Low Speed Vehicle Market Foresee Significant Growth during the Review Period Forecast 2023

Pune, India, April 2, 2018/MRFR Press Release/- Market Research Future published a Half Cooked  research report on “Global Low Speed Vehicle Market Research Report - Forecast to 2023”   – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Global Low Speed Vehicle Market – Overview

The Global Low Speed Vehicle Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global market of low speed will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2023).  

The high demand for Low Speeds Vehicle is due to the growth in the green vehicles and changing face of transportation industry. A low speed vehicle that maximum capable speed of 40 Km/h that allows to travel on public roads and are equipped to carry up to six passengers. Consumer preference for short commute will boosts the market growth. The better performance, less use of energy, reduced noises and easy to manoeuvre are estimated to gain higher popularity during the forecast period. Focus towards the changing lifestyle of consumers and increasing demand for resorts and golf course projects, enhance the growth of the low speed vehicle market for automotive sector. However, the limited travel range and travel speed acts as a barrier for the growth of low speed vehicle market.

The automotive low speed vehicle market is completely dependent on the new projects coming up in planned communities, resorts, college campuses and large industrial parks. Thus, the increasing or decreasing demand of the new projects directly has an impact on the market. Moreover, the increase in the sales of low speed vehicles has mainly been because of popularity of golf courses. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of automotive low speed vehicle market. Another factor responsible for the increase in low-speed vehicles sales is due to rise in influx of consumers at tourist spots, industrial and residential areas. This is the primary factor that drives the growth of the automotive low-speed automotive market and has gained prevalence in the recent times, with infrastructure developments and rapidly increasing disposable income among consumers. Thus, the growth of the automotive low speed vehicle market is expected to go hand in hand with the growth in automotive industry. North America is one of the most densely populated urban centre. The rise in popularity of low speed vehicle market in U.S. military service has bolster the growth of low speed vehicle market. The automotive market of North America has experienced increased growth, which will drive the automotive technology as well as it will drive automotive low speed vehicle market.

The automotive industry are consumer oriented and dynamic in nature. The cut throat competition in the market constantly requires investment to update their technology to cope with increasing incidence of customization by the consumers. Development of low speed vehicle require constant research & development support thus resulting in extensive capital investment at a constant rate. The maintenance cost and operating cost of low-speed vehicles are less costly in order to acquire a greater market share than their competitors. 

Access Report Details @ https://www.marketresearchfuture.com/reports/low-speed-vehicle-market-5488

Industry/ Innovation/ Related News:

April, 2017 – Kubota Corporation has begun full-scale operation of new production plant for utility vehicles through Kubota Manufacturing of America (KMA).

January, 2017 – Textron specialized vehicle Inc. has acquired TKVGPS, a provider of GPS-based fleet management solutions and GPS technologies to enhance the on-course experience of golfers.

July, 2017 - Yamaha Motor Co., Ltd. opened Yamaha Motor NTTF Training Center, newly established at the Chennai Plant of its local subsidiary India Yamaha Motor Pvt. Ltd. (IYM). The YNTC is the first center opened as part of the Japan-India Institute for Manufacturing (JIM) initiative, which is being undertaken by the Government of Japan, the Government of the Republic of India, and Japanese companies as a key part of the public-private sector Manufacturing Skill Transfer Promotion Program.

Low Speed Vehicle Market – Segmentation

The Global Low Speed Vehicle Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Propulsion : Diesel, Electric and Gasoline.

Segmentation by End Users : Golf courses, Airports, Hotels and resorts, Residential premises, other

Segmentation by Vehicle Type         : Neighbourhood electric vehicles (NEV), Electric golf carts, Electric personal utility vehicles, Off-road electric vehicles and Commercial electric vehicles

Segmentation by Regions                 : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

 Low Speed Vehicle Market:

Regional Analysis

Asia-Pacific market is dominating the market of low speed vehicle market due to growth in golf courses. Development of low-speed vehicles in public transport in developing economies such as China and India are driving the market for low speed vehicle. The market in the developing countries is largely driven by government initiatives and infrastructure development, which helps in production of low speed vehicles and other manufacturing output.

North America is referred to as the second-largest low speeds market due to high disposable income of end-users have fuelled the demand for low speed vehicles in the country.

Polaris Industries (U.S.), Textron (U.S.), Deere & Co. (U.S.), The Toro Company (U.S.), Kubota Corporation (Japan), Yamaha Motor Company Limited (Japan), Club Car (U.S.), Taylor-Dunn (U.S.), American Land master (U.S.), Ontario Drive & Gear Ltd. (Canada) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Low Speed Market.