Low Speed Vehicle Market Size, Share, Growth Analysis, Vehicle (Golf cart, Commercial Turf Utility Vehicle), By Application Type (Golf Courses, Airports), By Power Output Type (<8 KW, 8–15 KW), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG25C2158 |
Region:
Global |
Published Date: December, 2024
Pages:
176
|Tables:
0
|Figures:
0
Low Speed Vehicle Market Insights
Global Low Speed Vehicle Market size was valued at USD 10.92 Billion in 2022 and is poised to grow from USD 11.91 Billion in 2023 to USD 23.91 Billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).
The low speed vehicles are powered by gas and electricity and are utilized in areas where low-speed transportation is necessary. These vehicles are used for short distance transportation in places like campuses, resorts, and retirement communities. The main advantages of low speed vehicles are that they are lighter, smaller, and more fuel-efficient.
In recent times, the low speed vehicle market growth is increasing because many government facilities are taking initiatives to impose rules and regulations to minimize carbon emissions. Furthermore, with the increase of fuel prices there is a shift towards electric vehicles, which is also increasing the demand for low speed vehicles. With the increase of pollution there is a rise in environmental concerns among people and this is encouraging the manufacturing and production of low speed vehicles. The depletion of fossil fuel reserves is also increasing the demand for these vehicles. Moreover, the popularity of golf courses is also increasing owing to transforming lifestyles and rise in income, resulting to an increasing demand for low speed vehicles.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Low Speed Vehicle Market Segmental Analysis
The global low speed vehicle market is segmented into vehicle type, power output type, application type, and region. Based on vehicle type, the market is segmented into golf cart, commercial turf utility vehicle, and industrial utility. Based on power output type, the market is segmented into <8 kw, 8–15 kw,>15 kw. Based on application type, the market is segmented into golf courses, hotels & resorts, airports, industrial facilities. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Analysis by Vehicle Type
Based on vehicle, the golf cart segment is dominating the market with the largest low speed vehicle market share. The golf carts are generally designed for usage in golf courses with features such as small size, low speed, and easy manoeuvrability. These characteristics make them extremely practical for traveling short distances within the golf facilities. In comparison with other low speed vehicles, the golf carts need less maintenance and consume very less power. These carts also do not require any type of registration or insurance like gasoline-powered vehicles, which saves the users from substantial ownership expenses. A single golf cart has the power to transport a small group of golfers and equipment easily between various points of the golf courses. The golf carts are also compact in size which allows them to access narrow paths between greens and fairways. With the increasing green initiatives, the golf carts are being viewed as eco-friendly options for golf mobility requirements.
The commercial turf utility vehicle segment is witnessing the fastest growth in the low speed vehicle market. There is a significant growth in the popularity of commercial turf utility vehicles because they are extensively used for transportation in hotels and resorts. These vehicles can also be easily used for commercial transportation even though they have restricted usage in industrial places. The advantages of these cars are that they are though, adaptable, and available in 4X4 mode. These vehicles also comply with many countries’ street regulations. The vehicles can easily carry huge goods inside industrial buildings or warehouses along with moving passengers across highways due to such characteristics. The demand for commercial turf utility vehicles is expected to boost market expansion as they can perform various tasks on both in ordinary and adverse situations.
Analysis by Application Type
Based on application type, the golf courses segment is dominating the low speed vehicle market. The low speed vehicles are witnessing such high demand in golf courses because they extensively use golf carts fleets. The golf carts have evolved mobility within the golf courses by offering convenient transport for golfers from one point to another in the golf courses. Furthermore, the modern 18-hole golf courses are spread over large areas and carts can utilize smooth travel courses in comparison with walking. The golf facilities integrate extensive paths that are optimized for cart traffic flow. Moreover, the golf courses take initiative to conduct regular maintenance and provide overnight parking infrastructure to support cart flows. The regulated speed of the golf carts also helps to preserve the quality of turf grasses. The golfers prefer cart rides due to sufficient carts availability generating more revenue and higher customer satisfaction for golf businesses.
