Low Speed Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type (Commercial Turf Utility, Industrial Utility Vehicle, Golf Cart, Personal Mobility Vehicle), By Engine (ICE, Electric), By Region, And Segment Forecasts, 2023 To 2030

The low-speed vehicle (LSV) market refers to the part of the automotive industry that focuses on vehicles designed for short-distance travel at relatively low speeds. These vehicles are gas-powered or electric and are used in areas where low-speed transportation is needed. A low-speed vehicle (LSV) is a type of vehicle that is designed to operate at a speed of 25 miles per hour or less. Low-speed vehicles are widely employed for short-distance transportation in urban and suburban areas and on campuses, resorts, retirement communities, and other similar locations. These vehicles are preferred for short distances and local travel since they are lighter, smaller, and more fuel-efficient.

The low-speed vehicle market is driven by government rules and regulations to reduce carbon emissions. As the prices of fuels are rising, there is a shift towards electric vehicles & there is growth in the demand for these vehicles. Due to increasing environmental concerns such as a rise in pollution and a decrease in fossil fuel reserves, there is an increase in demand for manufacturing and production of low-speed vehicles. The growth in golf courses is increasing due to changing lifestyles, high incomes, and the use of low-speed vehicles is expected to grow in the coming years. According to the article published by International Energy Agency in April 2023, global sales of electric vehicles are expected to increase by another 35% this year to reach 14 million, after more than 10 million sold in 2022.

The low-speed commercial turf utility vehicle is designed for use in commercial settings such as golf courses and landscaping companies. These vehicles emphasize utility and usefulness over performance and are small and compact with low ground clearance for simple entry to constricted locations. An Industrial utility vehicle is designed for use in factories, warehouses, and other environments where workers need to move efficiently and quickly. These vehicles are often used for transporting people, equipment, tools, and maintenance and cleaning work. A golf cart is a vehicle designed to transport equipment and golfers around the golf course. These vehicles are small and can be gas-powered or electric. The personal utility low-speed vehicle is designed for low-speed travel and short trips. These vehicles are small, electric with a maximum speed of 40 km/hrs.

By engine type, the market can be segmented into Internal Combustion Engine (ICE) and electric engine. ICE is a heat engine that uses combustion to transform chemical energy into mechanical energy. These engines are in vehicles such as motorcycles, trucks, cars, boats, generators, and pumps. An electric engine is a device that converts electrical energy into mechanical energy. The magnetic field and electric current interact to produce rotational motion. Electric motors are used in fans, washing machines, electric cars, electric motorcycles, and trains.

The COVID-19 pandemic had a negative impact on the low-speed vehicle market. Due to lockdowns and travel restrictions around the world, the demand for the automotive industry decreased. Due to low labor and a disturbed supply chain, manufacturing & distribution of low-speed vehicles impacted the market. The pandemic affected travel and tourism & the demand for low-speed vehicles decreased as the resorts and different vacation destinations were closed by the government.

Low-Speed Vehicle Market Segmentation

• By Vehicle Type

  • Commercial Turf Utility

  • Industrial Utility Vehicle

  • Golf Cart

  • Personal Mobility Vehicle

• By Engine

  • Internal Combustion Engine (ICE)

  • Electric

• By Region

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

Key players

• Textron Inc.

• Yamaha Motor Co Ltd

• The Toro Company

• Deere & Company

• Waev Inc

• Club Car