The low-speed vehicle market share is anticipated to grow significantly over the next few years, driven by increasing demand for energy-efficient transportation solutions in urban and residential areas. Low-speed vehicles (LSVs) are especially popular in gated communities, resorts, and industrial facilities where traditional cars may not be suitable due to emissions and size constraints. Rising environmental awareness and favorable regulations supporting the use of electric LSVs are boosting adoption rates, further solidifying their presence in the global market. The rise in smart city projects and increased tourism activities are also contributing factors that are expected to expand the market share of LSVs as they become an integral part of short-distance transportation.
In terms of low-speed vehicle market share, North America and Europe are the dominant regions, benefiting from high disposable incomes and a growing preference for eco-friendly transportation options. North America, in particular, leads the market due to the extensive use of LSVs in private communities and leisure facilities. Meanwhile, the Asia-Pacific region is projected to see the fastest growth in market share over the coming years, driven by rapid urbanization and supportive government policies promoting electric vehicles. With technological advancements such as enhanced battery life and connectivity features, the market share of low-speed vehicles is expected to further increase, as they provide both convenience and environmental benefits for end-users.
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% during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1965274
“Commercial 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 2023, international tourism is expected to reach a pre-pandemic level by 2024, with a 2% growth after 2019. An estimated 1.28 billion tourists were recorded worldwide in 2023, a 34% increase compared to the previous year. A steady global travel recovery is expected as countries take measures to boost tourism. For example, in February 2023, the Hong Kong government announced offering 500,000 free round-trip airline tickets. Such initiatives will likely increase the demand for hotels, villas, and resorts and influence the hospitality industry to provide tourists with the best experiences and facilities. Further, developing electric commercial turf utility vehicles for applications such as hotels & resorts, and college campuses would drive the demand for LSVs. Most OEMs who develop electric LSVs for commercial purposes focus on using lithium-ion batteries for the extended driving range. Moreover, Commercial turf utility vehicles are a convenient mode of transportation for sightseeing in the vicinity. They can also be used as shuttles for public transit in IT and theme parks. Further, hotels and resorts are partnering with prominent companies to provide more opportunities for EVs inside their premises. Thus, the growing travel & tourism and hotel & resort industries will drive the demand for commercial utility 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), following North America, with China and Japan dominating the market demand, accounting for more than 75% in 2024. The increasing number of golf courses, industrial facilities, and travel activities primarily drives the strong market positions of these two countries. Additionally, countries like India, South Korea, and Thailand have seen a rise in demand in recent years. The popularity of golf is also growing in Asia, with 5,000 golf courses established by 2023 and more golf clubs expected to open. Furthermore, the region has experienced significant growth in tourism, manufacturing, IT hubs, and warehouses. LSVs are beneficial in these settings for transporting people within specific areas and carrying medium to heavy loads. These factors are anticipated to boost the growth of LSVs in the region. Major players in this market include Yamaha Motor Co. (Japan), Speedways (India), Auto Power (India), Jiaxing Learoad Special Vehicle Co., Ltd (China), Electric Vehicle Co. Ltd (China), Maini Material Movement Pvt Ltd (India), G.B. Varley Pty Ltd (Australia), and Hawk Carts (Australia).
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).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1965274
