Low-Speed Vehicle Market

Low-Speed Vehicle Market by Vehicle Type (Commercial Turf Utility, Industrial Utility Vehicle, Golf Cart, Personal Mobility Vehicle), Power Output (<8, 8-15, >15 kW), Propulsion, Battery Type, Application, Category Voltage & Region - Global Forecast to 2028

Report Code: AT 5757 Apr, 2023, by marketsandmarkets.com

[296 Pages Report] The low speed vehicle market size is valued at USD 0.4 billion in 2023 and is expected to reach USD 15.0 billion by 2028, at a CAGR of 7.4% during the forecast period 2022-2028. Low speed vehicles (LSVs) are 4-wheeled vehicles with a maximum capable speed of typically about 25 mph (40 km/h). These vehicles are used as industrial vehicles, neighborhood vehicles, turf utility vehicle, and golf carts. It is easy to maneuver and hence find applications in golf courses, school, college & university campuses. industrial areas, corporate offices, museums, and gated communities, among others. Low speed vehicles are currently available in conventional fuel models as well as electric models. According to MnM analysis, more than 60% of these vehicles electrically operated and expected to dominate at a global market under the review period.

Low-Speed Vehicle Market

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Low-Speed Vehicle Market

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Market Dynamics

DRIVER: Growing Popularity for Golf

As per the record of NGF in the US a total of 25.6 million players played golf on the course and 15.5 million players participated in off course golf activities in indoor golf simulators, and golf entertainment venues like Topgolf and Drive Shack. Also, there were 3 million new golf players in the last 3 year as compared to 2 million players in the last 9 years.   The largest customer group of golf according to NGF was young adults (18-34 age) with 6.2 million participants. A major growth factor for golf course games is an increase in rewards and prizes, In Asia pacific rewards range from 30,000 to 0.2 million for professional golf tournaments. The demand for rising golf courses is mainly due to increasing disposable income, changing lifestyles, and shifting inclination towards premium sports. As people have a shifting inclination towards premium sports along with changing lifestyle preferences the demand for golf is expected to grow during the projected years along with the growth of LSVs.

RESTRAINT: High Costs in Developing and Underdeveloped Regions.

One of the largest segments of LSVs is golf carts. Golf is considered to be a luxury sport and has much higher expenses as compared to other sports. Golf requires huge-sized land along with regular maintenance for playing along with expensive membership costs. As per the Asian golf industry federation in Asia, the average price to acquire a golf membership is around 400 to 800 USD. The average price range of a golf cart is around 3,000-5,000 USD. The Tokyo Golf Club in Japan charges around USD 250 – 270 for a single person who is a non-member (excluding green fees, caddy fees, and usage and consumption tax charges) for weekdays. A golf course like Banyan Thailand Hua-Hin charges around USD 3,700 – 3,750 annually for a single non-member. However, in developing and underdeveloped regions the purchasing power parity is low, Africa had a PPP of 5,362 USD while Asia had a PPP of 14,679 USD. High prices of golf carts and golf sport is a restraining factor for the growth of LSV during the forecasted years.

OPPORTUNITY: Increasing Real Estate and Commercial Sector

As per India Brand Equity Foundation (IBEF), India’s real estate sector is expected to grow to 1 trillion USD by 2030 and the real estate sector will contribute 13 % of the country's total GDP.  In large residential projects with the huge area the need for LSV to travel inside the premises has been in demand. As travel and tourism return to pre-pandemic levels the hotels& resorts industry has also risen, many hotels and resorts offer LSVs to travel inside their premises, as per the Federal reserve bank of St. Louis, US, the hospitality sector contributed nearly 3.8% to the US GDP. Another commercial sector that provides an opportunity to increase the demand for low speed vehicles is the aviation sector. The requirement for LSVs inside airports for airport-related operations could be a growth opportunity. Therefore, the growth of real estate, hospitality, and aviation could drive the growth of the LSV market during the forecasted period.

CHALLENGE: Lack of Safety Standards and Equipment

The National Highway Traffic Safety Administration (NHTSA) monitors safety standards for conventional vehicles in US. NHTSA has set standards for LSVs under section 571.500 Standard No. 500. This standard requires the LSV to be equipped with the following items which are taillamps, reflex reflectors, parking brakes, headlamps, stop lamps, turn signal lamps,  rearview mirrors, windshields, seat belts, and vehicle identification numbers. If an LSV fails to comply with this standard it does not get certified for street legality operations. Many OEMs provide customized LSVs that are unable to follow the standards fully and do not get permission for street operations.

