Low Speed Vehicle Market - Forecast to 2022

  • ID: 4432191
  • Report
  • Region: Global
  • 120 Pages
  • Markets and Markets
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The Low Speed Vehicle Market in North America is Projected to Grow at a CAGR of 3.06%, Reaching USD 4.15 Billion by 2022 from USD 3.57 Billion

FEATURED COMPANIES

  • American Sportworks
  • Club Car/Ingersoll Rand
  • Deere & Co.
  • Kawasaki Motors
  • Kubota
  • Ontario Drive & Gear Ltd.
  • MORE

The low speed vehicle market in North America is projected to grow at a CAGR of 3.06%. From USD 3.57 billion in 2017 it is projected to reach USD 4.15 billion by 2022. The rising trend of using low speed vehicles in gated communities, resorts, industrial & college campuses is projected to fuel the demand for these vehicles. On the other hand, high cost as compared with ICE vehicles, and minimal safety features are identified as the key factors which can restrain the growth of the low speed vehicle market.

The market for personnel carriers is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. Among all the vehicle type, personal carriers are expected to be highly accepted by the consumers. These vehicles are estimated to be used in resorts and gated communities. This type of vehicles varies in seating capacity from 2 to 8. Hence, these vehicles are used in tourist spots as well as in industrial or residential areas. Also, up to certain loads, these vehicles can be used with medium power output. Thus, with an increase in short commute, the demand for these type of vehicles is estimated to grow. Taylor Dunn is one of the leading players offering the personnel carriers in the US market.

The Golf cart market is projected to be the largest segment of the low speed vehicle market for North America. The growth in golf carts can be attributed due to increasing focus on vehicle electrification and increase in a golf course in North America. In 2015, the number of people participating in the sport increased by 2% from 2012. The use of electric golf cars results in better performance, less use of energy, reduced noise, and are easy to maneuver.

The US market is estimated to dominate the low speed vehicle market for North America during the forecast period. The growth can be attributed due to high purchase orders from the US military for the utility vehicles. For instance, the US Marine Corps has ordered more than 100 utility task vehicles from Polaris to be delivered by the end of 2017. These vehicles are all-purpose and are suitable for all terrain applications. Also, the growth in the country is boosted by the increase in trend of golf communities, which eventually resulted in demand for golf carts.

The study contains insights provided by various industry experts.

The Break-Up of the Primaries is as Follows:

  • By Company Type - Tier-1 - 35%, Tier-2 - 45%, and Tier 3- 20%
  • By Designation - C level - 35 %, D level - 25%, Other- 40%
  • By Country - US- 60%, Canada - 30%, Mexico- 10%,

The key companies profiled in the study are Polaris (US), Textron (US), Deere (US), Toro (US), Kubota (Japan), Yamaha (Japan), Club Car (US), Taylor-Dunn (US), Columbia Parcar (US), and American Landmaster (US).

Research Coverage

The low speed vehicle market for North America is segmented by manufacturer (Polaris, Deere, Kubota, Club Car/Ingersoll Ran, Textron, Yamaha, Kawasaki, Ontario, American Sportworks, Bad Boy/Intimidator, and others), power output (<8 kW, 8 kW-15 kW, and >15 kW), propulsion (diesel, electric, and gasoline), and low speed vehicle type (commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers)

Reasons to Buy the Report:

The Report Provides Insights with Reference to the Following Points:

