Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027

低速車の世界市場予測(~2027):種類別、出力別、推進力別、用途別、地域別

◆タイトル:Low-Speed Vehicle Market by Type (Commercial Turf & Industrial Utility Vehicle, Golf Cart, and Personal Mobility Vehicle), Power Output (<8 kW, 8-15 kW, and >15 kW), Propulsion (Diesel, Electric, and Gasoline), Application and Region - Forecast to 2027
◆商品コード:AT5757-22
◆調査・発行会社:MarketsandMarkets
◆発行日:2022年3月31日
◆ページ数:263
◆レポート形式:PDF / 英語
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◆調査対象地域:グローバル
◆産業分野:自動車
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【レポートの概要】

マーケッツアンドマーケッツ社は、世界の低速車市場規模が、2021年89億ドルから2027年144億ドルまで年平均8.2%成長すると予測しています。本調査資料では、低速車の世界市場を調査対象とし、イントロダクション、調査手法、エグゼクティブサマリー、プレミアムインサイト、市場概要、出力別(<8kW、8-15kW、>15kW)分析、用途別(ゴルフコース、ホテル&リゾート、空港、産業施設、その他)分析、バッテリータイプ別(リチウムイオン、鉛蓄電池)分析、推進力別(電気、ガソリン、ディーゼル)分析、地域別分析、競争状況、企業情報などの項目を掲載しています。
・イントロダクション
・調査手法
・エグゼクティブサマリー
・プレミアムインサイト
・市場概要
・世界の低速車市場規模:出力別(<8kW、8-15kW、>15kW)
・世界の低速車市場規模:用途別(ゴルフコース、ホテル&リゾート、空港、産業施設、その他)
・世界の低速車市場規模:バッテリータイプ別(リチウムイオン、鉛蓄電池)
・世界の低速車市場規模:推進力別(電気、ガソリン、ディーゼル)
・世界の低速車市場規模:地域別
・競争状況
・企業情報

“The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%.”
As per the World Bank, the global population is growing at a rate of ~1% annually. Further, according to the same World Bank statistics, nearly 35% of the global population came under the 40-79 age group in 2020. Nearly 25% of the population in the US were 60 years and above, European nations had an average of 21.5% of the population above 60 years and above, and Japan is the oldest country with nearly 28% of the population in that age group. As per the UN Census Bureau, the global population crossed 7.9 billion in February 2022. As per medical studies, the reflex actions of the human body tend to reduce with growing age. This supports that people are now moving toward safer driving options. The trend of an aging population in the US has grown nearly 3% from 1996 to 2020 and predicted to grow during the forecast period. Thus, these figures show that the geriatric population is increasing, and low-speed vehicles which run at 25 mph are the best and safe solutions available for this population. The current trend for safe, comfortable, and easy mobility solutions is growing. People in the geriatric age group look for door-to-door movement mobility solutions, and low-speed compact vehicles fulfill this requirement. Companies have developed products keeping the elderly group population in consideration with models like E-Z-Go Express S4 introduced in 2021, Club Car’s Onward Series introduced in 2017, and Garia Via provides a full customization option to its customers and Cushion Shuttle 6 for movement of more passengers. In 2016, Wajima, a city in Japan, introduced free automated golf car services for the elderly population. Therefore, considering these factors, the rise in the geriatric population could drive the market for low-speed vehicles.
Golf is considered a form of recreational sport. The average age of the golfer is nearly 54 years. As per the National Golf Foundation (NGF) records in 2020, there was remarkable surge in both participation and rounds played despite the shutdowns and uncertainties of the COVID-19 pandemic. The NGF count showed 24.8 million golfers in the US in 2020, an increase of 500,000 and 2% over 2019. New players numbered 6.2 million in 2020. As per the NGF’s study, 2020 marked the third straight year more golfers came to the game in the US. Despite being the age group most at risk during the pandemic, older players showed an enthusiastic response for playing the sport. Further, in the US, two-thirds of private golf clubs were reported in a good financial situation in late 2020.
Also, at DLF Golf and Country Club, a prestigious golf club in Asia Pacific, there has been an increase in demand for membership and regular usage by existing members in 2020. Another factor that led to the growing popularity of the sport is the increase in rewards and prize money. As per Professional Golf Tour of India (PGTI) in Asia Pacific, events that had prize money of USD 8-10 thousand in the early 2000s are now scaled up to a range starting from USD 30 thousand and going up to USD 0.2 million in professional golf tournaments.
There has been a remarkable increase in golf courses throughout the globe. Again, as per NGF, there was a 44% increase in the number from 2006 to 2019. According to ASIAN Golf, nearly 5,000 golf courses were developed in Asia till March 2020, of which 196 were officially registered in India. Therefore, growing popularity among people for golf and rising enthusiasm toward this sport would drive the market for low-speed vehicles like golf carts.

“The Commercial Turf Utility Vehicle segment is expected to lead the Vehicle type segment.”
The hotels and resorts industry is completely dependent on tourism activities. According to the latest World Tourism Barometer, global travel activity rebounded sharply in the third quarter of 2021, while remaining far below pre-pandemic levels. International tourist arrivals increased by 58% in the three months ended September 2021 compared to the same period of 2020. These travel activities globally are creating demand from the hotel and resorts industry to provide the best facilities and convenient activities to their providers. For instance, in 2019, Atlanta, the Palm Dubai ordered a fleet for LSVs from Club Car.
Apart from this, hotels and resorts are now promoting battery-operated vehicles and even focusing on structures to support electric mobility solutions. In 2021, Fern Hotels and Resorts partnered with Magenta to install EV charging stations at over 84 hotels across India. A few examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the market for commercial turf utility vehicles is largely dependent on the travel and tourism industry, and with the growth of the tourism industry, the market for commercial turf utility vehicles is predicted to grow during forecasted period.