LSVs does not have airbags and have a higher risk of injury during a crash. Also, NHTSA doesn’t allow LSVs for the usual crash test due to which the body design is not crashproof. Safety concerns for LSV is a major challenge for LSV and are hampering the growth of LSV market.

Low speed Vehicle Market Ecosystem.

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

Low-Speed Vehicle Market  Size, and Share

 Commercial turf utility vehicle is a large segment of the low speed vehicle market by vehicle type

Commercial turf utility vehicles will dominate the low speed vehicle market during the forecast period. These vehicles are primarily used for transport in hotels & resorts and can be applied in commercial transportation but have slight uses in industrial sectors. These vehicles are rugged and versatile with a complaint to street regulation in certain countries and are also offered with 4X4 configuration.  Due to these features, these vehicles can transport people over the roads as well as haul heavy materials and loads within industrial facilities or warehouses. As these vehicles can carry out multiple operations under normal & extreme conditions, the demand for commercial turf utility vehicles would lead the market growth in the future.

<8 kW low speed vehicle dominates the market demand, by power output segment.

Low-power LSVs are used for regular operations that do not require much power and torque. It is LSVs with low-power output (<8 kW) are easy to maneuver and mostly used for 2-5 people for short-distance transport in golf courses, resorts, gated communities, and as personal mobility vehicles. Globally, most of these LSVs are electrically operated and projected to gain traction with advancements in electric vehicle technology. According to the study by the Toronto and Region Conservation Authority, electric low speed vehicle consumes less energy to drive the cart compared to gas-powered carts. For instance, gas-powered golf carts need 10 kWh of energy, whereas electric-powered golf carts need 3.3 kWh of power. Thus, as these LSVs mostly operate on smooth & flat surfaces usually across golf courses, commercial facilities, business premises and other similar areas where the power requirement is maximum, the demand for low-power LSVs would remain lucrative in the future across various applications.

Airports are the fastest-growing segment for low speed vehicles, by application.

The airport is estimated to grow at the fastest CAGR during the forecast period. The higher growth of this segment is mainly due to increased passenger travels around the world. As per the Centre of Aviation, there were 3.8 billion passengers globally in 2022. Also, ACI Europe reported that there was an increase of 98 % in passenger traffic in Europe airport traffic in 2022. At the same time, there are multiple new airports are expected to be started as nearly 225 new airport projects would be in place and 70 % of these new airport projects are in Asia pacific with an estimated investment of 150 billion USD. Thus, with increased passenger volume, the LSV demand would be on the rise for dropping passengers from one place to another within the large area of the airport. Further, newer airports are spread across a larger area for which travel passengers within the facility are a key concern and LSVs can act as a differentiating factor for this purpose.

Asia Pacific is the second largest market for low speed vehicles.

Asia Pacific is the second largest market for low speed vehicles after North America, where China and Japan lead with market demand with more than 85% in 2022. The leading market position of these two countries is mainly due to higher demand coming from increasing golf courses, industrial facilities, and travel. Other countries, such as India, South Korea, and Thailand, are experiencing increased demand in recent years. The popularity of golf is another growing aspect in Asia where 5,000 golf courses had been developed by 2021 and many new golf clubs are expected to come. Additionally, there is a significant growth in tourism, product manufacturing, IT hubs, and warehouses in recent years. Low speed vehicles can be useful in these applications for traveling people within defined areas and can also be noteworthy while carrying medium to heavy loads. All of these factors are expected to promote the growth of low speed vehicles in the region.

