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Pulished Date February, 2021
ID: 11191
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Low Speed Vehicle Market Segmentation by Vehicle Type (Passenger Vehicle, Heavy Duty Vehicle, Utility Vehicle, Off- Road Vehicle), By End User (Golf Courses, Tourist Destinations, Hotels And Resorts, Airports, Residential and Commercial Premises) and Region- Industry Analysis, Share, Growth, and Forecast 2021-2026.

Pulished: February, 2021
ID: 11191
Pages: 175

Low Speed Vehicle Market Size, Trends & Growth (2021 - 2026)

Low-speed vehicles can be defined as vehicles that have four wheels and within a one-mile radius, can reach a speed of more than 20 mph and a top speed of 25 mph. Additionally, according to the California State Department of Motor Vehicles, low-speed vehicles are expected to have a gross weight rating of less than 3,000 pounds. These vehicles can have either manual or automatic transmission. Be that as it may, these vehicles are very unique in relation to golf trucks and the two ought not be befuddled.

The global low-speed vehicle market was valued at $ 2,395.8 million in 2021 and is expected to reach $ 7,617.3 million by 2026, and also register a CAGR of 15.4% from 2021 to 2026. In 2017, North America represented the biggest portion in the worldwide low-speed vehicle market. A low-speed vehicle (LSV) is a four-wheeled motor vehicle, which is not an all-terrain motor vehicle, which has a maximum walking speed of approximately 40 km/h (25 mph). Several countries have similar regulations for low-speed vehicles, but different maximum speed limits, which are less than 40 km/h. Low speed vehicles are exempt from most of the safety regulations that apply to other motorized transport vehicles. Low speed vehicles weigh less than 3,000 pounds and use alternative fuels, such as electricity or CNG gas, for its operation.

Recent Developments:

  • Textron Specialized Vehicles Inc., a Textron Inc. (NYSE: TXT) organization, declares the dispatch of new models of its EZ-GO Express ™ individual transportation vehicles, including the organization's initial 72-volt AC electric powertrain industry to furnish clients with more power, range and execution.
  • Yamaha Motor Co., Ltd. (Tokyo: 7272) reported that the organization will start its administrations from November 1, 2019 utilizing the SC-1 - Sociable Cart diversion vehicle together created with Sony Corporation.
  • Polaris Industries, a US off- road vehicle (ORV) maker, plans to present low-speed electric vehicles in India from the worldwide electric vehicle (GEM) portfolio. It had procured GEM from Chrysler in June.
  • The Spanish bureau affirmed a declaration pointed toward smoothing the rollout of sustainable power source creation, with measures to handle hypothesis in the market, cut formality and amend an obsolete sale framework to console speculators and costs low.


The Coronavirus Pandemic (COVID-19) has influenced each part of life around the world. This has prompted a few changes in economic situations. The report covers the quickly changing business sector situation and the underlying and future effect evaluations. Since OEMs depend intensely on in the nick of time manufacture, their supply chains were promptly upset. In China, just about 66% of auto-creation was legitimately influenced by the nation's mechanical shutdown, which largely affected their providers as well. Moreover, the lack of Chinese-made parts has heavily affected worldwide manufacturing.

Drivers and Restraints of Low Speed Vehicle Market:


The growing demand for green vehicles, especially on city streets for short daily trips, is a key factor that is expected to drive the global low-speed vehicle (LSV) market during the forecast period. Also, the low cost of the vehicle along with the low cost of regular maintenance are other key factors that are expected to drive the low-speed vehicle market in the near future. In addition, a low-speed vehicle can carry a sufficient number of passengers, along with its positive impact on the road infrastructure, as these vehicles are light, which is likely to drive the worldwide market over the course of the year in the forecast period. Globally, governing bodies are forming alliances to cut emissions along with strict policies adopted to counteract the temperature rise caused mainly by these releases from transportation. LSVs are expected to eliminate pollution from conventional vehicles, and therefore the adoption of these vehicles is supposed to increase dramatically for use in cities and towns for short trips and on campus in cities and towns, hospitals, factories, universities, colleges, golf courses, residential apartments, and other similar applications. This factor is projected to significantly boost the Low-Speed ​​Vehicle (LSV) market during the conjecture period.


However, the lack of proper infrastructure, especially in developing and underdeveloped regions, coupled with their low speed limiting their application to particular streets, is likely to restrict the global low speed vehicle market during the outlook period.

