate the market. The growth of the tourism industry across the major nations and the increasing expectations of the tourist for the enhanced services from the hotel industry is further driving the growth of the market.

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This study provides an overview of the global low-speed vehicle market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global low-speed vehicle market by propulsion, vehicle type, End-users and regions.

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