 Some of the major players are Yamaha Motor Co. (Japan), Speedways (India), Auto Power (India), Jiaxing Learoad Special Vehicle Co., Ltd (China), Dongguan Excar Electric Vehicle Co. Ltd (China), Maini Material Movement Pvt Ltd (India), G.H. Varley Pty Ltd (Australia), and Hawk Carts (Australia)

Low-Speed Vehicle Market  Size, and Share

Key Market Players

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

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

2018–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Volume (Units) and Value (USD Million/Billion)

Segments covered

By vehicle type, power output, battery type, propulsion, application 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), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US) 

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

The study segments the low speed vehicle market:

Application Type
  • Golf courses
  • Hotels & resorts
  • Airports
  • industrial facilities
  • Others
By Vehicle Type
  • Golf cart
  • Commercial turf utility vehicle
  • Industrial utility vehicle
  • Personal mobility vehicle
By Propulsion
  • Electric
  • Diesel
  • Gasoline
By Power Output
  • <8 KW
  • 8–15 KW
  • >15 KW
By Battery Type
  • Li-Ion
  • Lead Acid
By Voltage Type
  • <60V
  • >60V
By Category Type
  • L6
  • L7
By Region
  • Asia Pacific
  • North America
  • Europe
  • Rest of the World [RoW]

Recent Developments

  • In Jan 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 are now optimizing LSVs with better facilities and features to provide an overall better user experience.
  • In June 2022 Club Car acquired Garia a Denmark based street legal electric low speed vehicle manufacturer. This acquisition will enable Club car to increase its electric LSVs manufacturing and establish itself as a Major OEM of the LSV market.
  • In January 2022, Yamaha launched the Drive2 Powertrain AC Lithium. The new Lithium-ion-powered golf car is with Independent Rear Suspension (IRS). Yamaha is known for offering the strongest product line of golf and utility cars in the world, and the addition of the Drive2 PowerTech with the IRS model offers customers the same comfort, reliability, and performance.
  • In January 2022, The Toro Company launched Workman UTX. The commercial-grade, 4-wheel drive vehicle uses a proprietary ground speed governing system. Workman UTX’s ground speed and RPM are not directly connected, allowing the manager to limit the speed of the machine without gutting the power.
  • In June 2021, The Club Car Current is designed for low speed logistics and cargo operations. The company has partnered with ARYO Inc to develop the product. The Club Car Current is ideal for low speed logistics and cargo services. It has the agility and versatility that is essential in a campus or urban environment, filling the gap between full-sized trucks and small utility carts.
  • In December 2021, The R&A has named The Toro Company as a Founding Partner and Official Golf Course Maintenance Partner for its planned community golf facility in Glasgow, Scotland. This partnership would pave the path for the sales of gold cars in the region.
  • In August 2021, Club Car announced the all-new integration of Club Car Connect with EzLocator, the industry leader in daily pin placement management. This new partnership enables superintendents with the ability to manage pin locations with speed and precision. At the same time, golfers will enjoy exact yardages seamlessly delivered to their Club Car golf car updated through the cloud with the new integration.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES 
    1.2 PRODUCT DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           FIGURE 1 MARKET SEGMENTATION: LOW SPEED VEHICLE MARKET
           1.3.1 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 SUMMARY OF CHANGES 
    1.6 STAKEHOLDERS 
 
2 RESEARCH METHODOLOGY (Page No. - 30)
    2.1 RESEARCH DATA 
           FIGURE 2 LOW SPEED VEHICLE MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH METHODOLOGY MODEL
    2.2 SECONDARY DATA 
           2.2.1 LIST OF KEY SECONDARY SOURCES TO ESTIMATE BASE NUMBERS AND MARKET SIZING
           2.2.2 KEY DATA FROM SECONDARY SOURCES
    2.3 PRIMARY DATA 
           FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
           2.3.1 SAMPLING TECHNIQUES AND DATA COLLECTION METHODS
    2.4 MARKET SIZE ESTIMATION 
           FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.4.1 BOTTOM-UP APPROACH
                    FIGURE 6 BOTTOM-UP APPROACH: MARKET, BY VEHICLE TYPE AND COUNTRY
           2.4.2 TOP-DOWN APPROACH
                    FIGURE 7 TOP-DOWN APPROACH: MARKET, BY APPLICATION AND PROPULSION TYPE
                    FIGURE 8 LOW SPEED VEHICLE MARKET: RESEARCH DESIGN AND METHODOLOGY
           2.4.3 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND- AND SUPPLY-SIDE
    2.5 FACTOR ANALYSIS 
    2.6 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 9 DATA TRIANGULATION
    2.7 RECESSION IMPACT ANALYSIS 
    2.8 RESEARCH ASSUMPTIONS 
           TABLE 1 ASSUMPTIONS
    2.9 RESEARCH LIMITATIONS 
 
