Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility, Golf Cart, Personal), Power Output (<=5, 6-15, >15 kW), Motor Type & Configuration, Propulsion, Battery Type, Application, Category, Voltage - Global Forecast to 2030
SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.
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AGT ELECTRIC CARS
BINTELLI ELECTRIC VEHICLES
MARSHELL GREEN POWER
ICON ELECTRIC VEHICLES
STAR EV CORPORATION, USA
HDK ELECTRIC VEHICLE
TROPOS MOTORS, INC.
PILOTCAR
MOTO ELECTRIC VEHICLES
ACG INC.
CITECAR ELECTRIC VEHICLES
CRUISE CAR INC.
LIGIER GROUP
KAWASAKI MOTOR CORPORATION US
SPEEDWAYS ELECTRIC
DINIS
AUTOPOWER
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The low-speed vehicle market is projected to grow from USD 11.1 billion in 2024 to USD 16.3 billion by 2030, at a CAGR of 6.6%. The World Bank statistics say the global population is increasing at ~1% annually, where nearly 35% of the worldwide population came under the 40-79 age group in 2020. Almost 25% of the population in the US was 60 years and above, and European nations had an average of 21.5% of the population above 60 years and above. Further, Japan presently has ~28% of its population in the 60 and above age group. The demand for senior mobility solutions is also growing with the growing aged population. Additionally, the anticipated growth of low-speed vehicles (LSVs) has risen as golf gains popularity across North America, Europe, and Asian countries. Given these factors, LSVs are the preferred choice for transportation at golf courses, tourist spots, and daily short-distance commutes for the retired community, driving market demand during the review period.
Scope of the Report
Years Considered for the Study
2024-2030
Base Year
2024
Forecast Period
2024-2030
Units Considered
Value (USD Billion)
Segments
Vehicle type, power output, battery type, propulsion type, application type, motor type, motor configuration type, voltage type, category type, and region
Regions covered
Asia Pacific, North America, Europe, and the Rest of the World [RoW]
"Golf courses are expected to be the dominant low-speed vehicle application."
Golf has been considered an elite sport for leisure pastime, and a significant surge has been noticed recently as it has attracted a wider audience of any age group. According to the National Golf Foundation, around 26.6 million people in the US played golf in 2023, an increase of approximately 1 million golf enthusiasts compared to 2022. Most golf courses worldwide are in the western hemisphere, so the US is at the forefront, boasting over 16,000 courses. Additionally, the growing popularity of golf can be attributed to an increase in rewards and prize money. Per the Professional Golf Tour of India (PGTI), prize money for events organized in Asia Pacific has scaled up to a range from USD 30,000 to USD 0.2 million in professional golf tournaments. Though Japan has prominent golf demand, China, India, and Thailand are promising golf club businesses owing to increased disposable income and tourist visitors. The rising number of golf clubs offers numerous benefits to packaged family membership card holders, including family-friendly environments, luxury rooms, fitness facilities, and advanced amenities designed to attract new members. This trend is expected to drive demand for golf carts with 2 to 8-seater capacities, presenting a promising growth outlook for the golf cart market in these countries in the coming years.
"The LSVs within 60-100V batteries are projected to grow fastest by 2030."
The 60-100V battery segment of electric low-speed vehicles is installed with six or eight batteries, and the Voltage could be 72V. LSVs with 72V provide better power, efficiency, and improved range and hence are used for industrial facilities, manufacturing plants, office transport, golf courses, and resorts in hilly areas. According to MnM analysis, the estimated range of a 72V LSV is above 35 to 40 miles on a single charge and can be recharged faster when plugged in with a higher capacity 1500w charger. These high-voltage batteries are mainly preferred in commercial utility vehicles. Commercial turf utility vehicles have more penetration in the North American region due to the expansion of golf courses and sports facilities and development in the infrastructure sector. Further, with innovation and development, many companies have started offering regenerative braking technology to extend the vehicle's range. Additionally, the shift of many businesses to online operations has led to a surge in mega distribution centers and warehouses worldwide located at remote or higher altitudes to meet public demand. This growth has driven up sales of electric commercial turf and industrial utility vehicles to provide sufficient power delivery to pull large packages. For instance, In June 2021, Club Car (US) launched its new electric truck in partnership with AYRO Inc. (US), equipped with a 72 V battery. As the demand for commercial turf utility vehicles will grow, the demand for 60-100 V batteries is expected to increase during the forecast period.