  • Market Size: The report gives in-depth market sizing and forecasts up to 5 years with third level segmentation.
  • OEM-wise Analysis: The report provides market sizing of low speed vehicles by manufacturers and the forecast of the same to 2022.
  • Market Development: The report provides comprehensive information about lucrative emerging markets. The report analyzes the markets for Low speed vehicles in North America.
  • Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the market.
  • Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the low speed vehicle market.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • American Sportworks
  • Club Car/Ingersoll Rand
  • Deere & Co.
  • Kawasaki Motors
  • Kubota
  • Ontario Drive & Gear Ltd.
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Package Size
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Secondary Sources
2.1.2 Key Data From Secondary Sources
2.1.3 Primary Data
2.1.4 Sampling Techniques & Data Collection Methods
2.1.5 Primary Participants
2.2 Factor Analysis
2.2.1 Introduction
2.2.2 Demand-Side Analysis
2.2.2.1 Increasing Demand for Electric Low Speed Vehicle Applications
2.2.3 Supply-Side Analysis
2.2.3.1 Technological Advancements and Diversification in Automotive Industry
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.4 Data Triangulation
2.5 Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in North America for Electric Low Speed Vehicles
4.2 Low Speed Vehicles Market for North America, By Manufacturer
4.3 Low Speed Vehicles Market for North America, By Power Output
4.4 Low Speed Vehicles Market for North America, By Propulsion
4.5 Low Speed Vehicles Market for North America, By Vehicle Type
4.6 Low Speed Vehicles Market for North America, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Aging Population to Drive the Demand for LSVs
5.2.1.2 Stringent Emission Regulations in the US Might Boost the Demand for Low Speed Electric Vehicles
5.2.2 Restraints
5.2.2.1 LSV Segment is Equipped With Minimal Safety Standards/Equipment
5.2.3 Opportunities
5.2.3.1 Future of Mobility
5.2.3.1.1 Ride Hailing Services (Electric Mobility)
5.2.3.1.2 Integrated Mobility Solution
5.2.4 Challenges
5.2.4.1 Developing Fail-Safe Electronic and Electrical Components
5.2.4.2 Cost Reduction & Improved Energy Density of Ev Batteries
5.3 Macro Indicator Analysis
5.3.1 Introduction
5.3.1.1 Full Electric Vehicle Sales as A Percentage of Total Electric Vehicle Sales
5.3.1.2 GDP (USD Billion)
5.3.1.3 GNP Per Capita, Atlas Method (USD)
5.3.1.4 GDP Per Capita PPP (USD)
5.3.2 Macro Indicators Influencing the Low Speed Vehicles Market for Us
5.3.2.1 Us
5.4 Supply Chain Analysis
5.5 Low Speed Vehicles: US State-Wise Regulations on Permitted Usage & Speed Limit

6 Low Speed Vehicles Market for North America, By Manufacturer
Note: the Chapter is Further Segmented at Country Level (Us, Canada, Mexico) and LSV Type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers)
6.1 Introduction
6.2 Polaris
6.3 Deere
6.4 Kubota
6.5 Club Car/Ingersoll Rand
6.6 Textron
6.7 Yamaha
6.8 Kawasaki
6.9 Ontario
6.10 American Sportworks
6.11 Bad Boy/Intimidator
6.12 Others

7 Low Speed Vehicles Market for North America, By Power Output
Note: the Chapter is Further Segmented at Country Level (Us, Canada, Mexico)
7.1 Introduction
7.2 <8 kW
7.3 8 kW–15 kW
7.4 >15 kW

8 Low Speed Vehicles Market for North America, By Propulsion
Note: the Chapter is Further Segmented at Country Level (Us, Canada, Mexico)
8.1 Introduction
8.2 Diesel
8.3 Electric
8.4 Gasoline

9 Low Speed Vehicles Market for North America, By LSV Type
Note: the Chapter is Further Segmented at Country Level (Us, Canada, Mexico)
9.1 Introduction
9.2 Commercial Turf Utility Vehicles
9.3 Golf Carts
9.4 Industrial Utility Vehicles
9.5 Personnel Carriers

10 Competitive Landscape
10.1 Overview
10.2 Market Share Analysis: Low Speed Vehicle Market, 2016
10.3 Recent Developments

11 Company Profiles
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
11.1 Polaris
11.2 Textron
11.3 Deere
11.4 Toro
11.5 Kubota
11.6 Yamaha
11.7 Club Car
11.8 Taylor Dunn
11.9 Columbia Parcar
11.10 American Landmaster

12 Appendix
12.1 Primary Insights
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Available Customizations
12.4.1 Low Speed Vehicle Market for North America, By Manufacturer & Power Output
12.4.1.1 Polaris Industries
12.4.1.2 Deere & Co.
12.4.1.3 Kubota
12.4.1.4 Club Car/Ingersoll Rand
12.4.1.5 Textron Specialized Vehicles
12.4.1.6 Yamaha Motor
12.4.1.7 Kawasaki Motors
12.4.1.8 Ontario Drive & Gear Ltd.
12.4.1.9 American Sportworks
12.4.1.10 Bad Boy Inc./Intimidator, Inc.
12.4.2 Low Speed Vehicle Market for North America, By Manufacturer & Models
12.4.2.1 Polaris Industries
12.4.2.2 Deere & Co.
12.4.2.3 Kubota
12.4.2.4 Club Car/Ingersoll Rand
12.4.2.5 Textron Specialized Vehicles
12.4.2.6 Yamaha Motor
12.4.2.7 Kawasaki Motors
12.4.2.8 Ontario Drive & Gear Ltd.
12.4.2.9 American Sportworks
12.4.2.10 Bad Boy Inc./Intimidator, Inc.
12.5 Related Reports
12.6 Author Details

