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North America Low Speed Vehicle Market: By Type: Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers, Others; By Propulsion: Diesel, Electric, Gasoline; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
North America Low Speed Vehicle Market Outlook
The North America low speed vehicle market reached a value of about USD 2.04 billion in 2021. The industry is further expected to grow at a CAGR of 8.30% in the forecast period of 2023-2028 to reach a value of around USD 3.29 billion by 2027.
North America is among the fast adopters of several technological developments, which complements the growth of technologically advanced products and services. The companies in this region are continuously enhancing the overall business processes to meet the customer demand for high-quality products and services in the best possible way. North America has a strong presence of a well-developed automotive market, which is propelling the growth of the low-speed vehicle industry. The rising elderly population is projected to create more demand for mobility solutions that are beyond automobiles. In this respect, the low-speed vehicles and street-legal golf carts are ideal as these are cost-effective, convenient, and a clean local transportation substitute for this population.
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In addition, the increasingly stringent emission norms and safety standards and the shifting focus of manufacturers to enhance driver comfort features are expected to drive the North America low-speed vehicle industry. The growth of luxury tourism is expected to boost the sales of low-speed vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. Huge investments in the research and development of electric vehicles will also boost the growth of low-speed vehicles in the region.
Low Speed Vehicle: Market Segmentation
A low-speed vehicle is a four-wheeled motor vehicle with a speed of 30 kmph to 40 kmph and a gross vehicle weight of 1,360 kg. Golf carts, neighbourhood electric vehicles, utility vehicles, pickup vans, and personal carriers are among the low-speed vehicles deployed in the region.
By type, the market is divided into:
- Commercial Turf Utility Vehicles
- Golf Carts
- Industrial Utility Vehicles
- Personnel Carriers
- Others
Based on propulsion, the market includes:
- Diesel
- Electric
- Gasoline
The major countries for low-speed vehicle industry can be divided into Canada and United States of America.
Increasing Demand for Eco-Friendly Vehicles Boosting the Market Growth
The market for low-speed vehicles in North America is growing due to rising demand for eco-friendly automobiles. Low-speed vehicles offer many advantages, such as being light on the road infrastructure and being able to carry a sufficient number of passengers. The low-speed vehicles are becoming more popular as a means of combating global warming, which is mostly driven by vehicular emissions. Hence, this factor is foreseen to act as an opportunity for the low-speed vehicle market in the forecast period. Demand for low-speed vehicles has also been spurred by the tight implementation of federal emission standards.
Government initiatives are encouraging producers to get involved and develop further in the industry. Several countries are now offering additional benefits for manufacturers with a strong interest in the low-speed vehicle market. Some other factors driving the low-speed vehicle market are increasing emission standards, rising adoption from the geriatric population and the rising trend of using low speed vehicles in gated communities, hotels and resorts, industrial facilities, golf courses and college campuses. Also, the tectonic shift toward the adoption of electric low speed vehicles is further anticipated to deepen the penetration of low-speed vehicles in North America during the forecast period.
Key Industry Players in the North America Low Speed Vehicle Market
The report gives a detailed analysis of the following key players in the North America low speed vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Club Car, LLC
- Cruise Car, Inc.
- HDK Co., Ltd.
- Polaris Inc.
- Textron Specialized Vehicles, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Propulsion, Country |
| Breakup by Type | Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers, Others |
| Breakup by Propulsion | Diesel, Electric, Gasoline |
| Breakup by Country | United States of America, Canada |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., Textron Specialized Vehicles, Inc., Others |
| 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 North America
7 Industry Opportunities and Challenges
8 North America Low-Speed Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 North America Low-Speed Vehicle Historical Market (2018-2022)
8.3 North America Low-Speed Vehicle Market Forecast (2023-2028)
8.4 North America Low-Speed Vehicle Market by Type
8.4.1 Commercial Turf Utility Vehicles
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Golf Carts
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Industrial Utility Vehicles
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Personnel Carriers
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 North America Low-Speed Vehicle Market by Propulsion
8.5.1 Diesel
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Electric
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Gasoline
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 North America Low-Speed Vehicle Market by Country
8.6.1 United States of America
8.6.2 Canada
9 Regional Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Club Car, LLC
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Cruise Car, Inc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 HDK Co., Ltd.
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Polaris Inc.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Textron Specialized Vehicles, Inc.
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. North America Low-Speed Vehicle Market: Key Industry Highlights, 2018 and 2028
2. North America Low-Speed Vehicle Historical Market: Breakup by Type (USD Million), 2018-2022
3. North America Low-Speed Vehicle Market Forecast: Breakup by Type (USD Million), 2023-2028
4. North America Low-Speed Vehicle Historical Market: Breakup by Propulsion (USD Million), 2018-2022
5. North America Low-Speed Vehicle Market Forecast: Breakup by Propulsion (USD Million), 2023-2028
6. North America Low-Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2022
7. North America Low-Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2023-2028
8. North America Low-Speed Vehicle Market Structure
Key Questions Answered in the Report
In 2021, the North America low speed vehicle market attained a value of nearly USD 2.04 billion.
The market is projected to grow at a CAGR of 8.30% between 2021 and 2027.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 3.29 billion by 2027.
The major drivers of the market include the increasingly stringent emission norms and safety standards, growth of luxury tourism, government initiatives, and rising trend of using low speed vehicles in gated communities.
The rising demand for eco-friendly vehicles and rising adoption from the geriatric population are the key industry trends propelling the growth of the market.
The major countries in the industry are Canada and United States of America.
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 players in the industry are Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., and Textron Specialized Vehicles, Inc., among others.
Analyst Review
The North America low speed vehicle market attained a value of USD 2.04 billion in 2021, driven by rising demand for eco-friendly vehicles. Aided by stringent emission norms and rising trend of using low speed vehicles in gated communities, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 8.30%. The market is projected to reach USD 3.29 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. 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. The key players in the above market are Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., and Textron Specialized Vehicles, Inc., among 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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