Low-Speed Vehicle Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024

Description

Market Overview

The estimated size of the low-speed vehicles market will be USD 438.9 million in 2024, which is projected to grow at a CAGR of 7.4% from 2024-2030, reaching USD 674.1 million by 2030. The vehicles are usually four-wheeled, cannot travel at a speed of more than 25 miles per hour and their gross weight rarely exceeds 2500lbs. Also, these vehicles are fully compliant with the federal motor vehicle safety standards. These are used to travel short distances in restricted spaces like health facilities, learning institutions, holiday resorts, and stadiums.

One of the most significant trends in the world today is the requirement for the environment-friendly transit systems. Transportation is one of the major causes of climate change as most of the vehicles are still using crude oil products. Looking at the transportation sector, the IEA reported that CO2 emissions increase by 250 Mt to nearly 8 Gt in 2022, up by 3% from 2021. Low speed vehicles, unlike other normal vehicles that run on gasoline or diesel, most of them are electricity operated hence they do not emit the dangerous gases which harmed the atmosphere.

The improvements in auto technologies are the other trend, which is evident from the market. Of all these, those concerning EV batteries and powertrains are the most critical. The availability of new generation lithium-ion batteries is beneficial for faster charging, higher energy density, and thus the use of these vehicles is also rising.

Key Insights

During the projection period, the 8-15 kW category is projected to advance fastest with a CAGR of 7.8% because of the balance between power production and utility, confronting ecological concerns, and enhancing sustainability.

Technical developments in battery performance, performance effectiveness, and charging speed play a vital role in this category's development.

In 2024, universities and colleges grip substantial industry share, propelled by eco-friendliness among students and staff, and the requirement for effective navigation across huge campuses.

Such vehicles are lucrative, prioritize sustainability, and advance transport services with dedicated charging and parking spots.

In 2024, the e6 model is the largest category with a share of 45%, providing more security, space for 7 people, and versatility, making it common in campuses, sectors, and residential communities.

In 2024, EVs hold the largest share of the industry because of the high preference for sustainable solutions and government encouragement for their acceptance.

The North American region holds the largest share of the low-speed vehicles market, around 50%, due to the large number of hotels, airports, golf courses, and strict emission and noise level regulations in sensitive areas.

The region has a strong network of suppliers, manufacturers, and vendors with expertise in the automotive industry, ensuring control over supply chains and timely product delivery.

The APAC region will witness the highest CAGR, of 8.0%, over the forecast period, driven by the development of airports, golf courses, commercial zones, residential townships, and industrial facilities.

Strong regulations against GHG emissions and support for EVs in highly polluted countries like China, South Korea, and Japan contribute to the market's growth.

