Yahoo Finance Global $16.3 Billion Low-Speed Vehicle Market Forecast, 2030, Featuring Strategic Analysis of Textron, Deere & Company, Yamaha Motor Co, The Toro Company, Waev, and Club Car
Global Low-Speed Vehicle Market
Dublin, June 26, 2024 (GLOBE NEWSWIRE) -- The "Global Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility, Golf Cart, Personal), Power Output (=<5, 5-15, >15 KW), Motor Type & Configuration, Propulsion, Battery Type, Application, Category, Voltage - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global low-speed vehicle market is projected to grow from USD 11.1 billion in 2024 to USD 16.3 billion by 2030, at a CAGR of 6.6%.
The World Bank statistics say the global population is increasing at ~1% annually, where nearly 35% of the worldwide population came under the 40-79 age group in 2020. Almost 25% of the population in the US was 60 years and above, and European nations had an average of 21.5% of the population above 60 years and above. Further, Japan presently has ~28% of its population in the 60 and above age group. The demand for senior mobility solutions is also growing with the growing aged population. Additionally, the anticipated growth of low-speed vehicles (LSVs) has risen as golf gains popularity across North America, Europe, and Asian countries. Given these factors, LSVs are the preferred choice for transportation at golf courses, tourist spots, and daily short-distance commutes for the retired community, driving market demand during the review period.
Research Coverage
The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the LSV market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches; mergers and acquisitions, recession impact; and recent developments associated with the LSV market. This report covers a competitive analysis of upcoming startups in the LSV market ecosystem. Prominent companies include Textron Inc. (US), Deere & Company (US), Yamaha Motor Co. Ltd. (Japan), The Toro Company (US), Waev Inc. (US), and Club Car (US).
Golf courses expected to be the dominant low-speed vehicle application
Golf has been considered an elite sport for leisure pastime, and a significant surge has been noticed recently as it has attracted a wider audience of any age group. According to the National Golf Foundation, around 26.6 million people in the US played golf in 2023, an increase of approximately 1 million golf enthusiasts compared to 2022. Most golf courses worldwide are in the western hemisphere, so the US is at the forefront, boasting over 16,000 courses. Additionally, the growing popularity of golf can be attributed to an increase in rewards and prize money.
Per the Professional Golf Tour of India (PGTI), prize money for events organized in Asia Pacific has scaled up to a range from USD 30,000 to USD 0.2 million in professional golf tournaments. Though Japan has prominent golf demand, China, India, and Thailand are promising golf club businesses owing to increased disposable income and tourist visitors. The rising number of golf clubs offers numerous benefits to packaged family membership card holders, including family-friendly environments, luxury rooms, fitness facilities, and advanced amenities designed to attract new members. This trend is expected to drive demand for golf carts with 2 to 8-seater capacities, presenting a promising growth outlook for the golf cart market in these countries in the coming years.
LSVs with 60-100V batteries projected to grow fastest by 2030
The 60-100V battery segment of electric low-speed vehicles is installed with six or eight batteries, and the Voltage could be 72V. LSVs with 72V provide better power, efficiency, and improved range and hence are used for industrial facilities, manufacturing plants, office transport, golf courses, and resorts in hilly areas. According to analysis, the estimated range of a 72V LSV is above 35 to 40 miles on a single charge and can be recharged faster when plugged in with a higher capacity 1500w charger. These high-voltage batteries are mainly preferred in commercial utility vehicles.
Commercial turf utility vehicles have more penetration in the North American region due to the expansion of golf courses and sports facilities and development in the infrastructure sector. Further, with innovation and development, many companies have started offering regenerative braking technology to extend the vehicle's range. Additionally, the shift of many businesses to online operations has led to a surge in mega distribution centers and warehouses worldwide located at remote or higher altitudes to meet public demand. This growth has driven up sales of electric commercial turf and industrial utility vehicles to provide sufficient power delivery to pull large packages. For instance, In June 2021, Club Car (US) launched its new electric truck in partnership with AYRO Inc. (US), equipped with a 72 V battery. As the demand for commercial turf utility vehicles will grow, the demand for 60-100 V batteries is expected to increase during the forecast period.
Europe is another prominent market for low-speed vehicles
The European region is one of the lucrative markets for low-speed vehicle manufacturers during the forecast period. The rising market demand in Europe can be attributed to the strong demand for golf sports and the rapid growth of the hospitality and tourism sectors. Many EU countries host professional tournaments, such as the BMW International Open, German Championship, European Open, and Pro Golf Tour, inviting several international players and visitors to participate in these events. The UK accounts for the region's largest market for low-speed vehicles, holding the maximum share of the total European low-speed vehicle market, followed by France and Germany.
Low-speed cars with up to 5 kW power output are preferred in resorts and golf courses. Commercial turf utility and industrial utility vehicles are widely chosen across the region owing to the higher growth rate of the travel and tourism industry and industrial sector. With a strong regional distribution network, north American OEMs significantly influence the European market.
In addition, the regional LSV manufacturers are also emphasizing the development of pure electric low-speed vehicles due to stringent emission laws, regional body commitment towards carbon-neutral regions, and growing developments in the charging infrastructures across the EU. With higher demand for these low-power electric LSVs, Chinese players are exporting golf carts, commercial turf, and industry utility vehicles to European countries at relatively lower costs. With growing tourism activities, hotels and resorts are keen to offer the best possible services, and customers also prefer convenient, safe, and clean mobility solutions, leading to the regional growth of low-speed electric vehicles.
Reasons to Buy This Report
The report will help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall LSV market and the subsegments. It will also help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
Report Attribute | Details |
No. of Pages | 279 |
Forecast Period | 2024-2030 |
Estimated Market Value (USD) in 2024 | $11.1 Billion |
Forecasted Market Value (USD) by 2030 | $16.3 Billion |
Compound Annual Growth Rate | 6.6% |
Regions Covered | Global |
Premium Insights
Rising Demand from End-use Applications to Drive Market
Industry Utility Vehicle to be Largest Segment in 2024
Electric Segment to Secure Leading Market Position During Forecast Period
Lithium-Ion Battery to Hold Higher Market Share During Forecast Period
Golf Course to Surpass Other Segments During Forecast Period
<=5 kW Segment to Hold Highest Share in 2024
<=60 V Segment to be Dominant During Forecast Period
L6 Vehicle to be Fastest-Growing Segment During Forecast Period
AC Motor to be Larger Segment Than DC Motor During Forecast Period
Mid-Mounted Segment to Acquire Maximum Share in 2024
North America to be Largest Market for Low-Speed Electric Vehicles During Forecast Period
Market Dynamics
Drivers
Rising Geriatric Population
Growing Popularity of Golf
Adequate EV Charging Infrastructure
Restraints
High Cost of Low-Speed Vehicles in Emerging Markets
Opportunities
Booming Real Estate and Other Commercial Sectors
Development of Autonomous and Connected Technologies
Expanding Global Tourism
Challenges
Substantial Cost of Batteries
Lack of Safety Standards and Equipment
Case Study Analysis
Enhanced NVH Performance of Ice Golf Cars
Palm Desert Golf Cart Transportation Pilot Program
Solar-Powered Electric Golf Carts
Improvements in Existing Autonomous Golf Carts
Autonomous Golf Carts by Carteav
Trade Analysis
Export Data
Import Data
Pricing Analysis
Average Selling Price Trend, by Region
Average Selling Price Trend, by Vehicle Type
Technology Analysis
Key Technology
Electrification
Complimentary Technology
Improved Luxury and Safety Features
Advanced GPS and Sensors
For more information about this report visit https://www.researchandmarkets.com/r/kz9zoe
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