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The global low speed vehicle market attained a value of USD 4.34 billion in 2023 and expected to grow at a CAGR of 3.3% in the forecast period of 2024-2032 to reach a value of USD 5.83 billion by 2032.
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The low speed vehicle market growth is being driven by the increasing trend for low speed cars in gated societies, resorts, industrial, and university campuses.
A low speed vehicle is a four-wheeled motor vehicle with a speed of 30 kmph to 40kmph and gross vehicle weight of up to 1,360 kg. The various types of low speed vehicle include:
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The end uses of low speed vehicle are:
The EMR report looks into the regional markets for low speed vehicles like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
The global low speed vehicle market is being driven by the enactment of strict laws and regulations by the governments on vehicle emissions. The rise in pollution, technological advances, and the automotive industry, along with the fall in fossil fuel stocks, are further fuelling the demand growth of the global low speed vehicles industry. In addition, advances in ride-hailing and embedded mobility alternatives is expected to support the anticipated growth of the low speed vehicle industry. However, since the authorities have not defined the security requirements for these cars, it might hinder the growth of the industry.
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The report presents a detailed analysis of the following key players in the global low speed vehicle market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s five forces.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Low Speed Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Low Speed Vehicle Historical Market (2018-2023)
8.3 Global Low Speed Vehicle Market Forecast (2024-2032)
8.4 Global Low Speed Vehicle Market by Type
8.4.1 Passenger Vehicle
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Heavy Duty Vehicle
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Utility Vehicle
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Off-road Vehicle
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Low Speed Vehicle Market by End Use
8.5.1 Golf Courses
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Tourist Destinations
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Hotels and Resorts
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Airports
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Residential and Commercial Premises
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Low Speed Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Low Speed Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Low Speed Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Low Speed Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.2 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Low Speed Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Low Speed Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Polaris Industries Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Deere & Co.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Kubota Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Ingersoll Rand Inc. (Club Car)
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Textron Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Yamaha Motor
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Low Speed Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Low Speed Vehicle Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Low Speed Vehicle Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Low Speed Vehicle Historical Market: Breakup by End Use (USD Million), 2018-2023
5. Global Low Speed Vehicle Market Forecast: Breakup by End Use (USD Million), 2024-2032
6. Global Low Speed Vehicle Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Low Speed Vehicle Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Low Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Low Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Low Speed Vehicle Market Structure
In 2023, the global low speed vehicle market attained a value of nearly USD 4.34 billion.
The market is projected to grow at a CAGR of 3.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 5.83 billion by 2032.
The major drivers of the market include the growing population, rise in pollution, technological advances, and the automotive industry, along with the fall in fossil fuel stocks.
The enactment of strict laws and regulations by the governments on vehicle emissions and advances in ride-hailing and embedded mobility alternatives are the key trends propelling the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Passenger vehicle, heavy-duty vehicle, utility vehicle, and off-road vehicle are major types of low-speed vehicles in the market.
Golf courses, tourist destinations, hotels and resorts, airports, and residential and commercial premises are the major end use sectors in this market.
The key players in the market include Polaris Industries, Deere & Co., Kubota Corporation, Ingersoll Rand Inc. (Club Car), Textron Inc., Yamaha Motor, and Textron Inc., among others.
The global low speed vehicle market attained a value of USD 4.34 billion in 2023, driven by the rise in pollution, technological advances, and the automotive industry, along with the fall in fossil fuel stocks. Aided by the growing enactment of strict laws and regulations by the governments on vehicle emissions, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 3.3%. The market is projected to reach USD 5.83 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the low-speed vehicle industry can be segmented into passenger vehicle, heavy-duty vehicle, utility vehicle, and off-road vehicle. Golf courses, tourist destinations, hotels and resorts, airports, and residential and commercial premises. The major regional markets for low-speed vehicle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Polaris Industries, Deere & Co., Kubota Corporation, Ingersoll Rand Inc. (Club Car), Textron Inc., Yamaha Motor, Textron Inc., Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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