Product Code: 13051

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by power output
- 1.4.2. Market size breakdown, by application
- 1.4.3. Market size breakdown, by model
- 1.4.4. Market size breakdown, by vehicle type
- 1.4.5. Market size breakdown, by propulsion
- 1.4.6. Market size breakdown, by region
- 1.4.7. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Volume, by Power Output (2019-2030)
6.3. Market Revenue, by Power Output (2019-2030)
6.4. Market Volume, by Application (2019-2030)
6.5. Market Revenue, by Application (2019-2030)
6.6. Market Volume, by Model (2019-2030)
6.7. Market Revenue, by Model (2019-2030)
6.8. Market Volume, by Vehicle Type (2019-2030)
6.9. Market Revenue, by Vehicle Type (2019-2030)
6.10. Market Volume, by Propulsion (2019-2030)
6.11. Market Revenue, by Propulsion (2019-2030)
6.12. Market Volume, by Region (2019-2030)
6.13. Market Revenue, by Region (2019-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Volume, by Power Output (2019-2030)
7.3. Market Revenue, by Power Output (2019-2030)
7.4. Market Volume, by Application (2019-2030)
7.5. Market Revenue, by Application (2019-2030)
7.6. Market Volume, by Model (2019-2030)
7.7. Market Revenue, by Model (2019-2030)
7.8. Market Volume, by Vehicle Type (2019-2030)
7.9. Market Revenue, by Vehicle Type (2019-2030)
7.10. Market Volume, by Propulsion (2019-2030)
7.11. Market Revenue, by Propulsion (2019-2030)
7.12. Market Volume, by Country (2019-2030)
7.13. Market Revenue, by Country (2019-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Volume, by Power Output (2019-2030)
8.3. Market Revenue, by Power Output (2019-2030)
8.4. Market Volume, by Application (2019-2030)
8.5. Market Revenue, by Application (2019-2030)
8.6. Market Volume, by Model (2019-2030)
8.7. Market Revenue, by Model (2019-2030)
8.8. Market Volume, by Vehicle Type (2019-2030)
8.9. Market Revenue, by Vehicle Type (2019-2030)
8.10. Market Volume, by Propulsion (2019-2030)
8.11. Market Revenue, by Propulsion (2019-2030)
8.12. Market Volume, by Country (2019-2030)
8.13. Market Revenue, by Country (2019-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Volume, by Power Output (2019-2030)
9.3. Market Revenue, by Power Output (2019-2030)
9.4. Market Volume, by Application (2019-2030)
9.5. Market Revenue, by Application (2019-2030)
9.6. Market Volume, by Model (2019-2030)
9.7. Market Revenue, by Model (2019-2030)
9.8. Market Volume, by Vehicle Type (2019-2030)
9.9. Market Revenue, by Vehicle Type (2019-2030)
9.10. Market Volume, by Propulsion (2019-2030)
9.11. Market Revenue, by Propulsion (2019-2030)
9.12. Market Volume, by Country (2019-2030)
9.13. Market Revenue, by Country (2019-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Volume, by Power Output (2019-2030)
10.3. Market Revenue, by Power Output (2019-2030)
10.4. Market Volume, by Application (2019-2030)
10.5. Market Revenue, by Application (2019-2030)
10.6. Market Volume, by Model (2019-2030)
10.7. Market Revenue, by Model (2019-2030)
10.8. Market Volume, by Vehicle Type (2019-2030)
10.9. Market Revenue, by Vehicle Type (2019-2030)
10.10. Market Volume, by Propulsion (2019-2030)
10.11. Market Revenue, by Propulsion (2019-2030)
10.12. Market Volume, by Country (2019-2030)
10.13. Market Revenue, by Country (2019-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Volume, by Power Output (2019-2030)
11.3. Market Revenue, by Power Output (2019-2030)
11.4. Market Volume, by Application (2019-2030)
11.5. Market Revenue, by Application (2019-2030)
11.6. Market Volume, by Model (2019-2030)
11.7. Market Revenue, by Model (2019-2030)
11.8. Market Volume, by Vehicle Type (2019-2030)
11.9. Market Revenue, by Vehicle Type (2019-2030)
11.10. Market Volume, by Propulsion (2019-2030)
11.11. Market Revenue, by Propulsion (2019-2030)
11.12. Market Volume, by Country (2019-2030)
11.13. Market Revenue, by Country (2019-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Volume, by Power Output (2019-2030)
12.3. Market Revenue, by Power Output (2019-2030)
12.4. Market Volume, by Application (2019-2030)
12.5. Market Revenue, by Application (2019-2030)
12.6. Market Volume, by Model (2019-2030)
12.7. Market Revenue, by Model (2019-2030)
12.8. Market Volume, by Vehicle Type (2019-2030)
12.9. Market Revenue, by Vehicle Type (2019-2030)
12.10. Market Volume, by Propulsion (2019-2030)
12.11. Market Revenue, by Propulsion (2019-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Volume, by Power Output (2019-2030)
13.3. Market Revenue, by Power Output (2019-2030)
13.4. Market Volume, by Application (2019-2030)
