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%. This market’s growth can be attributed to the rising inclination of the geriatric population towards safer, more comfortable, and more effortless mobility, the growing popularity of golf, and adequate charging infrastructure.
In 2023, Electric low-speed vehicles continued to gain traction in the market due to their environmental sustainability, lower operating costs, and improved performance compared to traditional internal combustion engine vehicles. Key low-speed vehicle manufacturers introduced new models with enhanced battery technology, extended range, and faster charging capabilities. The manufacturers also offer additional customizations according to customer demands.
>15 kW is expected to be the fastest-growing segment by power output. Low-speed vehicles with a power output of <15 kW are widely used in industrial facilities, construction sites, warehouses, public transportation, and airports. These vehicles can also be used as carriers or for short hauling with a limited load. Low-speed vehicles with power output >15 kW are generally offered in 6-seater or more than 6-seater variants. Higher-powered LSVs may provide better handling and maneuverability, especially in challenging driving conditions or emergency situations.
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Electric propulsion is expected to be the fastest-growing segment by propulsion. Electric-powered low-speed vehicles employ rechargeable battery packs that can be exchanged. These vehicles have several applications, including real estate, airports, industrial facilities, hotels, and resorts. They are an ideal choice for companies and individuals as they are eco-friendly and do not cause sound. According to the US Department of Energy, from 2019 to 2023, EV charging stations have nearly doubled. Meanwhile, the European Federation for Transport and Environment remarked that the European Union had over 630,000 charge points by 2023, showing a faster growth rate than the expansion of the electric vehicle fleet. Nearly all EU member states have substantially developed their charging infrastructure, with many aligning with the targets outlined by the EU under AFIR (Alternate Fuels Infrastructure Directive). The proportion of fast charging within the public charging network steadily increases, constituting 12% of all public chargers. EU nations have collectively committed to closing the remaining gaps in the fast charging network (150 kW+) along the main roads by 2025.
Integration of connectivity features and autonomous technologies presents opportunities for LSV manufacturers to enhance vehicle functionality, safety, and user experience. By incorporating features such as vehicle-to-vehicle (V2V) communication, advanced driver assistance systems (ADAS), and autonomous driving capabilities, manufacturers can differentiate their products and stay competitive in the market. Governments and regulatory agencies are recognizing the importance of LSVs in achieving sustainable transportation goals. Supportive policies, incentives, and subsidies can encourage the adoption of LSVs and create a favorable environment for manufacturers to invest in research, development, and production.
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).
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