Low-Speed Vehicle Market Report: Trends, Forecast and Competitive Analysis to 2030

Low-Speed Vehicle Trends and Forecast

The future of the global low-speed vehicle market looks promising with opportunities in the golf course, hotel & resort, airport, and industrial facility applications. The global low-speed vehicle market is expected to reach an estimated $16.1 billion by 2030 with a CAGR of 7.3% from 2024 to 2030. The major drivers for this market are increasing demand for green transportation, growing popularity of shared mobility, and rising fuel prices.

A more than 150-page report is developed to help in your business decisions.

Low-Speed Vehicle by Segment

The study includes a forecast for the global low-speed vehicle by propulsion, vehicle type, application, and region.

Low-Speed Vehicle Market by Propulsion [Shipment Analysis by Value from 2018 to 2030]:

• Electric
• Diesel
• Gasoline

Low-Speed Vehicle Market by Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:

• Golf Cart
• Commercial Turf Utility Vehicle
• Industrial Utility Vehicle
• Personal Mobility Vehicle

Low-Speed Vehicle Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Golf Courses
• Hotels & Resorts
• Airports
• Industrial Facilities
• Others

Low-Speed Vehicle Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Low-Speed Vehicle Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies low-speed vehicle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the low-speed vehicle companies profiled in this report include-

• Textron
• Yamaha Motor
• The Toro Company
• Deere & Company
• Waev
• Club Car
• Speedways

Low-Speed Vehicle Market Insights

Lucintel forecasts that electric is expected to witness the highest growth over the forecast period due to the rising demand for pollution-free and zero-emission vehicles.

Within this market, airport will remain the largest segment due to significant use of low-speed vehicle in this sector to drop passengers from one place to another within the large area of the airport.

APAC is expected to witness highest growth over the forecast period due to continuous expansion of tourism sector and presence of key players in the region.

Features of the Global Low-Speed Vehicle Market

Market Size Estimates: Low-speed vehicle market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Low-speed vehicle market size by propulsion, vehicle type, application, and region in terms of value ($B).

Regional Analysis: Low-speed vehicle market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different propulsions, vehicle types, applications, and regions for the low-speed vehicle market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the low-speed vehicle market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the low-speed vehicle market size?

Answer: The global low-speed vehicle market is expected to reach an estimated $16.1 billion by 2030.

Q2. What is the growth forecast for low-speed vehicle market?

Answer: The global low-speed vehicle market is expected to grow with a CAGR of 7.3% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the low-speed vehicle market?

Answer: The major drivers for this market are increasing demand for green transportation, growing popularity of shared mobility, and rising fuel prices.

Q4. What are the major segments for low-speed vehicle market?

Answer: The future of the low-speed vehicle market looks promising with opportunities in the golf course, hotel & resort, airport, and industrial facility applications.

Q5. Who are the key low-speed vehicle market companies?

Answer: Some of the key low-speed vehicle companies are as follows:

• Textron
• Yamaha Motor
• The Toro Company
• Deere & Company
• Waev
• Club Car
• Speedways

Q6. Which low-speed vehicle market segment will be the largest in future?

Answer: Lucintel forecasts that electric is expected to witness the highest growth over the forecast period due to the rising demand for pollution-free and zero-emission vehicles.

Q7. In low-speed vehicle market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to continuous expansion of tourism sector and presence of key players in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the low-speed vehicle market by propulsion (electric, diesel, and gasoline), vehicle type (golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle), application (golf courses, hotels & resorts, airports, industrial facilities, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?