The North America Low-Speed Vehicle Market would witness market growth of 6.5% CAGR during the forecast period (2023-2030).
In the United States, the Federal Motor Vehicle Safety Standards have issued safety regulations for vehicles traveling between 20 and 25 miles per hour. A four-wheeled motor vehicle is considered a low-speed vehicle if its maximum speed is between 20 and 25 mph (32 and 40 km/h) and its gross vehicle weight rating is less than 2,500 pounds (1,134 kg).
In places like gated and retirement communities, LSVs with greater cargo carrying capacity, provide a flexible and affordable alternative to trucks. Although these small, lightweight vehicles are intended to carry primarily passengers or property, enforcing the complete range of Federal Motor Vehicle Safety Standards (FMVSSs) that apply to automobiles, trucks, and multipurpose passenger vehicles is equally inappropriate.
The Canadian government made several investments to make it simpler for Canadians to purchase and charge electric vehicles (EVs), in addition to ensuring that more ZEVs are available for purchase. For nearly 85,000 federally funded chargers throughout Canada by 2027, the Canadian government has invested in 50,000 additional EV charging stations nationwide. In addition, provincial governments and the corporate sector encourage charging stations. This supportive government attitude is predicted to surge the sales of EVs in the region, further offering growth prospects to the market.
The US market dominated the North America Low-Speed Vehicle Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,070.3 million by 2030. The Canada market is estimated to grow at a CAGR of 8.9% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 8% during (2023 - 2030).
Based on Category Type, the market is segmented into L7, and L6. Based on Vehicle Type, the market is segmented into Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, and Personal Mobility Vehicle. Based on Power Output, the market is segmented into <8KW, 8-15KW, and >15KW. Based on Propulsion, the market is segmented into Electric, Diesel, and Gasoline. Based on Battery Type, the market is segmented into Li-Ion, and Lead Acid. Based on Voltage Type, the market is segmented into <60 V, and >60 V. Based on Application, the market is segmented into Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Low-Speed Vehicle Market is Projected to reach USD 16.3 Billion by 2030, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Deere & Company, Yamaha Motor Co., Ltd., The Toro Company, KUBOTA Corporation, Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.), Waev, Inc., Club Car, LLC, American LandMaster, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
By Category Type
By Vehicle Type
By Power Output
By Propulsion
By Battery Type
By Voltage Type
By Application
By Country
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