Industrial Starch Market is Set to Grow According to Latest Research

According to our latest market study on "Industrial Starch Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Native Endlessly starch Derivatives and Sweeteners), Source (Wheat, Corn, Potato, Cassava, and Others), and Application (Food and Beverages, Pulp and Paper, Animal Feed, Pharmaceuticals, and Others)," the market is expected to grow from US$ 67,353.01 million in 2022 to US$ 98,426.74 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players and their key developments in the market.

Starch is a naturally occurring, biodegradable, economic, and abundantly available polysaccharide particle. It is broadly distributed in the type of tiny granules as the major save carbohydrate in stems, grains, roots, and fruits of all types of green-leafed plants. Cereal grains, like corn, wheat, sorghum, and tubers, and roots, like potato, tapioca, and arrowroot,, are a portion of the commercial sources of starch for industrial exploitation. Industrial starch has various functional characteristics, including thickeners, sizing, stabilizers, fat replacers, and binding in various food and non-food applications. Industrial starch is manufactured using various sources, including cassava, corn, potato, and wheat. Besides, starch derivatives are used as a successful fermentation base for the mass production of various biotechnological items like vitamins, organic acids, hormones, and antibiotics.

Starch can be used to create bioplastics because of its high polysaccharide content. Amylose in starch causes retrogradation and gelatinization, which are crucial for film formation. In addition, the thermoplastic properties of starch are favorable for bioplastic production. The biodegradability of starch-based plastics makes them a sustainable alternative to conventional petrol based plastics. Manufacturers are investing in research and advancement to foster starch-based bioplastics with properties that look like conventional plastics. For instance, in December 2018, AGRANA Beteiligungs-AG, an Europe-based manufacturer of industrial items, fostered a bioplastic with a 50:50 mix of thermoplastic starch and biodegradable polyester. According to the TÜV-affirmed manure test, the item is totally biodegradable and leaves no microplastic buildups. Thus, the increasing use of starch for the improvement of industrial bioplastics and biodegradable materials is expected to create lucrative opportunities in the industrial starch market during the forecast time frame.

Although in 2021, the food industry held the largest share of the industrial starch market, industrial starch is also increasingly used in various other end-use applications, such as building materials, paper, pharmaceuticals, and cosmetics. In addition, native starch is used in a variety of applications. However, due to its structure, it is restricted in some applications such as building materials, paper, cosmetics, and pharmaceuticals. Industrial starches are used in different food types such as baby foods, baked food, snacks, and confectionaries. The demand for industrial starch is increasing for bakery and other convenience food products. Due to their functional properties, native starches are considered essential ingredients in the industry. Some key functions include shelf-life extension, preventing undesired hydration, rendering the desired texture and mouthfeel, and encapsulating other ingredients.

Agrana Beteiligungs-AG; ADM; Ingredion Incorporated; Roquette Frères; Tereos Group; Cargill, Incorporated; Tate & Lyle PLC; Grain Processing Corporation; Royal Cosun; and AVEBE are among the key players that collectively hold the majority of the industrial starch market share.

Impact of COVID-19 Pandemic on Industrial Starch Market

The COVID-19 pandemic led to adverse effects on the global food and beverage industry due to the shutdown of manufacturing facilities, challenges in procuring raw materials and components, and restrictions on logistic operations. Disruptions in the supply of raw materials to manufacturers and containment measures hampered industrial starch production. The discontinuation of operations and value chains due to the shutdown closure of national and international boundaries hampered the growth of the packaging, consumer goods, automotive and transportation, textiles, and building & construction industries. However, many businesses started gaining ground as governments worldwide eased out the previously imposed restrictions from 2021. Further, end-use industries are increasingly focusing on using eco-friendly and sustainable products, encouraging manufacturers to focus on developing industrial starch products.

Industrial Starch Market Size, by Region, 2021

The "Industrial Starch Market Analysis to 2028" is a specialized and in-depth study of the food & beverage industry, focusing on the industrial starch market trend analysis. The report aims to provide an overview of the industrial starch market with detailed segmentation. The industrial starch market is segmented on the basis of type, source, application, and geography. Based on type, the market is segmented into native starch and starch derivatives & sweeteners. Based on source, the industrial starch market is segmented into wheat, corn, potato, cassava, and others. Based on application, the industrial starch market is segmented into food & beverages, pulp & paper, animal feed, pharmaceuticals, and others. Based on geography, the industrial starch market is segmented into five main regions North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the industrial starch market.