"Europe is another prominent market for low-speed vehicles."
The European region is one of the lucrative markets for low-speed vehicle manufacturers during the forecast period. The rising market demand in Europe can be attributed to the strong demand for golf sports and the rapid growth of the hospitality and tourism sectors. Many EU countries host professional tournaments, such as the BMW International Open, German Championship, European Open, and Pro Golf Tour, inviting several international players and visitors to participate in these events. The UK accounts for the region's largest market for low-speed vehicles, holding the maximum share of the total European low-speed vehicle market, followed by France and Germany. Low-speed cars with up to 5 kW power output are preferred in resorts and golf courses. Commercial turf utility and industrial utility vehicles are widely chosen across the region owing to the higher growth rate of the travel and tourism industry and industrial sector. With a strong regional distribution network, north American OEMs significantly influence the European market. In addition, the regional LSV manufacturers are also emphasizing the development of pure electric low-speed vehicles due to stringent emission laws, regional body commitment towards carbon-neutral regions, and growing developments in the charging infrastructures across the EU. With higher demand for these low-power electric LSVs, Chinese players are exporting golf carts, commercial turf, and industry utility vehicles to European countries at relatively lower costs. With growing tourism activities, hotels and resorts are keen to offer the best possible services, and customers also prefer convenient, safe, and clean mobility solutions, leading to the regional growth of low-speed electric vehicles.
The break-up of the profile of primary participants in the low-speed vehicle market:
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%
Prominent companies include Textron Inc. (US), Deere & Company (US), Yamaha Motor Co. Ltd. (Japan), The Toro Company (US), Waev Inc. (US), and Club Car (US).
Research Coverage:
This research report categorizes the LSV market By Application (Golf courses, hotels and restaurants, airports, industrial facilities, and others), by Vehicle Type (Golf cart, industrial turf utility vehicle, commercial utility vehicle, and personal mobility vehicle), by Power Output (<=5kW, 6-15 kW, and >15 kW), by propulsion type (Electric, gasoline, and diesel), by Voltage (<60V, 60-100 V, and >100 V), by Motor Type (AC Motor and DC Motor), by Motor Configuration (Mid-Mounted and hub-Mounted), by Battery Type (Lithium-ion, and Lead acid), by category type (L6 Vehicle and L7 Vehicle) and by region (North America, Europe, Asia Pacific, and Rest of the World). The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the LSV market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches; mergers and acquisitions, recession impact; and recent developments associated with the LSV market. This report covers a competitive analysis of upcoming startups in the LSV market ecosystem.
Reasons to buy this 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.
The report provides insights on the following pointers:
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
The report also helps stakeholders understand the pulse of the automotive micro-mobility market & electric vehicle market by providing them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
TABLE 1 INCLUSION AND EXCLUSIONS
1.3 STUDY SCOPE
FIGURE 1 LOW-SPEED VEHICLE MARKET SEGMENTATION
1.3.1 REGIONS COVERED
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
TABLE 2 CURRENCY EXCHANGE RATES
