Low Speed Vehicle Market: 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 Geography  

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Low Speed Vehicle Market size is expected to be valued at USD 9,217.4 million in 2022 and is poised to grow at a CAGR of 8.5% from 2023 to 2029. 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 kW–15 kW, and >15 kW. The 8 kW–15 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 2022-2028. 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.

Low Speed Vehicle Market 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.

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.

Key Features of the Reports

  • The global low speed vehicle market expanding at significant CAGR over 2023 to 2029 owing to increasing stringent emission regulations to raise demand for low-speed electric vehicles
  • Based on region, Asia Pacific accounted for larger market revenue share in 2021 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position

Global Low Speed Vehicle Market Segmentation

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

Frequently Asked Questions

In January 2022, The Workman UTX was launched by Toro Company, a 4- wheel drive commercial-grade vehicle that uses an exclusive ground speed governing scheme.

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
    • Global Low Speed Vehicle Market - Taxonomy
    • Global Low Speed Vehicle Market -Definitions
      • Power Output
      • Propulsion
      • LSV Type
  1. Global Low Speed Vehicle Market Dynamics
    • Drivers
    • Restraints
    • Opportunities/Unmet Needs of the Market
    • Trends
    • Global Low Speed Vehicle Market Dynamic Factors - Impact Analysis
    • Global Low Speed Vehicle Market - Competition Landscape
  2. Global Low Speed Vehicle Market Analysis,2018 - 2022 and Forecast, 2023 - 2029
    • Market Analysis,2018 - 2022 and Forecast, 2023 - 2029(Revenue, USD Mn)
    • Year-over-Year (Y-o-Y) Growth Analysis (%)
    • Market Opportunity Analysis
  3. Global Low Speed Vehicle Market, By Power Output, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • <8 kW
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • 8 kW-15 kW
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • >15 kW
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Low Speed Vehicle Market, By Propulsion, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Diesel
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Electric
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Gasoline
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Low Speed Vehicle Market, By LSV Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Commercial Turf Utility Vehicles
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Golf Carts
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Industrial Utility Vehicles
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Personnel Carriers
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Low Speed Vehicle Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • North America
      • Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Europe
      • Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Asia-Pacific
      • Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Latin America
      • Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Middle East and Africa
      • Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Global Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Region, 2023 - 2029
  2. North America Low Speed Vehicle Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Power Output Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • <8 kW
      • 8 kW-15 kW
      • >15 kW
    • Propulsion Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Diesel
      • Electric
      • Gasoline
    • LSV Type Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Commercial Turf Utility Vehicles
      • Golf Carts
      • Industrial Utility Vehicles
      • Personnel Carriers
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • S.
      • Canada
    • North America Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Country, 2023 - 2029
    • North America Low Speed Vehicle Market Dynamics - Trends
  3. Europe Low Speed Vehicle Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Power Output Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • <8 kW
      • 8 kW-15 kW
      • >15 kW
    • Propulsion Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Diesel
      • Electric
      • Gasoline
    • LSV Type Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Commercial Turf Utility Vehicles
      • Golf Carts
      • Industrial Utility Vehicles
      • Personnel Carriers
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
    • Europe Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Country, 2023 - 2029
    • Europe Low Speed Vehicle Market Dynamics - Trends
  4. Asia-Pacific Low Speed Vehicle Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
    • Power Output Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • <8 kW
      • 8 kW-15 kW
      • >15 kW
    • Propulsion Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Diesel
      • Electric
      • Gasoline
    • LSV Type Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Commercial Turf Utility Vehicles
      • Golf Carts
      • Industrial Utility Vehicles
      • Personnel Carriers
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • China
      • Japan
      • India
      • Australia & New Zealand
      • Rest of APAC
    • Asia-Pacific Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Country,2023 - 2029
    • Asia-Pacific Low Speed Vehicle Market Dynamics - Trends
  5. Latin America Low Speed Vehicle Market Analysis,2018 - 2022and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Power Output Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • <8 kW
      • 8 kW-15 kW
      • >15 kW
    • Propulsion Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Diesel
      • Electric
      • Gasoline
    • LSV Type Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Commercial Turf Utility Vehicles
      • Golf Carts
      • Industrial Utility Vehicles
      • Personnel Carriers
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Brazil
      • Argentina
      • Mexico
      • Rest of LATAM
    • Latin America Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Country, 2023 - 2029
    • Latin America Low Speed Vehicle Market Dynamics - Trends
  6. Middle East and Africa Low Speed Vehicle Market Analysis, 2018 - 2022and Forecast, 2023 - 2029(Revenue, USD Mn)
    • Power Output Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • <8 kW
      • 8 kW-15 kW
      • >15 kW
    • Propulsion Analysis 2018 - 2022 and Forecast 2023 - 2029by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%)
      • Diesel
      • Electric
      • Gasoline
    • LSV Type Analysis 2018 - 2022and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Commercial Turf Utility Vehicles
      • Golf Carts
      • Industrial Utility Vehicles
      • Personnel Carriers
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • South Africa
      • Turkey
      • GCC Countries
      • Rest of MEA
    • MEA Low Speed Vehicle Market - Opportunity Analysis Index, By Power Output, Propulsion, LSV Type and Country, 2023 - 2029
    • MEA Low Speed Vehicle Market Dynamics - Trends
  7. Competition Landscape
    • Strategic Dashboard of Top Market Players
    • Company Profiles (Introduction, Financial Analysis, Propulsion& Service Offerings, Key Developments, Strategies, and SWOT Analysis)
      • 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.)
  8. Research Methodology
  9. Key Assumptions and Acronyms
  • 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.)

Adjacent Markets