Low-Speed Vehicle Market Share to Hit $16.3 Billion by 2030 Driven by Sustainable Urban Mobility

 The Low-Speed Vehicle Market Share is expected to grow significantly, reaching $16.3 billion by 2030, as these vehicles gain popularity for short-distance travel in urban and suburban settings. Low-speed vehicles (LSVs), including golf carts, neighborhood electric vehicles (NEVs), and small utility vehicles, are increasingly being used in applications such as campus transportation, gated communities, and recreational resorts. Their eco-friendly and cost-effective nature aligns well with the global shift toward sustainable urban mobility, further driving the demand and expanding the market share of these versatile vehicles.

Advancements in technology are also contributing to the growth of the Low-Speed Vehicle Market Share. Enhanced battery performance, connectivity features, and safety upgrades are making LSVs more appealing to a wider range of consumers and organizations. Additionally, regulatory support for clean energy initiatives and the adoption of green transportation options are propelling the expansion of LSVs worldwide. As cities continue to promote sustainable alternatives to traditional vehicles, the market share for low-speed vehicles is set to rise, supporting the overall movement toward cleaner, more efficient urban transportation solutions.

“Commercial vehicles hold the largest share of the low-speed vehicle market during the forecast period.

Commercial turf utility vehicles are primarily used for transport in hotels, resorts, and college campuses. The demand for these vehicles will likely increase with the growing luxury tourism. According to the latest World Tourism Barometer 2023, international tourism is expected to reach a pre-pandemic level by 2024, with a 2% growth after 2019. An estimated 1.28 billion tourists were recorded worldwide in 2023, a 34% increase compared to the previous year. A steady global travel recovery is expected as countries take measures to boost tourism. For example, in February 2023, the Hong Kong government announced offering 500,000 free round-trip airline tickets. Such initiatives will likely increase the demand for hotels, villas, and resorts and influence the hospitality industry to provide tourists with the best experiences and facilities. Further, developing electric commercial turf utility vehicles for applications such as hotels & resorts, and college campuses would drive the demand for LSVs. Most OEMs who develop electric LSVs for commercial purposes focus on using lithium-ion batteries for the extended driving range. Moreover, Commercial turf utility vehicles are a convenient mode of transportation for sightseeing in the vicinity. They can also be used as shuttles for public transit in IT and theme parks. Further, hotels and resorts are partnering with prominent companies to provide more opportunities for EVs inside their premises. Thus, the growing travel & tourism and hotel & resort industries will drive the demand for commercial utility vehicles.

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The personal Mobility segment is the fastest-growing segment for low-speed vehicles by Vehicle type.

The personal mobility segment is expected to grow at the fastest CAGR during the forecast period. Cost-efficiency, eco-friendliness, and regulatory support make them a sustainable choice for urban mobility. Personal mobility vehicles, or street-legal vehicles, are neighborhood electric vehicles mainly used for daily commuting. These vehicles have a minimum speed limit of 20 mph and a maximum speed limit of 25 mph and can be legally driven on roads with speed limits of 35 mph or less. They are used widely in malls, restaurants, and school campuses, with easy access to charge. E-Z-GO (Textron) (US) and Club Car (US) are prominent manufacturers of low-speed personal mobility vehicles. The introduction of street-legal LSVs in the US is expected to drive the market for personal mobility. In March 2023, Club Car launched its new neighborhood electric vehicle, CRU, which is a street-legal LSV. Further, the US and Japanese governments have allowed LSVs to be street-legal vehicles. The Japanese government is taking the initiative to promote low-speed electric vehicles for older adults due to the ease of driving. Thus, the growing use of personal mobility vehicles for short-distance commutes in urban areas and government initiatives to make LSVs as street legal vehicles would drive the demand for personal mobility LSVs during the forecast period.

North America is estimated to be the dominant low-speed vehicle market.

The North American region has many golf courses, close to around 16,000, or 40% of the total golf courses worldwide. This demand for LSVs in North America can be attributed to the rising adoption of low-speed vehicles in golf courses, hotels, and resorts, coupled with the growing demand for these vehicles for personal mobility. Older citizens in the US prefer low-speed vehicles for short-range commutes. These vehicles are also considered neighborhood vehicles used to commute to gyms, malls, restaurants, schools, and other nearby places.

In North America, prominent industry leaders are dedicated to enhancing their offerings with luxurious features. Companies such as Club Car, Yamaha Motor Co., Ltd, and The Toro Company are investing in research and development to introduce advanced functionalities like connected vehicles and autonomous driving systems. These innovations are tailored for individuals over 40 who rely on these vehicles for daily travels to local destinations like malls, gyms, restaurants, and schools. Additionally, these low-speed vehicles (LSVs) serve purposes beyond personal commutes, being utilized for last-mile delivery services and rentals, facilitating convenient transportation for short distances and leisurely visits to tourist attractions. Thus, the growing demand for golf carts and the development of advanced low-speed vehicles is expected to drive the demand for LSVs in North America.

