July 06, 2020
According to the research report titled ‘Global Low Speed Vehicle Market Size study with COVID-19 impact, by Vehicle Type (Passenger vehicle, Heavy duty vehicle, Utility vehicle and Off-road vehicle), by End-User (Golf Courses, Tourist Destinations, Hotels & Resorts, Airports and Residential & Commercial Premises) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global low speed vehicle market was valued at USD 3190.53 million in 2019 and is anticipated to grow with a CAGR of 15.40% through 2026.
Low speed vehicles (LSV) are four-wheel automobile with maximum speed limit of 40 kmph. They operate on CNG, electricity, or other alternative fuels and weigh less than 3000 lbs. These vehicles are exempt from numerous vehicle safety standards. Improving environmental cognizance and consumer inclination towards electric vehicles are propelling the growth of low speed vehicle market.
The outbreak of COVID-19 pandemic has compelled nations to implement travel bans, lockdown, industrial shutdown, resulting in economic slowdown. Global low speed vehicle market is expected to encounter sluggish growth over the next couple of years due to disruption in supply chain worldwide.
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Notably, LSVs operating on electricity require continuous supply from batteries. There are various combinations of batteries utilized in these cars which include molten salt, lithium ion, zinc-air and nickel-based designs. Technological advancements, expansion of electric vehicle charging infrastructure and strict emission regulations are the key factors driving the growth of low speed vehicle market.
Based on vehicle type, the market is divided into heavy duty vehicle, passenger vehicle, off-road vehicle and utility vehicle. With regards to end user spectrum, the market is segmented into hotels & resorts, residential & commercial premises, golf courses, tourist destinations and airports.
As per the regional overview, low speed vehicle market is divided into Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America held significant market share in the recent past, due to the growth of electric vehicle charging infrastructure.
Meanwhile, Asia-Pacific market is expected to display the highest CAGR during 2020-2026. Stringent emission regulations and subsequent rise in demand for low speed electric vehicles will create lucrative opportunities for APAC market players.
Key contenders in global low speed vehicle market are AGT Electric Cars, Bradshaw Electric Vehicles, Xiamen Dalle Electric Car Co., Ltd., Ligier Group, Bintelli Electric Vehicles, Speedways Electric, Yamaha Motor Co., Ltd., Polaris Inc., Textron Inc., and Ingersoll-Rand plc among others.