Low Speed Vehicle Market: By Power Output, By Propulsion, By LSV Type and Region Forecast 2019-2030  

download arrow download arrow Download Free Sample
settings arrow settings arrow email us

Low Speed Vehicle Market Size, Share, Growth, Trends, and Global Industry Analysis: By Power Output (<8 kW, 8 kW, 15 kW and >15 kW), By Propulsion (Diesel, Electric and Gasoline), By LSV Type (Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles and Personnel Carriers) and Region Forecast 2019-2030  

checked icon arrow_drop_down
checked icon Single User License $4400 $3520
checked icon Multiple User License $6600 $5280
checked icon Corporate User License $8900 $7120

Low Speed Vehicle Market size is expected to be valued at US$ 9,217.4 million in 2023 and is poised to grow at a CAGR of 8.5% from 2024 to 2030. The global market provides a detailed overview and that can be segmented by power output, by propulsion, and by LSV type. By power output, the Low-Speed Vehicle market growth has been segmented into <8 kW, 8 kW15 kW, and >15 kW. The 8 kW15 kW segment is likely to be the significant growing segment in terms of power output. Among these, the fuel-powered propulsion segment is expected to have the fastest-growing market during the forecast period 2023-2030. There has been a rising trend of high-powered vehicles that can drive on allowable roads and be used as personnel carriers and utility vehicles.

Hence, in the coming years, low-speed electric vehicle are predictable to have extraordinary growth, accompanied by low-speed with high-power vehicles, which in turn is likely to boost the low-speed vehicle market eventually. Based on the LSV type, the Low-Speed Vehicle market is segmented into Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, and Personnel Carriers. The Industrial Utility Vehicles segment is expected to have a significant share in 2021. The rise of this segment is mainly because of the growing demand for vehicles in the big industry to move from one plant to another. Likewise, there is a growing practice of industrial utility vehicles in hospitals, residential apartments, resorts, and colleges. There is stable growth in the golf cart segment as the golf cart has an extended life cycle compared to other automobiles.

Key Developments

  • In June 2021, The Club Car Current partnered with ARYO Inc. to develop a vehicle for low-speed cargo and logistics operations. In December 2021, The R&A named The Toro Company as an Official Golf Course Maintenance and Founding Partner for its community golf facility in Glasgow, Scotland.

summary download arrow Download Free Sample

Global Low Speed Vehicle Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

8.5%

Largest Market

Europe

Fastest Growing Market

Asia-Pacific

Low Speed Vehicle Market Dynamics

The growing aging populace, as this age group has a necessity for vehicles that can be used for mobility, is anticipated to propel the market growth over the forecast years. Moreover, the increasing use of low-speed vehicles to travel within towns and cities or for shorter distances is burgeoning the market growth over the forecast years.

Global Low Speed Vehicle Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 9,217.4 million

Market CAGR

8.5%

By Power Output

  • <8 kW
  • 8 kW–15 kW
  • >15 kW

By Propulsion

  • Diesel
  • Electric
  • Gasoline

By LSV Type

  • Commercial Turf Utility Vehicles
  • Golf Carts
  • Industrial Utility Vehicles
  • Personnel Carriers

By Region

  • North America (U.S., Canada)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
  • Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)

Key Features of the Report

  • The low speed vehicle market report provides granular level information about the market size, regional market share, historic market (2019 to 2023) and forecast (2024 to 2030)
  • The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startups details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porters Five Force Analysis

Download Free Sample Report

I accept the Terms and Conditions,Disclaimers, GDPR Policy

Frequently Asked Questions

The global low-speed vehicle market size was valued at US$ 9,217.4 million in 2023 and is projected to grow at a CAGR of 8.5% from 2024 to 2030.

