Low-Speed Vehicle Market

Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility, Golf Cart, Personal), Power Output (=5, 6-15, >15 kW), Motor Type & Configuration, Propulsion, Battery Type, Application, Category, Voltage - Global Forecast to 2030

Report Code: AT 5757 Jun, 2024, by marketsandmarkets.com

[290 Pages Report] The 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%. Low-speed vehicles (LSVs) are characterized by their four-wheeled structure and a maximum speed typically around 25 mph (40 km/h). These versatile vehicles serve various purposes: industrial vehicles, neighborhood transport, turf utility vehicles, and golf carts. Due to their ease of maneuverability, LSVs are commonly utilized in diverse settings such as golf courses, school campuses, universities, industrial areas, corporate offices, museums, and gated communities among others. Currently, low-speed vehicles are offered in both traditional fuel-powered and electric models. According to MnM Analysis, more than 65% of these vehicles are electrically operated, a trend expected to dominate the global market during the forecast period.

Market Dynamics

DRIVER: Growing popularity for golf

According to the National Golf Foundation, around 26.6 million people in America played golf in 2023, an increase of approximately 1 million golf enthusiasts compared to 2022. Young adults (aged 18–34) are the largest consumer segment for golf, with 6.2 million on-course participants. 3.4 million juniors played golf on a course in 2022. A study by the R&A showed that the number of golf courses worldwide was approximately 38,800 as of July 2022. There has been a significant surge in golf courses in recent years. Most golf courses worldwide are situated in the western hemisphere, with the US at the forefront, boasting over 16,000 courses. However, the US exhibits a relatively low course density of only 0.004 courses per square mile, suggesting a widespread distribution of courses nationwide. Conversely, the UK is the most golf-focused nation among the top 10, showcasing a higher course density of 0.033 per square mile. Specifically, England hosts 2,213 courses across 50,346 square miles, translating to approximately one course every 22.8 square miles.

Further, the growing popularity of golf can be attributed to an increase in rewards and prize money. Per the Professional Golf Tour of India (PGTI), events with prize money of USD 8,000 to USD 10,000 in Asia Pacific in the early 2000s are scaled up to USD 30,000 to USD 0.2 million in professional golf tournaments. India and China are emerging markets for golf clubs due to rising incomes and tourist visitors. Thus, the growing number of golf events and rising golf enthusiasts is expected to drive the demand for LSVs.

RESTRAINT: High cost of low-speed vehicles for Personal Mobility in emerging markets

One of the most prominent segments of low-speed vehicles (LSVs) is golf carts. As a luxury sport, golf incurs significantly higher expenses than other sports. It necessitates vast areas of land, regular upkeep, and costly membership fees. According to the Asian Golf Industry Federation, the average cost of obtaining a golf membership in Asia ranges from 400 to 800 USD. Golf carts themselves typically cost between 3,000 and 5,000 USD. For example, a single non-member at the Tokyo Golf Club in Japan is charged approximately 250 to 270 USD for weekday access, excluding green fees, caddy fees, and various taxes.

Similarly, Banyan Thailand Hua-Hin Golf Course charges non-members about 3,700 to 3,750 USD annually. However, in developing and underdeveloped regions, purchasing power parity (PPP) is considerably lower, with Africa having a PPP of 5,362 USD and Asia 14,679 USD. The high costs associated with golf carts and the sport itself are significant factors hindering the growth of LSVs in these regions during the forecast period.

OPPORTUNITY: Booming Real Estate and other commercial sectors

The real estate sector is growing globally, with large residential projects seen as the new face of this sector. According to the India Brand Equity Foundation (IBEF), the real estate sector in India is expected to reach USD 1 trillion by 2030, contributing around 13% to the country’s GDP by 2025. Using golf buggies in real estate is an emerging trend driven by the increasing demand for easy mobility solutions within extensive facilities. The distance between two towers or business units in the same locality can be covered by low-speed vehicles. For instance, the Onward series introduced in 2020 by Club Cars offers easy mobility for passengers within such zones.

Further, Hotels and resorts utilize low-speed vehicles for customers’ ease of mobility within large spaces. IBEF suggests that the travel market in India is projected to reach USD 125 billion by 2027 from an estimated USD 75 billion in 2020. Similarly, per the Federal Reserve Bank of St. Louis, US, the hospitality sector contributed nearly 3.8% to the US GDP. Therefore, this would provide opportunities for the LSV market to serve the rising demand in the US. Further, five-star hotels from Gulf countries are forming agreements with different LSV suppliers to rent LSVs to their customers. For instance, Atlantis, The Palm, a five-star hotel in Dubai, agreed with Club Cars for a fleet of electric LSVs, including Carryall 500 and 700 models. Thus, the growth of the real estate and hospitality sectors would drive the demand for easy mobility solutions. Low-speed vehicles meet this growing demand and possess a lucrative growth prospect in the market.

CHALLENGE: Lack of safety standards and equipment

The National Highway Traffic Safety Administration (NHTSA) oversees safety standards for conventional vehicles in the US. For low-speed vehicles (LSVs), NHTSA has established regulations under section 571.500 Standard No. 500. These standards mandate that LSVs must be equipped with headlamps, stop lamps, turn signal lamps, taillamps, reflex reflectors, parking brakes, rearview mirrors, windshields, seat belts, and vehicle identification numbers. LSVs that do not meet these requirements are not certified for street use. Many original equipment manufacturers (OEMs) produce customized LSVs that do not fully adhere to these standards and, therefore, cannot legally operate on streets. LSVs lack airbags, which increases the risk of injury in a crash. Additionally, NHTSA does not subject LSVs to standard crash tests, resulting in body designs that are not crashproof. These safety concerns present significant challenges and impede the LSV market's growth.

Low-Speed Vehicle Market Ecosystem.

The major OEMs in the low-speed vehicle market have the latest technologies, diversified portfolios, and strong global distribution networks. The major players in the LSV market are Textron Inc., Deere and Company, Yamaha Motor Co. Ltd, The Toro Company, and Kubota Corporation.

Top Companies in Low-Speed Vehicle Market

≤ 5 kW low-speed vehicle holds the largest market share by power output segment in the low-speed vehicle market.

Low-power, low-speed vehicles (LSVs) are designed for tasks that don't require significant power and torque. These LSVs, typically with power outputs of 5 kW or less, are easy to handle and commonly used to transport 2-5 people over short distances in settings such as golf courses, resorts, gated communities, and for personal mobility. Globally, most of these LSVs are electric, and their popularity is expected to rise with advancements in electric vehicle technology. A Toronto and Region Conservation Authority study indicates that electric LSVs consume less energy than their gas-powered counterparts. For example, gas-powered golf carts require 10 kWh of energy, whereas electric golf carts only need 3.3 kWh. Further, LSVs with power output <5kW are primarily used in Golf courses and for personnel mobility applications. Given that these LSVs primarily operate on smooth and flat surfaces, such as those found in golf courses, commercial facilities, and business premises, the demand for low-power LSVs is anticipated to remain strong across various applications in the future.

AC Motor accounted for the largest market share in the low-speed vehicle market by motor type segment.

AC Motor holds the largest market share in the Low-speed vehicle market, which is anticipated to remain the largest during the forecast period. The factors contributing to the higher adoption of AC motors in LSVs are highly efficient, especially at lower speeds, maximizing the driving range achievable from a single battery charge. This can contribute to a smoother driving experience. The design of AC motors is relatively simple compared to DC motors, leading to lower maintenance costs and potentially less complex drivetrain systems. Some AC motors can also function as generators during braking. This captures energy that would otherwise be lost and feeds it back into the battery, extending the range of low-speed vehicles. LSVs with 36 V and 48 V voltage capacities are mainly equipped with AC motors. Thus, a growing focus on cost-effective LSVs and an enhanced driving range is expected to boost the demand for AC motors in Low-speed vehicles.

