Published Date: 30-Jun-2023
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According to a new report, published by KBV research, The Global Low-Speed Vehicle Market size is expected to reach $16.3 billion by 2030, rising at a market growth of 7.2% CAGR during the forecast period.
The L6 segment has shown the growth rate of 9% during (2023 - 2030). A four-wheeled vehicle with a maximum design speed of 45 km/h, an unladen mass of not more than 350 kg (not including the weight of the batteries in the case of electric vehicles), an engine cylinder capacity of not more than 50 cm3 for spark (positive) ignition engines, or a maximum net power output of no more than 4 kW in the case of other internal combustion engines a golf cart and a mobility scooter are two examples. The market for low-speed vehicles will expand due to the rising demand for L6 vehicles.
The Commercial Turf Utility Vehicle segment is generating the highest revenue share in the Global Low-Speed Vehicle Market by Vehicle Type in 2022 thereby, achieving a market value of $6.8 billion by 2030. These vehicles are tough, adaptable, and available in 4X4 mode. These features permit these vehicles to carry huge goods inside industrial buildings or warehouses and move people over highways.
The <8KW segment is showcasing a CAGR of 6.7% during (2023 - 2030). During routine tasks requiring little power and acceleration, low-power LSVs are used. In gated communities, golf courses, and resorts, LSVs with low power output (8 kW) are commonly utilized to carry 2 to 5 persons. They are also used as personal mobility vehicles. Globally, most of these LSVs are electrically operated and their popularity is anticipated to increase as electric vehicle technology develops.
The Electric segment is leading the Global Low-Speed Vehicle Market by Propulsion in 2022 thereby, achieving a market value of $10.3 billion by 2030. Electric LSVs are anticipated to offer improved ROIs due to continuously falling battery prices and lower after-sale maintenance expenses, which would, in turn, increase market demand for them.
The Lead Acid segment is anticipated to grow at a CAGR of 9.3% during (2023 - 2030). Lead-acid batteries are frequently used in gasoline- and diesel-powered vehicles to supply startup or backup power. Additionally, numerous special-purpose vehicles, such as forklifts, low-speed utility vehicles, and golf carts, have often utilized lead-acid batteries. Lead acid batteries are also used in electric car conversion kits for do-it-yourself.
The <60 V segment acquired maximum revenue share in the Global Low-Speed Vehicle Market by Voltage Type in 2022 thereby, achieving a market value of $12. billion by 2030. Standard low-speed electric vehicles have six or eight batteries installed, with 36 or 48 volts. Since they offer good vehicle load carrying capacities up to 4–6 seating capacities, 48V batteries are typically selected for LSV vehicles. LSVs with 36V or 48V generate sufficient power & torque and have a cost advantage due to the ease and low battery replacement cost.
The Airports Segment is showcasing a CAGR of 7.7% during (2023 - 2030). The airport administration is utilizing low-speed electric vehicles for a variety of tasks, such as carrying passengers, luggage, and bulky equipment. Travelers use golf carts to get around airport facilities. Airport authorities are adopting an increase in low-speed electric vehicles for passengers due to the growing number of travelers using international airports. The growing number of applications of low-speed vehicles in airports will drive market growth.
The North America market is generating highest revenue share in the Global Low-Speed Vehicle Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $5.7 billion by 2030. The Europe market is poised to grow at a CAGR of 6.8% during (2023 - 2030). Additionally, The Asia Pacific market would display a CAGR of 8% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Battery Type
By Voltage Type
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