StockNews.AI
DE
StockNews.AI
29 days

$16.7 Billion Low Speed Vehicle (LSV) Global Market Trends, Opportunities and Strategies to 2033 with Competitive Analysis of Deere & Co, Polaris, Yamaha, Toro, and EZ-GO

1. Global LSV market expected to reach $16.7 billion by 2033 with 8.4% CAGR. 2. Electric LSVs dominate, comprising 78% of market share in 2023. 3. Less than 8 kW segment leads market, projected to gain $1.9 billion by 2028. 4. Emerging markets show strong growth potential, particularly in Asia-Pacific. 5. Key strategy focuses include eco-friendly innovations and enhancing customer experiences.

10 mins saved
Full Article

FAQ

Why Bullish?

Growing demand for electric vehicles and eco-friendly innovations benefit companies like Deere.

How important is it?

The report outlines significant market opportunities and trends that can potentially drive DE's growth.

Why Long Term?

Sustained growth in the eco-friendly vehicle market suggests enduring positive implications for DE.

Related Companies

DE
Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Low Speed Vehicle (LSV) Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.Growth in the historic period resulted from the growing popularity of golf sport, rapid development in electric vehicle charging infrastructure, growth in the tourism industry and rise in the size of the aging population. Factors that negatively affected growth in the historic period included safety concerns.Going forward, the growing demand for eco-friendly vehicles, integration of autonomous technology, strong economic growth in emerging markets, growing construction and real estate industries and rapid urbanization will drive the market. Factors that could hinder the growth of the low speed vehicle (LSV) market in the future include limited performance of LSVs. The low speed vehicle (LSV) market is segmented by power into less than 8 kW, 8-15 Kw and more than >15KW. The less than 8 kW market was the largest segment of the low speed vehicle (LSV) market segmented by power, accounting for 61.36% or $4.6 billion of the total in 2023. Going forward, the more than >15KW segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by power, at a CAGR of 8.72% during 2023-2028.The low speed vehicle (LSV) market is segmented by battery type into lithium-ion and lead acid. The lithium-ion was the largest segment of the low speed vehicle (LSV) market segmented by battery type, accounting for 80.48% or $6 billion of the total in 2023. Going forward, the lithium-ion segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by battery type, at a CAGR of 8.48% during 2023-2028.The low speed vehicle (LSV) market is segmented by engine into internal combustion engine (ICE) and electric. The electric market was the largest segment of the low speed vehicle (LSV) market segmented by engine, accounting for 78.00% or $5.8 billion of the total in 2023. Going forward, the electric segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by engine, at a CAGR of 8.66% during 2023-2028.The low speed vehicle (LSV) market is segmented by application into golf courses, hotel and resorts, airports, industrial facilities and other applications. The golf courses market was the largest segment of the low speed vehicle (LSV) market segmented by application, accounting for 38.93% or $2.9 billion of the total in 2023. Going forward, the airports segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by application, at a CAGR of 8.95% during 2023-2028.North America was the largest region in the low speed vehicle (LSV) market, accounting for 47.24% or $3.5 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the low speed vehicle (LSV) market will be Asia-Pacific and Eastern Europe, where growth will be at CAGRs of 8.99% and 7.83% respectively. These will be followed by North America and Western Europe, where the markets are expected to grow at CAGRs of 7.79% and 7.53% respectively.The global low speed vehicle (LSV) market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 33.53% of the total market in 2022. Deere & Company was the largest competitor with a 7.81% share of the market, followed by Polaris Industries Inc. with 5.01%, Yamaha Motor Co. Ltd. with 4.99%, The Toro Company with 3.95%, E-Z-GO Technologies Inc. with 3.78%, Textron, Inc. with 3.54%, KUBOTA Corporation with 2.58%, Club Car LLC with 1.02%, Marshell Green Power Co. Ltd. with 0.77% and Garia with 0.08%.The top opportunities in the low speed vehicle (LSV) market segmented by power will arise in the less than 8 kW segment, which will gain $1.9 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by battery type will arise in the lithium-ion segment, which will gain $3 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by engine will arise in the electric segment, which will gain $3 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by application will arise in the golf courses segment, which will gain $1.2 billion of global annual sales by 2028. The low speed vehicle (LSV) market size will gain the most in the USA at $1.4 billion.Market-trend-based strategies for the low speed vehicle (LSV) market include collaborations and sales partnerships among market players, focus on innovative technologies in low-speed vehicles, introduction of advanced mapping applications for low-speed vehicles, launch of eco-friendly low-speed electric vehicles and introduction of IoT-enabled street-legal low-speed vehicles for shared mobility services.Player-adopted strategies in the low speed vehicle (LSV) market include focus on enhancing operational capabilities through the launch of new products, strengthening business operations through enhancing product portfolio and reinforcing position in the global market through strategic partnerships.To take advantage of the opportunities, the analyst recommends the low speed vehicle (LSV) companies to focus on wireless charging technology for competitive advantage, focus on advanced mapping applications for enhanced user experience, focus on eco-friendly vehicle innovation, focus on IOT-connected street legal LSVs for market expansion, increase focus on less than 8 kw and 8-15 kw segments, expand in emerging markets, continue to focus on developed markets, focus on collaborations and sales partnerships for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on airports and hotels and resorts segments. Report AttributeDetailsNo. of Pages302Forecast Period2023 - 2033Estimated Market Value (USD) in 2023$7.4 BillionForecasted Market Value (USD) by 2033$16.7 BillionCompound Annual Growth Rate8.4%Regions CoveredGlobal Markets Covered: Power: Less Than 8 KW; 8-15 KW; More Than >15KWBattery Type: Lithium-Ion; Lead AcidEngine: Internal Combustion Engine (ICE); ElectricApplication: Golf Courses; Hotel; Resorts; Airports; Industrial Facilities; Other Applications Major Market Trends Collaborations and Sales Partnerships Among Market PlayersFocus on Innovative Technologies in Low-Speed VehiclesIntroduction of Advanced Mapping Applications for Low-Speed Vehicles by Key Market PlayersLaunch of Eco-Friendly Low-Speed Electric Vehicles by Leading ManufacturersIntroduction of IoT-Enabled Street-Legal Low-Speed Vehicles for Shared Mobility Services Competitive Landscape and Company Profiles Deere & CompanyPolaris Industries Inc.Yamaha Motor Co LtdThe Toro CompanyE-Z-GO Technologies Inc. Other Major and Innovative Companies Textron, Inc.KUBOTA CorporationClub Car LLCMarshell Green Power Co. Ltd.GariaBintelli Electric Vehicles LLCTomberlin Automotive GroupColumbia Vehicle Group Inc.Ruff & Tuff Electric Vehicles Inc.Moto Electric Vehicles LLCStar Electric VehiclesHDK Electric VehicleCruise Car Inc.Icon Electric Vehicles LLCAGT Electric Cars Key Mergers and Acquisitions Salt Creek Capital Acquired Vantage Vehicle International Inc.Motovolt Acquired EROCKITClub Car Agreed to Acquire Garia a/SGaria a/S Acquired Melex Sp. Z O.oLords Automotive Acquired Devam Electric Vehicles Private LimitedPlatinum Equity LLC Agreed to Acquire Club Car For more information about this report visit https://www.researchandmarkets.com/r/eyb2cx About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Global Low-Speed Vehicle (LSV) Market Global Low-Speed Vehicle (LSV) Market Global Low-Speed Vehicle (LSV) Market

Related News