The low-speed vehicle market is projected to grow from USD 11.09 billion in 2024 to USD 16.28 billion by 2030 at a CAGR of 6.6% during the forecast period.
The low-speed vehicle (LSV) market is expanding due to factors like increased golf participation, growing charging infrastructure, and a rising need for safe, comfortable mobility, especially among seniors. Growth is further fueled by travel & tourism, urban mobility solutions, sustainable transport initiatives, and commercial infrastructure projects. Investments in the aviation and manufacturing sectors are also boosting LSV adoption for on-site transportation. However, inconsistent regulations, limited range, and the need for better-charging infrastructure pose challenges. In North America, a strong golf culture and a growing elderly population drive high LSV demand, with electric models gaining popularity due to their quiet operation and lower costs compared to gasoline versions.
Browse through 255 market data tables and 55 figures spread through 2 Pages and in-depth TOC on “Low-speed vehicle Market: Global Forecast to 2030”.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1965274
“Commercial turf utility 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 2024, international tourism recovered 99% to the pre-pandemic level in 2024, with a 2% growth after 2019. In 2024, international tourist arrivals reached approximately 1.4 billion, marking an 11% increase against 2023, with 140 million more travelers. The increased tourism, as a result of promotional campaigns and activities launched by all stakeholders, has encouraged eco-friendly practices and innovative solutions, including the adoption of electric low-speed vehicles for the transportation of tourists to explore urban areas .
The electrification of commercial turf utility vehicles is on the rise, promoting quieter and more efficient operations. Many original equipment manufacturers (OEMs) are introducing electric models; for instance, Textron Inc. launched the electric Cushman Hauler XL in February 2025. It features a 68.5-inch aluminum flatbed and a 1,600-pound payload, powered by Samsung SDI lithium battery technology. Currently, most OEMs utilize lithium-ion batteries with power outputs ranging from 3.5 kW to 16 kW. North America holds the largest market in global commercial turf utility vehicles. The higher demand in North America is mainly due to the increased demand for these vehicles in maintaining sports fields, golf courses, and parks, which is driven by urbanization and population growth. Further, most OEMs that develop electric LSVs for commercial purposes focus on using lithium-ion batteries for extended driving range, lower operational costs, and superior performance. These batteries are becoming with a wider adoption rate and cost-effective solution with improved vehicle performance and operational efficiency. Thus, the growing travel and tourism, hotel, and resort industries will drive the demand for commercial turf 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, more OEMs are focusing on developing LSVs fitted with Lithium-ion batteries, which will be seen in the coming years. North America holds the largest market share in lithium-ion-based low-speed vehicles. Lithium-ion-based battery LSVs in North America are higher mainly due to end-users focus on improved range and availability of charging infrastructure.
Europe’s low-speed vehicle (LSV) market is seeing a shift towards lithium iron phosphate (LFP) batteries, favored for their affordability, safety, and longevity. Lithium-ion batteries dominate with a 99% adoption rate in 2024, and OEMs are expected to maintain this trend. The demand for LFP is driven by its cost-effectiveness compared to NMC batteries, a longer lifespan, and higher safety ratings. Furthermore, the European Union’s stringent regulations aim to reduce reliance on cobalt, making LFP a more attractive and compliant choice as cobalt-related supply chain transparency and environmental impact remain concerns.
Golf carts and commercial utility vehicles are mostly equipped with lithium-ion batteries, with power ranging from 3kW to 24kW. North America and APAC accounted for the largest market share of lithium-ion batteries. Thus, higher efficiency, longer lifespan, and the ability to perform under varying conditions with desired power output drive the demand for lithium-ion batteries in low-speed vehicles.
Asia Pacific is the 2nd largest market for low-speed vehicles in 2024.
The Asia Pacific region is the second-largest market for low-speed vehicles (LSVs), with China and Japan accounting for over 75% of sales in 2024, driven by golf courses and industrial facilities. Demand is also rising in India, South Korea, and Thailand. The increasing popularity of golf and growing golf tourism, especially in Southeast Asia (Thailand, Malaysia, Indonesia, and Vietnam), offer significant opportunities for LSVs. The expanding number of golf courses in the region supports this trend.
Further, The momentum for electrifying low-speed vehicles (LSVs) in the Asia Pacific region is increasing, propelled by government initiatives and sustainability objectives. For instance, the Japanese government is offering USD 3,700 in subsidies for purchasing electric low-speed vehicles (kei cars). Lithium-ion batteries have the largest market share in Asia Pacific low-speed vehicles as China is a major producer of lithium-based batteries and also contributes the majority market share in Asia Pacific low-speed vehicles.
Key Players
Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China).
Key Players Strategies
- Textron Inc. focuses on innovation and global expansion in the low-speed vehicle market. In September 2024, the company collaborated with Kodiak Robotics, Inc. (US). Under this collaboration, Textron Inc. will use Kodiak Robotics, Inc.’s self-driving system for Textron’s uncrewed RIPSAW® M3 vehicle. This collaboration produced a rugged, autonomous military vehicle to keep service members safe during high-risk missions.
- Textron Inc. also focuses on new product development and electric technology. For instance, in January 2024, the company launched a new wireless charging technology for E-Z-GO products. The E-Z-GO Liberty, introduced with wireless technology, will be displayed at the Consumer Electronics Show (CES).
- Deere & Company strongly focuses on new product development and innovation. In July 2024, John Deere launched the Gator XUV 845 (gas) and XUV 875 (diesel) utility vehicles to help farmers with various tasks. These models featured improved reliability, better sound quality, a higher air intake for engine protection, and enhanced CVT air intake and exhaust.
Study Coverage
The report details the drivers, restraints, challenges, and opportunities in the low-speed vehicle market and forecasts the market until 2030. It also provides a qualitative and quantitative description of different segments considered for the low-speed vehicle market. The report gives a detailed market overview across four geographic regions: North America, Europe, Asia Pacific, and the Rest of the World.
The study segments the Low-speed vehicle market and forecasts the market size based on Vehicle Type ( golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle), Application Type (Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others), Propulsion (Electric, Diesel, and Gasoline), Category (L7 vehicle and L6 vehicle), Voltage( <60 V, 60-100 V, and >100 V), Motor Type (AC Motor and DC Motor), Motor Configuration (Hub-Mounted, Mid-Mounted, and Others), Battery Type (Li-Ion and Lead Acid), power output (≤5 KW, 8–15 KW, and >15 KW), and region (Asia Pacific, North America, Europe, and the Rest of the World [RoW]).
“Brief information on research methodology for the report can be found in the report description provided on the website.”
https://www.marketsandmarkets.com/Market-Reports/north-america-low-speed-vehicle-market-1965274.html