The personal Mobility segment is the fastest-growing segment for low-speed vehicles by Vehicle type.

The personal mobility segment is expected to grow at the fastest CAGR during the forecast period. Cost-efficiency, eco-friendliness, and regulatory support make them a sustainable choice for urban mobility. Personal mobility vehicles, or street-legal vehicles, are neighborhood electric vehicles mainly used for daily commuting. These vehicles have a minimum speed limit of 20 mph and a maximum speed limit of 25 mph and can be legally driven on roads with speed limits of 35 mph or less. They are used widely in malls, restaurants, and school campuses, with easy access to charge. E-Z-GO (Textron) (US) and Club Car (US) are prominent manufacturers of low-speed personal mobility vehicles. The introduction of street-legal LSVs in the US is expected to drive the market for personal mobility. In March 2023, Club Car launched its new neighborhood electric vehicle, CRU, which is a street-legal LSV. Further, the US and Japanese governments have allowed LSVs to be street-legal vehicles. The Japanese government is taking the initiative to promote low-speed electric vehicles for older adults due to the ease of driving. Thus, the growing use of personal mobility vehicles for short-distance commutes in urban areas and government initiatives to make LSVs as street legal vehicles would drive the demand for personal mobility LSVs during the forecast period.

Asia Pacific is the 2nd largest market for low-speed vehicles in 2024.

The Asia Pacific region is the second-largest market for low-speed vehicles (LSVs), following North America, with China and Japan dominating the market demand, accounting for more than 75% in 2024. The increasing number of golf courses, industrial facilities, and travel activities primarily drives the strong market positions of these two countries. Additionally, countries like India, South Korea, and Thailand have seen a rise in demand in recent years. The popularity of golf is also growing in Asia, with 5,000 golf courses established by 2023 and more golf clubs expected to open. Furthermore, the region has experienced significant growth in tourism, manufacturing, IT hubs, and warehouses. LSVs are beneficial in these settings for transporting people within specific areas and carrying medium to heavy loads. These factors are anticipated to boost the growth of LSVs in the region. Major players in this market include Yamaha Motor Co. (Japan), Speedways (India), Auto Power (India), Jiaxing Learoad Special Vehicle Co., Ltd (China), Electric Vehicle Co. Ltd (China), Maini Material Movement Pvt Ltd (India), G.B. Varley Pty Ltd (Australia), and Hawk Carts (Australia).

Asia Pacific Low-Speed Vehicle Market Size, and Share

Key Market Players

The low-speed vehicle market is consolidated. The key companies operating in the low-speed vehicle market are Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc. (US), and Club Car (US).

These companies adopted new product launches, partnerships, and joint ventures to gain traction in the low-speed vehicle market.

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Scope of the Report

Report Metric

Details

Market size available for years

2019–2030

Base year considered

2023

Forecast period

2024–2030

Forecast units

Volume (Units) and Value (USD Million)

Segments Covered

Vehicle type, power output, battery type, propulsion type, application type, motor type, motor configuration type, voltage type, category type, and region.

Geographies covered

Asia Pacific, North America, Europe, and the Rest of the World [RoW]

Companies covered

Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China)

Along with the given market data, MarketsandMarkets offers customizations based on the company’s specific needs.

The study segments the low-speed vehicle market:

Application Type
  • Golf course.
  • Hotels & resort
  • Airport
  • Industrial facility
  • Other applications
By Vehicle Type
  • Golf cart.
  • Commercial turf utility vehicle
  • Industrial utility vehicle
  • Personal mobility vehicle
By Propulsion
  • Electric
  • Diesel
  • Gasoline
By Power Output
  • ≤5 KW
  • 6–15 KW
  • >15 KW
By Battery Type
  • Li-Ion Battery
  • Lead Acid Battery
By Voltage Type
  • <60V
  • 61-100V
  • >100V
By Category Type
  • L6
  • L7
By Region
  • Asia Pacific
  • North America
  • Europe
  • Rest of the World [RoW]
By Motor Type
  • AC Motor
  • DC Motor
By Motor Configuration
  • Hub-mounted motor
  • Mid-mounted motor

Recent Developments

  • In March 2024, Tommy Bahama entered a licensing agreement with Club Car for a collaborative project on a particular edition vehicle. As a supporter of innovation and design within the golf car, utility vehicle, and personal transportation sectors, Club Car brings its expertise to this agreement.
  • In October 2023, in partnership with Joyride, a micromobility software platform, GEM launched IoT-connected low-speed vehicles for communal use. The Joyride platform, which supports global micro-mobility enterprises, enables operators to establish and manage a shared-use GEM fleet efficiently and profitably while delivering an outstanding experience to riders.
  • In June 2023, The Toro company introduced the Vista Series passenger vehicles. These vehicles are available in 4, 6, and 8-seater options. They are available in both battery and gas-powered variants.
  • In June 2023, Textron Inc., under its brand E-Z-GO, launched a street-legal low-speed vehicle, Liberty. With a top speed of 25 mph, this vehicle meets all National Highway Traffic Safety Administration standards for low-speed vehicles. It can be operated on public roads with posted speed limits of 35 mph or less in most states. Liberty has a backup camera, operator protective structure, a pedestrian warning system, seatbelts, and an optional infotainment system. It also adheres to FMVSS 500 and SAE J2358 standards.
  • In March 2023, Club Car launched Urban LSV and XR. These vehicles are available in electric powertrains. Urban LSV has a top speed of 25 mph, and the XR has a speed of 19 mph. The vehicles are equipped with rollover protection and a 3-point safety belt to meet the safety requirements.
  • In February 2023, Deere & Company is broadening its range of future-oriented products by introducing the brand-new Z370R Electric ZTrak Residential Zero Turn Mower. This mower is aimed at property owners seeking effortless yard maintenance with minimized upkeep, simplified operation, and enhanced operator comfort due to its reduced noise and vibration during mowing.
  • In January 2023, American Landmaster launched the new vehicle from the L5 series with a 5.8-inch track width. The vehicle has a 4X4 driving capability and can be used for plowing snow, hauling timber, dumping stones, transporting, and towing trailers. It has a turning radius of 12 ft. The engines generate 16 hp with an engine capacity of 479 cc.
  • In January 2023, E-Z—GO redesigned its RXV golf cars with several new features, such as easy-to-load tee and golf ball holders and plenty of space for mobile devices, cups, range finders, and personal items. OEMs optimize LSVs with better facilities and features to provide a better user experience.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 38)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
                    TABLE 1 INCLUSION AND EXCLUSIONS
    1.3 STUDY SCOPE 
           FIGURE 1 LOW-SPEED VEHICLE MARKET SEGMENTATION
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
           TABLE 2 CURRENCY EXCHANGE RATES
    1.5 UNIT CONSIDERED 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 44)
    2.1 RESEARCH DATA 
           FIGURE 2 RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 Secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Breakdown of primary interviews
           2.1.3 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
    2.2 MARKET SIZE ESTIMATION 
           FIGURE 4 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 5 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 6 TOP-DOWN APPROACH
                    FIGURE 7 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
    2.3 FACTOR ANALYSIS 
    2.4 DATA TRIANGULATION 
           FIGURE 8 DATA TRIANGULATION
    2.5 RECESSION IMPACT ANALYSIS 
    2.6 RESEARCH ASSUMPTIONS 
           TABLE 3 RESEARCH ASSUMPTIONS
    2.7 RESEARCH LIMITATIONS 
 
