April 12, 2022 06:53 ET | Source: Research and Markets Research and Markets

Dublin, April 12, 2022 (GLOBE NEWSWIRE) -- The "Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%. The Commercial Turf Utility Vehicle segment is expected to lead the Vehicle type segment The hotels and resorts industry is completely dependent on tourism activities. According to the latest World Tourism Barometer, global travel activity rebounded sharply in the third quarter of 2021, while remaining far below pre-pandemic levels. International tourist arrivals increased by 58% in the three months ended September 2021 compared to the same period of 2020. These travel activities globally are creating demand from the hotel and resorts industry to provide the best facilities and convenient activities to their providers. For instance, in 2019, Atlanta, the Palm Dubai ordered a fleet for LSVs from Club Car. Apart from this, hotels and resorts are now promoting battery-operated vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install EV charging stations at over 84 hotels across India. A few examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the market for commercial turf utility vehicles is largely dependent on the travel and tourism industry, and with the growth of the tourism industry, the market for commercial turf utility vehicles is predicted to grow during forecasted period. North America is projected to be the largest regional market North America accounts for 80% of the world's golf cart demand, with the US accounting for 96% of the regional golf cart demand. Thus, the US is the largest country-level market in the region and accounts for more than two-thirds of the overall market, followed by Canada and Mexico. Mexico and Canada are also gaining traction due to lower manufacturing costs, low manpower costs, and favorable government policies. The market is held strongly by established American and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US), and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the US have advanced comfort and safety technologies. The North American low-speed vehicle market features vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The US government is also focusing on the electric vehicle market and even giving subsidy benefits on taxes for promoting them. Golf courses are expected to hold the largest market share during the forecast period. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 3.1 Pre- Vs Post-COVID-19 Scenario 3.2 Report Summary

4 Premium Insights 4.1 Attractive Opportunities in Low-Speed Vehicle Market 4.2 Low-Speed Vehicle Market, by Vehicle Type 4.3 Low-Speed Vehicle Market, by Propulsion 4.4 Low-Speed Vehicle Market, by Battery Type 4.5 Low-Speed Vehicle Market, by Application Type 4.6 Low-Speed Vehicle Market, by Power Output 4.7 Low Speed Vehicle (L6 and L7) Market, by Category 4.8 Low-Speed Vehicle Market, by Region

5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rising Geriatric Population 5.2.1.2 Growing Popularity for Golf 5.2.1.3 Growing Electric Vehicle Charging Infrastructure 5.2.2 Restraints 5.2.2.1 High Costs Restraining Adoption in Developing and Underdeveloped Regions 5.2.2.2 Lack of Safety Standards/Equipment 5.2.3 Opportunities 5.2.3.1 Increasing Real Estate and Commercial Sector 5.2.3.2 Increasing Developments of Autonomous and Connected Technologies 5.2.4 Challenges 5.2.4.1 Cost Reduction and Improved Energy Density of Ev Batteries 5.3 Porter's Five Forces Analysis 5.4 Case Studies 5.4.1 Golf Car Powertrain Nvh Sources and Mitigation Methods 5.4.2 Golf Carts Making Rounds in Some Communities 5.4.3 Investigation into Conversion of Fleet of Plug-In-Electric Golf Carts into Solar-Powered Vehicles Using Fuzzy Logic Control 5.4.4 Design and Construction of an Autonomous Golf Cart; Analyzing Case Studies of Transitioning from Human-Driving to Self-Driving Vehicles 5.4.5 Impacts of Low-Speed Vehicles on Transportation Infrastructure and Safety 5.5 Patent Analysis 5.6 Low-Speed Vehicle: in Market Scenario 5.6.1 Realistic Scenario 5.6.2 Low Impact Scenario 5.6.3 High Impact Scenario 5.7 Supply Chain Analysis 5.8 Market Ecosystem 5.9 Average Selling Price (ASP) Analysis 5.10 Regulatory Analysis 5.11 Trade Analysis 5.12 Technology Trend 5.13 Key Conferences & Events in 2022-2023

6 Analyst's Recommendations 6.1 North America is Expected to Lead the Market 6.2 Key Focus Areas: Safety Features and Electric Vehicles 6.3 Conclusion