1.5 UNIT CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
FIGURE 3 RESEARCH DESIGN MODEL
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primary interviews
2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
2.2 MARKET SIZE ESTIMATION
FIGURE 4 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
2.2.1 BOTTOM-UP APPROACH
FIGURE 5 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 6 TOP-DOWN APPROACH
FIGURE 7 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
2.3 FACTOR ANALYSIS
2.4 DATA TRIANGULATION
FIGURE 8 DATA TRIANGULATION
2.5 RECESSION IMPACT ANALYSIS
2.6 RESEARCH ASSUMPTIONS
TABLE 3 RESEARCH ASSUMPTIONS
2.7 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY
FIGURE 9 LOW-SPEED VEHICLE MARKET OVERVIEW
FIGURE 10 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024-2030
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN LOW-SPEED VEHICLE MARKET
FIGURE 11 RISING DEMAND FROM END-USE APPLICATIONS TO DRIVE MARKET
4.2 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE
FIGURE 12 INDUSTRY UTILITY VEHICLE TO BE LARGEST SEGMENT IN 2024
4.3 LOW-SPEED VEHICLE MARKET, BY PROPULSION
FIGURE 13 ELECTRIC SEGMENT TO SECURE LEADING MARKET POSITION DURING FORECAST PERIOD
4.4 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE
FIGURE 14 LITHIUM-ION BATTERY TO HOLD HIGHER MARKET SHARE DURING FORECAST PERIOD
4.5 LOW-SPEED VEHICLE MARKET, BY APPLICATION
FIGURE 15 GOLF COURSE TO SURPASS OTHER SEGMENTS DURING FORECAST PERIOD
4.6 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT
FIGURE 16 <=5 KW SEGMENT TO HOLD HIGHEST SHARE IN 2024
4.7 LOW-SPEED VEHICLE MARKET, BY VOLTAGE
FIGURE 17 <=60 V SEGMENT TO BE DOMINANT DURING FORECAST PERIOD
4.8 LOW-SPEED VEHICLE MARKET, BY CATEGORY
FIGURE 18 L6 VEHICLE TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
4.9 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE
FIGURE 19 AC MOTOR TO BE LARGER SEGMENT THAN DC MOTOR DURING FORECAST PERIOD
4.10 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION
FIGURE 20 MID-MOUNTED SEGMENT TO ACQUIRE MAXIMUM SHARE IN 2024
4.11 LOW-SPEED VEHICLE MARKET, BY REGION
FIGURE 21 NORTH AMERICA TO BE LARGEST MARKET FOR LOW-SPEED ELECTRIC VEHICLES DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 22 LOW-SPEED VEHICLE MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Rising geriatric population
FIGURE 23 US: SHARE OF GERIATRIC POPULATION (65 AND ABOVE), 1990-2030
5.2.1.2 Growing popularity of golf
TABLE 4 TOTAL GOLF COURSES, BY COUNTRY, 2023
TABLE 5 MAJOR GOLF EVENTS
5.2.1.3 Adequate EV charging infrastructure
FIGURE 24 EUROPE: EV CHARGING STATIONS, 2022
5.2.2 RESTRAINTS
5.2.2.1 High cost of low-speed vehicles in emerging markets
5.2.3 OPPORTUNITIES
5.2.3.1 Booming real estate and other commercial sectors
5.2.3.2 Development of autonomous and connected technologies
TABLE 6 OEMS WITH CONNECTED TECHNOLOGY FEATURES
5.2.3.3 Expanding global tourism
FIGURE 25 TRAVEL AND TOURISM GDP, 2022
5.2.4 CHALLENGES
5.2.4.1 Substantial cost of batteries
5.2.4.2 Lack of safety standards and equipment
5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES
FIGURE 26 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS' BUSINESSES
5.4 OEM ANALYSIS
FIGURE 27 VOLTAGE VS. SEATING OCCUPANCY, BY OEM
5.5 CASE STUDY ANALYSIS
5.5.1 ENHANCED NVH PERFORMANCE OF ICE GOLF CARS
5.5.2 PALM DESERT GOLF CART TRANSPORTATION PILOT PROGRAM
5.5.3 SOLAR-POWERED ELECTRIC GOLF CARTS
5.5.4 IMPROVEMENTS IN EXISTING AUTONOMOUS GOLF CARTS
5.5.5 AUTONOMOUS GOLF CARTS BY CARTEAV
5.6 PATENT ANALYSIS
FIGURE 28 PATENT ANALYSIS
TABLE 7 PATENT ANALYSIS
5.7 TRADE ANALYSIS
5.7.1 EXPORT DATA
TABLE 8 CHINA: EXPORT, BY COUNTRY (USD THOUSAND)
TABLE 9 US: EXPORT, BY COUNTRY (USD THOUSAND)