List of Tables

Table 1 Currency Exchange Rates (W.R.T. USD)
Table 2 Technical Performance of Different Ev Batteries
Table 3 US: Rising Gni Per Capita Expected to Drive the Sales of Luxury Vehicles During the Forecast Period
Table 4 Low Speed Vehicles Market for North America, By Manufacturer, 2015–2022 (Units)
Table 5 Low Speed Vehicles Market for North America, By Manufacturer, 2015–2022 (USD Billion)
Table 6 Low Speed Vehicles Market for Polaris, By Country, 2015–2022 (Units)
Table 7 Low Speed Vehicles Market for Polaris, By Country, 2015–2022 (USD Billion)
Table 8 Low Speed Vehicles Market for Polaris, By Vehicle Type, 2015–2022 (Units)
Table 9 Low Speed Vehicles Market for Polaris, By Vehicle Type, 2015–2022 (USD Billion)
Table 10 Low Speed Vehicles Market for Deere, By Country, 2015–2022 (Units)
Table 11 Low Speed Vehicles Market for Deere, By Country, 2015–2022 (USD Billion)
Table 12 Low Speed Vehicles Market for Deere, By Vehicle Type, 2015–2022 (Units)
Table 13 Low Speed Vehicles Market for Deere, By Vehicle Type, 2015–2022 (USD Billion)
Table 14 Low Speed Vehicles Market for Kubota, By Country, 2015–2022 (Units)
Table 15 Low Speed Vehicles Market for Kubota, By Country, 2015–2022 (USD Billion)
Table 16 Low Speed Vehicles Market for Kubota, By Vehicle Type, 2015–2022 (Units)
Table 17 Low Speed Vehicles Market for Kubota, By Vehicle Type, 2015–2022 (USD Billion)
Table 18 Low Speed Vehicles Market for Club Car/Ingersoll Rand, By Country, 2015–2022 (Units)
Table 19 Low Speed Vehicles Market for Club Car/Ingersoll Rand, By Country, 2015–2022 (USD Billion)
Table 20 Low Speed Vehicles Market for Club Car/Ingersoll Rand, By Vehicle Type, 2015–2022 (Units)
Table 21 Low Speed Vehicles Market for Club Car/Ingersoll Rand, By Vehicle Type, 2015–2022 (USD Billion)
Table 22 Low Speed Vehicles Market for Textron, By Country, 2015–2022 (Units)
Table 23 Low Speed Vehicles Market for Textron, By Country, 2015–2022 (USD Billion)
Table 24 Low Speed Vehicles Market for Textron, By Vehicle Type, 2015–2022 (Units)
Table 25 Low Speed Vehicles Market for Textron, By Vehicle Type, 2015–2022 (USD Billion)
Table 26 Low Speed Vehicles Market for Yamaha, By Country, 2015–2022 (Units)
Table 27 Low Speed Vehicles Market for Yamaha, By Country, 2015–2022 (USD Billion)
Table 28 Low Speed Vehicles Market for Yamaha, By Vehicle Type, 2015–2022 (Units)
Table 29 Low Speed Vehicles Market for Yamaha, By Vehicle Type, 2015–2022 (USD Billion)
Table 30 Low Speed Vehicles Market for Kawasaki, By Country, 2015–2022 (Units)
Table 31 Low Speed Vehicles Market for Kawasaki, By Country, 2015–2022 (USD Billion)
Table 32 Low Speed Vehicles Market for Kawasaki, By Vehicle Type, 2015–2022 (Units)
Table 33 Low Speed Vehicles Market for Kawasaki, By Vehicle Type, 2015–2022 (USD Billion)
Table 34 Low Speed Vehicles Market for Ontario, By Country, 2015–2022 (Units)
Table 35 Low Speed Vehicles Market for Ontario, By Country, 2015–2022 (USD Billion)
Table 36 Low Speed Vehicles Market for Ontario, By Vehicle Type, 2015–2022 (Units)
Table 37 Low Speed Vehicles Market for Ontario, By Vehicle Type, 2015–2022 (USD Billion)
Table 38 Low Speed Vehicles Market for American Sportworks, By Country, 2015–2022 (Units)
Table 39 Low Speed Vehicles Market for American Sportworks, By Country, 2015–2022 (USD Billion)
Table 40 Low Speed Vehicles Market for American Sportworks, By Vehicle Type, 2015–2022 (Units)
Table 41 Low Speed Vehicles Market for American Sportworks, By Vehicle Type, 2015–2022 (USD Billion)
Table 42 Low Speed Vehicles Market for Bad Boy/Intimidator, By Country, 2015–2022 (Units)