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Hair Extension Market Overview and Regional Outlook Study

 At 4.1% CAGR, the global hair extensions market is anticipated to accumulate US$ 4,929.13 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the global hair extensions market was valued at US$ 3,561.76 million in 2020 and is anticipated to be worth US$ 4,929.13 million by 2028, expanding at 4.1% CAGR from 2021 to 2028. Increasing adoption of self-grooming products, rising disposable income, and improving living standards of middle class population are the vital factors credited for this expansion.

Rise in disposable income and the need to enhance physical appearance among consumers are propelling the demand for self-grooming products such as hair extensions and wigs. The improvement in quality of life, the positive effects of personal care on self-esteem and social interaction, and the gradual consumer shift toward luxury and premium self-grooming products are a few factors that are likely to propel the market growth during the forecast period. Moreover, the surge in per capita disposable incomes has augmented discretionary spending, which has boded well for hair extension manufacturers. Rising incidence of hair fall among the global populace and increasing popularity of beauty products and personal grooming are other factors likely to influence the market growth.

The global middle-class population, which is the next potential consumer segment for the personal care and cosmetic industry, has increased significantly. With the increase in per capita disposable income among the middle-class population, their shopping behavior and living standards are changing rapidly which will raise the demand for hair extensions and facilitate market augmentation. On the other hand, the unethical practices in the hair industry will likely hinder market augmentation over the forecast timeframe.

In terms of type, the global hair extensions market is split into tape-in, fusion & pre-bonded, clip-in, and others. Among these, the clip-in segment captured 47.64% of the market share in 2020. The segment was assessed at US$ 1,696.73 million in 2020 and is slated to gather US$ 2,291.97 million by 2028, expanding at 3.8% CAGR during the forecast period.

Based on source, the market is bifurcated into human and synthetic hair. Of these, the synthetic hair segment accounted for 58.04% of the market share in 2020. The segment was estimated at US$ 2,067.36 million in 2020 and is predicted to amass US$ 2,830.36 million by 2028, growing at 4.0% CAGR over 2021–2028.

As per end user spectrum, the global hair extensions market is divided into men and women. Among these, the women segment amounted for 87.78% of the market share in 2020. The segment was evaluated at US$ 3,126.68 million in 2020 and is projected to reach US$ 4,320.77 million by 2028, registering 4.1% CAGR over the forecast timeframe.

From the regional frame of reference, North America held a significant share in the global hair extensions market in 2020. The region was appraised at US$ 1,264 million in 2020 and is projected to accrue US$ 1,679.35 million by 2028, expanding at 3.6% CAGR over 2021–2028. Meanwhile, APAC is predicted to register 5% CAGR, the highest growth rate globally. The region is also likely to gather US$ 1,032.65 million by 2027.

Leading companies influencing global hair extensions market dynamics are Great Lengths S.p.A; Balmain Paris Hair Couture; Easihair Pro SA; Klix Hair Inc.; Locks & Bonds; Anhui JinRuiXiang Hair Product Co., Ltd; Evergreen Products Group Limited; SO.CAP.USA; Cinderella Hair Extensions; and Barclaywolf Hair Extensions.

Fuel Cell Vehicles Market Trends, Emerging Technologies, Size and Market Segments by Forecast to 2028

 According to our latest market study on "Fuel Cell Vehicles Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Electrolyte, Power Output, Vehicle Type, and Industry,” the market is projected to reach US$ 6,051.17 million by 2028 from US$ 570.43 million in 2021; it is estimated to grow at a CAGR of 40.1% from 2021 to 2028.

Fuel cell vehicles are primarily powered by hydrogen-powered fuel cells. Numerous countries across the globe are strategizing toward the higher adoption of fuel cell vehicles. Currently, most of the hydrogen produced globally is from fossil fuels; stakefolders in the fuel cell vehicle market are focusing on the adoption of green hydrogen. The declining cost of green hydrogen is expected to have a positive impact on the growth of the fuel cell vehicle market during the forecast period. According to statistics from the European Commission, green hydrogen produced through renewable sources costs between the range of US$ 2–6/kg. It is estimated that price of hydrogen will decline to below US$ 1/kg by 2030. Some of the major factors expected to drive the demand for green hydrogen include the development of electrolytes, increasing market players, economies of scale, and growing industrial applications. The US government has setup numerous strategies targeting a complete clean energy economy by 2050. For instance, the State Government of California in the US has committed to invest US$ 20 million every year until 100 hydrogen fueling stations are built in the state. Countries in Europe have also taken up numerous initiatives to boost the demand for fuel cell vehicles in the region. For instance, according to the Hydrogen Roadmap Europe, 45 million hydrogen-powered fuel cell vehicles are expected to be on the European roads by 2050. Such initiatives to boost the adoption of clean energy sources by various nations across the globe are expected to drive the demand for fuel cell vehicles during the forecast period.