3 EXECUTIVE SUMMARY (Page No. - 44)
    3.1 INTRODUCTION 
           3.1.1 PRE- AND POST-RECESSION SCENARIO
                    FIGURE 10 PRE- AND POST-RECESSION SCENARIO: LOW SPEED VEHICLE MARKET, 2018–2028 (USD BILLION)
    3.2 REPORT SUMMARY 
           FIGURE 11 MARKET, BY REGION, 2023 VS. 2028
 
4 PREMIUM INSIGHTS (Page No. - 48)
    4.1 ATTRACTIVE OPPORTUNITIES IN LOW SPEED VEHICLE MARKET 
           FIGURE 12 RISING TREND TOWARD LEISURE FEATURES AND ADVENT OF CONNECTED TECHNOLOGIES TO DRIVE DEMAND
    4.2 MARKET, BY VEHICLE TYPE 
           FIGURE 13 COMMERCIAL UTILITY VEHICLES TO HOLD LARGEST MARKET IN 2023 (USD MILLION)
    4.3 MARKET, BY PROPULSION 
           FIGURE 14 ELECTRIC PROPULSION TO DOMINATE MARKET DURING FORECAST PERIOD
    4.4 MARKET, BY BATTERY TYPE 
           FIGURE 15 LI-ION BATTERIES TO HOLD LARGEST MARKET DURING FORECAST PERIOD
    4.5 MARKET, BY APPLICATION TYPE 
           FIGURE 16 GOLF COURSES TO ACCOUNT FOR LARGEST MARKET IN 2023
    4.6 MARKET, BY POWER OUTPUT 
           FIGURE 17 <8 KW TO REGISTER LARGEST MARKET SHARE IN 2023
    4.7 MARKET, BY VOLTAGE TYPE 
           FIGURE 18 <60 V SEGMENT TO HOLD LARGEST MARKET IN 2023
    4.8 MARKET, BY CATEGORY TYPE 
           FIGURE 19 L7 VEHICLES TO DOMINATE MARKET IN 2023
    4.9 MARKET, BY REGION 
           FIGURE 20 NORTH AMERICA ESTIMATED TO ACCOUNT FOR LARGEST SHARE OF MARKET DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 53)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 21 LOW SPEED VEHICLE MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Rising geriatric population
                               FIGURE 22 US: RISE IN POPULATION, 65 AND ABOVE, 1980–2040
                    5.2.1.2 Growing popularity of golf
                               TABLE 2 TOTAL NUMBER OF GOLF COURSES AND CLUBS, 2022
                    5.2.1.3 Suitable electric vehicle charging infrastructure
                               FIGURE 23 NUMBER OF EV CHARGING STATIONS IN US, 2018 VS. 2025
                               FIGURE 24 NUMBER OF CHARGING STATIONS IN TOP 10 COUNTRIES IN EUROPE, 2022
           5.2.2 RESTRAINTS
                    5.2.2.1 High costs in developing and underdeveloped regions
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Strong real estate and commercial sector
                    5.2.3.2 Development of autonomous and connected technology
                               TABLE 3 OEMS WITH THEIR CONNECTED TECHNOLOGY FEATURES
                    5.2.3.3 Increased global tourism
                               FIGURE 25 TRAVEL AND TOURISM GDP, 2021
           5.2.4 CHALLENGES
                    5.2.4.1 Cost reduction and improved energy density of EV batteries
                    5.2.4.2 Lack of safety standards and equipment
    5.3 PORTER’S FIVE FORCES ANALYSIS 
           TABLE 4 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 26 PORTER’S FIVE FORCES
           5.3.1 INTENSITY OF COMPETITIVE RIVALRY
           5.3.2 THREAT OF SUBSTITUTES
           5.3.3 BARGAINING POWER OF SUPPLIERS
           5.3.4 BARGAINING POWER OF BUYERS
           5.3.5 THREAT OF NEW ENTRANTS
    5.4 CASE STUDIES 
           5.4.1 GOLF CAR POWERTRAIN NVH SOURCES AND MITIGATION METHODS
           5.4.2 GOLF CARTS IN RETIRED COMMUNITIES
                    5.4.2.1 State and local governance issues
           5.4.3 INVESTIGATION INTO CONVERSION OF FLEET OF PLUG-IN-ELECTRIC GOLF CARTS INTO SOLAR-POWERED VEHICLES USING FUZZY LOGIC CONTROL
           5.4.4 DESIGN AND CONSTRUCTION OF AUTONOMOUS GOLF CARTS
           5.4.5 AUTONOMOUS VEHICLES FOR RETIREMENT COMMUNITIES, COLLEGES, AND SCHOOL CAMPUSES
    5.5 PATENT ANALYSIS 
    5.6 TRADE ANALYSIS 
           5.6.1 EXPORT DATA
                    TABLE 5 CHINA: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 6 US: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 7 CANADA: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 8 FINLAND: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 9 GERMANY: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 10 JAPAN: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 11 FRANCE: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 12 UK: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 13 INDIA: LSV EXPORT SHARE, BY COUNTRY (VALUE%)
           5.6.2 IMPORT DATA
