NEW YORK, Nov. 30, 2017 /PRNewswire/ —
Increase in demand for green vehicles and changing face of transportation industry to drive the low speed vehicle market.
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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.
Personnel Carrier market is estimated to show the fastest growth and is expected to dominate the LSV market, by LSV type
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.
Golf Carts is estimated to have the largest share in low speed vehicle 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.
US to dominate the market growth
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