Fuel cell vehicles compete with plug-in electric vehicles to expand the market for alternative fuel vehicles. It provides advantageous features such as it takes less time to get fully charged, has a longer range of more than 300 miles, and emits water vapor and warm air that makes it more lucrative for adopting fuel cell vehicles in North American countries. Increasing investment in R&D to develop fuel cell technologies is augmenting the market growth. For instance, the US Department of Energy (DOE) has announced its plan to invest US$ 100 million in the next five years to advance hydrogen and fuel cell technologies. This investment is made with an aim to enable resiliency, energy security, and economic growth across various sectors. Thus, the growing adoption of emission-free vehicles to achieve the Paris agreement, coupled with booming investment prospects and regulatory supports, is the prominent factor attributed to the growth of the fuel cell vehicles market.



Impact of COVID-19 Pandemic on Global Fuel Cell Vehicles Market

According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are among the worst-affected countries due to the COVID-19 outbreak. The pandemic has disturbed fuel cell vehicle businesses and vendors around the globe. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the fuel cell vehicles market industry.

Key Findings of Study:

The fuel cell vehicles market is analyzed on the basis of electrolyte, power output, vehicle type, and geography. Based on electrolyte, the fuel cell vehicle market is bifurcated into PEFC and PAFC. In 2020, the PEMFC segment led the fuel cell vehicle market, accounting for a larger market share. By power output, the fuel cell vehicle market is categorized into up to 100 kW, 100–200 kW, and above 200 kW. In 2020, the up to 100 kW segment accounted for the largest market share. Based on vehicle type, the fuel cell vehicle market is segmented into passenger cars, buses, trucks, light commercial vehicles. In 2020, the passenger cars segment accounted for the largest market share.

Electric Bus Market News, Regional Insights, Top Key Players and Segment Analysis by Forecast to 2027

Rising Production of Low-Cost Lithium Ion-Phosphate Batteries to Provide Growth Opportunities For Electric Bus Market during 2021–2028

According to our latest market study on “Electric Bus Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle Type, Hybrid Powertrain, Battery, End User, and Application,” the Electric Bus market was valued at US$ 29,179.51 million in 2021 and is projected to reach US$ 105,808.15 million by 2028; it is expected to grow at a CAGR of 20.2% from 2021 to 2028.

Electric buses employ a variety of batteries. Low-cost lithium ion-phosphate batteries are becoming increasingly used in electric buses. Batteries made of lithium-ion phosphate are cost-effective and robust. Due to its speed, safety, and excellent thermal stability, lithium-ion phosphate batteries have seen a phenomenal increase in sales in recent years. The growing need for longer driving ranges has led the market participants to implement technical enhancements to increase the operational efficiency of the batteries. Electric bus manufacturers are always trying to improve efficiency and increase the range of their vehicles. Further, the production of high-density Nickel, Manganese, and Cobalt (NMC) batteries required government sactions, and intellectual property rights, therefore, new entrants entering into the market may face some challenges. In Asia Pacific, the China, Japanese, and Korean manufcaturers are the leading suppliers of LFP batteries. The governmnets in this region are supporting domestic battery suppliers which give them compitative edge over foreign competitors such as LG Chem and Samsung. For instance, CATL and BYD sold 78% of electric bus lithium-ion batteries in China in 2018, and both companies chose LFP batteries for electric buses. Thus, the rising production of low-cost lithium ion-phosphate batteries will create opportunities for the market.

The electric bus market is segmented on the basis of vehicle type, hybrid powertrain, battery, end user, and geography. Based on vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery electric bus segment led the electric bus market with a share of 93.5% in 2020 and expected to account for 95.3% of the total market by 2028. Based on hybrid powertrain, the electric bus market is segmented into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the electric bus market with a share of 64.3% in 2020 and is expected to garner 63.6% share by 2028. Based on battery, the electric bus market is segmented into Lithium iron phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC). The Lithium iron phosphate (LFP) segment led the electric bus market with a share of 85.7% in 2020 and is expected to garner 87.3% share by 2028. Based on end user, the electric bus market is bifurcated into public and private. The public segment led the electric bus market with a share of 88.2% in 2020. Further, it is expected to garner 86.3% share by 2028. Geographically, the Electric Bus market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. The electric bus market in Asia Pacifc is projected to grow at the fastest rate from 2021 to 2028.

