CHICAGO, June 10, 2024 /PRNewswire/ -- Low-Speed Vehicle Market [https://www.marketsandmarkets.com/Market-Reports/north-america-low-speed-vehicle-market-1965274.html] is projected to grow from USD 11.1 billion in 2024 to USD 16.3 billion by 2030 at a CAGR of 6.6% , according to a new report by MarketsandMarkets. The growth of the low-speed vehicle market is driven by factors such as the growing popularity of golf, the development of charging infrastructure, and the rising inclination of the geriatric population towards safer and more comfortable mobility like LSVs. Low-speed vehicles have many applications, including gated communities, resorts, college campuses, large industrial zones & IT hubs, amusement parks, historical monuments, airports, golf courses, etc. Another factor boosting the demand for low-speed vehicles is growth in the travel & tourism industry, commercial & industrial infrastructure growth, aviation investments, and manufacturing operations.
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Browse in-depth TOC on "Low-Speed Vehicle Market"
343 - Tables
63 - Figures
290 - Pages
Low-Speed Vehicle Market Scope:
Report Coverage Details Market Revenue in 2024 USD 11.1 billion Estimated Value by 2030 USD 16.3 billion Growth Rate Poised to grow at a CAGR of 6.6% Market Size Available for 2019-2030 Forecast Period 2024-2030 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Vehicle type, power output, battery type, propulsion type, application type, motor type, motor configuration type, voltage type, category type, and region. Geographies Covered Asia Pacific, North America, Europe, and the Rest of the World [RoW] Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Booming Real Estate and other commercial sectors Key Market Drivers Growing popularity for golf
"Commercial vehicles hold the largest share of the low-speed vehicle market during the forecast period.
Commercial turf utility vehicles are primarily used for transport in hotels, resorts, and college campuses. The demand for these vehicles will likely increase with the growing luxury tourism. According to the latest World Tourism Barometer 2023, international tourism is expected to reach a pre-pandemic level by 2024, with a 2% growth after 2019. An estimated 1.28 billion tourists were recorded worldwide in 2023, a 34% increase compared to the previous year. A steady global travel recovery is expected as countries take measures to boost tourism. For example, in February 2023, the Hong Kong government announced offering 500,000 free round-trip airline tickets. Such initiatives will likely increase the demand for hotels, villas, and resorts and influence the hospitality industry to provide tourists with the best experiences and facilities. Further, developing electric commercial turf utility vehicles for applications such as hotels & resorts, and college campuses would drive the demand for LSVs. Most OEMs who develop electric LSVs for commercial purposes focus on using lithium-ion batteries for the extended driving range. Moreover, Commercial turf utility vehicles are a convenient mode of transportation for sightseeing in the vicinity. They can also be used as shuttles for public transit in IT and theme parks. Further, hotels and resorts are partnering with prominent companies to provide more opportunities for EVs inside their premises. Thus, the growing travel & tourism and hotel & resort industries will drive the demand for commercial utility vehicles.
Lithium-ion batteries are expected to be the most significant and fastest-growing battery type in the electric LSVs.
Lithium-ion batteries dominate the electric LSV market due to their superior features like extended travel range, efficient weight-to-performance ratio, minimal self-discharge, low maintenance, and eco-friendliness. With the decreasing prices of lithium-ion batteries, the OEMs are focusing on developing LSVs fitted with Lithium-ion batteries. Most golf carts and commercial utility vehicles are equipped with lithium-ion batteries to increase the driving range of LSVs. For instance, in 2023, the E-Z-GO launched a low-speed vehicle named Elite Lithium, which was equipped with a battery weighing 46 lbs, much lower than a lead-acid battery, which is around 328 lbs and uses 2.98 kWh of energy. The demand for lithium-ion batteries has increased as they reduce maintenance and vehicle running costs.
North America is estimated to be the dominant low-speed vehicle market.
The North American region has many golf courses, close to around 16,000, or 40% of the total golf courses worldwide. This demand for LSVs in North America can be attributed to the rising adoption of low-speed vehicles in golf courses, hotels, and resorts, coupled with the growing demand for these vehicles for personal mobility. Older citizens in the US prefer low-speed vehicles for short-range commutes. These vehicles are also considered neighbourhood vehicles used to commute to gyms, malls, restaurants, schools, and other nearby places.