Table 43 Low Speed Vehicles Market for Bad Boy/Intimidator, By Country, 2015–2022 (USD Billion)
Table 44 Low Speed Vehicles Market for Bad Boy/Intimidator, By Vehicle Type, 2015–2022 (Units)
Table 45 Low Speed Vehicles Market for Bad Boy/Intimidator, By Vehicle Type, 2015–2022 (USD Billion)
Table 46 Low Speed Vehicles Market for Others, By Country, 2015–2022 (Units)
Table 47 Low Speed Vehicles Market for Others, By Country, 2015–2022 (USD Billion)
Table 48 Low Speed Vehicles Market for Others, By Vehicle Type, 2015–2022 (Units)
Table 49 Low Speed Vehicles Market for Others, By Vehicle Type, 2015–2022 (USD Billion)
Table 50 Low Speed Vehicles Market for North America, By Power Output, 2015–2022 (Units)
Table 51 Low Speed Vehicles Market for North America, By Power Output, 2015–2022 (USD Billion)
Table 52 North America: Low Speed Vehicles Market for <8 kW Power Output, By Country, 2015–2022 (Units)
Table 53 North America: Low Speed Vehicles Market for <8 kW Power Output, By Country, 2015–2022 (USD Billion)
Table 54 North America: Low Speed Vehicles Market for 8 kW–15 kW Power Output, By Country, 2015–2022 (Units)
Table 55 North America: Low Speed Vehicles Market for 8 kW–15 kW Power Output, By Country, 2015–2022 (USD Billion)
Table 56 North America: Low Speed Vehicles Market for >15 kW Power Output, By Country, 2015–2022 (Units)
Table 57 North America: Low Speed Vehicles Market for >15 kW Power Output, By Country, 2015–2022 (USD Billion)
Table 58 Low Speed Vehicles Market for North America, By Propulsion, 2015–2022 (Units)
Table 59 Low Speed Vehicles Market for North America, By Propulsion, 2015–2022 (USD Billion)
Table 60 North America: Low Speed Vehicles Market for Diesel Propulsion, By Country, 2015–2022 (Units)
Table 61 North America: Low Speed Vehicles Market for Diesel Propulsion, By Country, 2015–2022 (USD Billion)
Table 62 North America: Low Speed Vehicles Market for Electric Propulsion, By Country, 2015–2022 (Units)
Table 63 North America: Low Speed Vehicles Market for Electric Propulsion, By Country, 2015–2022 (USD Billion)
Table 64 North America: Low Speed Vehicles Market for Gasoline Propulsion, By Country, 2015–2022 (Units)
Table 65 North America: Low Speed Vehicles Market for Gasoline Propulsion, By Country, 2015–2022 (USD Billion)
Table 66 Low Speed Vehicles Market for North America, By Vehicle Type, 2015–2022 (Units)
Table 67 Low Speed Vehicles Market for North America, By Vehicle Type, 2015–2022 (USD Billion)
Table 68 Low Speed Vehicles Market for North America, By Country, 2015–2022 (Units)
Table 69 Low Speed Vehicles Market for North America, By Country, 2015–2022 (USD Billion)
Table 70 North America: Low Speed Vehicles Market for Commercial Turf Utility Vehicles, By Country, 2015–2022 (Units)
Table 71 North America: Low Speed Vehicles Market for Commercial Turf Utility Vehicles, By Country, 2015–2022 (USD Billion)
Table 72 North America: Low Speed Vehicles Market for Golf Carts, By Country, 2015–2022 (Units)
Table 73 North America: Low Speed Vehicles Market for Golf Carts, By Country, 2015–2022 (USD Billion)
Table 74 North America: Low Speed Vehicles Market for Industrial Utility Vehicles, By Country, 2015–2022 (Units)
Table 75 North America: Low Speed Vehicles Market for Industrial Utility Vehicles, By Country, 2015–2022 (USD Billion)
Table 76 North America: Low Speed Vehicles Market for Personnel Carriers, By Country, 2015–2022 (Units)
Table 77 North America: Low Speed Vehicles Market for Personnel Carriers, By Country, 2015–2022 (USD Billion)
Table 78 Low Speed Vehicle Suppliers: Market Ranking
Table 79 Recent Developments, 2017