Impact of COVID-19 Pandemic on North America Electric Bus Market
The outbreak of the COVID–19 has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID–19, the automotive industry was experiencing substantial growth in terms of production, sales, and technological advancements.

The US automotive manufacturers witnessed the most severe impact of COVID-19 in 2020 with enactment of lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The health and economic crises led to major disruptions in the electric bus industry, impacting everything from supply chain and manufacturing to product sales. However, progress in vaccination programs and opening up of production facilities would stimulate demand for cars, thereby boosting the demand for electric bus for enhanced safety in the coming years. Initiatives such as the zero-emission vehicle mandates is projected to increase EV purchases in North America. Such policies can bolster charging infrastructure plans, and structure stimulus packages. Effective policy tools to mitigate greenhouse gases for the transport sector can further support EV adoption. This can boost the demand for electric bus market

King Long United Automotive Industry Co. Ltd; AB Volvo; Shenzhen Wuzhoulong Motors Co., Ltd; BYD Company Limited; Daimler; AGAlexander Dennis Limited; EBUSCO; Proterra Solaris Bus & Coach S.A; and NFI Group Inc are among the leading companies operating in the global electric bus market.

 
1.1.1 Electric Bus Market – by Geography, 2020 and 2028 (%)
1.1.2

Source: The Insight Partners Analysis

E-Bike Market Emerging Audience, Segments, Market Sales, Profits and Regional Study

 E-Bikes are bicycles that have rechargeable batteries and an electric motor to provide assistance to the power delivered by the rider. E-bike are also referred as pedelecs (pedaled electric cycle) and EPAC (electric power-assisted cycles). To retain the properties of a bicycle, an e-bike must preserve the ability to be pedalled by the rider; this differentiates e-bikes from electric motorcycles and scooters. A generic E-bike can move up to 25 to 32 km/h (16 to 20 mph), subjected to the laws of the country in which they are sold. The E-bike is comparatively popular in developed regions, including North America and Europe; however, their demand in developing countries of regions such as APAC, is growing at a remarkable rate. The government bodies globally is focusing on introducing various initiative associated with GHG emission as well as for the adoption of battery electric vehicles. All these factors and trends are anticipated to fuel the demand for e-bike in various geographies and offer future growth opportunities for market players operating in the global E-bike market.

The global E-bike market is anticipated to witness impressive growth during the forecast period, owing to the adoption of class II e-bike across the world. During the forecast period of 2019 to 2027, class II type is expected to drive the demand for e-bike worldwide. The class II bikes might be ideal for single-track mountain bike trails, however, on the contrary they can cause physical damage to trails owing to throttle-actuation. Therefore, the class II e-bikes are the best suited for multiuse off-highway vehicles (OHV) trails developed for rugged off-road vehicles. Some states of the US such as Illinois ask for the registration of eBikes whereas, Arizona, Connecticut, Kentucky, Ohio, and Tennessee among others consider e-bikes as normal bicycles. The growing government support for the implementation of electric vehicle is projected to offer ample growth opportunities for the players operating in the e-bike market during the forecast period of 2019 to 2027.

Significant market initiatives have been taken by some of the leading companies in e-bike market by getting involved in partnering with the clients, winning significant contracts, and also expanding their production capabilities. For instance, in 2019, Shimano has opened an experience-based facility that focuses on fishing, cycling, and rowing. It also aims to target areas where the company's advanced technologies can be touched physically and thus has opened within a "PAR' COURSE" commercial facility. In the same year, Giant Bicycles has introduced a new Road E+ Pro. It is a versatile drop-bar E-bike designed by using a composite fork and responsive ALUXX SL aluminum frame. The new bike e-bike enables the rider to go for longer distances in a single charge. These strategic initiatives are further expected to provide a significant opportunities for e-bike market growth in the coming years.

The major players operating in the market for e-bike market include Haibike, Aventon Bikes, Giant Bicycles, Merida Industry Co., Ltd., Pedego Electric Bikes, Robert Bosch GmbH, Specialized Bicycle Components, Inc., Shimano Inc., Trek Bicycle Corporation, and Yamaha Motor Co., Ltd. among others.

