Low-Speed Vehicle Market worth $15.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 6, 2023 /PRNewswire/ -- 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™. Low-speed vehicles have wide applications in golf courses, gated communities, resorts, college campuses, large industrial zones & IT hubs, amusement parks, historical monuments, airports, etc. With the increase in tourism and travel and the growth of commercial & industrial infrastructure, aviation investments, and manufacturing operations, the market for low-speed vehicles is expected to rise in the coming years.

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Low-Speed Vehicle Market Scope:

Low-speed vehicles have wide applications in golf courses, gated communities, resorts, college campuses, large industrial zones & IT hubs, amusement parks, historical monuments, airports, etc. With the increase in tourism and travel and the growth of commercial & industrial infrastructure, aviation investments, and manufacturing operations, the market for low-speed vehicles is expected to rise in the coming years.

Electric Low-speed vehicles are predicted to be the largest segment.

Electric Low-speed vehicles are estimated to dominate the market over the forecast period. The market growth mainly concerns lower production and operational costs with simple architecture and requires fewer spare parts and components than IC engine vehicles. With constantly declining battery costs, and lower after-sales maintenance costs;  the electric LSVs are expected to provide better ROIs, which in turn would further drive their market demand. Further, improving charging infrastructure in major markets such as China, US, Germany, and France are supporting the growth of electric LSVs. Global players such as Club Car (US), The Toro Company (US), Textron Inc. (US), etc., are extending their electric offerings, which deliver performance par with ICE counterpart. Thus, favorable government norms and the development of necessary charging infrastructure will be growing factors for electric LSVs.

Golf courses are the largest application market for low-speed vehicles.

Golf courses are estimated to be the leading LSV application in 2023. The paradigm shift is experienced towards golf events and sports post Covid-19 crisis across the world, and it has been considered an elite sport for leisure pastime for any age group. As per the National Golf Foundation (NGF) records, there was a 15% increase in the total count of golf rounds played in 2022 compared to 2019. North America leads the golf course count; adversely, the count is rapidly growing in Asian countries. The number of golf clubs has increased which gives benefits to the packaged family membership card holders with family-friendly environments, luxury rooms, fitness rooms, and advanced amenities for encouraging new members. This will drive the golf carts demand with 2 to 8-seater capacity. This would bring an ideal growth perspective for golf carts across these countries in the coming years.

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.

The commercial turf utility vehicle has the largest share in the low-speed vehicle market as the number of warehouses and logistics sector has increased in North America which has propelled the sales of commercial turf utility vehicles. The OEMs are offering these vehicles in the electric version which finds its application is gate communities, the commercial sector, industrial sector. Some of the Leading LSV manufacturers in the region are Textron inc. (US), Deere & Company (US), The Toro Company (US), and Club Car (US).

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Low-Speed Vehicle Market Dynamics:

Drivers:

1. Rising geriatric population.
2. Growing popularity of golf.
3. Suitable electric vehicle charging infrastructure.

Restraints:

1. High costs in developing and underdeveloped regions.

Opportunities:

1. Strong real estate and commercial sector.
2. Development of autonomous and connected technology.
3. Increased global tourism.

Challenges:

1. Cost reduction and improved energy density of EV batteries.
2. Lack of safety standards and equipment.

Key Market Players:

The low-speed vehicle market is consolidated. Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US) are the key companies operating in the low-speed vehicle market.

Recent Developments:

• In Jan 2023 E-Z- GO redesigned its RXV golf cars with several new features such as easy-to-load tee and golf ball holders, and plenty of space for mobile devices, cups, range finders and personal items. OEMs are now optimizing LSVs with better facilities and features to provide an overall better user experience.
• In June 2022 Club Car acquired Garia a Denmark based street legal electric low speed vehicle manufacturer. This acquisition will enable Club car to increase its electric LSVs manufacturing and establish itself as a Major OEM of the LSV market.
• In January 2022, Yamaha launched the Drive2 Powertrain AC Lithium. The new Lithium-ion-powered golf car is with Independent Rear Suspension (IRS). Yamaha is known for offering the strongest product line of golf and utility cars in the world, and the addition of the Drive2 PowerTech with the IRS model offers customers the same comfort, reliability, and performance.
• In January 2022, The Toro Company launched Workman UTX. The commercial-grade, 4-wheel drive vehicle uses a proprietary ground speed governing system. Workman UTX's ground speed and RPM are not directly connected, allowing the manager to limit the speed of the machine without gutting the power.
• In June 2021, The Club Car Current is designed for low speed logistics and cargo operations. The company has partnered with ARYO Inc to develop the product. The Club Car Current is ideal for low speed logistics and cargo services. It has the agility and versatility that is essential in a campus or urban environment, filling the gap between full-sized trucks and small utility carts.
• In December 2021, The R&A has named The Toro Company as a Founding Partner and Official Golf Course Maintenance Partner for its planned community golf facility in Glasgow, Scotland. This partnership would pave the path for the sales of gold cars in the region.
• In August 2021, Club Car announced the all-new integration of Club Car Connect with EzLocator, the industry leader in daily pin placement management. This new partnership enables superintendents with the ability to manage pin locations with speed and precision. At the same time, golfers will enjoy exact yardages seamlessly delivered to their Club Car golf car updated through the cloud with the new integration.

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