DUBLIN, April 21, 2023 /PRNewswire/ -- The "Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility Vehicle, Golf Cart, Personal Mobility Vehicle), Power Output (<8, 8-15, >15 kW), Propulsion, Battery Type, Application, Category Voltage & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The low speed vehicle market is projected to grow from USD 10.4 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 7.4%.
According to World Bank Statistics, more than 25% of citizens in US are above 60 years and have a separate community where they prefer street-legal vehicles for their daily commute and door-to-door mobility solutions. Also, a country like Japan has more than 28% of the aged population in the country.
The LSVs with <60V batteries are projected to dominate the market.
The standard electric low speed vehicles are installed with six or eight batteries and the voltage could be 36V or 48V. The 48V batteries are mostly preferred for LSV vehicles as they have good vehicle load-carrying capacities up to 4 -6 seating capacities. LSVs with 36V or 48V deliver adequate power & torque and offer a cost advantage as replacing batteries are easy and affordable. These LSVs can perform well on flat & smooth surfaces at golf courses, large resorts, museums, amusement parks, college campuses, etc. They can run on a smooth surface with ~23-28 mph maximum speed.
Many businesses have gone online which has led to an increase in mega distribution centers and warehouses globally to cater to public demand, which has boosted the sales of electric commercial turf utility vehicles and industrial utility vehicles which has ultimately increased the demand for high voltage batteries. These factors will boost the demand for lithium-ion batteries for <60V range batteries as they are more efficient and has lower maintenance cost which would keep the market demand upright for this segment in future .
The lithium-ion battery LSVs are expected to be the largest segment for electric LSVs in 2023.
Lithium-ion has the largest market for electric LSVs owing to its advantages such as higher travel range, better weight-to-performance ratio, lower self-discharge time, low maintenance, and less harmful to the environment. Further, falling prices of lithium-ion have attracted US and European OEMs to adopt lithium-ion batteries in LSVs to comply with the strict environmental laws of developed countries and develop green mobility solutions.
Most of the LSVs are equipped with lithium-ion batteries and getting electrified due to having a proper charging infrastructure globally. The electric golf cart usually costs around USD 5500 to - USD 6000, whereas the gasoline-based golf cart usually costs USD 700 - USD 1000. Most of the OEMs offer a range of 30 -40 miles of range in full charge whereas in daily use, an electric golf cart runs only 5 - 10 miles a day and it costs very low for charging the vehicle with a better ROI than IC-based LSVs.
Europe is another prominent largest market for low speed vehicles
In Europe, the countries like UK, Germany & France have contributed to the largest market for low speed vehicles. The industrial utility vehicle has the largest market share in the European region, in which <8 kW power output vehicles are mostly preferred in resorts and golf courses due to their excellent torque and performance. Further, government and regional regulatory bodies provide the highest incentives for purchasing electric vehicles to promote clean transport to achieve reduced CO2 emissions in this region.
In Europe, commercial utility vehicle is the fastest growing market due to the increase in warehouse and mega centers. Until 2019, Germany had 140 mega centers which grew by almost 50% Y-o-Y between 2018 & 2019 which promotes demand for these vehicles for load carrying in warehouses. To suffice the demand, many Chinese players are exporting their industrial and commercial utility vehicles to Europe at relatively lower costs.
Market Dynamics
Drivers
- Rising Geriatric Population
- Growing Popularity of Golf
- Suitable Electric Vehicle Charging Infrastructure
Restraints
- High Costs in Developing and Underdeveloped Regions
Opportunities
- Strong Real Estate and Commercial Sector
- Development of Autonomous and Connected Technology
- Increased Global Tourism
Challenges
- Cost Reduction and Improved Energy Density of EV Batteries
- Lack of Safety Standards and Equipment
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Low Speed Vehicle Market, by Vehicle Type
6.1 Introduction
6.2 Golf Carts
6.2.1 Increasing Number of Registrations and Investments
6.3 Commercial Turf Utility Vehicles
6.3.1 High Demand Across Hotels and Resorts Worldwide
6.4 Industrial Utility Vehicles
6.4.1 Heavy Demand in Construction Sector
6.5 Personal Mobility Vehicles
6.5.1 Termed as Neighborhood Vehicles Due to Ease of Use
7 Low Speed Vehicle Market, by Power Output
7.1 Introduction
7.2 <8 Kw
7.2.1 Rising Demand in Low Seating Golf Carts
7.3 8-15 Kw
7.3.1 Increased Usage in Hospitality Sector
7.4 >15 Kw
7.4.1 Rising Demand from Major Industries
8 Low Speed Vehicle Market, by Battery Type
8.1 Introduction
8.2 Lithium-Ion Batteries (Li-Ion)
8.2.1 Offers Nearly 100% Efficiency in Charge and Discharge
8.3 Lead-Acid Batteries
8.3.1 Suffers from Peukert Effect
9 Low Speed Vehicle Market, by Application
9.1 Introduction
9.1.1 Industry Insights
9.2 Golf Courses
9.2.1 Development of New Golf Courses
9.3 Hotels and Resorts
9.3.1 Investments in Hospitality Sector
9.4 Airports
9.4.1 Rising Passenger and Cargo Traffic
9.5 Industrial Facilities
9.5.1 Growth of Construction and Manufacturing Sector
9.6 Other Applications
10 Low Speed Vehicle Market, by Propulsion
10.1 Introduction
10.1.1 Industry Insights
10.2 Electric
10.2.1 Increased Infrastructure Facilities for Electric Propulsion
10.3 Gasoline
10.3.1 Available at Lower Costs Than Electric Models
10.4 Diesel
10.4.1 Higher Torque, Power, and Operations
11 Low Speed Vehicle (L6 and L7) Market, by Category
11.1 Introduction
11.2 L7 Vehicles
11.2.1 Higher Demand from Japan, China, US, and Europe
11.3 L6 Vehicles
11.3.1 Investments in Golf and Hospitality Sector to Drive Demand
12 Low Speed Vehicle Market, by Voltage Type
12.1 Introduction
12.1.1 Industry Insights
12.2 <60 V
12.2.1 Used at Golf Courses, Resorts, Malls, and Other Public Places
12.3 >60 V
12.3.1 Higher Range and Efficiency with Active Investments from Oems
13 Low Speed Vehicle Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Recommendations
17 Appendix
Companies Mentioned
- Acg Inc.
- Agt Electric Cars
- American Landmaster
- Autopower
- Bintelli Electric Vehicle
- Bradshaw Electric Vehicles
- Citecar Electric Vehicles
- Club Car
- Columbia Vehicle Group Inc.
- Cruise Car Inc.
- Deere & Company
- Garia
- Hdk Electric Vehicle
- Kawasaki Motor Corporation US
- Kubota Corporation
- Ligier Group
- Low Speed Vehicle Market - Additional Players
- Marshell Green Power
- Moto Electric Vehicles
- Pilot Cars
- Speedways Electric
- Star Ev
- Suzhou Eagle Electric Vehicle Manufacturing
- Textron Inc.
- The Toro Company
- Tropos Motors
- Waev Inc.
- Yamaha Motor Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/kbl1c6
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