                    TABLE 14 US: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 15 CANADA: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 16 RUSSIA: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 17 SWEDEN: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 18 NETHERLANDS: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 19 JAPAN: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 20 CHINA: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 21 FRANCE: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
                    TABLE 22 UK: LSV IMPORT SHARE, BY COUNTRY (VALUE%)
    5.7 IMPACT OF RECESSION ON LOW SPEED VEHICLE MARKET 
           5.7.1 INTRODUCTION
           5.7.2 REGIONAL MACROECONOMIC OVERVIEW
           5.7.3 ANALYSIS OF KEY ECONOMIC INDICATORS
                    TABLE 23 KEY ECONOMIC INDICATORS FOR SELECT COUNTRIES, 2021–2022
           5.7.4 ECONOMIC STAGFLATION (SLOWDOWN) VS. ECONOMIC RECESSION
                    5.7.4.1 Europe
                               TABLE 24 EUROPE: KEY ECONOMIC INDICATORS, 2021–2023
                               TABLE 25 EUROPE: KEY INFLATION INDICATORS, 2021–2023
                    5.7.4.2 Asia Pacific
                               TABLE 26 ASIA PACIFIC: KEY ECONOMIC INDICATORS, 2021–2023
                               TABLE 27 ASIA PACIFIC: KEY INFLATION INDICATORS, 2021–2023
           5.7.5 AMERICAS
                    TABLE 28 AMERICAS: KEY ECONOMIC INDICATORS, 2021–2023
                    TABLE 29 AMERICAS: KEY INFLATION INDICATORS, 2021–2023
           5.7.6 ECONOMIC OUTLOOK/PROJECTIONS
                    TABLE 30 GDP GROWTH PROJECTIONS FOR KEY COUNTRIES, 2024–2027 (% GROWTH)
    5.8 RECESSION IMPACT ON LOW SPEED VEHICLES 
           5.8.1 ANALYSIS OF GOLF CART SALES (UNITS)
                    TABLE 31 GOLF CART SALES, BY REGION, 2022–2024
           5.8.2 ANALYSIS OF COMMERCIAL TURF UTILITY VEHICLE SALES (UNITS)
                    TABLE 32 COMMERCIAL TURF UTILITY VEHICLE SALES, BY REGION, 2022–2024
           5.8.3 ANALYSIS OF INDUSTRIAL UTILITY VEHICLE SALES (UNITS)
                    TABLE 33 INDUSTRIAL UTILITY VEHICLE SALES, BY REGION, 2022–2024
           5.8.4 ANALYSIS OF PERSONAL MOBILITY VEHICLE SALES
                    TABLE 34 PERSONAL MOBILITY VEHICLE SALES, BY REGION, 2022–2024
           5.8.5 IMPACT OF RECESSION ON LOW SPEED VEHICLE MARKET: SCENARIO ANALYSIS
                    FIGURE 27 MARKET SCENARIO, 2018–2028 (USD MILLION)
                    5.8.5.1 Most Likely Scenario
                               TABLE 35 MARKET (REALISTIC SCENARIO), BY REGION, 2018–2028 (USD MILLION)
                    5.8.5.2 High Impact Scenario
                               TABLE 36 MARKET (HIGH IMPACT SCENARIO), BY REGION, 2018–2028 (USD MILLION)
                    5.8.5.3 Low Impact Scenario
                               TABLE 37 MARKET (LOW IMPACT SCENARIO), BY REGION, 2018–2028 (USD MILLION)
    5.9 SUPPLY CHAIN ANALYSIS 
           FIGURE 28 SUPPLY CHAIN ANALYSIS: MARKET
    5.10 MARKET ECOSYSTEM 
           FIGURE 29 MARKET ECOSYSTEM
           TABLE 38 ROLE OF COMPANIES IN MARKET ECOSYSTEM
    5.11 PRICING ANALYSIS 
           5.11.1 BY REGION
                    TABLE 39 AVERAGE SELLING PRICE (ASP), BY REGION
           5.11.2 BY VEHICLE TYPE
                    TABLE 40 AVERAGE SELLING PRICE (ASP), BY VEHICLE TYPE
    5.12 REGULATORY ANALYSIS 
           5.12.1 NORTH AMERICA
                    TABLE 41 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.2 EUROPE
                    TABLE 42 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.3 ASIA PACIFIC
                    TABLE 43 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.4 REST OF THE WORLD
                    TABLE 44 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.5 REGULATORY ANALYSIS FOR LOW SPEED VEHICLES, BY COUNTRY
                    5.12.5.1 US
                               TABLE 45 US: LIST OF REGULATIONS FOR LOW SPEED VEHICLES
                    5.12.5.2 Canada
                               TABLE 46 CANADA: LIST OF REGULATIONS FOR LOW SPEED VEHICLES
                    5.12.5.3 Europe/Asia Pacific
                               TABLE 47 EUROPE/ASIA PACIFIC: LIST OF REGULATIONS FOR LOW SPEED VEHICLES
    5.13 TECHNOLOGY TREND 
           5.13.1 SHIFT TOWARD ELECTRIC VEHICLES
           5.13.2 ADVANCED FEATURES FOR LUXURY AND SAFETY
           5.13.3 ADVANCED GPS, SENSORS, AND RADAR SYSTEMS
    5.14 KEY CONFERENCES AND EVENTS IN 2023–2024 
                    TABLE 48 LOW SPEED VEHICLE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
 
