Low Speed Vehicle Market

Low Speed Vehicle Market Size (2023-2028):

The Global Low Speed Vehicle Market was worth US$ 9.44 billion in 2022 and is anticipated to reach a valuation of US$ 13.94 billion by 2028 and is predicted to register a CAGR of 6.81% during 2023-2028.

Low Speed vehicles can be defined as vehicles that have four wheels and within a one-mile radius, can reach a speed of more than 20 mph and a top speed of 25 mph. Additionally, according to the California State Department of Motor Vehicles, Low Speed vehicles are expected to have a gross weight rating of fewer than 3,000 pounds. These vehicles can have either manual or automatic transmission. Be that as it may, these vehicles are very unique in relation to golf trucks and the two ought not to be befuddled.

A Low Speed vehicle (LSV) is a four-wheeled motor vehicle, which is not an all-terrain motor vehicle, which has a maximum walking speed of approximately 40 km/h (25 mph). Several countries have similar regulations for Low Speed vehicles, but different maximum speed limits, which are less than 40 km/h. Low Speed vehicles are exempt from most of the safety regulations that apply to other motorized transport vehicles. Low Speed vehicles weigh less than 3,000 pounds and use alternative fuels, such as electricity or CNG gas, for their operation.

Market Drivers:

The growing demand for green vehicles, especially on city streets for short daily trips, is a key factor that is expected to drive the global Low Speed vehicle (LSV) market during the forecast period. Also, the low cost of the vehicle along with the low cost of regular maintenance are other key factors that are expected to drive the Low Speed vehicle market in the near future. In addition, a Low Speed vehicle can carry a sufficient number of passengers, along with its positive impact on the road infrastructure, as these vehicles are light, which is likely to drive the worldwide market over the course of the year in the forecast period. Globally, governing bodies are forming alliances to cut emissions along with strict policies adopted to counteract the temperature rise caused mainly by these releases from transportation. LSVs are expected to eliminate pollution from conventional vehicles, and therefore the adoption of these vehicles is supposed to increase dramatically for use in cities and towns for short trips and on campus in cities and towns, hospitals, factories, universities, colleges, golf courses, residential apartments, and other similar applications. This factor is projected to significantly boost the Low Speed ​​Vehicle (LSV) market during the conjecture period.

Market Restraints:

The lack of proper infrastructure, especially in developing and underdeveloped regions, coupled with their low speed limiting their application to particular streets, is likely to restrict the global Low Speed vehicle market during the outlook period.

LOW SPEED VEHICLE MARKET REPORT COVERAGE:

Market Segmentation:

Low Speed Vehicle Market - By Vehicle Type:

• Passenger Vehicle
• Heavy-Duty Vehicle
• Utility Vehicle
• Off-Road Vehicle

Low Speed Vehicle Market - By End User:

• Golf Courses
• Tourist Destinations
• Hotels & Resorts
• Airports
• Residential & Commercial Premises

The commercial segment represents the dominant share of the worldwide market. These vehicles have varied use for commercial purposes, which has generated greater participation in the segment.

Market Regional Analysis: 

The Global Low Speed Vehicle Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

The North American market is supposed to rule the worldwide LSV market during the gauge time frame. North America represents 51% of the world golf supply, and the United States represents 43% of the total golf supply. Also, increased emissions standards and safety standards, as well as manufacturers' change of direction to improve driver comfort characteristics, are estimated to stimulate the low-cost vehicle market boom in North America. Additionally, the growth of luxury tourism is expected to drive sales of Low Speed vehicles. Low Speed electric vehicles are widely preferred in the region due to their zero carbon emissions and reduced noise. The production of Low Speed vehicles in Japan has experienced an increasing trend. Furthermore, the demand for Low Speed vehicles is also expected to increase significantly in developing countries in the Asia-Pacific region, including China and India. This can be attributed to the increase in government initiatives in these countries to reduce emissions.

Impact of Covid-19 on the Low Speed vehicle Market:

The Coronavirus Pandemic (COVID-19) has influenced each part of life around the world. This has prompted a few changes in economic situations. The report covers the quickly changing business sector situation and the underlying and future effect evaluations. Since OEMs depend intensely on in the nick of time manufacture, their supply chains were promptly upset. In China, just about 66% of auto-creation was legitimately influenced by the nation's mechanical shutdown, which largely affected their providers as well. Moreover, the lack of Chinese-made parts has heavily affected worldwide manufacturing.

Market Key Players:

1. Ingersoll Rand (US)
2. Textron Inc. (US)
3. Yamaha Motor Corporation (Japan)
4. Polaris Inc. (US)
5. Deere & Company (US)
6. The Toro Company (US)
7. Kubota Corporation (Japan)
8. American Landmaster (US)
9. Columbia Vehicle Group (US)
10. AGT Electric Cars (US)
11. Bintelli Electric Cars (US)

Market Key Developments:

• Textron Specialized Vehicles Inc., a Textron Inc. (NYSE: TXT) organization, declares the dispatch of new models of its EZ-GO Express ™ individual transportation vehicles, including the organization's initial 72-volt AC electric powertrain industry to furnish clients with more power, range, and execution.
• Yamaha Motor Co., Ltd. (Tokyo: 7272) reported that the organization will start its administration on November 1, 2019, utilizing the SC-1 - Sociable Cart diversion vehicle together created with Sony Corporation.
• Polaris Industries, a US off-road vehicle (ORV) maker, plans to present Low Speed electric vehicles in India from the worldwide electric vehicle (GEM) portfolio. It had procured GEM from Chrysler in June.
• The Spanish bureau affirmed a declaration pointed toward smoothing the rollout of sustainable power source creation, with measures to handle hypothesis in the market, cut formality, and amend an obsolete sale framework to console speculators and costs low.