“North America is projected to be the largest regional market”
North America accounts for 80% of the world’s golf cart demand, with the US accounting for 96% of the regional golf cart demand. Thus, the US is the largest country-level market in the region and accounts for more than two-thirds of the overall market, followed by Canada and Mexico. Mexico and Canada are also gaining traction due to lower manufacturing costs, low manpower costs, and favorable government policies.
The market is held strongly by established American and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US), and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the US have advanced comfort and safety technologies.
The North American low-speed vehicle market features vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The US government is also focusing on the electric vehicle market and even giving subsidy benefits on taxes for promoting them.

“Golf courses are expected to hold the largest market share during the forecast period.”
The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: Low-speed vehicle manufacturers – 45%, Component Suppliers-40% and Others– 15%
• By Designation: C Level – 35%, Directors- 35%, and Others – 30%
• By Region: Asia Pacific – 40%, Europe – 30%, and North America –30%

The low-speed vehicle market is led by established players such as Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US).

Research Coverage:
The study segments the Low-speed vehicle market and forecasts the market size based on Vehicle Type { golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle application type (golf courses, hotels & resorts, airports, industrial facilities, and others), propulsion (electric, diesel, and gasoline), battery type (Li-Ion and Lead Acid), power output (<8 KW, 8–15 KW, and >15 KW), and region (Asia Pacific, North America, Europe, and the Rest of the World [RoW]).
The study also includes an in-depth competitive analysis of the major Low-speed vehicle manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall Low-speed vehicle market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.

【レポートの目次】

1 INTRODUCTION 33
1.1 OBJECTIVES 33
1.2 MARKET PRODUCT DEFINITION 33
1.2.1 INCLUSIONS & EXCLUSIONS 34
1.3 MARKET SCOPE 35
FIGURE 1 MARKET SEGMENTATION: LOW-SPEED VEHICLE MARKET 35
1.3.1 YEARS CONSIDERED IN THE STUDY 36
1.4 CURRENCY CONSIDERED 36
1.5 SUMMARY OF CHANGES 36
1.6 STAKEHOLDERS 37
2 RESEARCH METHODOLOGY 38
2.1 RESEARCH DATA 38
FIGURE 2 LOW-SPEED VEHICLE MARKET: RESEARCH DESIGN 38
2.1.1 SECONDARY DATA 39
2.1.1.1 List of key secondary sources to estimate base numbers 40
2.1.1.2 List of key secondary sources for market sizing 41
2.1.1.3 Key data from secondary sources 41
2.1.2 PRIMARY DATA 42
2.1.2.1 Breakdown of primary interviews 42
2.1.3 SAMPLING TECHNIQUES & DATA COLLECTION METHODS 43
2.2 MARKET SIZE ESTIMATION 43
FIGURE 3 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 44
2.2.1 BOTTOM-UP APPROACH 44
FIGURE 4 BOTTOM-UP APPROACH: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE & COUNTRY 44
2.2.2 TOP-DOWN APPROACH 45
FIGURE 5 TOP-DOWN APPROACH: LOW-SPEED VEHICLE MARKET, BY PROPULSION AND APPLICATION 45
FIGURE 6 LOW-SPEED VEHICLE MARKET: RESEARCH DESIGN & METHODOLOGY 46
2.2.3 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY-SIDE 47
2.3 FACTOR ANALYSIS 48
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 49
FIGURE 7 DATA TRIANGULATION 49
2.5 RESEARCH ASSUMPTIONS 50
TABLE 1 ASSUMPTIONS 50
2.6 RESEARCH LIMITATIONS 51