7 Low-Speed Vehicle Market, by Vehicle Type 7.1 Introduction 7.1.1 Research Methodology 7.1.2 Assumptions 7.1.3 Industry Insights 7.2 Golf Cart 7.2.1 Increase in Number of Registrations and Investments to Drive Demand 7.3 Commercial Turf Utility Vehicle 7.3.1 Growth of Hotels & Resorts to Drive Demand 7.4 Industrial Utility Vehicle 7.4.1 Growing Construction Sector to Drive Demand 7.5 Personal Mobility Vehicle 7.5.1 Rise in Domestic Travel to Drive Demand

8 Low-Speed Vehicle Market, by Power Output 8.1 Introduction 8.1.1 Research Methodology 8.1.2 Assumptions 8.1.3 Industry Insights 8.2 <8 Kw 8.2.1 Rising Demand in Golf Courses to Drive the Segment 8.3 8 -15 Kw 8.3.1 Growth of Hospitality Sector to Drive the Segment 8.4 >15 Kw 8.4.1 Rising Demand from Major Industries to Drive the Segment

9 Low-Speed Vehicle Market, by Battery Type 9.1 Introduction 9.1.1 Research Methodology 9.1.2 Assumptions 9.1.3 Industry Insights 9.2 Lithium-Ion (Li-Ion) 9.2.1 Several Working Advantages Over Lead-Acid Battery to Drive Demand 9.3 Lead-Acid 9.3.1 Low Efficiency and Hazardous Nature Leading to Decrease in Demand

10 Low-Speed Vehicle Market, by Application Type 10.1 Introduction 10.1.1 Research Methodology 10.1.2 Assumptions 10.1.3 Industry Insights 10.2 Golf Courses 10.2.1 Development of New Golf Courses to Drive Demand 10.3 Hotels & Resorts 10.3.1 Investments in Hospitality Sector to Drive Demand 10.4 Airports 10.4.1 Increase in Airport Operations to Drive Demand 10.5 Industrial Facilities 10.5.1 Growth of Construction and Manufacturing Sector to Drive Demand 10.6 Others

11 Low-Speed Vehicle Market, by Propulsion 11.1 Introduction 11.1.1 Research Methodology 11.1.2 Assumptions 11.1.3 Industry Insights 11.2 Electric 11.2.1 Investments in Charging Infrastructure to Drive Demand 11.3 Gasoline 11.3.1 Range Anxiety of Electric Vehicles to Drive Demand 11.4 Diesel 11.4.1 Lack of Charging Infrastructure in Row to Drive Demand

12 Low-Speed Vehicle (L6 and L7) Market, by Category 12.1 Introduction 12.1.1 Research Methodology 12.1.2 Assumptions 12.2 L7 Vehicle 12.2.1 Higher Demand from Japan, China, Us, and European Countries to Drive the Segment 12.3 L6 Vehicle 12.3.1 Investments in Golf and Hospitality to Drive the Segment

13 Low-Speed Vehicle Market, by Region 13.1 Introduction

14 Competitive Landscape 14.1 Overview 14.2 Low-Speed Vehicle Market Share Analysis, 2020 14.3 Company Evaluation Quadrant: Low-Speed Vehicle Market Suppliers 14.3.1 Star 14.3.2 Emerging Leaders 14.3.3 Pervasive 14.3.4 Participants 14.3.5 Competitive Benchmarking 14.4 Competitive Scenario 14.4.1 New Product Launches 14.4.2 Deals 14.4.3 Other Developments, 2019-2022 14.5 Key Player Strategies/Right to Win, 2019-2021 14.6 Revenue Analysis of Top Listed/Public Players

15 Company Profiles 15.1 Key Players 15.1.1 Textron Inc 15.1.2 Deere & Company 15.1.3 Yamaha Motor Co. Ltd 15.1.4 The Toro Company 15.1.5 Kubota Corporation 15.1.6 Club Car 15.1.7 American Landmaster 15.1.8 Columbia Vehicle Group Inc 15.1.9 Waev Inc 15.1.10 Bradshaw Electric Vehicles 15.2 Additional Players 15.2.1 Agt Electric Cars 15.2.2 Bintelli Electric Vehicles 15.2.3 Suzhou Eagle Electric Vehicle Manufacturing 15.2.4 Speedways Electric 15.2.5 Marshell 15.2.6 Garia 15.2.7 Star Ev 15.2.8 Hdk Electric Vehicle 15.2.9 Tropos Motors 15.2.10 Pilot Cars 15.2.11 Moto Electric Vehicles 15.2.12 Acg Inc 15.2.13 Citecar Electric Vehicles 15.2.14 Cruise Car Inc 15.2.15 Ligier Group 15.2.16 Kawasaki Motor Corporation Usa

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