The low-speed vehicle market is projected to grow from USD 10.4 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 7.4%. The growth of this market can be attributed to the rising geriatric population, growing popularity for golf, and growing electric vehicle charging infrastructure.
According to primary and secondary analysis, North America is the largest low speed vehicle market while Asia pacific is the second largest market during the forecasted period. Key factors which are attributing to the growth of LSV market in these regions are higher popularity for golf, increase in aged population, growth of hospitality sector and travel & tourism, increased preference for personal mobility in indoor facilities.
Lithium-ion batteries are majorly dominant in United states and Europe. Many OEMs are now shifting towards lithium-ion batteries, but high upfront cost is still a dragging factor for lithium-ion batteries. Lithium-ion batteries are much lighter than lead acid and have a longer lifespan. Thus, it is projected that lithium-ion batteries will dominate the market in the forecasted period.
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Countries are inclining more towards electric vehicles due to which OEMs are now focusing electric LSVs. In June 2022 club car acquired Garia a Denmark based electric low speed vehicle manufacturer which is known for manufacturing luxury electric golf carts and utility vehicles. Electric low speed vehicles offer numerous benefits such as no pollution, no sound, less maintenance, low operating cost. Low electric vehicles are the largest segment of LSV and is expected to grow at the highest rate during the forecasted period.
The incorporation of connected and autonomous vehicle technology in low speed vehicles is likely to create significant growth opportunities for the global low speed vehicle market. In 2021, ISO defined standards under the code ISO 22737: 2021 for Intelligent Transport Systems for low speed automated driving systems (LSAD). Yamaha introduced the PPM (Public Personal Mobility) platform for developing such solutions. It delivers an on-demand vehicle service available via the vehicle dispatch smartphone application where users can enter the desired destination on their smartphones, and the vehicle will automatically take them to their destination. This will open new income opportunities for LSV manufacturers and technology providers.
Key Market Players:
The major players of low speed vehicle market are Textron inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd (Japan), The Toro Company (US), and Kubota Corporation (Japan). These OEMs have strong established business especially in North America, Asia Pacific, and Europe. Other than that, these OEMs have a wide range of products diversifying their portfolio and their revenue. These OEMs hold a significant share of the LSV market and various growth opportunities such as increase in real estate sector and travel & tourism which can increase the demand for indoor mobility and thus fuel the demand for LSVs. Also the development of autonomous LSVs can solve the safety issues as well as decrease traffic, this can lead to significant growth of the LSV industry.
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