3 EXECUTIVE SUMMARY 52
3.1 PRE- VS POST-COVID-19 SCENARIO 52
FIGURE 8 PRE- & POST-COVID-19 SCENARIO: LOW-SPEED VEHICLE MARKET SIZE, 2019–2027 (USD MILLION) 52
TABLE 2 LOW-SPEED VEHICLE SIZE: PRE- VS. POST-COVID-19 SCENARIO,
2019–2027 (USD MILLION) 52
3.2 REPORT SUMMARY 53
FIGURE 9 LOW-SPEED VEHICLE SIZE, BY VEHICLE TYPE, 2021 VS. 2027 54
4 PREMIUM INSIGHTS 56
4.1 ATTRACTIVE OPPORTUNITIES IN LOW-SPEED VEHICLE MARKET 56
FIGURE 10 RISING DEMAND FROM END USE SECTORS LIKE INDUSTRIAL FACILITIES AND AIRPORTS TO DRIVE THE MARKET 56
4.2 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE 57
FIGURE 11 COMMERCIAL TURF UTILITY VEHICLES HELD LARGEST MARKET IN
2021 (USD MILLION) 57
4.3 LOW-SPEED VEHICLE MARKET, BY PROPULSION 57
FIGURE 12 ELECTRIC PROPULSION TO DOMINATE THE MARKET 57
4.4 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE 58
FIGURE 13 LI-ION TO HOLD LARGEST MARKET DURING FORECAST PERIOD 58
4.5 LOW-SPEED VEHICLE MARKET, BY APPLICATION TYPE 58
FIGURE 14 GOLF COURSES HELD LARGEST MARKET IN 2021 58
4.6 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT 59
FIGURE 15 <8 KW HELD LARGEST MARKET IN 2021 59
4.7 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY 59
FIGURE 16 L7 VEHICLE ACCOUNTS MAXIMUM SHARE BY CATEGORY SEGMENT 59
4.8 LOW-SPEED VEHICLE MARKET, BY REGION 60
FIGURE 17 NORTH AMERICA ESTIMATED TO ACCOUNT FOR THE LARGEST SHARE OF
THE MARKET 60
5 MARKET OVERVIEW 61
5.1 INTRODUCTION 61
5.2 MARKET DYNAMICS 62
FIGURE 18 LOW-SPEED VEHICLE MARKET: MARKET DYNAMICS 62
5.2.1 DRIVERS 62
5.2.1.1 Rising geriatric population 62
FIGURE 19 PERCENTAGE OF POPULATION AGE 65 & ABOVE, US, 1996-2020 63
5.2.1.2 Growing popularity for golf 63
5.2.1.3 Growing electric vehicle charging infrastructure 64
FIGURE 20 NUMBER OF EV CHARGING STATION LOCATIONS AND EVSE PORTS IN US, 2021 64
FIGURE 21 NUMBER OF CHARGING STATIONS IN TOP 10 COUNTRIES IN EUROPE, 2020 65
5.2.2 RESTRAINTS 65
5.2.2.1 High costs restraining adoption in developing and underdeveloped regions 65
5.2.2.2 Lack of safety standards/equipment 66
5.2.3 OPPORTUNITIES 66
5.2.3.1 Increasing real estate and commercial sector 66
5.2.3.2 Increasing developments of autonomous and connected technologies 67
5.2.4 CHALLENGES 67
5.2.4.1 Cost reduction and improved energy density of EV batteries 67
5.3 PORTER’S FIVE FORCES ANALYSIS 68
TABLE 3 PORTER’S FIVE FORCES ANALYSIS 68
FIGURE 22 PORTER’S FIVE FORCES 69
5.3.1 INTENSITY OF COMPETITIVE RIVALRY 69
5.3.2 THREAT OF SUBSTITUTES 70
5.3.3 BARGAINING POWER OF SUPPLIERS 70
5.3.4 BARGAINING POWER OF BUYERS 70
5.3.5 THREAT OF NEW ENTRANTS 71
5.4 CASE STUDIES 71
5.4.1 GOLF CAR POWERTRAIN NVH SOURCES AND MITIGATION METHODS 71
5.4.2 GOLF CARTS MAKING ROUNDS IN SOME COMMUNITIES 71
5.4.3 INVESTIGATION INTO CONVERSION OF FLEET OF PLUG-IN-ELECTRIC GOLF CARTS INTO SOLAR-POWERED VEHICLES USING FUZZY LOGIC CONTROL 73
5.4.4 DESIGN AND CONSTRUCTION OF AN AUTONOMOUS GOLF CART; ANALYZING CASE STUDIES OF TRANSITIONING FROM HUMAN-DRIVING TO SELF-DRIVING VEHICLES 75
5.4.5 IMPACTS OF LOW-SPEED VEHICLES ON TRANSPORTATION INFRASTRUCTURE AND SAFETY 76
5.5 PATENT ANALYSIS 77
5.6 LOW-SPEED VEHICLE: IN MARKET SCENARIO 82
FIGURE 23 LOW-SPEED VEHICLE MARKET SCENARIO, 2019–2027 (USD MILLION) 82
5.6.1 REALISTIC SCENARIO 82
TABLE 4 LOW-SPEED VEHICLE (REALISTIC SCENARIO), BY REGION,
2019–2027 (USD MILLION) 82
5.6.2 LOW IMPACT SCENARIO 83
TABLE 5 LOW-SPEED VEHICLE MARKET (LOW IMPACT SCENARIO), BY REGION,
2019–2027 (USD MILLION) 83
5.6.3 HIGH IMPACT SCENARIO 83
TABLE 6 LOW-SPEED VEHICLE MARKET (HIGH IMPACT SCENARIO), BY REGION,
2019–2027 (USD MILLION) 84
5.7 SUPPLY CHAIN ANALYSIS 84
FIGURE 24 SUPPLY CHAIN ANALYSIS: LOW-SPEED VEHICLE MARKET 84
5.8 MARKET ECOSYSTEM 85
FIGURE 25 LOW-SPEED VEHICLE MARKET ECOSYSTEM 85