6 LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE (Page No. - 103)
    6.1 INTRODUCTION 
           6.1.1 INDUSTRY INSIGHTS
                    FIGURE 30 MARKET, BY VEHICLE TYPE, 2023 VS. 2028 (USD MILLION)
                    TABLE 49 MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                    TABLE 50 MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                    TABLE 51 MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                    TABLE 52 MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
    6.2 GOLF CARTS 
           6.2.1 INCREASING NUMBER OF REGISTRATIONS AND INVESTMENTS
                    TABLE 53 GOLF CARTS MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 54 GOLF CARTS MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 55 GOLF CARTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 56 GOLF CARTS MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 COMMERCIAL TURF UTILITY VEHICLES 
           6.3.1 HIGH DEMAND ACROSS HOTELS AND RESORTS WORLDWIDE
                    TABLE 57 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 58 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 59 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 60 COMMERCIAL TURF UTILITY VEHICLES MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.4 INDUSTRIAL UTILITY VEHICLES 
           6.4.1 HEAVY DEMAND IN CONSTRUCTION SECTOR
                    TABLE 61 INDUSTRIAL UTILITY VEHICLES MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 62 INDUSTRIAL UTILITY VEHICLES MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 63 INDUSTRIAL UTILITY VEHICLES MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 64 INDUSTRIAL UTILITY VEHICLES MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.5 PERSONAL MOBILITY VEHICLES 
           6.5.1 TERMED AS NEIGHBORHOOD VEHICLES DUE TO EASE OF USE
                    TABLE 65 PERSONAL MOBILITY VEHICLES MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 66 PERSONAL MOBILITY VEHICLES MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 67 PERSONAL MOBILITY VEHICLES MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 68 PERSONAL MOBILITY VEHICLES MARKET, BY REGION, 2023–2028 (USD MILLION)
 
