Low-Speed Vehicle Market Size to Reach $16.3 Billion by 2030
The global low-speed
vehicle market size is projected to reach an impressive valuation of $16.3
billion by 2030, driven by increasing demand for cost-effective and
eco-friendly transportation solutions. Low-speed vehicles, including golf
carts, utility vehicles, and neighborhood electric vehicles (NEVs), are gaining
traction across various applications such as urban commuting, recreational
activities, and industrial operations. Their low operational costs, minimal
environmental impact, and versatility make them an attractive choice for consumers
and businesses alike.
Rapid advancements in battery technology and supportive
government policies promoting electric and low-speed vehicles are further
propelling market growth. Emerging economies are witnessing heightened adoption
due to their affordability and suitability for short-distance transportation.
Additionally, industries such as hospitality, agriculture, and logistics are
leveraging these vehicles for enhanced efficiency and sustainability. As
urbanization and environmental awareness continue to rise, the low-speed vehicle
market is poised for robust growth in the coming years.
Lithium-ion batteries are expected to be the most
significant and fastest-growing battery type in the electric LSVs.
Lithium-ion batteries dominate the electric LSV market due
to their superior features like extended travel range, efficient
weight-to-performance ratio, minimal self-discharge, low maintenance, and
eco-friendliness. With the decreasing prices of lithium-ion batteries, the OEMs
are focusing on developing LSVs fitted with Lithium-ion batteries. Most golf
carts and commercial utility vehicles are equipped with lithium-ion batteries
to increase the driving range of LSVs. For instance, in 2023, the E-Z-GO launched
a low-speed vehicle named Elite Lithium, which was equipped with a battery
weighing 46 lbs, much lower than a lead-acid battery, which is around 328 lbs
and uses 2.98 kWh of energy. The demand for lithium-ion batteries has increased
as they reduce maintenance and vehicle running costs.
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≤ 5 kW low-speed vehicle holds the largest market share
by power output segment in the low-speed vehicle market.
Low-power, low-speed vehicles (LSVs) are designed for tasks
that don't require significant power and torque. These LSVs, typically with
power outputs of 5 kW or less, are easy to handle and commonly used to
transport 2-5 people over short distances in settings such as golf courses,
resorts, gated communities, and for personal mobility. Globally, most of these
LSVs are electric, and their popularity is expected to rise with advancements
in electric
vehicle technology. A Toronto and Region Conservation Authority study
indicates that electric LSVs consume less energy than their gas-powered
counterparts. For example, gas-powered golf carts require 10 kWh of energy,
whereas electric golf carts only need 3.3 kWh. Further, LSVs with power output
<5kW are primarily used in Golf courses and for personnel mobility
applications. Given that these LSVs primarily operate on smooth and flat
surfaces, such as those found in golf courses, commercial facilities, and
business premises, the demand for low-power LSVs is anticipated to remain
strong across various applications in the future.
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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