PUBLISHER: The Business Research Company | PRODUCT CODE: 1489304
PUBLISHER: The Business Research Company | PRODUCT CODE: 1489304
Low-speed vehicles (LSVs) refer to electric or internal combustion engine vehicles with a speed range between 20 to 25 miles per hour, designed primarily for use in controlled environments and small distances. Their compact size and limited speed make them ideal for navigating narrow or crowded spaces where conventional vehicles can be impractical or unsafe.
The low-speed vehicles (LSV) market consists of sales, by entities (such as organizations, sole traders or partnerships), of low-speed vehicles (LSV) that are street-legal, compact vehicles that are typically electric and used for small distances. These vehicles must adhere to federal safety standards, including having headlights, turn signals, brake lights, reflectors, mirrors, seat belts, a horn and other safety features. These vehicles are designed for on-street driving, with a primary purpose of providing safe and efficient transportation in city and community environments. LSVs are required to be operated by licensed drivers on public roadways and are allowed on roads with speed limits of 35 mph or less.
The global low speed vehicle (LSV) market was valued at $5,810.85 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Growth In The Tourism Industry
During the historic period, the growth in the tourism industry drove the growth of the low-speed vehicles (LSV) market. The tourism industry, also known as the travel industry, is a major economic sector that involves a wide range of businesses and organizations that provide services and products related to leisure travel, business travel and hospitality. Low-speed vehicles play a valuable role in the tourism industry by providing convenient, sustainable and flexible transportation solutions for tourists and visitors in various destinations and travel settings. For instance, in August 2023, according to the Global Business Travel Association (GBTA), a US-based business travel and meetings organization, global spending on business travel increased by 47% to $1.03 trillion in 2022 and considerable growth is predicted in 2023, with a 32% growth rate. Therefore, the growth in the tourism industry has driven the growth of the low-speed vehicles (LSV) market.
Collaborations And Sales Partnerships Among Market Players
Companies in the low-speed vehicles (LSV) market are focusing on collaborations and sales partnerships to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For instance, in January 2024, SC Carts, a Canada-based manufacturer of low-speed vehicles (LSV), entered into a strategic partnership with the Vernon Golf & Country Club, a Canada-based country club. This collaboration makes use of SC Carts' distinct advantage as the first and only producer in its category to receive Transport Canada approval for producing street-legal LSVs (low-speed vehicles). Further, in April 2023, United Rentals Inc., a US-based public company, entered into a strategic partnership with Polaris Commercial, a US-based manufacturer of commercial utility vehicles. The partnership allows United Rentals to provide its customers with access to cutting-edge electric vehicles that deliver precise control, reduced maintenance needs and improved operational efficiency, showcasing the latest advancements in electric vehicle technology.
The global low speed vehicle (LSV) market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 33.53% of the total market in 2022.
Low Speed Vehicle (LSV) Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global low speed vehicle (LSV) market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for low speed vehicle (LSV)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The low speed vehicle (LSV) market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider low speed vehicle (LSV) market; and compares it with other markets.