TABLE 7 ROLE OF COMPANIES IN LOW-SPEED VEHICLE MARKET ECOSYSTEM 85
5.9 AVERAGE SELLING PRICE (ASP) ANALYSIS 87
TABLE 8 AVERAGE SELLING PRICE (ASP), BY REGION 87
TABLE 9 AVERAGE SELLING PRICE (ASP), BY VEHICLE TYPE 87
5.10 REGULATORY ANALYSIS 88
5.10.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 89
TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
TABLE 13 REST OF WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
5.10.2 REGULATORY ANALYSIS FOR LOW-SPEED VEHICLES, BY COUNTRY 90
TABLE 14 US: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES 90
TABLE 15 CANADA: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES 92
TABLE 16 EUROPE/ASIA: LIST OF REGULATIONS FOR LOW-SPEED VEHICLES 93
5.11 TRADE ANALYSIS 93
TABLE 17 IMPORT TRADE DATA: 870310 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 93
TABLE 18 EXPORT TRADE DATA: 870310 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 94
TABLE 19 IMPORT TRADE DATA: 870899 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 94
TABLE 20 EXPORT TRADE DATA: 870899 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 95
TABLE 21 IMPORT TRADE DATA: 843280 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 95
TABLE 22 EXPORT TRADE DATA: 843280 HS CODE, BY KEY COUNTRIES,
2020 (THOUSAND USD) 96
5.12 TECHNOLOGY TREND 96
5.12.1 FUTURE IS OF ELECTRIC TECHNOLOGY 96
5.12.2 ADVANCED FEATURES FOR LUXURY AND SAFETY 97
5.13 KEY CONFERENCES & EVENTS IN 2022-2023 97
TABLE 23 LOW-SPEED VEHICLE MARKET: DETAILED LIST OF CONFERENCES & EVENTS 97
6 RECOMMENDATIONS BY MARKETSANDMARKETS 99
6.1 NORTH AMERICA IS EXPECTED TO LEAD THE MARKET 99
6.2 KEY FOCUS AREAS: SAFETY FEATURES AND ELECTRIC VEHICLES 99
6.3 CONCLUSION 100
7 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE 101
7.1 INTRODUCTION 102
7.1.1 RESEARCH METHODOLOGY 102
7.1.2 ASSUMPTIONS 102
7.1.3 INDUSTRY INSIGHTS 103
FIGURE 26 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021 VS. 2027 (USD MILLION) 103
TABLE 24 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 103
TABLE 25 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 104
TABLE 26 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 104
TABLE 27 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 104
7.2 GOLF CART 105
7.2.1 INCREASE IN NUMBER OF REGISTRATIONS AND INVESTMENTS TO DRIVE DEMAND 105
TABLE 28 GOLF CARTS MARKET, BY REGION, 2017–2020 (UNITS) 105
TABLE 29 GOLF CARTS MARKET, BY REGION, 2021–2027 (UNITS) 105
TABLE 30 GOLF CARTS MARKET, BY REGION, 2017–2020 (USD MILLION) 106
TABLE 31 GOLF CARTS MARKET, BY REGION, 2021–2027 (USD MILLION) 106
7.3 COMMERCIAL TURF UTILITY VEHICLE 106
7.3.1 GROWTH OF HOTELS & RESORTS TO DRIVE DEMAND 106
TABLE 32 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION,
2017–2020 (UNITS) 107
TABLE 33 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION,
2021–2027 (UNITS) 107
TABLE 34 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION,
2017–2020 (USD MILLION) 107
TABLE 35 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION,
2021–2027 (USD MILLION) 108
7.4 INDUSTRIAL UTILITY VEHICLE 108
7.4.1 GROWING CONSTRUCTION SECTOR TO DRIVE DEMAND 108
TABLE 36 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 109
TABLE 37 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 109
TABLE 38 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 109
TABLE 39 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 110
7.5 PERSONAL MOBILITY VEHICLE 110
7.5.1 RISE IN DOMESTIC TRAVEL TO DRIVE DEMAND 110
TABLE 40 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 110
TABLE 41 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 111
TABLE 42 PERSONAL MOBILITY VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 111
TABLE 43 PERSONAL MOBILITY VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 111