E-Bike Market - Geographic Breakdown, 2018

Source; The Insight Partners Analysis

The report segments the global e-bike market as follows:

Global E-bike Market - By Battery Type
• Lithium-Ion
• Lithium-Ion Polymer
• Lead Acid
Global E-bike Market - By Motor Type
• Hub Motor
• Mid Motor
Global E-bike Market - By Class Type
• Class I
• Class II
• Class III
Global E-bike Market - By Mode
• Pedal Assist Mode
• Throttle Mode

Global E-bike Market - By Geography
• North America
§ US
§ Canada
§ Mexico
• Europe
§ France
§ Germany
§ Italy
§ Spain
§ Netherlands
§ UK
§ Rest of Europe
• APAC
§ China
§ India
§ Japan
§ Australia
§ South Korea
§ Rest of APAC
• MEA
§ Saudi Arabia
§ UAE
§ South Africa
§ Rest of MEA
• SAM
§ Brazil
§ Rest of SAM

Automotive ECU Market Key Leaders, Emerging Technology, Competitive Landscape by Regional Forecast to 2027

Rapid technological advancements in automotive transmission systems by manufacture boost the growth of the automotive ECU market. The shift in demand for fuel-efficient products with high performance is increasing the usage of automotive ECU, which is expected to drive the market growth in the coming years. Many automakers are now offering intelligent automotive ECU, which allows drivers to enhance their driving experience. Owing to the rapid increase in demand for automatic cars, particularly in nations such as China, India, Brazil, and Russia, the global automotive ECU market is predicted to grow significantly during the forecast period. The surge in per capita disposable incomes and consumer spending is propelling the demand for premium cars. Furthermore, the market expansion is accelerated by the surged technological developments and increased R&D activities.

Recently, the automotive ECU have materialized as a promising technique for achieving higher fuel economy, reduced carbon dioxide emission, and better handling ability. Automotive ECU has garnered impressive prominence amongst various vehicle OEMs, such as Audi, BMW, Mercedes, Volvo, and Opel. Automotive ECU has also been recognized by government agencies, as its use helps reduce fuel consumption and carbon emission. With the rising demand for hybrid and electric vehicles, the automotive ECU manufacturers are forced to boost the manufacturing of automotive ECU. The ECU in the vehicle send emergency alerts to the driver in case any malfunction occurred in the vehicle. Furthermore, the integration of IoT in the cars is the next big digital development that persists in the automotive industry. This fact will result in bringing another revolution via the introduction of autonomous vehicles. The self-driving cars/autonomous vehicles that integrate an automotive ECU to further boost the driving experience of the driver. The quick development of connected cars offers opportunities to both the automotive industry and tech companies. The factors described above of autonomous vehicles are projected to increase the use of automotive ECU in the vehicles.

The adoption of buses and trucks, specifically for logistics and public transportation purposes, is on the rise worldwide. In Asia, Oceania, and Europe, people opt for public transportation over personal vehicles, whereas, in North America, transportation is mainly through personal vehicles. The growing population in urban areas demands expanded public transportation with improvements in existing transportation infrastructure, proving to be insufficient. The OEMs across the world are now focusing on reducing the global carbon footprint by encouraging the use of electric vehicles. With the growing mobility on demand, passenger car and taxi manufacturers are focusing more on deploying greener technologies in these vehicles. This drives them to the field of electrification of vehicles, specifically passenger cars. Several countries worldwide are highly focused on building green transportation. For instance, in May 2019, the Ministry of Transport in China and various other ministries mutually issued the Green Travel Action Plan 2019–2022 to promote the production and use of green vehicles. The country would also continue to enhance public transportation facilities and information systems to support the adoption of the same.

Impact of COVID-19 Pandemic on Global Automotive ECU Market

The emergence and rapid spread of SARS-CoV-2 has paralyzed numerous countries, including developed as well as developing ones. A continuous surge in the count of infected patients is threatening several industries worldwide. COVID-19 has been affecting economies and industries in various countries as they had to enact due to lockdowns, travel bans, and business shutdowns in 2020 to contain the spread. Since a majority of countries are exercising lockdowns, the demand for automotive ECUs also decreased at a prominent rate. This is due to the fact that the key automotive ECU purchasing countries have been restricting their investment on these components to be able to utilize a fair percentage of their budget to combat the economic consequences of COVID-19. The temporary shutdown of manufacturing facilities also hindered the automotive ECU market growth in 2020. The continued spread of COVID-19 is likely to prove severely dangerous for the automotive ECU market players in 2021.

The automotive industry requires a significant number of human laborers on the contrary, the COVID-19 virus is spreading through human gathering, which is hampering the operations of the sector. Thus, the overall declining trajectory in the automotive sector is reflecting in the limited growth of the automotive ECU market.

