DUBLIN--(BUSINESS WIRE)--The "Low Speed Vehicle Market - Forecast to 2022" report has been added to Research and Markets' offering.

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.

Companies Mentioned

  • 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

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Low Speed Vehicles Market for North America, By Manufacturer

7 Low Speed Vehicles Market for North America, By Power Output

8 Low Speed Vehicles Market for North America, By Propulsion

9 Low Speed Vehicles Market for North America, By LSV Type

10 Competitive Landscape

11 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/mm34vq/low_speed_vehicle

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Related Topics: Commercial Vehicles, Electric and Hybrid Vehicles