13.5. Market Revenue, by Application (2019-2030)
13.6. Market Volume, by Model (2019-2030)
13.7. Market Revenue, by Model (2019-2030)
13.8. Market Volume, by Vehicle Type (2019-2030)
13.9. Market Revenue, by Vehicle Type (2019-2030)
13.10. Market Volume, by Propulsion (2019-2030)
13.11. Market Revenue, by Propulsion (2019-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Volume, by Power Output (2019-2030)
14.3. Market Revenue, by Power Output (2019-2030)
14.4. Market Volume, by Application (2019-2030)
14.5. Market Revenue, by Application (2019-2030)
14.6. Market Volume, by Model (2019-2030)
14.7. Market Revenue, by Model (2019-2030)
14.8. Market Volume, by Vehicle Type (2019-2030)
14.9. Market Revenue, by Vehicle Type (2019-2030)
14.10. Market Volume, by Propulsion (2019-2030)
14.11. Market Revenue, by Propulsion (2019-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Volume, by Power Output (2019-2030)
15.3. Market Revenue, by Power Output (2019-2030)
15.4. Market Volume, by Application (2019-2030)
15.5. Market Revenue, by Application (2019-2030)
15.6. Market Volume, by Model (2019-2030)
15.7. Market Revenue, by Model (2019-2030)
15.8. Market Volume, by Vehicle Type (2019-2030)
15.9. Market Revenue, by Vehicle Type (2019-2030)
15.10. Market Volume, by Propulsion (2019-2030)
15.11. Market Revenue, by Propulsion (2019-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Volume, by Power Output (2019-2030)
16.3. Market Revenue, by Power Output (2019-2030)
16.4. Market Volume, by Application (2019-2030)
16.5. Market Revenue, by Application (2019-2030)
16.6. Market Volume, by Model (2019-2030)
16.7. Market Revenue, by Model (2019-2030)
16.8. Market Volume, by Vehicle Type (2019-2030)
16.9. Market Revenue, by Vehicle Type (2019-2030)
16.10. Market Volume, by Propulsion (2019-2030)
16.11. Market Revenue, by Propulsion (2019-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Volume, by Power Output (2019-2030)
17.3. Market Revenue, by Power Output (2019-2030)
17.4. Market Volume, by Application (2019-2030)
17.5. Market Revenue, by Application (2019-2030)
17.6. Market Volume, by Model (2019-2030)
17.7. Market Revenue, by Model (2019-2030)
17.8. Market Volume, by Vehicle Type (2019-2030)
17.9. Market Revenue, by Vehicle Type (2019-2030)
17.10. Market Volume, by Propulsion (2019-2030)
17.11. Market Revenue, by Propulsion (2019-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Volume, by Power Output (2019-2030)
18.3. Market Revenue, by Power Output (2019-2030)
18.4. Market Volume, by Application (2019-2030)
18.5. Market Revenue, by Application (2019-2030)
18.6. Market Volume, by Model (2019-2030)
18.7. Market Revenue, by Model (2019-2030)
18.8. Market Volume, by Vehicle Type (2019-2030)
18.9. Market Revenue, by Vehicle Type (2019-2030)
18.10. Market Volume, by Propulsion (2019-2030)
18.11. Market Revenue, by Propulsion (2019-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Volume, by Power Output (2019-2030)
19.3. Market Revenue, by Power Output (2019-2030)
19.4. Market Volume, by Application (2019-2030)
19.5. Market Revenue, by Application (2019-2030)
19.6. Market Volume, by Model (2019-2030)
19.7. Market Revenue, by Model (2019-2030)
19.8. Market Volume, by Vehicle Type (2019-2030)
19.9. Market Revenue, by Vehicle Type (2019-2030)
19.10. Market Volume, by Propulsion (2019-2030)
19.11. Market Revenue, by Propulsion (2019-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Volume, by Power Output (2019-2030)
20.3. Market Revenue, by Power Output (2019-2030)
20.4. Market Volume, by Application (2019-2030)
20.5. Market Revenue, by Application (2019-2030)
20.6. Market Volume, by Model (2019-2030)
20.7. Market Revenue, by Model (2019-2030)
20.8. Market Volume, by Vehicle Type (2019-2030)
20.9. Market Revenue, by Vehicle Type (2019-2030)
20.10. Market Volume, by Propulsion (2019-2030)
20.11. Market Revenue, by Propulsion (2019-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Volume, by Power Output (2019-2030)
21.3. Market Revenue, by Power Output (2019-2030)
21.4. Market Volume, by Application (2019-2030)
21.5. Market Revenue, by Application (2019-2030)
21.6. Market Volume, by Model (2019-2030)
21.7. Market Revenue, by Model (2019-2030)
21.8. Market Volume, by Vehicle Type (2019-2030)
21.9. Market Revenue, by Vehicle Type (2019-2030)
21.10. Market Volume, by Propulsion (2019-2030)
21.11. Market Revenue, by Propulsion (2019-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Volume, by Power Output (2019-2030)
22.3. Market Revenue, by Power Output (2019-2030)