3 EXECUTIVE SUMMARY (Page No. - 56)
    FIGURE 9 LOW-SPEED VEHICLE MARKET OVERVIEW 
    FIGURE 10 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 
 
4 PREMIUM INSIGHTS (Page No. - 59)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN LOW-SPEED VEHICLE MARKET 
           FIGURE 11 RISING DEMAND FROM END-USE APPLICATIONS TO DRIVE MARKET
    4.2 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE 
           FIGURE 12 INDUSTRY UTILITY VEHICLE TO BE LARGEST SEGMENT IN 2024
    4.3 LOW-SPEED VEHICLE MARKET, BY PROPULSION 
           FIGURE 13 ELECTRIC SEGMENT TO SECURE LEADING MARKET POSITION DURING FORECAST PERIOD
    4.4 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE 
           FIGURE 14 LITHIUM-ION BATTERY TO HOLD HIGHER MARKET SHARE DURING FORECAST PERIOD
    4.5 LOW-SPEED VEHICLE MARKET, BY APPLICATION 
           FIGURE 15 GOLF COURSE TO SURPASS OTHER SEGMENTS DURING FORECAST PERIOD
    4.6 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT 
           FIGURE 16 ≤5 KW SEGMENT TO HOLD HIGHEST SHARE IN 2024
    4.7 LOW-SPEED VEHICLE MARKET, BY VOLTAGE 
           FIGURE 17 ≤60 V SEGMENT TO BE DOMINANT DURING FORECAST PERIOD
    4.8 LOW-SPEED VEHICLE MARKET, BY CATEGORY 
           FIGURE 18 L6 VEHICLE TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
    4.9 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE 
           FIGURE 19 AC MOTOR TO BE LARGER SEGMENT THAN DC MOTOR DURING FORECAST PERIOD
    4.10 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION 
           FIGURE 20 MID-MOUNTED SEGMENT TO ACQUIRE MAXIMUM SHARE IN 2024
    4.11 LOW-SPEED VEHICLE MARKET, BY REGION 
                    FIGURE 21 NORTH AMERICA TO BE LARGEST MARKET FOR LOW-SPEED ELECTRIC VEHICLES DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 65)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 22 LOW-SPEED VEHICLE MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Rising geriatric population
                               FIGURE 23 US: SHARE OF GERIATRIC POPULATION (65 AND ABOVE), 1990–2030
                    5.2.1.2 Growing popularity of golf
                               TABLE 4 TOTAL GOLF COURSES, BY COUNTRY, 2023
                               TABLE 5 MAJOR GOLF EVENTS
                    5.2.1.3 Adequate EV charging infrastructure
                               FIGURE 24 EUROPE: EV CHARGING STATIONS, 2022
           5.2.2 RESTRAINTS
                    5.2.2.1 High cost of low-speed vehicles in emerging markets
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Booming real estate and other commercial sectors
                    5.2.3.2 Development of autonomous and connected technologies
                               TABLE 6 OEMS WITH CONNECTED TECHNOLOGY FEATURES
                    5.2.3.3 Expanding global tourism
                               FIGURE 25 TRAVEL AND TOURISM GDP, 2022
           5.2.4 CHALLENGES
                    5.2.4.1 Substantial cost of batteries
                    5.2.4.2 Lack of safety standards and equipment
    5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 
           FIGURE 26 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
    5.4 OEM ANALYSIS 
           FIGURE 27 VOLTAGE VS. SEATING OCCUPANCY, BY OEM
    5.5 CASE STUDY ANALYSIS 
           5.5.1 ENHANCED NVH PERFORMANCE OF ICE GOLF CARS
           5.5.2 PALM DESERT GOLF CART TRANSPORTATION PILOT PROGRAM
           5.5.3 SOLAR-POWERED ELECTRIC GOLF CARTS
           5.5.4 IMPROVEMENTS IN EXISTING AUTONOMOUS GOLF CARTS
           5.5.5 AUTONOMOUS GOLF CARTS BY CARTEAV
    5.6 PATENT ANALYSIS 
           FIGURE 28 PATENT ANALYSIS
           TABLE 7 PATENT ANALYSIS
    5.7 TRADE ANALYSIS 
           5.7.1 EXPORT DATA
                    TABLE 8 CHINA: EXPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 9 US: EXPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 10 CANADA: EXPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 11 FINLAND: EXPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 12 NETHERLANDS: EXPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 13 GERMANY: EXPORT, BY COUNTRY (USD THOUSAND)
           5.7.2 IMPORT DATA
                    TABLE 14 US: IMPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 15 CANADA: IMPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 16 SWEDEN: IMPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 17 RUSSIA: IMPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 18 UK: IMPORT, BY COUNTRY (USD THOUSAND)
                    TABLE 19 NORWAY: IMPORT, BY COUNTRY (USD THOUSAND)
    5.8 INVESTMENT AND FUNDING SCENARIO 
                    FIGURE 29 INVESTMENT AND FUNDING SCENARIO, 2021−2024
                    TABLE 20 LIST OF FUNDINGS, 2023−2024
    5.9 SUPPLY CHAIN ANALYSIS 
           FIGURE 30 SUPPLY CHAIN ANALYSIS
    5.10 ECOSYSTEM MAPPING 
           FIGURE 31 ECOSYSTEM ANALYSIS
           FIGURE 32 ECOSYSTEM MAP
           TABLE 21 ROLE OF COMPANIES IN ECOSYSTEM
    5.11 PRICING ANALYSIS 
           5.11.1 AVERAGE SELLING PRICE TREND, BY REGION
                    TABLE 22 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY REGION, 2020–2024
                    FIGURE 33 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY REGION, 2020–2024
           5.11.2 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE
                    TABLE 23 AVERAGE SELLING PRICE OF LOW-SPEED VEHICLES, BY VEHICLE TYPE, 2020–2024
    5.12 REGULATORY LANDSCAPE 
           5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    5.12.1.1 North America
                               TABLE 24 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    5.12.1.2 Europe
                               TABLE 25 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    5.12.1.3 Asia Pacific
                               TABLE 26 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    5.12.1.4 Rest of the World
                               TABLE 27 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.2 REGULATIONS RELATED TO LOW-SPEED VEHICLES
                    5.12.2.1 US
                               TABLE 28 US: REGULATIONS FOR LOW-SPEED VEHICLES
                    5.12.2.2 Canada
                               TABLE 29 CANADA: REGULATIONS FOR LOW-SPEED VEHICLES
                    5.12.2.3 Europe/Asia
                               TABLE 30 EUROPE/ASIA: REGULATIONS FOR LOW-SPEED VEHICLES
    5.13 TECHNOLOGY ANALYSIS 
           5.13.1 KEY TECHNOLOGY
                    5.13.1.1 Electrification
           5.13.2 COMPLIMENTARY TECHNOLOGY
                    5.13.2.1 Improved luxury and safety features
                    5.13.2.2 Advanced GPS and sensors
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 34 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
                    TABLE 31 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 35 KEY BUYING CRITERIA, BY VEHICLE TYPE
                    TABLE 32 KEY BUYING CRITERIA, BY VEHICLE TYPE
    5.15 KEY CONFERENCES AND EVENTS, 2024–2025 
                    TABLE 33 KEY CONFERENCES AND EVENTS, 2024–2025
 
