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The North America low-speed vehicle industry has been witnessing robust growth in the historical period of 2017-2021 owing to the growing concerns about global warming and climate change, which has prompted governments and other leading authorities to enact stringent carbon emission rules. The usage of cutting-edge batteries in these vehicles has opened a new world of possibilities. Growing demand for low-speed vehicles, combined with a focus on developing cost-effective solutions, is expected to propel the growth of the market. The ageing population will result in driving the low-speed vehicle market as there is a demand from this age group for the vehicle which can be used for transportation purposes. The increase in fuel costs results in the driving factor for the growth of the market as the low-speed vehicles are used for short-distance transportation purposes. The low-speed vehicle market is expected to witness significant growth due to an exponential rise in the use of low-speed vehicles in gated communities such as industrial facilities, hotels and resorts, college campuses, among others.
To expand into local markets, market players are focusing more on launching new and innovative products to attract more people. For example, in January 2019, Textron Specialized Vehicles Inc. (NYSE: TXT) announced the launch of a new electric utility vehicle. The ‘Hauler 800 ELiTE', an electric utility vehicle using Samsung SDI lithium technology, was unveiled by the company. Such developments have been providing significant impetus to the market growth and are likely to aid the market growth in the coming years as well.
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The major players in the North America low speed vehicle industry include Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., and Textron Specialized Vehicles, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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