8 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT 112
8.1 INTRODUCTION 113
8.1.1 RESEARCH METHODOLOGY 113
8.1.2 ASSUMPTIONS 113
8.1.3 INDUSTRY INSIGHTS 113
FIGURE 27 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT,
2021 VS. 2027 (USD MILLION) 114
TABLE 44 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2017–2020 (UNITS) 114
TABLE 45 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2021–2027 (UNITS) 114
TABLE 46 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT,
2017–2020 (USD MILLION) 115
TABLE 47 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT,
2021–2027 (USD MILLION) 115
8.2 <8 KW 115
8.2.1 RISING DEMAND IN GOLF COURSES TO DRIVE THE SEGMENT 115
TABLE 48 <8 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 116
TABLE 49 <8 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 116
TABLE 50 <8 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 116
TABLE 51 <8 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 117
8.3 8 –15 KW 117
8.3.1 GROWTH OF HOSPITALITY SECTOR TO DRIVE THE SEGMENT 117
TABLE 52 8 –15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 117
TABLE 53 8 –15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 118
TABLE 54 8 –15 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 118
TABLE 55 8 –15 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 118
8.4 >15 KW 119
8.4.1 RISING DEMAND FROM MAJOR INDUSTRIES TO DRIVE THE SEGMENT 119
TABLE 56 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 119
TABLE 57 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 120
TABLE 58 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 120
TABLE 59 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 120
9 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE 121
9.1 INTRODUCTION 122
9.1.1 RESEARCH METHODOLOGY 122
9.1.2 ASSUMPTIONS 122
9.1.3 INDUSTRY INSIGHTS 123
FIGURE 28 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE,
2021 VS. 2027 (USD MILLION) 123
TABLE 60 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2017–2020 (UNITS) 123
TABLE 61 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2021–2027 (UNITS) 124
TABLE 62 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE,
2017–2020 (USD MILLION) 124
TABLE 63 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE,
2021–2027 (USD MILLION) 124
9.2 LITHIUM-ION (LI-ION) 124
9.2.1 SEVERAL WORKING ADVANTAGES OVER LEAD-ACID BATTERY TO DRIVE DEMAND 124
TABLE 64 LI-ION: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 125
TABLE 65 LI-ION: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 125
TABLE 66 LI-ION: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 126
TABLE 67 LI-ION: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 126
9.3 LEAD-ACID 126
9.3.1 LOW EFFICIENCY AND HAZARDOUS NATURE LEADING TO DECREASE IN DEMAND 126
TABLE 68 LEAD ACID: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 127
TABLE 69 LEAD ACID: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 127
TABLE 70 LEAD ACID: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 127
TABLE 71 LEAD ACID: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 128
10 LOW-SPEED VEHICLE MARKET, BY APPLICATION TYPE 129
10.1 INTRODUCTION 130
10.1.1 RESEARCH METHODOLOGY 130
10.1.2 ASSUMPTIONS 130
10.1.3 INDUSTRY INSIGHTS 131
FIGURE 29 LOW-SPEED VEHICLE MARKET, BY APPLICATION,
2021 VS. 2027 (USD MILLION) 131
TABLE 72 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2017–2020 (UNITS) 131
TABLE 73 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2021–2027 (UNITS) 132
TABLE 74 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2017–2020 (USD MILLION) 132
TABLE 75 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2021–2027 (USD MILLION) 132
10.2 GOLF COURSES 133
10.2.1 DEVELOPMENT OF NEW GOLF COURSES TO DRIVE DEMAND 133
TABLE 76 GOLF COURSES: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (UNITS) 133
TABLE 77 GOLF COURSES: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (UNITS) 133
TABLE 78 GOLF COURSES: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 134
TABLE 79 GOLF COURSES: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 134
10.3 HOTELS & RESORTS 134
10.3.1 INVESTMENTS IN HOSPITALITY SECTOR TO DRIVE DEMAND 134
TABLE 80 HOTELS & RESORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (UNITS) 135
TABLE 81 HOTELS & RESORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (UNITS) 135
TABLE 82 HOTELS & RESORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 135
TABLE 83 HOTELS & RESORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 136
10.4 AIRPORTS 136
10.4.1 INCREASE IN AIRPORT OPERATIONS TO DRIVE DEMAND 136
TABLE 84 AIRPORTS: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 137
TABLE 85 AIRPORTS: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 137
TABLE 86 AIRPORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 137
TABLE 87 AIRPORTS: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 138
10.5 INDUSTRIAL FACILITIES 138
10.5.1 GROWTH OF CONSTRUCTION AND MANUFACTURING SECTOR TO DRIVE DEMAND 138
TABLE 88 INDUSTRIAL FACILITIES: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (UNITS) 138
TABLE 89 INDUSTRIAL FACILITIES: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (UNITS) 139
TABLE 90 INDUSTRIAL FACILITIES: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 139
TABLE 91 INDUSTRIAL FACILITIES: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 139
10.6 OTHERS 140
TABLE 92 OTHERS: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 140
TABLE 93 OTHERS: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 140
TABLE 94 OTHERS: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 141
TABLE 95 OTHERS: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 141
11 LOW-SPEED VEHICLE MARKET, BY PROPULSION 142
11.1 INTRODUCTION 143
11.1.1 RESEARCH METHODOLOGY 143
11.1.2 ASSUMPTIONS 143
11.1.3 INDUSTRY INSIGHTS 143
FIGURE 30 LOW-SPEED VEHICLE MARKET, BY PROPULSION,
2021 VS. 2027 (USD MILLION) 144
TABLE 96 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2017–2020 (UNITS) 144
TABLE 97 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2021–2027 (UNITS) 144
TABLE 98 LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE,
2017–2020 (USD MILLION) 145
TABLE 99 LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE,
2021–2027 (USD MILLION) 145
11.2 ELECTRIC 145
11.2.1 INVESTMENTS IN CHARGING INFRASTRUCTURE TO DRIVE DEMAND 145
TABLE 100 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 146
TABLE 101 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 146
TABLE 102 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 146
TABLE 103 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 147
11.3 GASOLINE 147
11.3.1 RANGE ANXIETY OF ELECTRIC VEHICLES TO DRIVE DEMAND 147
TABLE 104 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 147
TABLE 105 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 148
TABLE 106 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 148
TABLE 107 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 148
11.4 DIESEL 149
11.4.1 LACK OF CHARGING INFRASTRUCTURE IN ROW TO DRIVE DEMAND 149
TABLE 108 DIESEL: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (UNITS) 149
TABLE 109 DIESEL: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (UNITS) 149
TABLE 110 DIESEL: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 150
TABLE 111 DIESEL: GLOBAL LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 150
12 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY 151
12.1 INTRODUCTION 152
12.1.1 RESEARCH METHODOLOGY 152
12.1.2 ASSUMPTIONS 152
FIGURE 31 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY,
2021 VS. 2027 (USD MILLION) 153
TABLE 112 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY,
2017–2020 (UNITS) 153
TABLE 113 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY,
2021–2027 (UNITS) 153
TABLE 114 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY,
2017–2020 (USD MILLION) 154
TABLE 115 LOW-SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY,
2021–2027 (USD MILLION) 154