The airport segment is witnessing the fastest growth in the low speed vehicle market due to the rising popularity of air travel among people. As per the Center of Aviation, there has been 3.8 billion travelers globally in 2022. Furthermore, ACI Europe reported that in 2022, airport passenger traffic increased by 98% in Europe. It is expected that in recent times, many new airports will open simultaneously along with the completion of almost 225 new airport projects. Most of these airports will be located in the Asia Pacific region as the popularity of air travel has significantly increased among people due to a rise in disposable income and change in lifestyle. Therefore, as there are more passengers travelling through the airport, the demand for LSVs to transport from one location to another has also significantly increased.
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Low Speed Vehicle Market Regional Insights
North America is dominating with the largest low speed vehicle market share. The market is growing rapidly in this region because of the strong presence of low speed vehicle manufacturers such as Club Car, John Deere, and others in the United States. This has given the region a competitive edge over others. Furthermore, the favorable government policies related to low-speed vehicles along with increasing demand from golf courses, resorts, universities, and large commercial campuses is also helping in leading the market in North America. There also many well-known brands who are closely collaborating with retailers and fleet managers for providing customized financing and leasing options for low speed vehicles. These has significantly boosted the accessibility of such vehicles in the region, resulting in a growth in the market.
The Asia-Pacific market will be witnessing the fastest growth during the low speed vehicle market forecast period. The market is witnessing significant growth due to the increasing demand brought on by the expansion of golf courses, tourism, and industrial facilities. In recent times, the demand of low speed vehicles have increased in many other nations like India, South Korea, and Thailand. Another factor that is boost in the market in Asia Pacific is the increasing popularity of golf due to which many new golf courses and clubs are being built in the region in recent times. In the last few years, there has also been a significant increase in warehouses, manufacturing, IT centers, and tourism, resulting in an increasing demand for low speed vehicles. These vehicles are beneficial in these places as they can easily move people within the predetermined zones and are popular for transporting medium-to-heavy-weight cargo. These features are encouraging the expansion of low speed vehicle market in the region.
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Low Speed Vehicle Market Dynamics
Drivers
Growing Demand for Last Mile Connectivity
- The rapid growth of the e-commerce sector has immensely increased the demand for last-mile delivery solutions globally. Nowadays, consumers are more dependent on online shopping platforms for buying various products from daily essentials to large appliances. This has created huge pressure on the logistics and delivery organizations to meet the strict deadlines while managing the high volume of deliveries. However, the low speed vehicles have become an ideal option for efficiently managing last-mile connectivity. These vehicles are particularly beneficial in dense urban areas where traditional delivery vehicles have to deal with challenges related to traffic congestion and limited parking spaces.
Rising Awareness about Environmental Sustainability
- In recent times, concern about the climate change is increasing and sustainability have encouraged consumers and corporates to change their purchasing choices. The transformation from fossil fuel reliant technologies to cleaner and greener solutions are gaining immense traction. The emergence of low speed vehicles that operate on electric or hybrid powertrains have become a solution to the increasing environmental urgency. These vehicles produce zero emissions and have very less carbon footprint compared to traditional fuel-powered vehicles.
Restraints
Limited Charging Infrastructure
- The adoption of electric low-powered vehicles is being largely hampered by the lack of adequate infrastructure and charging solutions across major markets globally. Many regions have lack of proper charging points for electric vehicles, which is restricting their usage beyond short-range commutes. This is creating huge restrictions for the widespread acceptance and demand generation for electric low-speed vehicles in both urban and rural areas.
Increasing Safety Concerns
- Low speed vehicles are designed for operating at lower speeds, generally below 25 mph (km/h). This can be ideal for certain environment but can increase safety concerns in faster traffic. The safety problems related to these vehicles can discourage many potential buyers and hamper the market growth. These vehicles also need particular infrastructure for operating like designated lanes, charging stations, or parking areas customized to their unique requirements. These factors can immensely restrict the market.
