Chicago, Oct. 05, 2023 (GLOBE NEWSWIRE) -- 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%, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "Low-Speed Vehicle Market"
315 – Tables
52 – Figures
302 – Pages.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 1965274
| Report Attributes | Details |
| Market size value in 2023: | USD 10.4 Billion |
| Projected to reach 2028: | USD 15.0 Billion |
| CAGR: | 7.4% |
| Base Year Considered: | 2022 |
| Forecast Period: | 2023-2028 |
| Largest Market: | North America |
| Region Covered: | North America, Europe, Asia Pacific and Rest of the World |
| Segments Covered: | By vehicle type, power output, battery type, propulsion, application type, voltage type, category type and region. |
| Companies Covered: | Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US) |
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.
Rising Dominance of Lithium-Ion Batteries in the United States and Europe
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. 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.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id= 1965274
Revolutionizing the Low-Speed Vehicle Market with Connected and Autonomous Technology
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 industry. 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.
North America is estimated to be the dominant low-speed vehicle market.
North America holds the largest share globally. This region has a higher demand for LSVs as US alone had 16,000 or 40% of the total golf courses worldwide which are used in various applications, such as golf courses, hotels and resorts, airports, industrial facilities, and others. This region has the highest LSV market share, accounting for more than 51.9 % of the total LSV sales.
US would hold the largest share, accounting for >90% of the market, followed by Canada & Mexico. Countries like US & Canada together hold nearly 50% of golf courses (19,000+) in the year 2022. The key players in this region are focused on providing luxury features where the key players like Club Car, Yamaha Motor Co., Ltd, and The Toro Company are investing high in R&D by providing the features like connected cars and autonomous drive for the people above 40 age group usually use for daily commutes to nearby places such as malls, gyms, restaurants, schools, etc. These LSVs are also used in last-mile delivery and for a rental purpose which is used for commuting to nearby places and visiting tourist spots.
Key Market Players:
The Low Speed Vehicle Companies are Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US), operating in the low speed vehicle market.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id= 1965274
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Browse Related Reports:
Electric Commercial Vehicle Market - Global Forecasts to 2030
Electric Vehicle Market - Global Forecasts to 2030
Weigh-In-Motion System Market - Global Forecast to 2027
All-terrain Vehicle Market - Global Forecast to 2027