Key Findings of Study:

The global automotive ECU market is segmented on the basis of application, propulsion type, ECU capacity, vehicle type, and geography. Based on application, the market is segmented into ADAS and safety system, body control and comfort system, infotainment and communication system, and powertrain system. In 2020, the ADAS and safety system segment led the market, accounting for the largest market share. By propulsion type, the automotive ECU market is segmented  into electric, hybrid, and ICE. In 2020, the ICE segment led the market, accounting for the largest market share. Based on ECU capacity, the market is segmented into 16-bit ECU, 32-bit ECU, and 64-bit ECU. In 2020, the 32-bit ECU segment led the market, accounting for the largest market share. Based on vehicle type, the automotive ECU market is segmented into heavy duty, medium duty, and light duty. In 2020, the light duty segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for a significant share in the global market.

Low Speed Vehicle Market Key Findings, Regional Analysis, Top Key Players, Profiles and Future Prospects

 Latest market study on "Low Speed Vehicle Market to 2027 by Type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, and Personnel Carriers); Propulsion (Diesel, Electric, and Gasoline); - Global Analysis and Forecast", the low speed vehicle market is estimated to reach US$ 16.46 Bn by 2027 from US$ 11.98 Bn in 2019. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.

Over the past few years, electric mobility has been growing at an unprecedented rate across major economies. Due to increasing concerns regarding environmental protection and favorable government policies, the sales figures of electric vehicles has seen an impressive surge in the past decade. According to International Energy Agency (IEA)'s "Global EV Outlook 2019", the global number of electric vehicles crossed 5.1 million in 2018 from 2 million in 2017. Government policies are playing a crucial role in the growth and development of electric vehicles worldwide. Some of these measures include improved fuel economy standards and zero & low emission vehicle incentives. In addition to this, continuous technology advancements in battery chemistry and expansion of charging infrastructure are some of the factors that are driving the growth of electric vehicles.

The encouraging support from government sector in terms of policies such as high tax rates on fossil fuels is further pushing vehicle manufacturers to invest in electric vehicle development. Multiple vehicle manufacturers are making announcements about their intentions and plans to launch electric vehicles in the coming years. Hence, the rising investments in electrification of transportation, growing charging infrastructure, advancements in battery technology, and favorable government policies are some of the major driving factors that are anticipated to drive the demand for electric vehicles and thus complement the growth of electric low speed vehicles over the forecast period of 2020 to 2027. Hence, the growing demand for electric vehicles over gas based vehicles is anticipated to offer ample future growth opportunities to LSV manufacturers over the forecast period.

Geographically, Asia Pacific region holds the largest share followed by the North America and Europe region in the low speed vehicle market for the current year. Further Asia Pacific region is also projected to witness the highest growth rate over the forecast period 2020 to 2027. The market for low speed vehicle has been segmented on the basis of type, propulsion, and geography. The low speed vehicle market based on type is sub-segmented into commercial turf utility vehicles, industrial utility vehicles, golf carts, and personnel carriers. The golf carts type segment is expected to hold the prime market share in the low speed vehicle market. The low speed vehicle market on the basis of propulsion is segmented into diesel, electric, and gasoline. The electric propulsion segment led the low speed vehicle market and it is anticipated to continue its dominance during the forecast period.

The major companies offering low speed vehicle market include Bintelli Electric Vehicles, Club Car, LLC, Cruise Car, Inc., Deere & Company, HDK Co., Ltd., Moto Electric Vehicles, Polaris Inc., Textron Specialized Vehicles Inc., The Toro Company, and Yamaha Golf-Car Company among others. Several other companies are also offering these low speed vehicles, which is facilitating the market to propel over the years.

Low speed vehicle Market - Geographic Breakdown, 2019

Source; The Insight Partners Analysis

The report segments the global low speed vehicle market as follows:

Low speed vehicle Market - By Type
• Commercial Turf Utility Vehicles
• Golf Carts
• Industrial Utility Vehicles
• Personnel Carriers
Low speed vehicle Market - By Propulsion
• Diesel
• Electric
• Gasoline
Low speed vehicle Market - By Geography
• North America
o US
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o UK
o Russia
o Rest of Europe
• Asia Pacific
o China
o India
o Australia
o South Korea
o Japan
o Rest of Asia Pacific
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Rest of Middle East and Africa
• South America
o Brazil
o Argentina
o Rest of South America