Low-speed vehicles (LSVs) refer to electric or internal combustion engine vehicles with a speed range between 20 to 25 miles per hour, designed primarily for use in controlled environments and small distances. Their compact size and limited speed make them ideal for navigating narrow or crowded spaces where conventional vehicles can be impractical or unsafe.
The low-speed vehicles (LSV) market consists of sales, by entities (such as organizations, sole traders or partnerships), of low-speed vehicles (LSV) that are street-legal, compact vehicles that are typically electric and used for small distances. These vehicles must adhere to federal safety standards, including having headlights, turn signals, brake lights, reflectors, mirrors, seat belts, a horn and other safety features. These vehicles are designed for on-street driving, with a primary purpose of providing safe and efficient transportation in city and community environments. LSVs are required to be operated by licensed drivers on public roadways and are allowed on roads with speed limits of 35 mph or less.
The global low speed vehicle (LSV) market was valued at $5,810.85 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Growth In The Tourism Industry
During the historic period, the growth in the tourism industry drove the growth of the low-speed vehicles (LSV) market. The tourism industry, also known as the travel industry, is a major economic sector that involves a wide range of businesses and organizations that provide services and products related to leisure travel, business travel and hospitality. Low-speed vehicles play a valuable role in the tourism industry by providing convenient, sustainable and flexible transportation solutions for tourists and visitors in various destinations and travel settings. For instance, in August 2023, according to the Global Business Travel Association (GBTA), a US-based business travel and meetings organization, global spending on business travel increased by 47% to $1.03 trillion in 2022 and considerable growth is predicted in 2023, with a 32% growth rate. Therefore, the growth in the tourism industry has driven the growth of the low-speed vehicles (LSV) market.
Collaborations And Sales Partnerships Among Market Players
Companies in the low-speed vehicles (LSV) market are focusing on collaborations and sales partnerships to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For instance, in January 2024, SC Carts, a Canada-based manufacturer of low-speed vehicles (LSV), entered into a strategic partnership with the Vernon Golf & Country Club, a Canada-based country club. This collaboration makes use of SC Carts' distinct advantage as the first and only producer in its category to receive Transport Canada approval for producing street-legal LSVs (low-speed vehicles). Further, in April 2023, United Rentals Inc., a US-based public company, entered into a strategic partnership with Polaris Commercial, a US-based manufacturer of commercial utility vehicles. The partnership allows United Rentals to provide its customers with access to cutting-edge electric vehicles that deliver precise control, reduced maintenance needs and improved operational efficiency, showcasing the latest advancements in electric vehicle technology.
The global low speed vehicle (LSV) market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 33.53% of the total market in 2022.
Low Speed Vehicle (LSV) Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global low speed vehicle (LSV) market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for low speed vehicle (LSV)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The low speed vehicle (LSV) market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider low speed vehicle (LSV) market; and compares it with other markets.
The report covers the following chapters
Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by power, by battery type, by engine and by application.
Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the low speed vehicle (LSV) market.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by power, by battery type, by engine and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
Competitive Benchmarking -Briefs on the financials comparison between major players in the market.
Competitive Dashboard- Briefs on competitive dashboard of major players.
Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations- This section includes recommendations for the low speed vehicle (LSV) providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Power: Less Than 8 KW; 8-15 KW; More Than >15KW
2) By Battery Type: Lithium-Ion; Lead Acid
3) By Engine: Internal Combustion Engine (ICE); Electric
4) By Application: Golf Courses; Hotel; Resorts; Airports; Industrial Facilities; Other Applications
Companies Mentioned: Deere & Company; Polaris Industries Inc. Yamaha Motor Co. Ltd.; The Toro Company; E-Z-GO Technologies Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; the low speed vehicle (LSV) indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.