List of Figures

Figure 1 Market Segmentation: Low Speed Vehicles Market for North America
Figure 2 Low Speed Vehicles Market for North America: Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, & Country
Figure 5 Market Size Estimation Methodology of Low Speed Vehicles Market for North America: Bottom-Up Approach
Figure 6 Parameters & Assumptions Followed for Low Speed Vehicles Market Analysis
Figure 7 Parameters & Limitations for Low Speed Vehicles Market Analysis
Figure 8 Club Car, Textron, and Yamaha are Expected to Lead the North American Low Speed Vehicles Market, 2017 vs 2022 (USD Billion)
Figure 9 8 kW–15 kW Power Output Vehicles are Estimated to Have the Largest Share in the Low Speed Vehicles Market, 2017 vs 2022 (USD Billion)
Figure 10 Advancement in the Electric Vehicle Technology to Drive the Low Speed Vehicles Market for North America, 2017 vs 2022 (USD Billion)
Figure 11 Utility Vehicles & Golf Carts are Expected to Drive the North American Low Speed Vehicles Market, 2015–2022 (USD Billion)
Figure 12 US is Estimated to Showcase the Fastest Growth in the North American Low Speed Vehicles Market, 2017–2022 (USD Billion)
Figure 13 Advancements in Electric Vehicle Technology & Possible Improvisation in Speed Limits to Drive the North American Low Speed Vehicles Market During the Forecast Period
Figure 14 Club Car to Lead the North American Low Speed Vehicles Market, 2017 vs 2022 (USD Billion)
Figure 15 >15 kW Segment to Have the Fastest Growth in the North American Low Speed Vehicles Market, 2017–2022 (USD Billion)
Figure 16 Electric Low Speed Vehicles Market are Projected to Grow at the Highest CAGR From 2017 to 2022 (USD Billion)
Figure 17 Commercial Turf Utility Vehicles to Have the Largest Market Size in the North American Low Speed Vehicles Market, 2017–2022 (USD Billion)
Figure 18 US is Estimated to Showcase the Largest Market Size in the North American Low Speed Vehicles Market, 2017–2022 (USD Billion)
Figure 19 Low Speed Vehicles Market Dynamics for North America
Figure 20 US New Vehicle Purchase By Age Category, 1990–2012
Figure 21 Licensed Drivers as A Percentage of Age Category
Figure 22 Electric Vehicle Ride Hailing Market, By Country, 2015–2025 (USD Billion)
Figure 23 Projected Cost of Lithium-Ion Battery, 2015–2030 (USD Per kWh)
Figure 24 Low Speed Vehicle: Supply Chain & Key Players
Figure 25 Low Speed Vehicles Market for North America, By Manufacturer, 2015 vs 2022 (Units)
Figure 26 Low Speed Vehicles Market Share for North America, By Power Output, 2015 vs 2022 (Units)
Figure 27 Low Speed Vehicles Market for North America, By Propulsion, 2015–2022 (Units)
Figure 28 Low Speed Vehicles Market for North America, By Vehicle Type, 2015–2022 (Units)
Figure 29 Low Speed Vehicles Market for North America, By Country, 2015–2022 (USD Billion)
Figure 30 Companies Adopted New Product Development as A Key Growth Strategy
Figure 31 Low Speed Vehicles Suppliers: Market Share, 2016
Figure 32 Polaris: Company Snapshot
Figure 33 Polaris: SWOT Analysis
Figure 34 Textron: Company Snapshot
Figure 35 Textron: SWOT Analysis
Figure 36 Deere: Company Snapshot
Figure 37 Deere: SWOT Analysis
Figure 38 Toro: Company Snapshot
Figure 39 Toro: SWOT Analysis
Figure 40 Kubota: Company Snapshot
Figure 41 Kubota: SWOT Analysis
Figure 42 Yamaha: Company Snapshot

