Driving Innovation: Key Highlights of COVID-19 impact on the Low-Speed Vehicle Market
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The occurrence of COVID -19 has very much affected the low-speed vehicles market. Several regions from various parts of the world have entered into complete or partial lockdown. As China is the dominant market in battery manufacturing and low-speed vehicles are kind of electric vehicles that rely on batteries. But due to COVID-19, there is huge disruption in the supply chain of battery industry that is adversely going to impact the low-speed vehicle market. As per EV market forecast, e-rickshaws, e-autos and e-two wheelers are the most promising and growing segments for electrification in India in the near future and are expected to gain high market share of more than four-million units by 2025 reported by economic times auto.com. Hence, it seems that COVID 19 will not have long term impact on low-speed vehicles market. On the contrary to get out of this pandemic situation, governments are investing in schemes and packages to accelerate the demand for renewable energy, electric vehicles. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global low speed vehicle industry. Our report consists of:
Technological Impact Social Impact Investment Opportunity Analysis Pre- & Post-COVID Market Scenario Infrastructure Analysis Supply Side & Demand Side Impact
According to a recent report published by Research Dive, the global low speed vehicle market is anticipated to garner $7,099.8 million by 2027, growing at a health CAGR from 2019 to 2027. The report segments the global market on the basis of propulsion, applications, end users and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.
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Factors Affecting the Market Growth
As per the report, government initiatives and rise in demand for renewable energy are expected to greatly fuel the growth of the low –speed vehicle industry, during the forecast period. On the other hand, the high cost of manufacturing can restrain the market growth.
Battery-powered vehicles are estimated to be the highest growing till 2027
By propulsion, the global low-speed vehicle market is classified into a battery-powered vehicle, plug-in hybrid vehicles, air-powered vehicles, CNG vehicles, and others. Among these, the battery-powered vehicle is expected to be the fastest-growing segment in the predicted period due to the increasing demand for zero-emission cars as they are pollution-free.
Golf carts will be most lucrative till 2027
By applications, the global low-speed vehicle market is divided into industrial utility, golf cart, personnel carrier, and public transport vehicle. Amongst these, golf carts are expected to dominate the market shares and continue leading till 2027. This is due to their vast usage for short-distance rides, particularly in golf courses, airports, railway stations, factories, hospitals, and others.
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Hotels & resorts are estimated to dominate the market until 2027
By end-users, the global low-speed market is segmented into golf courses, tourist destinations, hotels & resorts, airports, and residential & commercial premises. Out of these, hotels & resorts are expected to dominate the market shares owing to delivering high quality of services such as reliable transportations and comfortable seats.
Regional Breakdown of the Market
The global low- speed vehicle market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest-growing region, primarily because of China being the top global manufacturer of low-speed vehicles. In addition, this region is experiencing a growing trend in the use of low-speed vehicles for publicity, branding, and distribution.
Top Companies Leading the Market
The major players of the global low- speed vehicle industry are Trane Technologies Plc., Textron Inc., Yamaha Motor Co. Ltd., Polaris Inc., John Deere, The Toro Co., Kubota Co., American Landmaster, Columbia Vehicle Group, AGT Electric Cars, and others. These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.
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