- <8 kW
- 8 kWâ€“15 kW
- >15 kW
Low Speed Vehicle Market size is expected to be valued at USD 9,217.4 million in 2022 and is poised to grow at a CAGR of 8.5% from 2023 to 2029. The global market provides a detailed overview and that can be segmented by power output, by propulsion, and by LSV type. By power output, the Low-Speed Vehicle market growth has been segmented into <8 kW, 8 kWâ€“15 kW, and >15 kW. The 8 kWâ€“15 kW segment is likely to be the significant growing segment in terms of power output. Among these, the fuel-powered propulsion segment is expected to have the fastest-growing market during the forecast period 2022-2028. There has been a rising trend of high-powered vehicles that can drive on allowable roads and be used as personnel carriers and utility vehicles. Hence, in the coming years, low-speed electric vehicle are predictable to have extraordinary growth, accompanied by low-speed with high-power vehicles, which in turn is likely to boost the low-speed vehicle market eventually. Based on the LSV type, the Low-Speed Vehicle market is segmented into Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, and Personnel Carriers. The Industrial Utility Vehicles segment is expected to have a significant share in 2021. The rise of this segment is mainly because of the growing demand for vehicles in the big industry to move from one plant to another. Likewise, there is a growing practice of industrial utility vehicles in hospitals, residential apartments, resorts, and colleges. There is stable growth in the golf cart segment as the golf cart has an extended life cycle compared to other automobiles.
Low Speed Vehicle Market Key Developments:
Fastest Growing Market
The growing aging populace, as this age group has a necessity for vehicles that can be used for mobility, is anticipated to propel the market growth over the forecast years. Moreover, the increasing use of low-speed vehicles to travel within towns and cities or for shorter distances is burgeoning the market growth over the forecast years.
In January 2022, The Workman UTX was launched by Toro Company, a 4- wheel drive commercial-grade vehicle that uses an exclusive ground speed governing scheme.
Rising concern about community security and rapid urbanization
Severe emission standards and laws and a surge in fuel costs