low speed vehicle market is expected to reach USD 13.18 billion by 2025, from USD 8.93 billion in 2017 growing at a CAGR of 5.1% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
The market for Asia Pacific low speed vehicle is segmented into type, propulsion, and country. Based on type, the market is segmented into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers. Based on propulsion, the low speed vehicle market is segmented into electric, diesel, and gasoline. The electric-powered vehicles are anticipated to grow at the highest CAGR from 2020 to 2027. By country, the market is segmented into the Australia, China, India, Japan, South Korea, and Rest of APAC.
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Currently, China is dominating the in terms of installation, which in turn boosts the demand for the Low Speed Vehicle market in the region. China is the largest automotive manufacturing country across the world, and the country produced 27,809,196 vehicles in 2018. The country houses a few major automotive manufacturers such as SAIC Motor, Dongfeng, FAW, and Chang’an. Also, a few western automakers are focusing on expanding in China to cater to a broader set of audiences. For instance, French supplier Valeo, expanded its tech center in central China to strengthen its development capability. Also, regional players are focusing on developing an efficient lighting solution to achieve a strong market position. Therefore, a strong automotive sector and an increasing focus of western automakers toward expansion to the country are the major factors that are expected to drive the growth of the Low Speed Vehicle market in the country.
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ASIA-PACIFIC LOW SPEED VEHICLE MARKET – SEGMENTATION
Asia-Pacific Low Speed Vehicle Market–Segmentation
Asia Pacific Low Speed Vehicle Market – By Type
- Commercial Turf Utility Vehicles
- Golf Carts
- Industrial Utility Vehicles
- Personnel Carriers
Asia Pacific Low Speed Vehicle Market – By Propulsion
- Less than 5 HP
- 5 to 8 HP
- More than 8 HP
Asia Pacific Low Speed Vehicle Market – By Country
- South Korea
- Rest of APAC
Asia-Pacific Low Speed Vehicle Market-Companies Mentioned
- Club Car, LLC
- Cruise Car, Inc.,
- Deere & Company
- Garia Utility
- Melex Ltd.
- Moto Electric Vehicles
- Polaris Inc.
- Textron Specialized Vehicles Inc.
- The Toro Company
- Yamaha Golf-Car Company
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