Rising concern about community security and rapid urbanization

Severe emission standards and laws and a surge in fuel costs

1.Executive Summary
2.Global Low Speed Vehicle Market Introduction 
2.1.Global Low Speed Vehicle Market  - Taxonomy
2.2.Global Low Speed Vehicle Market  - Definitions
2.2.1.Power Output
2.2.2.Propulsion
2.2.3.LSV Type
2.2.4.Region
3.Global Low Speed Vehicle Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Low Speed Vehicle Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Low Speed Vehicle Market  By Power Output, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. <8 kW
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. 8 kW–15 kW
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. >15 kW
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
6.Global Low Speed Vehicle Market  By Propulsion, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Diesel
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Electric
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Gasoline
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
7.Global Low Speed Vehicle Market  By LSV Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Commercial Turf Utility Vehicles
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Golf Carts
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Industrial Utility Vehicles
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Personnel Carriers
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
8.Global Low Speed Vehicle Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Low Speed Vehicle Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. Power Output Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.<8 kW
9.1.2.8 kW–15 kW
9.1.3.>15 kW
9.2.  Propulsion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Diesel
9.2.2.Electric
9.2.3.Gasoline
9.3.  LSV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Commercial Turf Utility Vehicles
9.3.2.Golf Carts
9.3.3.Industrial Utility Vehicles
9.3.4.Personnel Carriers
9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Low Speed Vehicle Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Power Output Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.<8 kW
10.1.2.8 kW–15 kW
10.1.3.>15 kW
10.2.  Propulsion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Diesel
10.2.2.Electric
10.2.3.Gasoline
10.3.  LSV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Commercial Turf Utility Vehicles
10.3.2.Golf Carts
10.3.3.Industrial Utility Vehicles
10.3.4.Personnel Carriers
10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
11.Asia Pacific (APAC) Low Speed Vehicle Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Power Output Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.<8 kW
11.1.2.8 kW–15 kW
11.1.3.>15 kW
11.2.  Propulsion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Diesel
11.2.2.Electric
11.2.3.Gasoline
11.3.  LSV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Commercial Turf Utility Vehicles
11.3.2.Golf Carts
11.3.3.Industrial Utility Vehicles
11.3.4.Personnel Carriers
11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Low Speed Vehicle Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Power Output Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.<8 kW
12.1.2.8 kW–15 kW
12.1.3.>15 kW
12.2.  Propulsion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Diesel
12.2.2.Electric
12.2.3.Gasoline
12.3.  LSV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Commercial Turf Utility Vehicles
12.3.2.Golf Carts
12.3.3.Industrial Utility Vehicles
12.3.4.Personnel Carriers
12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Low Speed Vehicle Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Power Output Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.<8 kW
13.1.2.8 kW–15 kW
13.1.3.>15 kW
13.2.  Propulsion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Diesel
13.2.2.Electric
13.2.3.Gasoline
13.3.  LSV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Commercial Turf Utility Vehicles
13.3.2.Golf Carts
13.3.3.Industrial Utility Vehicles
13.3.4.Personnel Carriers
13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.Club Car
14.2.2.Textron, Inc.
14.2.3.Deere & Company
14.2.4.Polaris Industries, Inc.
14.2.5.Yamaha Motor Co., Ltd.
14.2.6.Kubota Corp.
14.2.7.Ingersoll-Rand plc
14.2.8.Xiamen Dalle Electric Car Co., Ltd.
14.2.9.Bradshaw Electric Vehicles
14.2.10.Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
14.2.11.Moto Electric Vehicles
15. Research Methodology 
16. Appendix and Abbreviations 

Key Market Players

  • Club Car
  • Textron, Inc.
  • Deere & Company
  • Polaris Industries, Inc.
  • Yamaha Motor Co., Ltd.
  • Kubota Corp.
  • Ingersoll-Rand plc
  • Xiamen Dalle Electric Car Co., Ltd.
  • Bradshaw Electric Vehicles
  • Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
  • Moto Electric Vehicles

Related Industry Reports

Electric Vehicle EV Traction Motors Market

Autonomous Vehicle Market

In-Vehicle Ethernet System Market

Low-speed Electric Vehicle Market