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Low Speed Vehicle Market Competitive Landscape
There are many competitors in the global Low Speed Vehicle (LSV) market, among them are Polaris Industries Inc., Textron Inc, and Yamaha Golf-Cars. Polaris Industries Inc. has a wide range of product portfolio for commercial and personal use and strong footprint in North America. Yamaha Golf-Cars is the industry leader in golf cart, popular for its innovation in electric propulsion and advanced features. John Deere and Kubota Corporation also have a massive market share in the agricultural and utility vehicle sectors. The competition between these companies is based on innovation, product portfolio, and global presence. They are continuously finding ways to improve their offerings to cater to the changing needs of the consumer.
Top Player’s Company Profile
- Club Car (U.S.)
- Textron, Inc. (U.S.)
- Deere & Company (U.S.)
- Polaris Industries, Inc. (U.S.)
- Yamaha Motor Co., Ltd. (Japan)
- Kubota Corp. (Japan)
- Ingersoll-Rand plc (Ireland)
- Xiamen Dalle Electric Car Co, Ltd. (China)
- Bradshaw Electric Vehicles (U.K.)
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd (China)
- Moto Electric Vehicles (U.S.)
Recent Developments
- In July 2024, Yamaha Golf-Car Company (YGC), a subsidiary of the U.S. division of Yamaha Motor Corporation, announced the DRIVE H2, the first hydrogen-powered golf car concept model in the world. The innovative car was on show at the PGA Show in Florida, U.S, one of the biggest events in the golfing calendar. DRIVE H2 is a hydrogen internal combustion engine designed for the purpose of aiding the decarbonization of mobility, embodying Yamaha's vision of a sustainable mobility solution.
- In June 2023, Toro, a renowned outdoor power equipment manufacturer, launched the Vista Series passenger vehicles. These like-minded Models designed for both workforce comfort and productivity in places such as resorts, campuses, event spaces, and athletic facilities.
- In March 2023, Club Car, one of the world's largest small-wheel electric vehicle manufacturers, debuted its neighbourhood electric vehicle (NEV), the Club Car CRU. The B250e is a street-legal low-speed vehicle (LSV) aimed at offering a sustainable and enjoyable solution for short trips across town.
Low Speed Vehicle Key Market Trends
- Strict Government Rules and Regulations for Vehicle Emissions: The traditional fuel-powered vehicle utilizes an IC engine for generating power. This system produces many greenhouse gases, resulting in environmental pollution. But low speed vehicles like EV utilize an electric motor powered by a constant supply of current due to which it does not create any pollutants. Countries like Germany, the U.S., France, and China have applied strict government regulations and laws for vehicle emissions. This has made it compulsory for manufacturers to utilize better and advanced technologies to combat high-emission levels in vehicles.
- Increasing Adoption of Self-Driving Vehicles: In recent years, autonomous technology has made substantial advancement. Many low speed vehicles have several autonomous features such as self-driving or advanced driver-assistance systems (ADAS). Such characteristics improves the safety of LSVs. These vehicles operate in specific mapped areas like as campuses, hospitals, no-car-zones, gated neighbourhoods, and retirement homes. Sales of vehicles during the forecast period will significantly increase due to these developments.
Low Speed Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the low-speed vehicle industry has significant importance to the tourist sector as they operate in fast-growing resorts and golf courses. Electric low-speed vehicles have become an even more popular solution with the growing attention to environmental friendliness and sustainability, making these vehicles perfect for institutions such as universities, industrial parks and retirement communities. As a result, there is a rising interest among urban population in low-speed vehicle ownership to tackle traffic jams, or short-distance travel alternatives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.92 Billion |
| Market size value in 2031 | USD 23.91 Billion |
| Growth Rate | 9.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Low Speed Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Low Speed Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Low Speed Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Low Speed Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Low Speed Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Low Speed Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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