6 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE (Page No. - 105)
    6.1 INTRODUCTION 
           FIGURE 36 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
           TABLE 34 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
           TABLE 35 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
           TABLE 36 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
           TABLE 37 LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
    6.2 GOLF CART 
           6.2.1 SURGING INTEREST IN GOLF TO DRIVE MARKET
                    TABLE 38 GOLF CART MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 39 GOLF CART MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 40 GOLF CART MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 41 GOLF CART MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.3 COMMERCIAL TURF UTILITY VEHICLE 
           6.3.1 BOOMING TOURISM AND HOSPITALITY INDUSTRIES TO DRIVE MARKET
                    TABLE 42 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 43 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 44 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 45 COMMERCIAL TURF UTILITY VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.4 INDUSTRIAL UTILITY VEHICLE 
           6.4.1 RISING CONSTRUCTION ACTIVITIES TO DRIVE MARKET
                    TABLE 46 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 47 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 48 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 49 INDUSTRIAL UTILITY VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.5 PERSONAL MOBILITY VEHICLE 
           6.5.1 GROWING ACCEPTANCE OF STREET-LEGAL VEHICLES TO DRIVE MARKET
                    TABLE 50 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 51 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 52 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 53 PERSONAL MOBILITY VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    6.6 INDUSTRY INSIGHTS 
 
7 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT (Page No. - 114)
    7.1 INTRODUCTION 
           FIGURE 37 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2024–2030 (USD MILLION)
           TABLE 54 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2019–2023 (UNITS)
           TABLE 55 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2024–2030 (UNITS)
           TABLE 56 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2019–2023 (USD MILLION)
           TABLE 57 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, 2024–2030 (USD MILLION)
    7.2 ≤5 KW 
           7.2.1 INCREASING DEMAND FOR LOW-POWER OUTPUT VEHICLES TO DRIVE MARKET
                    TABLE 58 ≤5 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 59 ≤5 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 60 ≤5 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 61 ≤5 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    7.3 6–15 KW 
           7.3.1 EXTENSIVE USE IN COMMERCIAL MOBILITY TO DRIVE MARKET
                    TABLE 62 6–15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 63 6–15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 64 6–15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 65 6–15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    7.4 >15 KW 
           7.4.1 HIGH DEMAND FROM INDUSTRIAL FACILITIES TO DRIVE MARKET
                    TABLE 66 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 67 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 68 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 69 >15 KW: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    7.5 INDUSTRY INSIGHTS 
 
8 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE (Page No. - 121)
    8.1 INTRODUCTION 
           FIGURE 38 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2024–2030 (USD MILLION)
           TABLE 70 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2019–2023 (UNITS)
           TABLE 71 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2024–2030 (UNITS)
           TABLE 72 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2019–2023 (USD MILLION)
           TABLE 73 LOW-SPEED VEHICLE MARKET, BY BATTERY TYPE, 2024–2030 (USD MILLION)
    8.2 LITHIUM-ION BATTERY 
           8.2.1 HIGHER RANGE AND EFFICIENCY TO DRIVE MARKET
                    TABLE 74 LITHIUM-ION BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 75 LITHIUM-ION BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 76 LITHIUM-ION BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION,  2019–2023 (USD MILLION)
                    TABLE 77 LITHIUM-ION BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION,  2024–2030 (USD MILLION)
    8.3 LEAD-ACID BATTERY 
           8.3.1 PEUKERT EFFECT TO IMPEDE MARKET
                    TABLE 78 LEAD-ACID BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 79 LEAD-ACID BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 80 LEAD-ACID BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION,  2019–2023 (USD MILLION)
                    TABLE 81 LEAD-ACID BATTERY: LOW-SPEED VEHICLE MARKET, BY REGION,  2024–2030 (USD MILLION)
    8.4 INDUSTRY INSIGHTS 
 
9 LOW-SPEED VEHICLE MARKET, BY APPLICATION (Page No. - 127)
    9.1 INTRODUCTION 
           FIGURE 39 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2024–2030 (USD MILLION)
           TABLE 82 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2019–2023 (UNITS)
           TABLE 83 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2024–2030 (UNITS)
           TABLE 84 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2019–2023 (USD MILLION)
           TABLE 85 LOW-SPEED VEHICLE MARKET, BY APPLICATION, 2024–2030 (USD MILLION)
    9.2 GOLF COURSE 
           9.2.1 INCREASING PARTICIPATION IN GOLF TO DRIVE MARKET
                    TABLE 86 GOLF COURSE: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 87 GOLF COURSE: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 88 GOLF COURSE: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 89 GOLF COURSE: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    9.3 HOTEL & RESORT 
           9.3.1 GROWING INVESTMENTS IN HOSPITALITY INDUSTRY TO DRIVE MARKET
                    TABLE 90 HOTEL & RESORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 91 HOTEL & RESORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 92 HOTEL & RESORT: LOW-SPEED VEHICLE MARKET, BY REGION,  2019–2023 (USD MILLION)
                    TABLE 93 HOTEL & RESORT: LOW-SPEED VEHICLE MARKET, BY REGION,  2024–2030 (USD MILLION)
    9.4 AIRPORT 
           9.4.1 RISING PASSENGER AND CARGO TRAFFIC TO DRIVE MARKET
                    TABLE 94 AIRPORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 95 AIRPORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 96 AIRPORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                    TABLE 97 AIRPORT: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
    9.5 INDUSTRIAL FACILITY 
           9.5.1 LOW MAINTENANCE COSTS OF LOW-SPEED VEHICLES TO DRIVE MARKET
                    TABLE 98 INDUSTRIAL FACILITY: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                    TABLE 99 INDUSTRIAL FACILITY: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                    TABLE 100 INDUSTRIAL FACILITY: LOW-SPEED VEHICLE MARKET, BY REGION,  2019–2023 (USD MILLION)
                    TABLE 101 INDUSTRIAL FACILITY: LOW-SPEED VEHICLE MARKET, BY REGION,  2024–2030 (USD MILLION)
    9.6 OTHER APPLICATIONS 
           TABLE 102 OTHER APPLICATIONS: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
           TABLE 103 OTHER APPLICATIONS: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
           TABLE 104 OTHER APPLICATIONS: LOW-SPEED VEHICLE MARKET, BY REGION,  2019–2023 (USD MILLION)
           TABLE 105 OTHER APPLICATIONS: LOW-SPEED VEHICLE MARKET, BY REGION,  2024–2030 (USD MILLION)
    9.7 INDUSTRY INSIGHTS 
 
10 LOW-SPEED VEHICLE MARKET, BY PROPULSION (Page No. - 138)
     10.1 INTRODUCTION 
               FIGURE 40 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2024–2030 (USD MILLION)
               TABLE 106 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2019–2023 (UNITS)
               TABLE 107 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2024–2030 (UNITS)
               TABLE 108 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2019–2023 (USD MILLION)
               TABLE 109 LOW-SPEED VEHICLE MARKET, BY PROPULSION, 2024–2030 (USD MILLION)
     10.2 ELECTRIC 
             10.2.1 DEVELOPMENTS IN CHARGING INFRASTRUCTURE TO DRIVE MARKET
                       TABLE 110 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 111 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 112 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 113 ELECTRIC: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     10.3 GASOLINE 
             10.3.1 HIGH POWER OUTPUT AND LOAD-CARRYING CAPACITY TO DRIVE MARKET
                       TABLE 114 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 115 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 116 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 117 GASOLINE: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     10.4 DIESEL 
             10.4.1 STRINGENT EMISSION NORMS TO STUNT GROWTH
                       TABLE 118 DIESEL: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 119 DIESEL: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 120 DIESEL: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 121 DIESEL: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     10.5 INDUSTRY INSIGHTS 
 
