North America Low Speed Vehicle Market to Reach USD 4.90 billion by 2032, Aided by Increasing Demand for Eco-Friendly Vehicles

The North America low-speed vehicle industry has been witnessing robust growth in the historical period of 2018-2023 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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Market Analysis by Type, Propulsion, and Countries:

• Based on type, the market is categorised into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers, among others.
• Based on propulsion the market is classified into diesel, electric, and gasoline.
• The major countries of the North America low speed vehicle industry are Canada and United States of America.

Key Findings of the Report:

• Increasing research and development by manufacturers is likely to propel the growth for low-speed vehicles.
• Government policies are encouraging producers to engage in this sector to boost the growth of the industry.
• The growth of luxury tourism is expected to boost the sales of low-speed vehicles.
• Huge investments in the research and development of electric vehicles will also augment the growth of low-speed vehicles.

Key Offerings of the report:

• The EMR report gives an overview of the North America low speed vehicle industry for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the type, propulsion, and major countries of low-speed vehicles.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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