In North America, prominent industry leaders are dedicated to enhancing their offerings with luxurious features. Companies such as Club Car, Yamaha Motor Co., Ltd, and The Toro Company are investing in research and development to introduce advanced functionalities like connected vehicles and autonomous driving systems. These innovations are tailored for individuals over 40 who rely on these vehicles for daily travels to local destinations like malls, gyms, restaurants, and schools. Additionally, these low-speed vehicles (LSVs) serve purposes beyond personal commutes, being utilized for last-mile delivery services and rentals, facilitating convenient transportation for short distances and leisurely visits to tourist attractions. Thus, the growing demand for golf carts and the development of advanced low-speed vehicles is expected to drive the demand for LSVs in North America.
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Low-Speed Vehicle Market Dynamics:
Drivers:
1. Growing popularity for golf
Restraints:
1. High cost of low-speed vehicles for Personal Mobility in emerging markets
Opportunities:
1. Booming Real Estate and other commercial sectors
Challenge:
1. Lack of safety standards and equipment
Key Market Players Low-Speed Vehicle Industry:
Prominent players in the Low-Speed Vehicle Market include Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc. (US), and Club Car (US)
The break-down of primary participants is as mentioned below:
-- By Stakeholder Type: LSV Manufacturers- 60% and Component Manufacturers
-40%
-- By Designation: C Level Executives- 30%, Director Level - 30%,
Others-40%
-- By Region: North America - 30%, Europe - 25%, and Asia Pacific - 45%
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Low-Speed Vehicle Industry Recent Developments:
-- In March 2024, Tommy Bahama entered a licensing agreement with Club Car
for a collaborative project on a particular edition vehicle. As a
supporter of innovation and design within the golf car, utility vehicle,
and personal transportation sectors, Club Car brings its expertise to
this agreement.
-- In October 2023, in partnership with Joyride, a micromobility software
platform, GEM launched IoT-connected low-speed vehicles for communal
use. The Joyride platform, which supports global micro-mobility
enterprises, enables operators to establish and manage a shared-use GEM
fleet efficiently and profitably while delivering an outstanding
experience to riders.
-- In June 2023, The Toro company introduced the Vista Series passenger
vehicles. These vehicles are available in 4, 6, and 8-seater options.
They are available in both battery and gas-powered variants.
Low-Speed Vehicle Market Size - Key Benefits of Buying the Report:
-- The report will help market leaders/new entrants with information on the
closest approximations of the revenue numbers for the overall LSV market
and the subsegments.
-- It will also help stakeholders understand the competitive landscape and
gain more insights to position their businesses better and plan suitable
go-to-market strategies.
-- The report also helps stakeholders understand the market pulse and
provides information on key market drivers, restraints, challenges, and
opportunities.
This report provides insights on:
-- Analysis of key drivers (Need of golf carts and street legal vehicle
with autonomous technology for the geriatric population for their daily
commute, increasing popularity of golf sports with increase in number of
golf courses in US and Asia Pacific region, and increase in charging
infrastructure), restraints (High cost of LSVs has lower sales of the
vehicles in developing and underdeveloped countries), opportunities
(Increase in infrastructure development in real estate, hotel and
resort, and rehabilitation in other European countries for the families
of Ukraine after Russia war, increase in autonomous vehicle and
connected car technology for better experience of the LSV riders, and
increase in global tourism sector which has reached to pre pandemic
situation), and challenges (Adoption of lithium ion batteries with high
density has increased the battery cost compared to lead acid battery,
and lack of safety standards followed by the OEMs with LSV body
structure design) are influencing the growth of the LSV market.
-- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new product &
service launches in the LSV market.
-- Market Development: Comprehensive information about lucrative markets -
the report analyses the LSV market across varied regions.
-- Market Diversification: Exhaustive information about new products &
services, untapped geographies, recent developments, and investments in
the LSV market
-- Competitive Assessment: In-depth assessment of market shares, growth
strategies, and service offerings of leading players like Textron Inc.
(US), Deere & Company (US), Club Car (US), The Toro Company (US), and
Yamaha Motor Co Ltd (Japan) among others in the LSV market
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