11 LOW-SPEED VEHICLE MARKET, BY CATEGORY (Page No. - 146)
     11.1 INTRODUCTION 
               FIGURE 41 LOW-SPEED VEHICLE MARKET, BY CATEGORY, 2024–2030 (UNITS)
               TABLE 122 LOW-SPEED VEHICLE MARKET, BY CATEGORY, 2019–2023 (UNITS)
               TABLE 123 LOW-SPEED VEHICLE MARKET, BY CATEGORY, 2024–2030 (UNITS)
     11.2 L7 VEHICLE 
             11.2.1 GROWING PREFERENCE FOR MICROCARS TO DRIVE MARKET
                       TABLE 124 L7 VEHICLES MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 125 L7 VEHICLES MARKET, BY REGION, 2024–2030 (UNITS)
     11.3 L6 VEHICLE 
             11.3.1 EXPANDING TRAVEL AND TOURISM INDUSTRY TO DRIVE MARKET
                       TABLE 126 L6 VEHICLES MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 127 L6 VEHICLES MARKET, BY REGION, 2024–2030 (UNITS)
     11.4 INDUSTRY INSIGHTS 
 
12 LOW-SPEED VEHICLE MARKET, BY VOLTAGE (Page No. - 150)
     12.1 INTRODUCTION 
               FIGURE 42 LOW-SPEED VEHICLE MARKET, BY VOLTAGE, 2024–2030 (USD MILLION)
               TABLE 128 LOW-SPEED VEHICLE MARKET, BY VOLTAGE, 2019–2023 (UNITS)
               TABLE 129 LOW-SPEED VEHICLE MARKET, BY VOLTAGE, 2024–2030 (UNITS)
               TABLE 130 LOW-SPEED VEHICLE MARKET, BY VOLTAGE, 2019–2023 (USD MILLION)
               TABLE 131 LOW-SPEED VEHICLE MARKET, BY VOLTAGE, 2024–2030 (USD MILLION)
     12.2 ≤60 V 
             12.2.1 ADEQUATE POWER AND COST EFFICIENCY TO DRIVE MARKET
                       TABLE 132 ≤60 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 133 ≤60 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 134 ≤60 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 135 ≤60 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     12.3 61–100 V 
             12.3.1 IMPROVED RANGE AND EFFICIENCY TO DRIVE MARKET
                       TABLE 136 61–100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 137 61–100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 138 61–100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 139 61–100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     12.4 >100 V 
             12.4.1 UNTAPPED POTENTIAL FOR ROBUST PERFORMANCE IN RUGGED TERRAINS TO DRIVE MARKET
                       TABLE 140 >100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 141 >100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 142 >100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 143 >100 V: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     12.5 INDUSTRY INSIGHTS 
 
13 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION (Page No. - 157)
     13.1 INTRODUCTION 
               FIGURE 43 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION,  2024–2030 (USD MILLION)
               TABLE 144 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION, 2019–2023 (UNITS)
               TABLE 145 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION, 2024–2030 (UNITS)
               TABLE 146 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION, 2019–2023 (USD MILLION)
               TABLE 147 LOW-SPEED VEHICLE MARKET, BY MOTOR CONFIGURATION, 2024–2030 (USD MILLION)
     13.2 HUB-MOUNTED 
             13.2.1 RISING DEMAND FOR SUSTAINABLE TRANSPORTATION SOLUTIONS TO DRIVE MARKET
                       TABLE 148 HUB-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 149 HUB-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 150 HUB-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 151 HUB-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     13.3 MID-MOUNTED 
             13.3.1 ONGOING ELECTRIFICATION TREND TO DRIVE MARKET
                       TABLE 152 MID-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 153 MID-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 154 MID-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 155 MID-MOUNTED: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     13.4 OTHER MOTOR CONFIGURATIONS 
     13.5 INDUSTRY INSIGHTS 
 
14 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE (Page No. - 163)
     14.1 INTRODUCTION 
               FIGURE 44 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE, 2024–2030 (USD MILLION)
               TABLE 156 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE, 2019–2023 (UNITS)
               TABLE 157 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE, 2024–2030 (UNITS)
               TABLE 158 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE, 2019–2023 (USD MILLION)
               TABLE 159 LOW-SPEED VEHICLE MARKET, BY MOTOR TYPE, 2024–2030 (USD MILLION)
     14.2 AC MOTOR 
             14.2.1 EFFICIENCY AND SIMPLE DESIGN TO DRIVE MARKET
                       TABLE 160 AC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 161 AC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 162 AC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 163 AC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     14.3 DC MOTOR 
             14.3.1 EASE OF CONTROLLING SPEED AND TORQUE TO DRIVE MARKET
                       TABLE 164 DC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
                       TABLE 165 DC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
                       TABLE 166 DC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
                       TABLE 167 DC MOTOR: LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     14.4 INDUSTRY INSIGHTS 
 
