The low-speed vehicle market is expected to grow to over 14 billion dollars by the end of the decade. At a compound annual growth rate of 8.2%. The development of fail-safe electronic and electrical components and cost reduction and improved energy density of EV batteries would create growth opportunities for the Low-speed vehicle market. By battery type, the lithium-ion segment is expected to have the largest market share. Due to stringent emission standards across the world, and relatively lower operating costs of electric LSVs, there is a shifting preference toward electrically driven LSVs. The electric drivetrain is used to fulfill the power requirement as these vehicles are intended for short distances. The majority of the LSVs are powered by electricity. Due to the wide acceptance of LSVs, North America is projected to be the largest market. Adoption and use of Li-ion batteries can help reduce vehicle running and maintenance costs. This will lead to a strong pathway for the production of low-speed vehicles. The application type segment is dominated by the golf courses segment.
Around 18% of the world\’s countries have golf courses, according to the National Golf Foundation. The majority of the golf courses are located in the US, Japan, Canada, England, Australia, Germany, France, the Republic of Korea, Sweden, and Scotland. The US has 42% of the world\’s golf courses. Over the course of the year, the total rounds played increased by 13.9%. There has been an increase in the numbers from 2006 to 2019. According to ASIAN Golf, nearly 5,000 golf courses were developed in Asia by March 2020, of which 196 were officially registered in India. While the closing of golf courses has outpaced openings, there are still ongoing developments in the North American market. Europe has more than 8,700 golf courses, which is the second largest position. The high number of golf courses in Europe is due to the presence of various organizations that support golf in many European countries; they continually strive to improve the golf business in the region. The demand for golf carts and turf utility vehicles will increase due to the increase and development of golf courses. The market is estimated to be dominated by North America. The US has higher demand for LSVs in golf courses and personal mobility than the rest of the world. The market growth in the region is expected to be driven by higher demand for low-speed vehicles from other areas.
Continuous product innovations by leading regional LSV manufacturers, including Textron (US), Deere & Company (US), The Toro Company (US), and Club Car (US), coupled with government policies promoting the development and demand from end use sectors, are further boosting the market growth in the region. The recent past has seen rapid growth in golf adoption, especially after COVID-19, as for all of 2020 play increased 13.9%. The total number of rounds of golf played in the US will surpass last year\’s total by 4% to 5% according to The National Golf Foundation. The demand for golf carts and commercial turf utility vehicles is expected to increase due to the growth in registration and play in the golf sector.
LSV sales in North America are expected to increase due to shifting focus of tourists towards luxury experiences. Hotels and resorts are showcasing low-speed vehicles in their featured offerings in order to deliver experiences to tourists which sync with their expectations. LSV demand is expected to increase due to the low operational cost of LSVs in gated communities and theme parks. To keep up with the changing needs of passengers, key manufacturers are focusing on product launches for market expansion, R&D, and product advancement. The Drive2 Powertrain AC Lithium was launched by Yamaha. Independent Rear Suspension (IRS) is used in the new golf car. The addition of the Drive2 PowerTech with IRS model to the Yamaha product line offers customers the same comfort, reliability, and performance as the golf and utility cars. In June 2021, E-Z-GO announced its new vehicle, the E-Z-GO Liberty, the industry\’s first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint. The Liberty is powered by a high-performance, zero-maintenance battery system. The integration of Club Car Connect with the industry leader in daily pin placement management was announced in August 2021. The ability to manage pin locations with speed and precision has been enabled by this new partnership. The Club Car golf car will be updated through the cloud with exact yardages delivered to it. The partnership between Polaris Inc and Optimus Ride was announced in March of 2021. The exclusive line of Polaris GEM electric (LSVs will be manufactured to fully integrate the software and hardware suite from the factory. The low-speed vehicle market is led by established players such as Textron Inc. The companies adopted several strategies to gain traction. Business opportunities are available in the Low-Speed Vehicle Market. Gain important industry insights by speaking to our analysts.
Request a Sample Copy of this Report:
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
email@example.com | firstname.lastname@example.org