Low-speed Vehicle Market Segmentation by Power Output (<8kW, 8-15kW, >15kW), by Propulsion (Diesel, Electric, Gasoline), by Application (Industrial Utility, Golf Cart, Personnel Carrier, Public Transport Vehicle), and Region - Global Report Forecast till 2023
Market analysis

Low-speed vehicles for the most part move around with a speed of 20-25 mph. These vehicles are generally battery-driven with lesser chances of emission. With the interest for eco-accommodating transport alternatives on the ascent, these vehicles will undoubtedly take the low-speed vehicle market forward. In the meantime, the strict imposition of government laws with respect to pollution has prodded the interest for such vehicles crosswise over ventures. Government activities are likewise making manufacturers keen on going forward in the sector. A significant number of the nations are currently offering unique packages for makers showing interest in this area. These are the major factors that are driving the growth of the global low-speed vehicle market. The market is expected to reach the value of USD 11,509.6 million by the year 2023 by growing at a CAGR of 5% during the forecast period (2018-2023).

Market segmentation

The global low-speed vehicle market can be segmented on the basis of its propulsion, power output, application, and regional demand. On the basis of its propulsion, the market is divided into electric, diesel, and gasoline. Based on its power output, the market is divided as <8kW, 8-15kW, and >15kW. Based on its application, the market includes personnel carrier, golf cart, industrial utility, and public transport vehicle.

Regional analysis

Geographically, the global low-speed vehicle market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.

Major players

Deere Company (U.S.), Kubota Corporation (Japan), Tomberlin Automotive Grp. (U.S.), Taylor-Dunn Manufacturing Company (U.S.), Club Car LLC. (U.S.), and American Landmaster (U.S.), Polaris Industries Inc. (U.S.), Textron (U.S.), The Toro Company (U.S.), Yamaha Golf-Car Company (U.S.), among others are some of the major players in the global low-speed vehicle market.