15 LOW-SPEED VEHICLE MARKET, BY REGION (Page No. - 169)
     15.1 INTRODUCTION 
               FIGURE 45 LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
               TABLE 168 LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (UNITS)
               TABLE 169 LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (UNITS)
               TABLE 170 LOW-SPEED VEHICLE MARKET, BY REGION, 2019–2023 (USD MILLION)
               TABLE 171 LOW-SPEED VEHICLE MARKET, BY REGION, 2024–2030 (USD MILLION)
     15.2 ASIA PACIFIC 
             15.2.1 RECESSION IMPACT ANALYSIS
                       FIGURE 46 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET SNAPSHOT
                       TABLE 172 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 173 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 174 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (USD MILLION)
                       TABLE 175 ASIA PACIFIC: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
             15.2.2 CHINA
                       15.2.2.1 Ongoing development of low-speed vehicles to drive market
                                   TABLE 176 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 177 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 178 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 179 CHINA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.2.3 INDIA
                       15.2.3.1 Predominant use of low-speed vehicles in industrial sector to drive market
                                   TABLE 180 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 181 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 182 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 183 INDIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.2.4 JAPAN
                       15.2.4.1 Increasing need for industrial utility vehicles to drive market
                                   TABLE 184 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 185 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 186 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 187 JAPAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.2.5 SOUTH KOREA
                       15.2.5.1 Expanding tourism industry to drive market
                                   TABLE 188 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 189 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 190 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2019–2023 (USD MILLION)
                                   TABLE 191 SOUTH KOREA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2024–2030 (USD MILLION)
             15.2.6 THAILAND
                       15.2.6.1 Affordable golfing options to drive market
                                   TABLE 192 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 193 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 194 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 195 THAILAND: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.2.7 INDONESIA
                       15.2.7.1 Rising tourist activities to drive market
                                   TABLE 196 INDONESIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 197 INDONESIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 198 INDONESIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2019–2023 (USD MILLION)
                                   TABLE 199 INDONESIA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2024–2030 (USD MILLION)
             15.2.8 VIETNAM
                       15.2.8.1 Upcoming golf events to drive market
                                   TABLE 200 VIETNAM: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 201 VIETNAM: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 202 VIETNAM: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 203 VIETNAM: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.2.9 PHILIPPINES
                       15.2.9.1 Growing golfers community to drive market
                                   TABLE 204 PHILIPPINES: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 205 PHILIPPINES: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 206 PHILIPPINES: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2019–2023 (USD MILLION)
                                   TABLE 207 PHILIPPINES: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2024–2030 (USD MILLION)
     15.3 NORTH AMERICA 
             15.3.1 RECESSION IMPACT ANALYSIS
                       FIGURE 47 NORTH AMERICA: LOW-SPEED VEHICLE MARKET SNAPSHOT
                       TABLE 208 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 209 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 210 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,  2019–2023 (USD MILLION)
                       TABLE 211 NORTH AMERICA: LOW-SPEED VEHICLE MARKET, BY COUNTRY,  2024–2030 (USD MILLION)
             15.3.2 US
                       15.3.2.1 Stringent vehicle emission standards to drive market
                                   TABLE 212 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 213 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 214 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 215 US: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.3.3 MEXICO
                       15.3.3.1 Growing demand from hospitality industry to drive market
                                   TABLE 216 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 217 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 218 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 219 MEXICO: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.3.4 CANADA
                       15.3.4.1 Rapid developments by key players to drive market
                                   TABLE 220 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 221 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 222 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 223 CANADA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
     15.4 EUROPE 
             15.4.1 RECESSION IMPACT ANALYSIS
                       FIGURE 48 EUROPE: LOW-SPEED VEHICLE MARKET SNAPSHOT
                       TABLE 224 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 225 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 226 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (USD MILLION)
                       TABLE 227 EUROPE: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
                       15.4.2 UK
                       15.4.2.1 Escalating tourism activities to drive market
                                   TABLE 228 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 229 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 230 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 231 UK: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.4.3 FRANCE
                       15.4.3.1 Rising popularity of golf to drive market
                                   TABLE 232 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 233 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 234 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 235 FRANCE: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.4.4 GERMANY
                       15.4.4.1 Increasing golf activities to drive market
                                   TABLE 236 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 237 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 238 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 239 GERMANY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.4.5 NORDIC
                       15.4.5.1 Focus on green and zero-emission mobility to drive market
                                   TABLE 240 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 241 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 242 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 243 NORDIC: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.4.6 ITALY
                       15.4.6.1 High demand for commercial utility vehicles at hotels and resorts to drive market
                                   TABLE 244 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 245 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 246 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 247 ITALY: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.4.7 SPAIN
                       15.4.7.1 Popularity of golf holidays to drive market
                                   TABLE 248 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 249 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 250 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 251 SPAIN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
     15.5 REST OF THE WORLD 
             15.5.1 RECESSION IMPACT ANALYSIS
                       FIGURE 49 REST OF THE WORLD: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (USD MILLION)
                       TABLE 252 REST OF THE WORLD: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2019–2023 (UNITS)
                       TABLE 253 REST OF THE WORLD: LOW-SPEED VEHICLE MARKET, BY COUNTRY, 2024–2030 (UNITS)
                       TABLE 254 REST OF THE WORLD: LOW-SPEED VEHICLE MARKET, BY COUNTRY,  2019–2023 (USD MILLION)
                       TABLE 255 REST OF THE WORLD: LOW-SPEED VEHICLE MARKET, BY COUNTRY,  2024–2030 (USD MILLION)
             15.5.2 SOUTH AFRICA
                       15.5.2.1 Surge in demand for personal mobility vehicles to drive market
                                   TABLE 256 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 257 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 258 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2019–2023 (USD MILLION)
                                   TABLE 259 SOUTH AFRICA: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE,  2024–2030 (USD MILLION)
             15.5.3 BRAZIL
                       15.5.3.1 Presence of world-class golf courses to drive market
                                   TABLE 260 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 261 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 262 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 263 BRAZIL: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
             15.5.4 IRAN
                       15.5.4.1 Significant demand from tourism industry to drive market
                                   TABLE 264 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (UNITS)
                                   TABLE 265 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (UNITS)
                                   TABLE 266 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2019–2023 (USD MILLION)
                                   TABLE 267 IRAN: LOW-SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2024–2030 (USD MILLION)
 
16 COMPETITIVE LANDSCAPE (Page No. - 210)
     16.1 OVERVIEW 
     16.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024 
               TABLE 268 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024
     16.3 MARKET SHARE ANALYSIS, 2023 
               FIGURE 50 MARKET SHARE OF KEY PLAYERS, 2023
               TABLE 269 LOW-SPEED VEHICLE MARKET: DEGREE OF COMPETITION, 2023
     16.4 REVENUE ANALYSIS, 2021–2023 
               FIGURE 51 REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2021–2023
     16.5 COMPANY EVALUATION MATRIX: LOW-SPEED VEHICLE SUPPLIERS, 2024 
             16.5.1 STARS
             16.5.2 EMERGING LEADERS
             16.5.3 PERVASIVE PLAYERS
             16.5.4 PARTICIPANTS
                       FIGURE 52 COMPANY EVALUATION MATRIX (LOW-SPEED VEHICLE SUPPLIERS), 2024
             16.5.5 COMPANY FOOTPRINT: LOW-SPEED VEHICLE SUPPLIERS
                       FIGURE 53 LOW-SPEED VEHICLE SUPPLIERS: COMPANY FOOTPRINT
                       TABLE 270 LOW-SPEED VEHICLE SUPPLIERS: APPLICATION FOOTPRINT
                       TABLE 271 LOW-SPEED VEHICLE SUPPLIERS: PROPULSION FOOTPRINT
                       TABLE 272 LOW-SPEED VEHICLE SUPPLIERS: REGION FOOTPRINT
     16.6 COMPANY EVALUATION MATRIX: GOLF CART MANUFACTURERS, 2024 
             16.6.1 STARS
             16.6.2 EMERGING LEADERS
             16.6.3 PERVASIVE PLAYERS
             16.6.4 PARTICIPANTS
                       FIGURE 54 COMPANY EVALUATION MATRIX (GOLF CART MANUFACTURERS), 2024
             16.6.5 COMPANY FOOTPRINT: GOLF CART MANUFACTURERS
                       FIGURE 55 GOLF CART MANUFACTURERS: COMPANY FOOTPRINT
                       TABLE 273 GOLF CART MANUFACTURERS: PROPULSION FOOTPRINT
                       TABLE 274 GOLF CART MANUFACTURERS: APPLICATION FOOTPRINT
                       TABLE 275 GOLF CART MANUFACTURERS: REGION FOOTPRINT
     16.7 COMPANY VALUATION AND FINANCIAL METRICS 
               FIGURE 56 COMPANY VALUATION, 2023
               FIGURE 57 FINANCIAL METRICS, 2023
     16.8 BRAND/PRODUCT COMPARISON 
               FIGURE 58 BRAND/PRODUCT COMPARISON
     16.9 COMPETITIVE SCENARIO AND TRENDS 
             16.9.1 PRODUCT LAUNCHES, 2020-2024
                       TABLE 276 LOW-SPEED VEHICLE MARKET: PRODUCT LAUNCHES, 2020–2024
             16.9.2 DEALS, 2020–2024
                       TABLE 277 LOW-SPEED VEHICLE MARKET: DEALS, 2020–2024
             16.9.3 EXPANSIONS, 2020–2024
                       TABLE 278 LOW-SPEED VEHICLE MARKET: EXPANSIONS, 2020–2024
             16.9.4 OTHERS, 2020–2024
                       TABLE 279 LOW-SPEED VEHICLE MARKET: OTHERS, 2020–2024
 
