The global low-speed vehicle market is projected to reach USD 6,388 million by 2025 from USD 4,226 million in 2020.
The key companies profiled in the study are Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), and Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies.
Increase in stringent emission regulations and growing adoption from the geriatric population drive the low-speed vehicles market.
The rising trend of using LSVs in hotels & resorts, industrial facilities, golf course, gated communities & college campuses is projected to fuel the demand of these vehicles. On the other hand, minimal safety features are identified as the key factors which can restrain the growth of the LSV market.
Low-speed vehicle with <8KW is estimated to be the largest market for LSV market, by power output.
The market for a low-speed vehicle with <8KW vehicle is projected to be the largest market. As most of the Golf courses and resorts mostly prefer low-speed vehicles with output power less than 8 KW (~3-4 KW). The growing demand for LSVs with low seating capacity is further likely to augment the sales of LSVs with <8 KW power output. Also, with high demand for these low-power LSVs, the Chinese players are exporting these vehicles in North America and Europe at relatively much lower costs. However, the lack of safety standards coupled with built-quality is hampering the sales of these LSVs manufactured by China in North America and Europe. Thus, with an increase in short commute, the demand for these types of vehicles is estimated to grow.
Commercial turf utility Vehicle is estimated to have the largest share in Global LSV market
The commercial turf utility vehicle market is projected to be the largest segment for Global low-speed vehicles. the demand for commercial turf utility vehicles is expected to grow due to the increase in the number of hotels and resorts and the operation of existing luxury resorts and hotels, which are the end-users of commercial turf utility vehicles.
North America anticipated holding the largest share in Global LSV Market.
The North American market is estimated to dominate the Global LSV market during the forecast period. North America accounts for 51% of the world's golf supply with the US accounting for 43% of the world's golf supply. Thus, the US is the largest market in the region and accounts for more than two-thirds of the overall market. Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and golf courses are likely to bolster the demand for low-speed vehicles in North America.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Low-Speed Vehicle Market 4.2 Low-Speed Vehicle Market, by Application Type 4.3 Low-Speed Vehicle Market, by Vehicle Type 4.4 Low-Speed Vehicle Market, by Propulsion Type 4.5 Low-Speed Vehicle Market, by Power Output 4.6 Low-Speed Vehicle Market, by Region
5 Recommendations 5.1 Low-Speed Vehicle Manufacturers Should Focus on North America as Priority Market 5.2 Companies Should Enhance Focus on Safety Features and Electric Vehicles 5.3 Conclusion
6 Market Overview 6.1 Introduction 6.2 Years Considered 6.3 Market Dynamics 6.3.1 Drivers 126.96.36.199 Rising Geriatric Population to Drive Demand for LSVS 188.8.131.52 Growing Electric Vehicle Charging Infrastructure to Boost Demand for LSVS 184.108.40.206 Increasing Stringent Emission Regulations to Raise Demand for Low-Speed Electric Vehicles 6.3.2 Restraints 220.127.116.11 Lack of Safety Standards/Equipment 6.3.3 Opportunities 18.104.22.168 Growing Advancements in Mobility Solutions 22.214.171.124 Increasing Use of Lithium-Ion Batteries in Low-Speed Vehicles 126.96.36.199 Rising Deployment of Connected Technology and Autonomous Low-Speed Vehicles 6.3.4 Challenges 188.8.131.52 Development of Fail-Safe Electronic and Electrical Components 184.108.40.206 Cost Reduction and Improved Energy Density of EV Batteries 6.4 US LSV Regulations, by State 6.5 Supply Chain 6.6 Low-Speed Vehicle Market, Scenarios Analysis 6.6.1 Most Likely Scenario 6.6.2 Optimistic Scenario 6.6.3 Pessimistic Scenario 6.7 Impact of COVID-19 6.7.1 COVID-19 Health Assessment 6.7.2 Impact on Low-Speed Vehicle Market