12.2 L7 VEHICLE 154
12.2.1 HIGHER DEMAND FROM JAPAN, CHINA, US, AND EUROPEAN COUNTRIES TO DRIVE THE SEGMENT 154
TABLE 116 L7 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 155
TABLE 117 L7 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 155
TABLE 118 L7 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 155
TABLE 119 L7 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 156
12.3 L6 VEHICLE 156
12.3.1 INVESTMENTS IN GOLF AND HOSPITALITY TO DRIVE THE SEGMENT 156
TABLE 120 L6 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 157
TABLE 121 L6 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 157
TABLE 122 L6 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION,
2017–2020 (USD MILLION) 157
TABLE 123 L6 VEHICLE: LOW-SPEED VEHICLE MARKET, BY REGION,
2021–2027 (USD MILLION) 158
13 LOW-SPEED VEHICLE MARKET, BY REGION 159
13.1 INTRODUCTION 160
13.1.1 RESEARCH METHODOLOGY 160
13.1.2 ASSUMPTIONS 160
FIGURE 32 INDUSTRY INSIGHTS 161
FIGURE 33 LOW-SPEED VEHICLE MARKET, BY REGION, 2021 VS. 2027 (USD MILLION) 161
TABLE 124 LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (UNITS) 161
TABLE 125 LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (UNITS) 162
TABLE 126 LOW-SPEED VEHICLE MARKET, BY REGION, 2017–2020 (USD MILLION) 162
TABLE 127 LOW-SPEED VEHICLE MARKET, BY REGION, 2021–2027 (USD MILLION) 162
13.2 ASIA PACIFIC 163
FIGURE 34 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, 2021 VS. 2027 (USD MILLION) 163
TABLE 128 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (UNITS) 164
TABLE 129 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (UNITS) 164
TABLE 130 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (USD MILLION) 164
TABLE 131 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (USD MILLION) 165
13.2.1 CHINA 165
13.2.1.1 Growth of industrial sector to drive the market 165
TABLE 132 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 165
TABLE 133 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 166
TABLE 134 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 166
TABLE 135 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 166
13.2.2 INDIA 167
13.2.2.1 Growth in tourism and hospitality sectors to drive the market 167
TABLE 136 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 167
TABLE 137 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 167
TABLE 138 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 168
TABLE 139 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 168
13.2.3 JAPAN 168
13.2.3.1 High demand for industrial utility vehicles to drive the market 168
TABLE 140 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 169
TABLE 141 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 169
TABLE 142 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 169
TABLE 143 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 170
13.2.4 SOUTH KOREA 170
13.2.4.1 High growth opportunities in tourism sector to drive the market 170
TABLE 144 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 170
TABLE 145 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 171
TABLE 146 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 171
TABLE 147 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 171
13.2.5 THAILAND 172
13.2.5.1 Affordable golfing demand to drive the market 172
TABLE 148 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 172
TABLE 149 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 172
TABLE 150 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 173
TABLE 151 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 173
13.2.6 REST OF ASIA PACIFIC 173
13.3 NORTH AMERICA 174
FIGURE 35 NORTH AMERICA: LOW-SPEED VEHICLE MARKET SNAPSHOT 175
TABLE 152 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (UNITS) 175
TABLE 153 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (UNITS) 176
TABLE 154 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (USD MILLION) 176
TABLE 155 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (USD MILLION) 176
13.3.1 US 177
13.3.1.1 Rising demand for zero-emission vehicles to drive the market 177
TABLE 156 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 177
TABLE 157 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 177
TABLE 158 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 178
TABLE 159 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 178
13.3.2 MEXICO 178
13.3.2.1 Growing hospitality sector to drive the market 178
TABLE 160 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 179
TABLE 161 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 179
TABLE 162 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 179
TABLE 163 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 180
13.3.3 CANADA 180
13.3.3.1 Developments in golf industry to drive the market 180
TABLE 164 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 180
TABLE 165 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 181
TABLE 166 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 181
TABLE 167 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 181
13.4 EUROPE 182
FIGURE 36 EUROPE: LOW-SPEED VEHICLE MARKET SNAPSHOT IN EUROPE 183
TABLE 168 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2017–2020 (UNITS) 183
TABLE 169 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2021–2027 (UNITS) 184