17 COMPANY PROFILES (Page No. - 232)
     17.1 KEY PLAYERS 
(Business overview, Products offered, Recent developments, MnM view, Key strengths, Strategic choices, and Weaknesses and Competitive threats)*
             17.1.1 TEXTRON INC.
                       TABLE 280 TEXTRON INC.: COMPANY OVERVIEW
                       FIGURE 59 TEXTRON INC.: COMPANY SNAPSHOT
                       TABLE 281 TEXTRON INC: PRODUCTS OFFERED
                       TABLE 282 TEXTRON INC.: PRODUCT LAUNCHES
                       TABLE 283 TEXTRON INC.: DEALS
                       TABLE 284 TEXTRON INC.: OTHERS
             17.1.2 DEERE & COMPANY
                       TABLE 285 DEERE & COMPANY: COMPANY OVERVIEW
                       FIGURE 60 DEERE & COMPANY: COMPANY SNAPSHOT
                       TABLE 286 DEERE & COMPANY: PRODUCTS OFFERED
                       TABLE 287 DEERE & COMPANY: PRODUCT LAUNCHES
                       TABLE 288 DEERE & COMPANY: DEALS
                       TABLE 289 DEERE & COMPANY: OTHERS
             17.1.3 YAMAHA MOTOR CO., LTD.
                       TABLE 290 YAMAHA MOTOR CO., LTD.: COMPANY OVERVIEW
                       FIGURE 61 YAMAHA MOTOR CO., LTD.: COMPANY SNAPSHOT
                       TABLE 291 YAMAHA MOTOR CO., LTD.: PRODUCTS OFFERED
                       TABLE 292 YAMAHA MOTOR CO., LTD.: PRODUCT LAUNCHES
                       TABLE 293 YAMAHA MOTOR CO., LTD.: DEALS
                       TABLE 294 YAMAHA MOTOR CO., LTD.: EXPANSIONS
                       TABLE 295 YAMAHA MOTOR CO., LTD.: OTHERS
             17.1.4 THE TORO COMPANY
                       TABLE 296 THE TORO COMPANY: COMPANY OVERVIEW
                       FIGURE 62 THE TORO COMPANY: COMPANY SNAPSHOT
                       TABLE 297 THE TORO COMPANY: PRODUCTS OFFERED
                       TABLE 298 THE TORO COMPANY: PRODUCT LAUNCHES
                       TABLE 299 THE TORO COMPANY: DEALS
                       TABLE 300 THE TORO COMPANY: EXPANSIONS
             17.1.5 KUBOTA CORPORATION
                       TABLE 301 KUBOTA CORPORATION: COMPANY OVERVIEW
                       FIGURE 63 KUBOTA CORPORATION: COMPANY SNAPSHOT
                       TABLE 302 KUBOTA CORPORATION: PRODUCTS OFFERED
                       TABLE 303 KUBOTA CORPORATION: PRODUCT LAUNCHES
                       TABLE 304 KUBOTA CORPORATION: DEALS
                       TABLE 305 KUBOTA CORPORATION: EXPANSIONS
             17.1.6 CLUB CAR
                       TABLE 306 CLUB CAR: COMPANY OVERVIEW
                       TABLE 307 CLUB CAR: PRODUCTS OFFERED
                       TABLE 308 CLUB CAR: PRODUCT LAUNCHES
                       TABLE 309 CLUB CAR: DEALS
                       TABLE 310 CLUB CAR: EXPANSIONS
                       TABLE 311 CLUB CAR: OTHERS
             17.1.7 AMERICAN LANDMASTER
                       TABLE 312 AMERICAN LANDMASTER: COMPANY OVERVIEW
                       TABLE 313 AMERICAN LANDMASTER: PRODUCTS OFFERED
                       TABLE 314 AMERICAN LANDMASTER: PRODUCT LAUNCHES
                       TABLE 315 AMERICAN LANDMASTER: DEALS
             17.1.8 COLUMBIA VEHICLE GROUP INC.
                       TABLE 316 COLUMBIA VEHICLE GROUP INC.: COMPANY OVERVIEW
                       TABLE 317 COLUMBIA VEHICLE GROUP INC.: PRODUCTS OFFERED
                       TABLE 318 COLUMBIA VEHICLE GROUP INC.: PRODUCT LAUNCHES
                       TABLE 319 COLUMBIA VEHICLE GROUP INC.: DEALS
             17.1.9 WAEV INC.
                       TABLE 320 WAEV INC.: COMPANY OVERVIEW
                       TABLE 321 WAEV INC.: PRODUCTS OFFERED
                       TABLE 322 WAEV INC.: PRODUCT LAUNCHES
                       TABLE 323 WAEV INC.: DEALS
                       TABLE 324 WAEV INC.: OTHERS
             17.1.10 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.
                                   TABLE 325 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.: COMPANY OVERVIEW
                                   TABLE 326 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD.: PRODUCTS OFFERED
     17.2 OTHER PLAYERS 
             17.2.1 AGT ELECTRIC CARS
                       TABLE 327 AGT ELECTRIC CARS: COMPANY OVERVIEW
             17.2.2 BINTELLI ELECTRIC VEHICLES
                       TABLE 328 BINTELLI ELECTRIC VEHICLE: COMPANY OVERVIEW
             17.2.3 MARSHELL GREEN POWER
                       TABLE 329 MARSHELL GREEN POWER: COMPANY OVERVIEW
             17.2.4 ICON ELECTRIC VEHICLES
                       TABLE 330 ICON ELECTRIC VEHICLES: COMPANY OVERVIEW
             17.2.5 STAR EV CORPORATION, USA
                       TABLE 331 STAR EV CORPORATION, USA: COMPANY OVERVIEW
             17.2.6 HDK ELECTRIC VEHICLE
                       TABLE 332 HDK ELECTRIC VEHICLE: COMPANY OVERVIEW
             17.2.7 TROPOS MOTORS, INC.
                       TABLE 333 TROPOS MOTORS, INC.: COMPANY OVERVIEW
             17.2.8 PILOTCAR
                       TABLE 334 PILOTCAR: COMPANY OVERVIEW
             17.2.9 MOTO ELECTRIC VEHICLES
                       TABLE 335 MOTO ELECTRIC VEHICLES: COMPANY OVERVIEW
             17.2.10 ACG INC.
                                   TABLE 336 ACG INC.: COMPANY OVERVIEW
             17.2.11 CITECAR ELECTRIC VEHICLES
                                   TABLE 337 CITECAR ELECTRIC VEHICLES: COMPANY OVERVIEW
             17.2.12 CRUISE CAR INC.
                                   TABLE 338 CRUISE CAR INC.: COMPANY OVERVIEW
             17.2.13 LIGIER GROUP
                                   TABLE 339 LIGIER GROUP: COMPANY OVERVIEW
             17.2.14 KAWASAKI MOTOR CORPORATION US
                                   TABLE 340 KAWASAKI MOTOR CORPORATION US: COMPANY OVERVIEW
             17.2.15 SPEEDWAYS ELECTRIC
                                   TABLE 341 SPEEDWAYS ELECTRIC: COMPANY OVERVIEW
             17.2.16 DINIS
                                   TABLE 342 DINIS: COMPANY OVERVIEW
             17.2.17 AUTOPOWER
                                   TABLE 343 AUTOPOWER: COMPANY OVERVIEW
*Details on Business overview, Products offered, Recent developments, MnM view, Key strengths, Strategic choices, and Weaknesses and Competitive threats might not be captured in case of unlisted companies.
 