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • American Sportworks
  • Club Car/Ingersoll Rand
  • Deere & Co.
  • Kawasaki Motors
  • Kubota
  • Ontario Drive & Gear Ltd.
  • MORE

The low speed vehicle market in North America is projected to grow at a CAGR of 3.06%, reaching USD 4.15 Billion by 2022 from USD 3.57 Billion in 2017. The rising trend of using low speed vehicles in gated communities, resorts, industrial, & college campuses is projected to fuel the demand for these vehicles. Also, possible advancements in ride-hailing and integrated mobility solutions, the market for low speed vehicles is projected to showcase a steady growth rate over the forecast period.

The study segments the low speed vehicle market by vehicle type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, and Personnel Carriers). In terms of volume, golf carts are the largest segment in the low speed vehicle market, whereas, personnel carriers are estimated to have the fastest growing market. The growth in the golf carts is owing to the increase in golf communities and golf activities, whereas the personnel carriers are expected to grow with the increase in gated communities, resorts, and its uses in such locations.

The study also segments the market in terms of Manufacturer. The key manufacturer targeted under this segment are Polaris, Deere, Kubota, Club Car/Ingersoll Rand, Textron, Yamaha, Kawasaki, Ontario, American SportWorks, and Bad Boy/Intimidator. Club Car, Textron, Yamaha, and Kubota are identified to contribute to more than 75% of the North American low speed vehicle market share, owing to their wide product portfolio in terms of vehicle type, fuel type, and strong presence in the North American market. During the forecast period Club car is estimated to have the largest and fastest market.

The low speed vehicles in North America are also segmented, by their power output range as <8 kW, 8 kW –15 Kw, and >15kW. In terms of value, the 8 kW –15 kW is estimated to have the largest market whereas, >15 kW is estimated to have the fastest growing market during the forecast period. The increased demand for >15 kW can be attributed due to its all-terrain application, maximum speed output, and as it can withstand loads up to certain limits.

The low speed vehicle market for North America is also segmented by propulsion (diesel, electric, and gasoline). Electric vehicles are estimated to have largest and fastest market during the forecast period. The growth can be attributed due to the increase in vehicle electrification trend. Also, the electric vehicles are better suitable options as these vehicles are required to cover the short distances and need less power output.

The US is estimated to be the largest and fastest growing low speed vehicle market during the forecast period. The growth in the region can be attributed to the presence of established manufacturers such as Polaris, Textron, and Club car. The growth can also be observed as the average age of the population is above 55 years of age and this age group of people prefer low speed vehicles as their second vehicle to commute in local areas or same vicinity. Thus, the overall market for low speed vehicles is quite high in the US in comparison to other countries.

The major factor hindering the growth of low speed vehicle market in North America is the minimal safety features with which the vehicles are equipped. As the authorities have not specified the safety standards for these vehicles, they are not designed considering the safety aspect. Thus, consumers do not prefer a low speed vehicle.

The key strategies adopted by the players in the low speed vehicle market in North America are new product developments, supply contracts, and expansions. Polaris and Textron are some of the leading market players that have adopted these strategies to expand their businesses. For instance, in October 2017, Polaris introduced the intelligent off-road suspension, named as, DYNAMIX Active Suspension, for its low speed vehicles, whereas, in September 2017, Textron had a supply contract with the Real Club Valderrama, a golf club in Spain to supply 40 units of E-Z-GO RXV ELiTE golf carts.

Note: Product cover images may vary from those shown
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  • American Sportworks
  • Bad Boy Inc./Intimidator, Inc.
  • Club Car/Ingersoll Rand
  • Deere & Co.
  • Kawasaki Motors
  • Kubota
  • Ontario Drive & Gear Ltd.
  • Polaris Industries
  • Textron Specialized Vehicles
  • Yamaha Motor
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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