TABLE 170 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (USD MILLION) 184
TABLE 171 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (USD MILLION) 184
13.4.1 UK 185
13.4.1.1 Growing tourism industry to drive the market 185
TABLE 172 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 185
TABLE 173 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 185
TABLE 174 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 186
TABLE 175 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 186
13.4.2 FRANCE 186
13.4.2.1 Growing popularity of golf to drive the market 186
TABLE 176 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 187
TABLE 177 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 187
TABLE 178 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 187
TABLE 179 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 188
13.4.3 GERMANY 188
13.4.3.1 Increase in popularity of golf to drive the market 188
TABLE 180 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 188
TABLE 181 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 189
TABLE 182 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 189
TABLE 183 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 189
13.4.4 NORDIC COUNTRIES 190
13.4.4.1 Tourism development to drive the market 190
TABLE 184 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 190
TABLE 185 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 190
TABLE 186 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 191
TABLE 187 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 191
13.4.5 ITALY 191
13.4.5.1 Growth of tourism sector to drive the market 191
TABLE 188 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 192
TABLE 189 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 192
TABLE 190 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 192
TABLE 191 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 193
13.4.6 SPAIN 193
13.4.6.1 Increasing golf popularity to drive the market 193
TABLE 192 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 193
TABLE 193 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 194
TABLE 194 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 194
TABLE 195 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 194
13.5 REST OF THE WORLD (ROW) 195
FIGURE 37 ROW: LOW-SPEED VEHICLE MARKET, 2021 VS. 2027 (USD MILLION) 195
TABLE 196 ROW: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2017–2020 (UNITS) 195
TABLE 197 ROW: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2021–2027 (UNITS) 196
TABLE 198 ROW: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2017–2020 (USD MILLION) 196
TABLE 199 ROW: LOW-SPEED VEHICLE MARKET, BY COUNTRY,
2021–2027 (USD MILLION) 196
13.5.1 SOUTH AFRICA 196
13.5.1.1 Increase in number of golf courses to drive the market 196
TABLE 200 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 197
TABLE 201 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 197
TABLE 202 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 197
TABLE 203 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 198
13.5.2 BRAZIL 198
13.5.2.1 Golf hotels and world-class golf courses to drive the market 198
TABLE 204 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (UNITS) 198
TABLE 205 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (UNITS) 199
TABLE 206 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 199
TABLE 207 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 199
13.5.3 IRAN 200
13.5.3.1 Growth of travel and tourism industry to drive the market 200
TABLE 208 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2017–2020 (UNITS) 200
TABLE 209 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2021–2027 (UNITS) 200
TABLE 210 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2017–2020 (USD MILLION) 201
TABLE 211 IRAN: GLOBAL LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,
2021–2027 (USD MILLION) 201
14 COMPETITIVE LANDSCAPE 202
14.1 OVERVIEW 202
14.2 LOW-SPEED VEHICLE MARKET SHARE ANALYSIS, 2020 202
TABLE 212 LOW-SPEED VEHICLE MARKET SHARE ANALYSIS, 2020 202
FIGURE 38 SHARE OF LEADING COMPANIES IN LOW-SPEED VEHICLE MARKET, 2020 203
14.3 COMPANY EVALUATION QUADRANT: LOW-SPEED VEHICLE MARKET SUPPLIERS 205
FIGURE 39 COMPETITIVE EVALUATION MATRIX: LOW-SPEED VEHICLE MARKET SUPPLIERS, 2021 205
14.3.1 STAR 206
14.3.2 EMERGING LEADERS 206
14.3.3 PERVASIVE 206
14.3.4 PARTICIPANTS 206
14.3.5 COMPETITIVE BENCHMARKING 207
TABLE 213 LOW-SPEED VEHICLE MARKET: COMPANY PRODUCT FOOTPRINT, 2021 207
TABLE 214 LOW-SPEED VEHICLE MARKET: COMPANY APPLICATION FOOTPRINT, 2021 208
TABLE 215 LOW-SPEED VEHICLE: COMPANY REGION FOOTPRINT, 2021 208
FIGURE 40 DETAILS ON KEY DEVELOPMENTS BY LEADING PLAYERS 209
14.4 COMPETITIVE SCENARIO 210
14.4.1 NEW PRODUCT LAUNCHES 210
TABLE 216 PRODUCT LAUNCHES, 2018–2022 210
14.4.2 DEALS 213
TABLE 217 DEALS, 2019–2022 213
14.4.3 OTHER DEVELOPMENTS, 2019–2022 218
TABLE 218 OTHER DEVELOPMENTS, 2019–2022 218
14.5 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2019–2021 219
FIGURE 41 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENTS AND PARTNERSHIPS AS KEY GROWTH STRATEGIES, 2019–2021 219
14.6 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS 220
FIGURE 42 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2018-2020 220