Low Speed Vehicle Market Segmentation:

By Vehicle Type

  • Passenger Vehicle
  • Heavy Duty Vehicle
  • Utility Vehicle
  • Off-Road Vehicle

By End User

  • Golf Courses
  • Tourist Destinations
  • Hotels & Resorts
  • Airports
  • Residential & Commercial Premises

The commercial segment represents the dominant share in the worldwide market. These vehicles have a varied use for commercial purposes, which has generated a greater participation of the segment.

Low Speed Vehicle Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

The North American market is supposed to rule the worldwide LSV market during the gauge time frame. North America represents 51% of the world golf supply, and the United States represents 43% of the total golf supply. Also, increased emissions standards and safety standards, as well as manufacturers' change of direction to improve driver comfort characteristics, are estimated to stimulate the low-cost vehicle market boom in North America. Additionally, the growth of luxury tourism is expected to drive sales of low-speed vehicles. Low-speed electric vehicles are widely preferred in the region due to their zero carbon emissions and reduced noise. The production of low-speed vehicles in Japan has experienced an increasing trend. Furthermore, the demand for low-speed vehicles is also expected to increase significantly in developing countries in the Asia-Pacific region, including China and India. This can be attributed to the increase in government initiatives in these countries to reduce emissions.

Key Players of Market:

The major companies in the global low-speed vehicle market include Ingersoll Rand (US), Textron Inc. (US), Yamaha Motor Corporation (Japan), Polaris Inc. (US), Deere & Company (US), The Toro Company (US), Kubota Corporation (Japan), American Landmaster (US), Columbia Vehicle Group (US), AGT Electric Cars (US) and Bintelli Electric Cars (US) and other additional companies.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Low Speed Vehicle Market, By Vehicle Type          

                    6.1.1 Passenger Vehicle    

                    6.1.2 Heavy Duty Vehicle  

                    6.1.3 Utility Vehicle

                    6.1.4 Off-Road Vehicle     

                    6.1.5 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.6 Y-o-Y Growth Rate Analysis         

                    6.1.7 Market Attractiveness Index         

          6.2 Low Speed Vehicle Market, By End-User               

                    6.2.1 Golf Courses  

                    6.2.2 Tourist Destinations 

                    6.2.3 Hotels & Resorts      

                    6.2.4 Airports         

                    6.2.5 Residential & Commercial Premises         

                    6.2.6 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.7 Y-o-Y Growth Rate Analysis         

                    6.2.8 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     



                    7.2.2 By Vehicle Type        

                    7.2.3 By End-User   

          7.3 Europe             

                    7.3.1 By Country     






                     Rest of Europe

                    7.3.2 By Vehicle Type        

                    7.3.3 By End-User   

          7.4 Asia Pacific                 

                    7.4.1 By Country     




                     South Korea

                     South East Asia

                     Australia & NZ

                     Rest of Asia-Pacific

                    7.4.2 By Vehicle Type        

                    7.4.3 By End-User   

          7.5 Latin America             

                    7.5.1 By Country     




                     Rest of Latin America

                    7.5.2 By Vehicle Type        

                    7.5.3 By End-User   

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                     Middle East


                    7.6.2 By Vehicle Type        

                    7.6.3 By End-User   

8. Key Player Analysis                           

          8.1 Ingersoll Rand            

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Textron Inc                

          8.3 Yamaha Motor Corporation              

          8.4 Polaris Inc                  

          8.5 Deere & Company                 

          8.6 The Toro Company               

          8.7 Kubota Corporation               

          8.8 American Landmaster           

          8.9 Columbia Vehicle Group                  

          8.10 Bintelli Electric Cars            

9. Market Outlook & Investment Opportunities                     


          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Low Speed Vehicle Market By Region, From 2021-2026 ( USD Billion )
  2. Global Low Speed Vehicle Market By Vehicle Type, From 2021-2026 ( USD Billion )
  3. Global Passenger Vehicle Market By Region, From 2021-2026 ( USD Billion )
  4. Global Heavy Duty Vehicle Market By Region, From 2021-2026 ( USD Billion )
  5. Global Utility Vehicle Market By Region, From 2021-2026 ( USD Billion )
  6. Global Off-Road Vehicle Market By Region, From 2021-2026 ( USD Billion )
  7. Global Low Speed Vehicle Market By End-User, From 2021-2026 ( USD Billion )
  8. Global Golf Courses Market By Region, From 2021-2026 ( USD Billion )
  9. Global Tourist Destinations Market By Region, From 2021-2026 ( USD Billion )
  10. Global Hotels & Resorts Market By Region, From 2021-2026 ( USD Billion )
  11. Global Airports Market By Region, From 2021-2026 ( USD Billion )
  12. Global Residential & Commercial Premises Market By Region, From 2021-2026 ( USD Billion )

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