7 LOW SPEED VEHICLE MARKET, BY POWER OUTPUT (Page No. - 113)
    7.1 INTRODUCTION 
           7.1.1 INDUSTRY INSIGHTS
                    FIGURE 31 MARKET, BY POWER OUTPUT, 2023 VS. 2028 (USD MILLION)
                    TABLE 69 MARKET, BY POWER OUTPUT, 2018–2022 (UNITS)
                    TABLE 70 MARKET, BY POWER OUTPUT, 2023–2028 (UNITS)
                    TABLE 71 MARKET, BY POWER OUTPUT, 2018–2022 (USD MILLION)
                    TABLE 72 MARKET, BY POWER OUTPUT, 2023–2028 (USD MILLION)
    7.2 <8 KW 
           7.2.1 RISING DEMAND IN LOW SEATING GOLF CARTS
                    TABLE 73 <8 KW: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 74 <8 KW: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 75 <8 KW: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 76 <8 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.3 8 –15 KW 
           7.3.1 INCREASED USAGE IN HOSPITALITY SECTOR
                    TABLE 77 8 –15 KW: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 78 8 –15 KW: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 79 8 –15 KW: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 80 8 –15 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.4 >15 KW 
           7.4.1 RISING DEMAND FROM MAJOR INDUSTRIES
                    TABLE 81 >15 KW: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 82 >15 KW: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 83 >15 KW: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 84 >15 KW: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
8 LOW SPEED VEHICLE MARKET, BY BATTERY TYPE (Page No. - 122)
    8.1 INTRODUCTION 
           8.1.1 INDUSTRY INSIGHTS
                    FIGURE 32 MARKET, BY BATTERY TYPE, 2023 VS. 2028 (USD MILLION)
                    TABLE 85 MARKET, BY BATTERY TYPE, 2018–2022 (UNITS)
                    TABLE 86 MARKET, BY BATTERY TYPE, 2023–2028 (UNITS)
                    TABLE 87 MARKET, BY BATTERY TYPE, 2018–2022 (USD MILLION)
                    TABLE 88 MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
    8.2 LITHIUM-ION BATTERIES (LI-ION) 
           8.2.1 OFFERS NEARLY 100% EFFICIENCY IN CHARGE AND DISCHARGE
                    TABLE 89 LITHIUM-ION BATTERIES MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 90 LITHIUM-ION BATTERIES MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 91 LITHIUM-ION BATTERIES MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 92 LITHIUM-ION BATTERIES MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.3 LEAD-ACID BATTERIES 
           8.3.1 SUFFERS FROM PEUKERT EFFECT
                    TABLE 93 LEAD-ACID BATTERIES MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 94 LEAD-ACID BATTERIES MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 95 LEAD-ACID BATTERIES MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 96 LEAD-ACID BATTERIES MARKET, BY REGION, 2023–2028 (USD MILLION)
 