TABLE 10 CANADA: EXPORT, BY COUNTRY (USD THOUSAND)
TABLE 11 FINLAND: EXPORT, BY COUNTRY (USD THOUSAND)
TABLE 12 NETHERLANDS: EXPORT, BY COUNTRY (USD THOUSAND)
TABLE 13 GERMANY: EXPORT, BY COUNTRY (USD THOUSAND)
5.7.2 IMPORT DATA
TABLE 14 US: IMPORT, BY COUNTRY (USD THOUSAND)
TABLE 15 CANADA: IMPORT, BY COUNTRY (USD THOUSAND)
TABLE 16 SWEDEN: IMPORT, BY COUNTRY (USD THOUSAND)
TABLE 17 RUSSIA: IMPORT, BY COUNTRY (USD THOUSAND)
TABLE 18 UK: IMPORT, BY COUNTRY (USD THOUSAND)
TABLE 19 NORWAY: IMPORT, BY COUNTRY (USD THOUSAND)
5.8 INVESTMENT AND FUNDING SCENARIO
FIGURE 29 INVESTMENT AND FUNDING SCENARIO, 2021-2024
TABLE 20 LIST OF FUNDINGS, 2023-2024
5.9 SUPPLY CHAIN ANALYSIS
FIGURE 30 SUPPLY CHAIN ANALYSIS
5.10 ECOSYSTEM MAPPING
FIGURE 31 ECOSYSTEM ANALYSIS
FIGURE 32 ECOSYSTEM MAP
TABLE 21 ROLE OF COMPANIES IN ECOSYSTEM
5.11 PRICING ANALYSIS
5.11.1 AVERAGE SELLING PRICE TREND, BY REGION
TABLE 22 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY REGION, 2020-2024
FIGURE 33 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY REGION, 2020-2024
5.11.2 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE
TABLE 23 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY VEHICLE TYPE, 2020-2024
5.12 REGULATORY LANDSCAPE
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1.1 North America
TABLE 24 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1.2 Europe
TABLE 25 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1.3 Asia Pacific
TABLE 26 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.1.4 Rest of the World
TABLE 27 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12.2 REGULATIONS RELATED TO LOW-SPEED VEHICLES
5.12.2.1 US
TABLE 28 US: REGULATIONS FOR LOW-SPEED VEHICLES
5.12.2.2 Canada
TABLE 29 CANADA: REGULATIONS FOR LOW-SPEED VEHICLES
5.12.2.3 Europe/Asia
TABLE 30 EUROPE/ASIA: REGULATIONS FOR LOW-SPEED VEHICLES
5.13 TECHNOLOGY ANALYSIS
5.13.1 KEY TECHNOLOGY
5.13.1.1 Electrification
5.13.2 COMPLIMENTARY TECHNOLOGY
5.13.2.1 Improved luxury and safety features
5.13.2.2 Advanced GPS and sensors
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 34 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
TABLE 31 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)
TABLE 328 BINTELLI ELECTRIC VEHICLE: COMPANY OVERVIEW
17.2.3 MARSHELL GREEN POWER
TABLE 329 MARSHELL GREEN POWER: COMPANY OVERVIEW
17.2.4 ICON ELECTRIC VEHICLES
TABLE 330 ICON ELECTRIC VEHICLES: COMPANY OVERVIEW
17.2.5 STAR EV CORPORATION, USA
TABLE 331 STAR EV CORPORATION, USA: COMPANY OVERVIEW
17.2.6 HDK ELECTRIC VEHICLE
TABLE 332 HDK ELECTRIC VEHICLE: COMPANY OVERVIEW
17.2.7 TROPOS MOTORS, INC.
TABLE 333 TROPOS MOTORS, INC.: COMPANY OVERVIEW
17.2.8 PILOTCAR
TABLE 334 PILOTCAR: COMPANY OVERVIEW
17.2.9 MOTO ELECTRIC VEHICLES
TABLE 335 MOTO ELECTRIC VEHICLES: COMPANY OVERVIEW
17.2.10 ACG INC.
TABLE 336 ACG INC.: COMPANY OVERVIEW
17.2.11 CITECAR ELECTRIC VEHICLES
TABLE 337 CITECAR ELECTRIC VEHICLES: COMPANY OVERVIEW
17.2.12 CRUISE CAR INC.
TABLE 338 CRUISE CAR INC.: COMPANY OVERVIEW
17.2.13 LIGIER GROUP
TABLE 339 LIGIER GROUP: COMPANY OVERVIEW
17.2.14 KAWASAKI MOTOR CORPORATION US
TABLE 340 KAWASAKI MOTOR CORPORATION US: COMPANY OVERVIEW
17.2.15 SPEEDWAYS ELECTRIC
TABLE 341 SPEEDWAYS ELECTRIC: COMPANY OVERVIEW
17.2.16 DINIS
TABLE 342 DINIS: COMPANY OVERVIEW
17.2.17 AUTOPOWER
TABLE 343 AUTOPOWER: COMPANY OVERVIEW
*Details on Business overview, Products offered, Recent developments, MnM view, Key strengths, Strategic choices, and Weaknesses and Competitive threats might not be captured in case of unlisted companies.
18 RECOMMENDATIONS BY MARKETSANDMARKETS
18.1 NORTH AMERICA TO DOMINATE LOW-SPEED VEHICLE MARKET
18.2 SAFETY FEATURES AND ELECTRIFICATION TO BE KEY FOCUS AREAS