The Latin America, Middle East and Africa Low-Speed Vehicle Market should witness market growth of 10.2% CAGR during the forecast period (2023-2030).
Due to their easy mobility and low top speeds, low-speed vehicles (LSVs) are being utilized more frequently in gated environments like airports, campuses of colleges, hotels, and resorts, among others. The use of LSV has also lately increased because of its benefits for the environment and the economy, including the use of zero emissions and cheaper operational & maintenance expenses. As a result, the market is anticipated to grow with the rise in demand for them in gated facilities and other facilities.
The adoption of low-speed vehicles is growing since carbon dioxide, a greenhouse gas, is released into the atmosphere by conventional vehicles burning fossil fuels like gasoline and diesel. The buildup of greenhouse gases such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and hydrofluorocarbons (HFCs) is warming the Earth's atmosphere and having an impact on human health. Low-speed EVs don't produce any emissions at the tailpipe which could be an additional benefit of them.
Brazil had about 546,000 domestic and 53,000 international flights in 2021, as Agência Nacional de Aviaço Civil (ANAC) reported. With 119.4 million people transported, its markets in 2019 were 10th in the world for domestic airline passengers annually. Naturally, throughout the pandemic, this number fell dramatically. In contrast, 67.3 million passengers were transported in 2021, a 30% increase over 2020. The flourishing aviation industry in the region is estimated to raise the demand for low-speed vehicles to be used at airports.
The Brazil market dominated the LAMEA Low-Speed Vehicle Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $289.3 million by 2030. The Argentina market is exhibiting a CAGR of 10.8% during (2023-2030). Additionally, The UAE market would experience a CAGR of 9.9% during (2023-2030).
Based on Category Type, the market is segmented into L7, and L6. Based on Vehicle Type, the market is segmented into Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, and Personal Mobility Vehicle. Based on Power Output, the market is segmented into < 8KW, 8-15KW, and >15KW. Based on Propulsion, the market is segmented into Electric, Diesel, and Gasoline. Based on Battery Type, the market is segmented into Li-Ion, and Lead Acid. Based on Voltage Type, the market is segmented into < 60 V, and >60 V. Based on Application, the market is segmented into Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Deere & Company, Yamaha Motor Co., Ltd., The Toro Company, KUBOTA Corporation, Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.), Waev, Inc., Club Car, LLC, American LandMaster, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
Due to their easy mobility and low top speeds, low-speed vehicles (LSVs) are being utilized more frequently in gated environments like airports, campuses of colleges, hotels, and resorts, among others. The use of LSV has also lately increased because of its benefits for the environment and the economy, including the use of zero emissions and cheaper operational & maintenance expenses. As a result, the market is anticipated to grow with the rise in demand for them in gated facilities and other facilities.
The adoption of low-speed vehicles is growing since carbon dioxide, a greenhouse gas, is released into the atmosphere by conventional vehicles burning fossil fuels like gasoline and diesel. The buildup of greenhouse gases such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and hydrofluorocarbons (HFCs) is warming the Earth's atmosphere and having an impact on human health. Low-speed EVs don't produce any emissions at the tailpipe which could be an additional benefit of them.
Brazil had about 546,000 domestic and 53,000 international flights in 2021, as Agência Nacional de Aviaço Civil (ANAC) reported. With 119.4 million people transported, its markets in 2019 were 10th in the world for domestic airline passengers annually. Naturally, throughout the pandemic, this number fell dramatically. In contrast, 67.3 million passengers were transported in 2021, a 30% increase over 2020. The flourishing aviation industry in the region is estimated to raise the demand for low-speed vehicles to be used at airports.
The Brazil market dominated the LAMEA Low-Speed Vehicle Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $289.3 million by 2030. The Argentina market is exhibiting a CAGR of 10.8% during (2023-2030). Additionally, The UAE market would experience a CAGR of 9.9% during (2023-2030).
Based on Category Type, the market is segmented into L7, and L6. Based on Vehicle Type, the market is segmented into Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, and Personal Mobility Vehicle. Based on Power Output, the market is segmented into < 8KW, 8-15KW, and >15KW. Based on Propulsion, the market is segmented into Electric, Diesel, and Gasoline. Based on Battery Type, the market is segmented into Li-Ion, and Lead Acid. Based on Voltage Type, the market is segmented into < 60 V, and >60 V. Based on Application, the market is segmented into Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Deere & Company, Yamaha Motor Co., Ltd., The Toro Company, KUBOTA Corporation, Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.), Waev, Inc., Club Car, LLC, American LandMaster, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
Scope of the Study
By Category Type
- L7
- L6
By Vehicle Type
- Commercial Turf Utility Vehicle
- Golf Cart
- Industrial Utility Vehicle
- Personal Mobility Vehicle
By Power Output
- < 8KW
- 8-15KW
- >15KW
By Propulsion
- Electric
- Diesel
- Gasoline
By Battery Type
- Li-Ion
- Lead Acid
By Voltage Type
- < 60 V
- >60 V
By Application
- Golf Courses
- Hotels & Resorts
- Airports
- Industrial Facilities
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Textron, Inc.
- Deere & Company
- Yamaha Motor Co., Ltd.
- The Toro Company
- KUBOTA Corporation
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Waev, Inc.
- Club Car, LLC
- American LandMaster
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
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- Exhaustive coverage
- The highest number of Market tables and figures
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. LAMEA Low-Speed Vehicle Market by Category Type
Chapter 5. LAMEA Low-Speed Vehicle Market by Vehicle Type
Chapter 6. LAMEA Low-Speed Vehicle Market by Power Output
Chapter 7. LAMEA Low-Speed Vehicle Market by Propulsion
Chapter 8. LAMEA Low-Speed Vehicle Market by Battery Type
Chapter 9. LAMEA Low-Speed Vehicle Market by Voltage Type
Chapter 10. LAMEA Low-Speed Vehicle Market by Application
Chapter 11. LAMEA Low-Speed Vehicle Market by Country
Chapter 12. Company Profiles
Companies Mentioned
- Textron, Inc.
- Deere & Company
- Yamaha Motor Co., Ltd.
- The Toro Company
- KUBOTA Corporation
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Waev, Inc.
- Club Car, LLC
- American LandMaster
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
Methodology
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