7 Low-Speed Vehicle Market, by Vehicle Type 7.1 Introduction 7.1.1 Research Methodology 7.1.2 Assumptions 7.1.3 Industry Insights 7.2 Golf Cart 7.2.1 Increase in Number of Golf Courses is Expected to Propel Golf Cart Market Growth 7.3 Commercial Turf Utility Vehicle 7.3.1 Hotels & Resorts Likely to Boost Demand for Commercial Turf Utility Vehicles 7.4 Industrial Utility Vehicle 7.4.1 Growing Construction Sector Likely to Drive Demand for Industrial Utility Vehicles 7.5 Personal Mobility Vehicle 7.5.1 Rise in Domestic Travel to Drive Personal Mobility Market
8 Low-Speed Vehicle Market, by Application Type 8.1 Introduction 8.1.1 Research Methodology 8.1.2 Assumptions 8.1.3 Industry Insights 8.2 Golf Courses 8.2.1 Development of New Golf Courses to Drive Demand for Golf Carts 8.3 Hotels & Resorts 8.3.1 Investments in Hospitality Sector to Drive Low-Speed Vehicle Market 8.4 Airports 8.4.1 Low Operating Cost of Electric Low-Speed Vehicles and Increase in Air Cargo to Boost Market Growth 8.5 Industrial Facilities 8.5.1 Growth of Manufacturing Sector to Increase Demand for Low-Speed Vehicles
9 Low-Speed Vehicle Market, by Propulsion Type 9.1 Introduction 9.1.1 Research Methodology 9.1.2 Industry Insights 9.2 Electric 9.2.1 Investments in Charging Infrastructure Likely to Fuel Demand for Electric Lsv 9.3 Gasoline 9.3.1 Range Anxiety of Electric Vehicles to Drive Gasoline Low-Speed Vehicle Market 9.4 Diesel 9.4.1 Lack of Charging Infrastructure in Row Likely to Fuel Demand for Diesel Lsv in Near Future
10 Low-Speed Vehicle Market, by Power Output 10.1 Introduction 10.1.1 Research Methodology 10.1.2 Industry Insights 10.2 <8 KW 10.2.1 Rising Demand for Lsv in Golf Courses and Resorts is Likely to Fuel Demand for Low-Power Output Lsv 10.3 8 -15 KW 10.3.1 Rising Demand in Hotels & Resorts to Bolster Demand for Lsv with Power Output Range of 8-15 KW 10.4 >15 KW 10.4.1 Rising Demand in Industrial Segment Anticipated to Boost Market Growth
11 Low-Speed Vehicle Market, by Region 11.1 Introduction 11.1.1 Research Methodology 11.1.2 Assumptions 11.1.3 Industry Insights 11.2 APAC 11.2.1 China 220.127.116.11 Growth of Industrial Sector is Driving Lsv Market 11.2.2 India 18.104.22.168 Growth in Tourism and Hospitality Sectors is Likely to Boost Demand for LSVS 11.2.3 Japan 22.214.171.124 High Demand for Industrial Utility Vehicles is Likely to Propel Market Growth 11.2.4 South Korea 126.96.36.199 Low-Speed Vehicle Market is Largely Driven by High Growth Opportunities in Industrial and Tourism Sectors 11.2.5 Thailand 188.8.131.52 Owing to Affordable Golfing Demand for LSVS to Increase in Thailand 11.2.6 Rest of Apac 11.3 North America 11.3.1 US 184.108.40.206 Rising Demand for Zero-Emission Vehicles and Growth of Tourism Industry to Drive Us Market 11.3.2 Mexico 220.127.116.11 Growing Hospitality Sector to Drive Mexican Low-Speed Vehicle Market 11.3.3 Canada 18.104.22.168 Increasing Demand for LSVS in Golf Courses Likely to Drive Canadian Low-Speed Vehicle Market 11.4 Europe 11.4.1 UK 22.214.171.124 Commercial Turf Utility Vehicles to Hold Lion'S Share in Uk 11.4.2 France 126.96.36.199 Golf Carts Projected to be Fastest-Growing Segment in French Lsv Market, by Vehicle Type 11.4.3 Germany 188.8.131.52 Demand for Golf Carts is Anticipated to Grow at Faster Rate 11.4.4 Nordic 184.108.40.206 Commercial Utility Vehicles to Remain most Attractive Segment Throughout Forecast Period 11.4.5 Italy 220.127.116.11 Tourism is Likely to Increase Demand for LSVS in Italy 11.4.6 Spain 18.104.22.168 Commercial Turf Utility Vehicles to Create Significant Revenue Opportunities in Spain 11.5 Row 11.5.1 South Africa 22.214.171.124 Increase in Number of Golf Courses Likely to Increase Demand for LSVS in South Africa 11.5.2 Brazil 126.96.36.199 Hotels and World-Class Golf Courses Likely to Boost Demand for LSVS 11.5.3 Iran 188.8.131.52 Growth of Travel and Tourism Industry to Boost Growth of LSVS
13 Company Profiles 13.1 Polaris Inc. 13.2 Textron Inc. 13.3 Deere & Company 13.4 The Toro Company 13.5 Ingersoll-Rand 13.6 Yamaha Motor Corporation 13.7 Kubota Corporation 13.8 American Landmaster 13.9 Columbia Vehicle Group Inc. 13.10 Additional Companies 13.10.1 North America 184.108.40.206 AGT Electric Cars 220.127.116.11 Bintelli Electric Vehicles 13.10.2 Asia Pacific 18.104.22.168 Suzhou Eagle Electric Vehicle Manufacturing 22.214.171.124 Speedways Electric 126.96.36.199 Marshell 13.10.3 North America 188.8.131.52 Garia 184.108.40.206 Star EV 220.127.116.11 HDK Electric Vehicle 18.104.22.168 Tropos Technologies 13.10.4 ROW 22.214.171.124 Pilotcars