Rising Demand for Electric Golf Cart from Golf Courses is anticipated to Expand the growth of Global Electric Low Speed Vehicles Market in Future, according to our research report. Global electric low speed vehicles (LSV) market is segmented into vehicles type i.e. golf carts, electric personal utility vehicle, electric low speed off road vehicle, and electric low speed heavy duty vehicle. Among these segments, electric golf cart segment accounted the largest market share of 43.6% in 2016 and expected to maintain its dominance over the forecast period. Rising number of golf projects across the globe is one of the major reasons which are creating the demand for electric golf carts globally.
Global electric LSV market is expected to register a CAGR of 6.50% over the forecast period i.e. 2016-2023. Moreover, the electric LSV market accounted for USD 3,372.8 Million in 2016 and it is expected to reach USD 5,119.3 Million by the end of 2023. The golf courses segment has dominated the overall end-use segment with a market share of 49.3% in 2016 in overall electric LSV market. The rising popularity of golf sports and reinstate of golf sport in Olympic Games in 2016 is increasing the number of golf courses across the globe. The total number of 269 golf courses is under construction across the globe. These projects are estimated to be finished by the end of 2021. The rising number of golf courses with advanced facilities is expected to boost the demand for electric LSVs in near future. On the other hand, electric low speed off-road vehicles market is expected to expand at a highest CAGR of 7.80% during the forecast period i.e. 2016-2023. Introduction of electric all-terrain vehicles by the electric LSV manufacturers such as Textron Inc., and others is one of the prominent features which is driving the growth of this segment across the globe.
North-America region accounted for the largest market revenue share of 57.80% in 2016 in global electric LSV market and it is expected to maintain its dominance during the forecast period i.e. 2016-2023. The total number of golf courses was 18,145 in North-America region in 2015. Among these golf courses, U.S. had 15,372 golf facilities in 2015. There are 76 golf courses which are under construction in North-America region and 124 are at planning stage. The robust growth in golf course facilities is expected to boost the demand for electric low speed vehicles such as electric golf carts.
The presence of large number of electric LSV players across the globe such as EZ Go, Club Car, Yamaha Motors and others is positively increasing the manufacturing of electric low speed vehicles. The demand for zero emission low speed vehicles is the major reason which is bolstering the growth of this market across the globe. Additionally, advancements in electric low speed vehicles and growing trend for automatic electric LSV are expected to bolster the growth of automatic segment market. Moreover, the ease of driving automatic electric low speed vehicles is one of the major reasons which is attracting more people to buy automatic electric low speed vehicles.
Rapid Expansion of Hospitality Sector:
Increased penetration of international hotels with modern infrastructure such as golf courses, swimming pools and spas across the globe are opening their branches in robust economies such as India, China and others. These increasing international hotel brands across the globe are anticipated to increase the adoption of golf carts to provide better services to their customers. The rising number of resorts in tourist destinations such as Thailand, Malaysia, Italy, and others are increasing their demand for electric LSV for transportation solutions including delivering food, laundry services and guest commuting services. There are more than 700,000 hotels and resorts across the globe. The hostels and resorts are increasing globally on the back of expanding tourism industry. The rise of hotels and resorts across the globe and rising expectations of tourists towards the hotels services are encouraging the hotel industry to provide better services such as guest commuting services.
However, presence of local manufacturers and lack of standards and regulations is pushing the manufacturers to produce low-quality electric LSV. The increasing number of low quality offerings of electric LSV is hampering the growth of industry and decreasing the revenue share of the organized players. Moreover, the need for replacement of batteries after a specific time and high cost of batteries are the two major reasons which are hindering the market of electric LSV.
The report titled “Global Electric Low Speed Vehicles Market Outlook 2023” delivers detailed overview of the Global Electric Low Speed Vehicles market in terms of market segmentation by Vehicle Type, by Transmission Type, by End-Use Industry Type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global electric low speed vehicles market which includes company profiling of Ingersoll Rand Inc., Textron Inc., Yamaha Motors Co. Ltd., Hitachi Chemicals, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global electric low speed vehicles market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.