Key Players

Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China).

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The Low-Speed Vehicle Market Share is expected to grow significantly, reaching $16.3 billion by 2030, as these vehicles gain popularity for short-distance travel in urban and suburban settings. Low-speed vehicles (LSVs), including golf carts, neighborhood electric vehicles (NEVs), and small utility vehicles, are increasingly being used in applications such as campus transportation, gated communities, and recreational resorts. Their eco-friendly and cost-effective nature aligns well with the global shift toward sustainable urban mobility, further driving the demand and expanding the market share of these versatile vehicles.

Advancements in technology are also contributing to the growth of the Low-Speed Vehicle Market Share. Enhanced battery performance, connectivity features, and safety upgrades are making LSVs more appealing to a wider range of consumers and organizations. Additionally, regulatory support for clean energy initiatives and the adoption of green transportation options are propelling the expansion of LSVs worldwide. As cities continue to promote sustainable alternatives to traditional vehicles, the market share for low-speed vehicles is set to rise, supporting the overall movement toward cleaner, more efficient urban transportation solutions.

“Commercial vehicles hold the largest share of the low-speed vehicle market during the forecast period.

Commercial turf utility vehicles are primarily used for transport in hotels, resorts, and college campuses. The demand for these vehicles will likely increase with the growing luxury tourism. According to the latest World Tourism Barometer 2023, international tourism is expected to reach a pre-pandemic level by 2024, with a 2% growth after 2019. An estimated 1.28 billion tourists were recorded worldwide in 2023, a 34% increase compared to the previous year. A steady global travel recovery is expected as countries take measures to boost tourism. For example, in February 2023, the Hong Kong government announced offering 500,000 free round-trip airline tickets. Such initiatives will likely increase the demand for hotels, villas, and resorts and influence the hospitality industry to provide tourists with the best experiences and facilities. Further, developing electric commercial turf utility vehicles for applications such as hotels & resorts, and college campuses would drive the demand for LSVs. Most OEMs who develop electric LSVs for commercial purposes focus on using lithium-ion batteries for the extended driving range. Moreover, Commercial turf utility vehicles are a convenient mode of transportation for sightseeing in the vicinity. They can also be used as shuttles for public transit in IT and theme parks. Further, hotels and resorts are partnering with prominent companies to provide more opportunities for EVs inside their premises. Thus, the growing travel & tourism and hotel & resort industries will drive the demand for commercial utility vehicles.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1965274

The personal Mobility segment is the fastest-growing segment for low-speed vehicles by Vehicle type.

The personal mobility segment is expected to grow at the fastest CAGR during the forecast period. Cost-efficiency, eco-friendliness, and regulatory support make them a sustainable choice for urban mobility. Personal mobility vehicles, or street-legal vehicles, are neighborhood electric vehicles mainly used for daily commuting. These vehicles have a minimum speed limit of 20 mph and a maximum speed limit of 25 mph and can be legally driven on roads with speed limits of 35 mph or less. They are used widely in malls, restaurants, and school campuses, with easy access to charge. E-Z-GO (Textron) (US) and Club Car (US) are prominent manufacturers of low-speed personal mobility vehicles. The introduction of street-legal LSVs in the US is expected to drive the market for personal mobility. In March 2023, Club Car launched its new neighborhood electric vehicle, CRU, which is a street-legal LSV. Further, the US and Japanese governments have allowed LSVs to be street-legal vehicles. The Japanese government is taking the initiative to promote low-speed electric vehicles for older adults due to the ease of driving. Thus, the growing use of personal mobility vehicles for short-distance commutes in urban areas and government initiatives to make LSVs as street legal vehicles would drive the demand for personal mobility LSVs during the forecast period.

North America is estimated to be the dominant low-speed vehicle market.

The North American region has many golf courses, close to around 16,000, or 40% of the total golf courses worldwide. This demand for LSVs in North America can be attributed to the rising adoption of low-speed vehicles in golf courses, hotels, and resorts, coupled with the growing demand for these vehicles for personal mobility. Older citizens in the US prefer low-speed vehicles for short-range commutes. These vehicles are also considered neighborhood vehicles used to commute to gyms, malls, restaurants, schools, and other nearby places.

In North America, prominent industry leaders are dedicated to enhancing their offerings with luxurious features. Companies such as Club Car, Yamaha Motor Co., Ltd, and The Toro Company are investing in research and development to introduce advanced functionalities like connected vehicles and autonomous driving systems. These innovations are tailored for individuals over 40 who rely on these vehicles for daily travels to local destinations like malls, gyms, restaurants, and schools. Additionally, these low-speed vehicles (LSVs) serve purposes beyond personal commutes, being utilized for last-mile delivery services and rentals, facilitating convenient transportation for short distances and leisurely visits to tourist attractions. Thus, the growing demand for golf carts and the development of advanced low-speed vehicles is expected to drive the demand for LSVs in North America.

Key Players

Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China).

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1965274

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