Low Speed Vehicle Market Forecasts to 2028 – Global Analysis By Vehicle Type (Commercial Turf Utility Vehicle, Golf Cart and Other Vehicle Types), By Propulsion Type (Diesel, Electric, Gasoline, ICE and Other Propulsion Types), By Battery Type, By Voltage

Low Speed Vehicle Market Forecasts to 2028 – Global Analysis By Vehicle Type (Commercial Turf Utility Vehicle, Golf Cart and Other Vehicle Types), By Propulsion Type (Diesel, Electric, Gasoline, ICE and Other Propulsion Types), By Battery Type, By Voltage Type, By Category Type, By Power Output, By Application, By End User and By Geography

According to Stratistics MRC, the Global Low Speed Vehicle Market is accounted for $8.09 billion in 2022 and is expected to reach $13.87 billion by 2028 growing at a CAGR of 9.4% during the forecast period. Low-speed vehicles are four-wheeled vehicles with a maximum speed of 40 km/h and a minimum speed of 32 km/h, which is adequate for driving on the road. Meter maids, hunting, yard work, industrial utilities, grounds maintenance, and campus security all require low-speed vehicles. The vehicles are small and light, and they can hold up to 6 people. They also get great mileage, which contributes to the market for vehicles experiencing growth. These products are quickly gaining popularity among drivers who want to produce a small carbon footprint.

According to the study by the Toronto and Region Conservation Authority, electric low speed vehicle consumes less energy to drive the cart compared to gas-powered carts.

Market Dynamics

Driver

Growing popularity for golf

There are 25.6 million players in the US who played the game on actual golf courses and 15.5 million others who engaged in off-course golf activities at Topgolf and Drive Shack as well as indoor golf simulators. In addition, 3 million new golfers joined in the past three years, as opposed to 2 million in the previous nine. Young adults (18–34 years old) made up the largest segment of golf's customer base, according to NGF, with 6.2 million participants. An increase in incentives and prizes is a significant growth element for golf course games. In the Asia Pacific, reimbursements for professional golf tournaments range from 30,000 to 0.2 million.

Restraint

High cost associated with electric low speed vehicles

The majority of nations charge more to purchase electric cars than diesel or gasoline models. Because of this, it is difficult for the poorest households to quickly switch from older diesel and gasoline cars to electric vehicles. The vehicle's limited travel distance (up to 40 miles on a single charge), which limits the kinds of routes it is permitted to travel on, is another important limitation. Vehicle safety regulations are also lower than those for passenger cars. It is projected that the lack of charging stations, particularly in growing and underdeveloped areas, along with the low speed of the vehicle, which limits their use to specific streets, will impede growth throughout the forecast period.

Opportunity

New product strategies by the key manufacturers

North American manufacturers frequently employ supply agreements, the creation of new products, and business expansions. Some of the leading manufacturers of low-speed vehicles, including Textron and Polaris, have implemented similar tactics to grow their companies. Additionally, organizations will acquire a technical advantage through attempts to improve these goods' performances, and expansion aids in the development of a more effective business plan. Additionally, major automakers are constantly concentrating on developing cheap and easy-to-drive vehicles. During the forecast period, these factors are anticipated to further accelerate market growth.

Threat

Lack of safety standards and equipment

For conventional automobiles in the US, safety regulations are monitored by the National Highway Traffic Safety Administration (NHTSA). Under Section 571.500 Standard No. 500, NHTSA has established requirements for LSVs. The LSV must comply with this standard by having the following features installed rearview mirrors, windshields, seat belts, parking brakes, headlamps, stop lamps, turn signal lamps, reflex reflectors, and vehicle identification numbers. An LSV cannot be certified for street legality operations if it does not meet this requirement. Many OEMs offer specialized LSVs that can't fully adhere to the regulations and aren't approved for use on public streets.

Covid-19 Impact

The COVID-19 pandemic is having an impact not only on health and medical issues but also on economic conditions. Every industry was severely impacted by the lockdown procedures, and the majority of enterprises suffered losses. As businesses are on the verge of entering a recession, layoffs, terminations of employment, and other issues are growing in the global market, and the pandemic situation has left customers with significantly lower financial incomes. The automobile industry took a significant hit in the first two quarters of 2020 due to the closure of all showrooms, the supply chain, the manufacturing facilities, and various ancillary offices, warehouses, and transportation facilities.