15 COMPANY PROFILES 221
15.1 KEY PLAYERS 221
(Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments)*
15.1.1 TEXTRON INC 221
TABLE 219 TEXTRON INC: BUSINESS OVERVIEW 221
FIGURE 43 TEXTRON INC: COMPANY SNAPSHOT 222
TABLE 220 TEXTRON INC: PRODUCTS OFFERED 222
TABLE 221 TEXTRON INC: NEW PRODUCT DEVELOPMENTS 223
TABLE 222 TEXTRON INC: DEALS 224
15.1.2 DEERE & COMPANY 225
TABLE 223 DEERE & COMPANY: BUSINESS OVERVIEW 225
FIGURE 44 DEERE & COMPANY: COMPANY SNAPSHOT 226
TABLE 224 DEERE & COMPANY: PRODUCTS OFFERED 226
TABLE 225 DEERE COMPANY: NEW PRODUCT DEVELOPMENTS 227
TABLE 226 DEERE & COMPANY: DEALS 227
TABLE 227 DEERE & COMPANY: OTHER DEVELOPMENT 228
15.1.3 YAMAHA MOTOR CO. LTD 229
TABLE 228 YAMAHA MOTOR CO LTD: BUSINESS OVERVIEW 229
FIGURE 45 YAMAHA MOTOR CO LTD: COMPANY SNAPSHOT 230
TABLE 229 YAMAHA CO. LTD: PRODUCTS OFFERED 230
TABLE 230 YAMAHA MOTOR CO LTD: NEW PRODUCT DEVELOPMENTS 231
TABLE 231 YAMAHA MOTOR CO LTD: DEALS 231
TABLE 232 YAMAHA MOTOR CO LTD: OTHER DEVELOPMENT 232
15.1.4 THE TORO COMPANY 233
TABLE 233 THE TORO COMPANY: BUSINESS OVERVIEW 233
FIGURE 46 THE TORO COMPANY: COMPANY SNAPSHOT 234
TABLE 234 THE TORO COMPANY: PRODUCTS OFFERED 234
TABLE 235 THE TORO COMPANY: NEW PRODUCT DEVELOPMENTS 235
TABLE 236 THE TORO COMPANY: DEALS 235
15.1.5 KUBOTA CORPORATION 237
TABLE 237 KUBOTA CORPORATION: BUSINESS OVERVIEW 237
FIGURE 47 KUBOTA CORPORATION: COMPANY SNAPSHOT 238
TABLE 238 KUBOTA CORPORATION: PRODUCTS OFFERED 238
TABLE 239 KUBOTA CORPORATION: NEW PRODUCT DEVELOPMENTS 239
TABLE 240 KUBOTA CORPORATION: DEALS 239
TABLE 241 KUBOTA CORPORATION: OTHER DEVELOPMENT 239
15.1.6 CLUB CAR 241
TABLE 242 CLUB CAR: BUSINESS OVERVIEW 241
TABLE 243 CLUB CAR: PRODUCTS OFFERED 241
TABLE 244 CLUB CAR: NEW PRODUCT DEVELOPMENTS 242
TABLE 245 CLUB CAR: DEALS 243
TABLE 246 CLUB CAR: OTHER DEVELOPMENT 243
15.1.7 AMERICAN LANDMASTER 244
TABLE 247 AMERICAN LANDMASTER: BUSINESS OVERVIEW 244
TABLE 248 AMERICAN LANDMASTER: PRODUCTS OFFERED 244
TABLE 249 AMERICAN LANDMASTER: NEW PRODUCT DEVELOPMENTS 245
15.1.8 COLUMBIA VEHICLE GROUP INC 246
TABLE 250 COLUMBIA VEHICLE GROUP INC: BUSINESS OVERVIEW 246
TABLE 251 COLUMBIA VEHICLE GROUP INC: PRODUCTS OFFERED 246
TABLE 252 COLUMBIA VEHICLE GROUP INC: NEW PRODUCT DEVELOPMENTS 247
TABLE 253 COLUMBIA VEHICLE GROUP INC: DEALS 247
15.1.9 WAEV INC 248
TABLE 254 WAEV INC: BUSINESS OVERVIEW 248
TABLE 255 WAEV INC: PRODUCTS OFFERED 248
TABLE 256 WAEV INC: NEW PRODUCT DEVELOPMENTS 249
TABLE 257 WAEV INC: DEALS 250
15.1.10 BRADSHAW ELECTRIC VEHICLES 251
TABLE 258 BRADSHAW ELECTRIC VEHICLES: BUSINESS OVERVIEW 251
TABLE 259 BRADSHAW ELECTRIC VEHICLES: PRODUCTS OFFERED 251
TABLE 260 BRADSHAW ELECTRIC VEHICLES: DEALS 252
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.
15.2 ADDITIONAL PLAYERS 253
15.2.1 AGT ELECTRIC CARS 253
TABLE 261 AGT ELECTRIC CARS: COMPANY OVERVIEW 253
15.2.2 BINTELLI ELECTRIC VEHICLES 254
TABLE 262 BINTELLI ELECTRIC VEHICLES: COMPANY OVERVIEW 254
15.2.3 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING 254
TABLE 263 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING: COMPANY OVERVIEW 254
15.2.4 SPEEDWAYS ELECTRIC 255
TABLE 264 SPEEDWAYS ELECTRIC: COMPANY OVERVIEW 255
15.2.5 MARSHELL 256
TABLE 265 MARSHELL: COMPANY OVERVIEW 256
15.2.6 GARIA 257
TABLE 266 GARIA: COMPANY OVERVIEW 257
15.2.7 STAR EV 258
TABLE 267 STAR EV: COMPANY OVERVIEW 258
15.2.8 HDK ELECTRIC VEHICLE 259
TABLE 268 HDK ELECTRIC VEHICLE: COMPANY OVERVIEW 259
15.2.9 TROPOS MOTORS 259
TABLE 269 TROPOS MOTORS: COMPANY OVERVIEW 259
15.2.10 PILOT CARS 260
TABLE 270 PILOT CARS: COMPANY OVERVIEW 260
15.2.11 MOTO ELECTRIC VEHICLES 260
TABLE 271 MOTO ELECTRIC VEHICLES: COMPANY OVERVIEW 260
15.2.12 ACG INC 261
TABLE 272 ACG INC: COMPANY OVERVIEW 261
15.2.13 CITECAR ELECTRIC VEHICLES 261
TABLE 273 CITECAR ELECTRIC VEHICLES: COMPANY OVERVIEW 261
15.2.14 CRUISE CAR INC 262
TABLE 274 CRUISE CAR INC: COMPANY OVERVIEW 262
15.2.15 LIGIER GROUP 263
TABLE 275 LIGIER GROUP: COMPANY OVERVIEW 263
15.2.16 KAWASAKI MOTOR CORPORATION USA 264
TABLE 276 KAWASAKI MOTOR CORPORATION USA: COMPANY OVERVIEW 264
16 APPENDIX 265
16.1 INSIGHTS OF INDUSTRY EXPERTS 265
16.2 DISCUSSION GUIDE 266
16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 269
16.4 AVAILABLE CUSTOMIZATIONS 271
16.4.1 GLOBAL LOW-SPEED VEHICLE MARKET, BY PROPULSION TYPE, BY COUNTRY 271
16.4.1.1 North America (US, Canada, Mexico) 271
16.4.1.2 Europe (UK, France, Germany, Nordic, Italy, and Spain) 271
16.4.1.3 APAC (China, India, Japan, South Korea, and Thailand) 271
16.4.2 GLOBAL LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, BY COUNTRY 271
16.4.2.1 North America (US, Canada, Mexico) 271
16.4.2.2 Europe (UK, France, Germany, Nordic, Italy, and Spain) 271
16.4.2.3 APAC (China, India, Japan, South Korea, and Thailand) 271
16.5 RELATED REPORTS 271
16.6 AUTHOR DETAILS 272

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