North America Low Speed Vehicle Market to Grow at a CAGR of 3.5% to reach US$ 4,199.6 million from 2020 to 2027
The low speed vehicle market in North America was valued at US$ 3,209.2 million in 2019 and is projected to reach US$ 4,199.6 million by 2027; it is expected to grow at a CAGR of 3.5% from 2020 to 2027.
North America constitutes developed economies, including the US and Canada, along with several developing countries such as Mexico. North America region is characterized as a fast adopter of several technological developments, which complements the growth of technologically advanced products and services in this region. The companies in this region are continuously enhancing the overall business processes to meet the customer demand for high-quality products and services in the best possible way. North America has a strong presence of a well-developed automotive market and therefore is considered to be one of the most prominent commercial vehicles producing nations in the world.
A low speed vehicle is a 4-wheel motor vehicle that can move at speed from 20 to 25 mph. Golf carts, neighborhood electric vehicles, utility vehicles, pickup vans, and personal carriers are among the low speed vehicles deployed in the region. The rising elderly population is projected to create more demand for mobility solutions that are beyond automobiles. In this respect, the low speed vehicles and street-legal golf carts are ideal as these are cost-effective, convenient, and a clean local transportation substitute for this population. The mentioned vehicles are also appropriate for commuters, students, and government fleet operators. The US projects to lower vehicle miles traveled and greenhouse gas emissions. The abovementioned factors have been playing a significant role in creating an immediate market for zero-emission vehicles, particularly in the US. The use of low speed vehicles for short trips would play a vital role in decreasing greenhouse gas emission levels in the Americas. All these factors are anticipated to boost the demand of low speed vehicle market in the North America region in the coming years.
North America: Low Speed Vehicle Market, Revenue and Forecast to 2027 (US$ Million)
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North America Low Speed Vehicle Market–Segmentation
North America Low Speed Vehicle Market – By Type
- Commercial Turf Utility Vehicles
- Golf Carts
- Industrial Utility Vehicles
- Personnel Carriers
North America Low Speed Vehicle Market – By Propulsion
- Diesel
- Electric
- Less than 5 HP
- 5 to 10 HP
- More than 8 HP
- Gasoline
North America Low Speed Vehicle Market – By Country
- The US
- Canada
- Mexico
North America Low Speed Vehicle Market-Companies Mentioned
- Bintelli Electric Vehicle
- Club Car, LLC
- Cruise Car, Inc.,
- Deere & Company
- HDK Co., Ltd.
- Moto Electric Vehicles
- Polaris Inc.
- Textron Specialized Vehicles Inc.
- The Toro Company
- Yamaha Golf-Car Company
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Propulsion,
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Low Speed Vehicle Market – By Type
1.3.2 North America Low Speed Vehicle Market – By Propulsion
1.3.3 North America Low Speed Vehicle Market – By Country
2. Research Methodology
2.1 Coverage
2.2 Secondary Research
2.3 Primary Research
3. Key Takeaways
4. North America Low Speed Vehicle Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
5. North America Low Speed Vehicle –Market Dynamics
5.1 Market Drivers
5.1.1 Increasing number of government initiatives to promote sustainable transportation
5.1.2 Rising construction and infrastructure industry
5.2 Market Restraints
5.2.1 High ownership and maintenance costs
5.3 Market Opportunities
5.3.1 Growing demand for electric vehicles
5.4 Future Trends
5.4.1 Rising technological integration to incorporate advanced features in vehicles
5.5 Impact Analysis of Drivers and Restraints
6. Low Speed Vehicle- North America Market Analysis
6.1 North America Low Speed Vehicle Market Overview
6.1.1 North America: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
6.2 Market Positioning – Five Key Players
7. North America Low Speed Vehicle Market – By Type
7.1 Overview
7.1.1 North America: Low Speed Vehicle Market, by Type
7.2 Commercial Turf Utility Vehicles
7.2.1 Overview
7.2.2 Commercial Turf Utility Vehicles: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
7.3 Golf Carts
7.3.1 Overview
7.3.2 Golf Carts: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
7.4 Industrial Utility Vehicles
7.4.1 Overview
7.4.2 Industrial Utility Vehicles: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
7.5 Personnel Carriers
7.5.1 Overview
7.5.2 Personnel Carriers: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
8. North America Low Speed Vehicle Market – By Propulsion
8.1 Overview
8.1.1 North America: Low Speed Vehicle Market, by Propulsion
8.1.1.1 North America: Electric Low Speed Vehicle Market, by Power
8.2 Diesel
8.2.1 Overview
8.2.2 Diesel: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
8.3 Electric
8.3.1 Overview
8.3.2 Electric: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
8.3.3 Less than 5 HP Market Forecast and Analysis
8.3.3.1 Less than 5 HP: Revenue and Forecast to 2027 (US$ Million)
8.3.4 5 – 8 HP Market Forecast and Analysis
8.3.4.1 5–8 HP: Revenue and Forecast to 2027 (US$ Million)
8.3.5 More than 8 HP Market Forecast and Analysis
8.3.5.1 More than 8 HP: Revenue and Forecast to 2027 (US$ Million)
8.4 Gasoline
8.4.1 Overview
8.4.2 Gasoline: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9. North America Low Speed Vehicle Market – Country Analysis
9.1 North America: Low Speed Vehicle Market, by Key Country
9.1.1 US: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9.1.1.1 US: Low Speed Vehicle Market, by Type
9.1.1.2 US: Low Speed Vehicle Market, by Propulsion
9.1.1.3 US: Electric Low Speed Vehicle Market, by Power
9.1.2 Canada: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9.1.2.1 Canada: Low Speed Vehicle Market, by Type
9.1.2.2 Canada: Low Speed Vehicle Market, by Propulsion
9.1.2.3 Canada: Electric Low Speed Vehicle Market, by Power
9.1.3 Mexico: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9.1.3.1 Mexico: Low Speed Vehicle Market, by Type
9.1.3.2 Mexico: Low Speed Vehicle Market, by Propulsion
9.1.3.3 Mexico: Electric Low Speed Vehicle Market, by Power
10. North America Low Speed Vehicle Market - Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Bintelli Electric Vehicles
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Club Car, LLC
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Cruise Car, Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Deere & Company
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 HDK Co., Ltd.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Moto Electric Vehicles
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Polaris Inc.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Textron Specialized Vehicles Inc.
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 The Toro Company
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Yamaha Golf-Car Company
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. North America: Low Speed Vehicle Market, by Type – Revenue and Forecast to 2027 (US$ Million)
Table 3. North America: Low Speed Vehicle Market, by Propulsion – Revenue and Forecast to 2027 (US$ Million)
Table 4. North America: Electric Low Speed Vehicle Market, by Power – Revenue and Forecast to 2027 (US$ Million)
Table 5. North America: Low Speed Vehicle Market, by Country – Revenue and Forecast to 2027 (US$ Million)
Table 6. US: Low Speed Vehicle Market, by Type –Revenue and Forecast to 2027 (US$ Million)
Table 7. US: Low Speed Vehicle Market, by Propulsion –Revenue and Forecast to 2027 (US$ Million)
Table 8. US: Electric Low Speed Vehicle Market, by Power –Revenue and Forecast to 2027 (US$ Million)
Table 9. Canada: Low Speed Vehicle Market, by Type – Revenue and Forecast to 2027 (US$ Million)
Table 10. Canada: Low Speed Vehicle Market, by Propulsion – Revenue and Forecast to 2027 (US$ Million)
Table 11. Canada: Electric Low Speed Vehicle Market, by Power – Revenue and Forecast to 2027 (US$ Million)
Table 12. Mexico: Low Speed Vehicle Market, by Type – Revenue and Forecast to 2027 (US$ Million)
Table 13. Mexico: Low Speed Vehicle Market, by Propulsion – Revenue and Forecast to 2027 (US$ Million)
Table 14. Mexico: Electric Low Speed Vehicle Market, by Power – Revenue and Forecast to 2027 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Low Speed Vehicle Market Segmentation
Figure 2. North America Low Speed Vehicle Market Overview
Figure 3. Electric Propulsion to Show Remarkable Traction During Forecast Period
Figure 4. Personnal Carriers Segment to Show Remarkable Growth During Forecast Period
Figure 5. North America Low Speed Vehicle Market, Industry Landscape
Figure 6. North America: PEST Analysis
Figure 7. Ecosystem Analysis
Figure 8. Low Speed Vehicle Market Impact Analysis of Drivers and Restraints
Figure 9. North America: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 10. North America: Low Speed Vehicle Market Revenue Share, by Type (2019 and 2027)
Figure 11. Commercial Turf Utility Vehicles: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 12. Golf Carts: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Industrial Utility Vehicles: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 14. Personnel Carriers: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 15. North America: Low Speed Vehicle Market Revenue Share, by Propulsion (2019 and 2027)
Figure 16. Diesel: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 17. Electric: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. Less than 5 HP: Revenue and Forecast to 2027 (US$ Million)
Figure 19. 5–8 HP: Revenue and Forecast to 2027 (US$ Million)
Figure 20. More than 8 HP: Revenue and Forecast to 2027 (US$ Million)
Figure 21. Gasoline: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 22. North America: Low Speed Vehicle Market Revenue Share, by Key Country (2019 and 2027)
Figure 23. US: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Canada: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25. Mexico: Low Speed Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
The List of Companies - North America Low Speed Vehicle Market
- Bintelli Electric Vehicle
- Club Car, LLC
- Cruise Car, Inc.,
- Deere & Company
- HDK Co., Ltd.
- Moto Electric Vehicles
- Polaris Inc.
- Textron Specialized Vehicles Inc.
- The Toro Company
- Yamaha Golf-Car Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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