The commercial turf utility vehicle segment is expected to be the largest during the forecast period

Commercial Turf Utility Vehicle segment is commanded to have largest market share during the projection period, because these vehicles have little usage in industrial sectors and are largely utilized for transportation in hotels and resorts, they can be employed in commercial transportation. These automobiles are tough, adaptable, and available in 4X4 mode. They also comply with some nations' street regulations. These characteristics enable these vehicles to carry huge products inside industrial buildings or warehouses in addition to moving people over highways.

The airports segment is expected to have the highest CAGR during the forecast period

Airports segment is anticipated to witness profitable growth throughout the forecasted period due to a growth in global passenger travel. ACI Europe stated that in 2022, airport passenger traffic in Europe will increase by 98%. Numerous new airports will be operated simultaneously with the completion of about 225 new airport projects, 70% of which will be located in Asia-Pacific and will cost an estimated $150 billion USD. As a result, when there are more passengers traveling through the airport, there will be a greater demand for LSVs to transport passengers from one location to another.

Region with largest share

Due to the abundance of golf courses, North America is predicted to hold the largest portion of the global market over the estimated period. OEMs intend to expand their output in tandem with the quickening pace of technical development in manufacturing plants in developing nations like the U.S., Canada, and Mexico. Additionally, the region's market expansion is anticipated to be aided by the existence of well-known automotive low-speed vehicle manufacturing enterprises.

Region with highest CAGR

Asia Pacific region is projected to hold the lucrative growth throughout the extrapolated period. China and Japan currently hold the primary market positions, mostly as a result of increased demand brought on by the expansion of golf courses, industrial facilities, and tourism. Demand has recently surged in other nations like Thailand, South Korea, and India. However, another expanding factor in Asia is the affection of golf, where 5,000 courses are predicted to be built by 2021 and numerous new clubs are anticipated. In recent years, there has also been a substantial increase in warehouses, IT hubs, and product production.

Key players in the market

Some of the key players in Low Speed Vehicle market include American Landmaster, Bradshaw Electric Vehicles, Club Car, Deere & Company, Ingersoll-Rand plc, Kubota corp, Motor Electric Vehicles, Polaris Industries Inc, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Taylor-Dunn, Textron Inc, The Toro Company, Tomberlin Automotive Group, Yamaha Golf-Car Company.

Key Developments

In Jan 2023, E-Z- GO redesigned its RXV golf cars with several new features such as easy-to-load tee and golf ball holders, and plenty of space for mobile devices, cups, range finders and personal items. OEMs are now optimizing LSVs with better facilities and features to provide an overall better user experience.

In June 2022, Club Car acquired Garia a Denmark based street legal electric low speed vehicle manufacturer. This acquisition will enable Club car to increase its electric LSVs manufacturing and establish itself as a Major OEM of the LSV market.

In January 2022, Yamaha launched the Drive2 Powertrain AC Lithium. The new Lithium-ion-powered golf car is with Independent Rear Suspension (IRS). Yamaha is known for offering the strongest product line of golf and utility cars in the world, and the addition of the Drive2 PowerTech with the IRS model offers customers the same comfort, reliability, and performance.

In January 2022, The Toro Company launched Workman UTX. The commercial-grade, 4-wheel drive vehicle uses a proprietary ground speed governing system. Workman UTX's ground speed and RPM are not directly connected, allowing the manager to limit the speed of the machine without gutting the power.

In December 2021, The R&A has named The Toro Company as a Founding Partner and Official Golf Course Maintenance Partner for its planned community golf facility in Glasgow, Scotland. This partnership would pave the path for the sales of gold cars in the region.

Vehicle Types Covered
• Commercial Turf Utility Vehicle
• Golf Cart
• Personal Mobility Vehicle
• Public Transport
• Personal Carrier
• Off-Road Vehicle
• Utility Vehicle
• Heavy Duty Vehicle
• Passenger Vehicle
• Other Vehicle Types

Propulsion Types Covered
• Diesel
• Electric
• Gasoline
• ICE
• Other Propulsion Types

Battery Types Covered
• Lead Acid
• Lithium-Ion Batteries (Li-Ion)
• Other Battery Types

Voltage Types Covered
• <60V
• >60V

Category Types Covered
• L6
• L7

Power Outputs Covered
• <8 KW
• 8–15 KW
• >15 KW

Applications Covered
• Airports
• Golf Courses
• Hotels & Resorts
• Industrial Facilities
• Other Applications

End Users Covered
• Residential & Commercial Premises
• Tourist Destinations
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements