As per the report, government initiatives and rise in demand for renewable energy are expected to greatly fuel the growth of the low –speed vehicle industry, during the forecast period. On the other hand, the high cost of manufacturing can restrain the market growth.
The report segments the global market on the basis of propulsion, applications, end users and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.According to a recent report published by Research Dive, the global low speed vehicle market is anticipated to garner $7,099.8 million by 2027, growing at a health CAGR from 2019 to 2027.
Battery-powered vehicles are estimated to be the highest growing till 2027
By propulsion, the global low-speed vehicle market is classified into a battery-powered vehicle, plug-in hybrid vehicles, air-powered vehicles, CNG vehicles, and others. Among these, the battery-powered vehicle is expected to be the fastest-growing segment in the predicted period due to the increasing demand for zero-emission cars as they are pollution-free.
Golf carts will be most lucrative till 2027
By applications, the global low-speed vehicle market is divided into industrial utility, golf cart, personnel carrier, and public transport vehicle. Amongst these, golf carts are expected to dominate the market shares and continue leading till 2027. This is due to their vast usage for short-distance rides, particularly in golf courses, airports, railway stations, factories, hospitals, and others.
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Hotels & resorts are estimated to dominate the market until 2027
By end-users, the global low-speed market is segmented into golf courses, tourist destinations, hotels & resorts, airports, and residential & commercial premises. Out of these, hotels & resorts are expected to dominate the market shares owing to delivering high quality of services such as reliable transportations and comfortable seats.
Regional Breakdown of the Market
The global low- speed vehicle market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest-growing region, primarily because of China being the top global manufacturer of low-speed vehicles. In addition, this region is experiencing a growing trend in the use of low-speed vehicles for publicity, branding, and distribution.
Top Companies Leading the Market
The major players of the global low- speed vehicle industry are Trane Technologies Plc., Textron Inc., Yamaha Motor Co. Ltd., Polaris Inc., John Deere, The Toro Co., Kubota Co., American Landmaster, Columbia Vehicle Group, AGT Electric Cars, and others. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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