18 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 280)
     18.1 NORTH AMERICA TO DOMINATE LOW-SPEED VEHICLE MARKET 
     18.2 SAFETY FEATURES AND ELECTRIFICATION TO BE KEY FOCUS AREAS 
     18.3 CONCLUSION 
 
19 APPENDIX (Page No. - 282)
     19.1 INSIGHTS FROM INDUSTRY EXPERTS 
     19.2 DISCUSSION GUIDE 
     19.3 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     19.4 CUSTOMIZATION OPTIONS 
             19.4.1 LOW-SPEED VEHICLE MARKET, BY PROPULSION, AT COUNTRY LEVEL
                       19.4.1.1 Gasoline
                       19.4.1.2 Diesel
                       19.4.1.3 Electric
             19.4.2 LOW-SPEED VEHICLE MARKET, BY POWER OUTPUT, AT COUNTRY LEVEL
                       19.4.2.1 ≤5 kW
                       19.4.2.2 6–15 kW
                       19.4.2.3 >15 kW
             19.4.3 LOW-SPEED VEHICLE MARKET, BY SEATING CAPACITY
                       19.4.3.1 Small (2–4 Seater)
                       19.4.3.2 Medium (6–8 Seater)
                       19.4.3.3 Large (Above 8 Seater)
     19.5 RELATED REPORTS 
     19.6 AUTHOR DETAILS 

The study encompassed four primary tasks to determine the present scope of the low-speed vehicle market. Initially, extensive secondary research was conducted to gather data on the market, its related sectors, and overarching industries. Subsequently, primary research involving industry experts across the value chain corroborated and validated these findings and assumptions. Employing both bottom-up and top-down methodologies, the complete market size was estimated. Following this, a market breakdown and data triangulation approach were utilized to determine the size of specific segments and subsegments within the market.

Secondary Research

The secondary sources referred to for the study of the low-speed vehicle market are directly dependent on end-use industry growth. Low-speed vehicle sales and end-use industry demand are derived through secondary sources such as the International Light Transportation Vehicle Association, Inc., the National Mobility Equipment Dealers Association (NMEDA), the National Motorists Association, the Electrical Apparatus Service Association, Inc., the European Golf Association, the Japan Golf Association, the Indian Golf Union, the South African Golf Association (SAGA), the Organization for Economic Co-operation and Development (OECD), World Bank, CDC, and Eurostat, corporate filings such as annual reports, investor presentations, and financial statements, and paid repository. Historical production data has been collected and analyzed, and the industry trend is considered to arrive at the forecast, which is further validated by primary research.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, such as CXOs, vice presidents, directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.

Primary interviews have gathered insights such as low-speed vehicle market sizing estimation and forecast, future technology trends, and upcoming technologies. Data triangulation of all these points was done using the information gathered from secondary research and model mapping. Stakeholders from the demand and supply sides have been interviewed to understand their views on the aforementioned points.

Primary interviews have been conducted with market experts from the demand-side (end-use industries) and supply-side (low-speed vehicle providers) across four regions: North America, Europe, Asia Pacific, and the Rest of the World. Approximately 60% and 40% of the primary interviews were conducted on the OEMs and component manufacturer sides. Primary data has been collected through questionnaires, emails, and telephonic interviews. After communicating with primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report. After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the conclusions described in the remainder of this report.

Low-Speed Vehicle Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

As mentioned below, a detailed market estimation approach was followed to estimate and validate the value of the low-speed vehicle market and other dependent submarkets.

  • Secondary research identified key players in the low-speed vehicle market and determined their global market ranking.
  • The research methodology included a study of annual and quarterly financial reports, regulatory filings of major market players (public), and interviews with industry experts for detailed market insights.
  • All vehicle level penetration rates, percentage shares, splits, and breakdowns for the low-speed vehicle market were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain validated and verified quantitative and qualitative data.
  • The gathered market data was consolidated, enhanced with detailed inputs, analyzed, and presented in this report.

Global Low Speed Vehicle Market Size: Bottom-Up Approach, By Vehicle Type and Country

Low-Speed Vehicle Market Bottom Up Approach

To know about the assumptions considered for the study, Request for Free Sample Report

Global Low Speed Vehicle Market Size: Top-down Approach, By Vehicle Type and Country

Low-Speed Vehicle Market Top Down Approach

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analysed to obtain the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report.

Market Definition

According to the US Department of Energy, a low-speed vehicle is a four-wheeled motor vehicle capable of reaching speeds of more than 20 miles per hour (mph) but not more than 25 mph. It may not operate on a highway with a posted speed limit of more than 35 mph. A city or county may adopt ordinances that allow the operation of low-speed vehicles or medium-speed EVs on city streets or county roads with posted speed limits greater than 35 mph and 45 mph, respectively. Low-speed vehicles and medium-speed EVs must comply with specific standards in Title 49 of the US Code of Federal Regulations, section 571.500.

Key Stakeholders

  • Senior Management
  • End User Finance/Procurement Department
  • R&D Department

Report Objectives

  • To define, describe, and forecast the size of the low-speed vehicle market in terms of value (USD million) and volume (units) between 2024 and 2030 based on the following segments:
    • By Application (Golf Course, Hotel & Resort, Airport, Industrial Facility, and Other Applications)
    • By Vehicle Type (Golf Cart, Commercial Turf Utility Vehicle, Industrial Utility Vehicle, and Personal Mobility Vehicle)
    • By Propulsion (Electric, Gasoline, and Diesel)
    • By Power Output (<5 kW, 6–15 kW, and >15 kW)
    • By Battery Type (Lithium-ion Battery and Lead-acid Battery)
    • By Category (L6 Vehicle and L7 Vehicle)
    • By Voltage (<60 V, 61–99 V, and >100 V)
    • By Motor Configuration (Hub-mounted, Mid-mounted, and Other Motor Configurations)
    • By Motor Type (AC Motor and DC Motor)
    • By Region (Asia Pacific, Europe, North America, and Rest of the World)
  • To identify and analyze key drivers, restraints, opportunities, and challenges influencing the market.
  • To analyze the market share of leading players in the low-speed vehicle market and evaluate competitive leadership mapping.
  • To strategically analyze key player strategies and company revenue analysis
  • To study the following with respect to the market
    • Trends and Disruptions Impacting Customers’ Businesses
    • Market Ecosystem
    • Technology Analysis
    • Supply Chain Analysis
    • Patent Analysis
    • Regulatory Landscape
    • Case Study Analysis
    • Key Stakeholders and Buying Criteria
    • Key Conferences and Events
    • Trade Analysis
    • Investment and Funding Scenario
    • Pricing Analysis
  • To analyze recent developments, including product launches, partnerships, acquisitions, expansions, and other developments  undertaken by key industry participants in the market
  • To give a brief understanding of the low-speed vehicle market in the recommendations chapter

Available Customizations:

MarketsandMarkets offers the following customizations for this market report:

Global low-speed vehicle market by propulsion type, at the country level (North America, Europe, Asia Pacific, and the Rest of the World)

  • Gasoline
  • Diesel
  • Electric

Global low-speed vehicle market, by power output, at country level (North America, Europe, Asia Pacific, and Rest of the World)

  • ≤5 kW
  • 6-15 kW
  • >15 kW

Global low-speed vehicle market by seating capacity

  • Small (2-4 seater)
  • Medium (6-8 seater)
  • Large (Above 8 seater)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
AT 5757
Published ON
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