22.4. Market Volume, by Application (2019-2030)
22.5. Market Revenue, by Application (2019-2030)
22.6. Market Volume, by Model (2019-2030)
22.7. Market Revenue, by Model (2019-2030)
22.8. Market Volume, by Vehicle Type (2019-2030)
22.9. Market Revenue, by Vehicle Type (2019-2030)
22.10. Market Volume, by Propulsion (2019-2030)
22.11. Market Revenue, by Propulsion (2019-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Volume, by Power Output (2019-2030)
23.3. Market Revenue, by Power Output (2019-2030)
23.4. Market Volume, by Application (2019-2030)
23.5. Market Revenue, by Application (2019-2030)
23.6. Market Volume, by Model (2019-2030)
23.7. Market Revenue, by Model (2019-2030)
23.8. Market Volume, by Vehicle Type (2019-2030)
23.9. Market Revenue, by Vehicle Type (2019-2030)
23.10. Market Volume, by Propulsion (2019-2030)
23.11. Market Revenue, by Propulsion (2019-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Volume, by Power Output (2019-2030)
24.3. Market Revenue, by Power Output (2019-2030)
24.4. Market Volume, by Application (2019-2030)
24.5. Market Revenue, by Application (2019-2030)
24.6. Market Volume, by Model (2019-2030)
24.7. Market Revenue, by Model (2019-2030)
24.8. Market Volume, by Vehicle Type (2019-2030)
24.9. Market Revenue, by Vehicle Type (2019-2030)
24.10. Market Volume, by Propulsion (2019-2030)
24.11. Market Revenue, by Propulsion (2019-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Volume, by Power Output (2019-2030)
25.3. Market Revenue, by Power Output (2019-2030)
25.4. Market Volume, by Application (2019-2030)
25.5. Market Revenue, by Application (2019-2030)
25.6. Market Volume, by Model (2019-2030)
25.7. Market Revenue, by Model (2019-2030)
25.8. Market Volume, by Vehicle Type (2019-2030)
25.9. Market Revenue, by Vehicle Type (2019-2030)
25.10. Market Volume, by Propulsion (2019-2030)
25.11. Market Revenue, by Propulsion (2019-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Volume, by Power Output (2019-2030)
26.3. Market Revenue, by Power Output (2019-2030)
26.4. Market Volume, by Application (2019-2030)
26.5. Market Revenue, by Application (2019-2030)
26.6. Market Volume, by Model (2019-2030)
26.7. Market Revenue, by Model (2019-2030)
26.8. Market Volume, by Vehicle Type (2019-2030)
26.9. Market Revenue, by Vehicle Type (2019-2030)
26.10. Market Volume, by Propulsion (2019-2030)
26.11. Market Revenue, by Propulsion (2019-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Volume, by Power Output (2019-2030)
27.3. Market Revenue, by Power Output (2019-2030)
27.4. Market Volume, by Application (2019-2030)
27.5. Market Revenue, by Application (2019-2030)
27.6. Market Volume, by Model (2019-2030)
27.7. Market Revenue, by Model (2019-2030)
27.8. Market Volume, by Vehicle Type (2019-2030)
27.9. Market Revenue, by Vehicle Type (2019-2030)
27.10. Market Volume, by Propulsion (2019-2030)
27.11. Market Revenue, by Propulsion (2019-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Volume, by Power Output (2019-2030)
28.3. Market Revenue, by Power Output (2019-2030)
28.4. Market Volume, by Application (2019-2030)
28.5. Market Revenue, by Application (2019-2030)
28.6. Market Volume, by Model (2019-2030)
28.7. Market Revenue, by Model (2019-2030)
28.8. Market Volume, by Vehicle Type (2019-2030)
28.9. Market Revenue, by Vehicle Type (2019-2030)
28.10. Market Volume, by Propulsion (2019-2030)
28.11. Market Revenue, by Propulsion (2019-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. Textron Inc.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Yamaha Motor Co. Ltd.
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. The Toro Company
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. Deere & Company
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. Club Car LLC
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Polaris Industries Inc.
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. Kubota Corporation
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. Ingersoll Rand
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. American LandMaster
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
30.10. Focus Technology Co. Ltd.
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
30.11. John Bradshaw Limited
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
30.12. Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
- 30.12.1. Business overview
- 30.12.2. Product and service offerings
- 30.12.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports

Low-Speed Vehicle Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)