The global Low-Speed Vehicle Market is projected to grow at a CAGR of 8.6% to reach a market size of USD 6.3 billion by 2025 from 4.2 billion in 2020. The rising trend of using LSVs in gated communities, hotels, and resorts, industrial facilities, golf courses & college campuses and changing face of the transportation industry to drive the low-speed vehicles market is projected to fuel the demand of these vehicles.
Browse in-depth TOC on “Low-Speed Vehicle Market“
88 – Tables
45 – Figures
156 – Pages
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“Electric Low-Speed vehicles to have the largest market among other types of propulsion.”
The growing trend towards electrification, zero-emission, and lower operating cost, the electric LSV are estimated to have the largest market during the forecast period. The battery is the power source for electric vehicles. Presently, battery costs almost one-third of the total electric vehicle price. It is observed that the battery prices, which were more than USD 1,100 per kilowatt-hour in 2010, have fallen 87% in real terms to USD 156 per kilowatt-hour in 2019. OEMs and battery manufacturers are working towards the development of high energy density battery to deliver more distance coverage on a single charge. Since the automotive industry is moving towards electric vehicles, a similar trend is being observed in the LSV segment too, where key vehicle types are golf cars and personnel carriers. The electric LSV are a better fit option as the LSV is required for short distance coverage and can be used for low power output.
“>15 kW power output market to grow at the fastest pace in the low-speed vehicles market for North America”
Based on the use and the terrain, the power output or the vehicle type of LSV is been considered. The market for the high-power output (>15 kW) segment is expected to showcase the highest growth during the forecast period. High power output vehicles are found in all types of LSV such as commercial turf utility vehicles, industrial utility vehicles, and personal carriers. The demand for high-speed LSVs is increasing with the increase in the speed limit and government permission to ride it on selected roads and high-speed capability requires high power output.
Key Market Players:
The key companies profiled in the study are Ingersoll Rand plc (US), Textron, Inc. (US), Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), Yamaha Motor Co., Ltd. (Japan), Polaris Industries, Inc. (US), American Landmaster (US), Columbia Vehicle Group (US), HDK Electric Vehicle(US) and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China).
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