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According to The Insight Partners’ research, the global low-speed vehicle market was valued at US$ 11,980.2 million in 2019 and is likely to hit US$ 16,463.3 million by 2027, expanding at an annual growth rate of 4.2% from 2020 to 2027. The increasing number of government initiatives to promote sustainable transportation and rising construction & infrastructure industry worldwide are the critical factors proliferating the market.

The demand for low-emission and eco-friendly vehicles is surging across the world to mitigate environmental concerns. Hence, the governments of several developed and developing economies are taking initiatives to promote electric mobility and low-emission fuels. Specifically, the European Union, China, Japan, Canada, India, and South Korea are proactively involved in spurring the adoption of electric vehicles. To facilitate the charging and maintenance of electric vehicles, the European Union formulated the ‘Energy Performance Buildings Directives’ to set minimum standards pertaining to the charging infrastructure in buildings. These provisions increase the adoption of electric low-speed vehicles such as golf carts and personnel carriers.

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Companies Profiled in this report includes: Bintelli Electric Vehicles; Club Car, LLC; Cruise Car, Inc; Deere & Company; HDK Co., Ltd; Moto Electric Vehicles; Polaris Inc; Textron Specialized Vehicles Inc.; The Toro Company; and Yamaha Golf-Car Company.

The global infrastructure, construction, and urban development industry is growing at a fast pace. The demand for low-speed vehicles is growing in amenities such as hotels, resorts, golf courses, airports, seaports, and malls, as well as other commercial properties. The construction industry is expanding at an impressive rate in China and India due to rising disposable income and supportive government policies. The revenue earned by top 100 global construction companies was US$ 1.39 trillion in 2018. China, Europe, Japan, the US, and South Korea are among the major contributors to the growth of global construction industry. Thus, the booming infrastructure and construction sector, trend of smart cities, and transportation networks altogether bolster the global low-speed vehicle market.

However, the high ownership and maintenance costs curtail the growth of global low-speed vehicle market.

Based on type, the market is segmented into commercial turf utility vehicles, industrial utility vehicles, golf carts, and personnel carriers. The golf carts segment occupied 36.9% market share in 2019, generating US$ 4,425.3 million. It is forecasted to garner US$ 5,529.0 million by 2027 to rise at a CAGR of 2.9% during 2020–2027.

As per propulsion, the global low-speed vehicle market is fragmented into diesel, electric, and gasoline. The electric segment held 41.4% market share in 2019. It was evaluated at US$ 4,957.6 million in 2019 and is slated to amass US$ 7,334.1 million by 2027 to grow at 5.1% CAGR over the forecast period.

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 From regional point of reference, Asia Pacific captured 36% share of the business in 2019. It was assessed at US$ 4,306.7 million in 2019 and is anticipated to be worth US$ 6,422.3 million by 2027, exhibiting the highest CAGR at 5.2% along the forecast period.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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