9 LOW SPEED VEHICLE MARKET, BY APPLICATION (Page No. - 129)
    9.1 INTRODUCTION 
           9.1.1 INDUSTRY INSIGHTS
                    FIGURE 33 MARKET, BY APPLICATION, 2023 VS. 2028 (USD MILLION)
                    TABLE 97 MARKET, BY APPLICATION, 2018–2022 (UNITS)
                    TABLE 98 MARKET, BY APPLICATION, 2023–2028 (UNITS)
                    TABLE 99 MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 100 MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
    9.2 GOLF COURSES 
           9.2.1 DEVELOPMENT OF NEW GOLF COURSES
                    TABLE 101 GOLF COURSES: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 102 GOLF COURSES: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 103 GOLF COURSES: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 104 GOLF COURSES: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.3 HOTELS AND RESORTS 
           9.3.1 INVESTMENTS IN HOSPITALITY SECTOR
                    TABLE 105 HOTELS AND RESORTS: MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 106 HOTELS AND RESORTS: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 107 HOTELS AND RESORTS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 108 HOTELS AND RESORTS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.4 AIRPORTS 
           9.4.1 RISING PASSENGER AND CARGO TRAFFIC
                    TABLE 109 AIRPORTS: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 110 AIRPORTS: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 111 AIRPORTS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 112 AIRPORTS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.5 INDUSTRIAL FACILITIES 
           9.5.1 GROWTH OF CONSTRUCTION AND MANUFACTURING SECTOR
                    TABLE 113 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2018–2022 (UNITS)
                    TABLE 114 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2023–2028 (UNITS)
                    TABLE 115 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 116 INDUSTRIAL FACILITIES: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.6 OTHER APPLICATIONS 
           TABLE 117 OTHER APPLICATIONS: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
           TABLE 118 OTHER APPLICATIONS: MARKET, BY REGION, 2023–2028 (UNITS)
           TABLE 119 OTHER APPLICATIONS: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 120 OTHER APPLICATIONS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
10 LOW SPEED VEHICLE MARKET, BY PROPULSION (Page No. - 142)
     10.1 INTRODUCTION 
             10.1.1 INDUSTRY INSIGHTS
                       FIGURE 34 MARKET, BY PROPULSION, 2023 VS. 2028 (USD MILLION)
                       TABLE 121 MARKET, BY PROPULSION, 2018–2022 (UNITS)
                       TABLE 122 MARKET, BY PROPULSION, 2023–2028 (UNITS)
                       TABLE 123 MARKET, BY PROPULSION TYPE, 2018–2022 (USD MILLION)
                       TABLE 124 MARKET, BY PROPULSION TYPE, 2023–2028 (USD MILLION)
     10.2 ELECTRIC 
             10.2.1 INCREASED INFRASTRUCTURE FACILITIES FOR ELECTRIC PROPULSION
                       TABLE 125 ELECTRIC: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 126 ELECTRIC: MARKET, BY REGION, 2023–2028 (UNITS)
                       TABLE 127 ELECTRIC: MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 128 ELECTRIC: MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.3 GASOLINE 
             10.3.1 AVAILABLE AT LOWER COSTS THAN ELECTRIC MODELS
                       TABLE 129 GASOLINE: MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 130 GASOLINE: MARKET, BY REGION, 2023–2028 (UNITS)
                       TABLE 131 GASOLINE: MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 132 GASOLINE: MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.4 DIESEL 
             10.4.1 HIGHER TORQUE, POWER, AND OPERATIONS
                       TABLE 133 DIESEL: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 134 DIESEL: MARKET, BY REGION, 2023–2028 (UNITS)
                       TABLE 135 DIESEL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 136 DIESEL: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
11 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY (Page No. - 151)
     11.1 INTRODUCTION 
               FIGURE 35 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2023 VS. 2028 (UNITS)
               FIGURE 36 L6 VS L7 VEHICLES – TECHNICAL SPECIFICATIONS
               TABLE 137 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2018–2022 (UNITS)
               TABLE 138 LOW SPEED VEHICLE (L6 AND L7) MARKET, BY CATEGORY, 2023–2028 (UNITS)
     11.2 L7 VEHICLES (ICE & ELECTRIC) 
             11.2.1 HIGHER DEMAND FROM JAPAN, CHINA, US, AND EUROPE
                       TABLE 139 L7 VEHICLES: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 140 L7 VEHICLES: MARKET, BY REGION, 2023–2028 (UNITS)
             11.2.2 ELECTRIC L7 VEHICLES
                       11.2.2.1 Asia Pacific
                                   11.2.2.1.1 China
                                   TABLE 141 CHINA ELECTRIC A0 & A00 VEHICLE MARKET, 2018–2023 (UNITS)
                                   TABLE 142 CHINA : LIST OF ELECTRIC L7-E MODELS
                                   TABLE 143 CHINA : ELECTRIC L7-E MARKET, 2022-2030 (UNITS)
                                   11.2.2.1.2 Japan
                                   TABLE 144 JAPAN: ELECTRIC KEI CAR MARKET, 2018–2023 (UNITS)
                                   TABLE 145 JAPAN: LIST OF ELECTRIC L7-E MODELS
                                   TABLE 146 JAPAN: ELECTRIC L7-E MARKET, 2022-2030 (UNITS)
                                   11.2.2.1.3 India
                                   TABLE 147 INDIAN QUADRICYCLE MARKET, 2018–2023 (UNITS)
                                   TABLE 148 INDIA : LIST OF ELECTRIC L7-E MODELS
                                   TABLE 149 INDIA : ELECTRIC QUADRICYCLE MARKET, 2022-2030 (UNITS)
                                   11.2.2.1.4 South Korea
                                   TABLE 150 SOUTH KOREA MICRO ELECTRIC CAR MARKET, 2018–2023 (UNITS)
                                   TABLE 151 SOUTH KOREA : LIST OF ELECTRIC L7-E MODELS
                                   TABLE 152 SOUTH KOREA : ELECTRIC L7-E MARKET, 2022-2030 (UNITS)
                       11.2.2.2 Europe
                                   TABLE 153 EUROPE QUADRICYCLE (ICE & ELECTRIC) MARKET, 2018–2023 (UNITS)
                                   TABLE 154 EUROPE : LIST OF ELECTRIC L7-E MODELS
                                   TABLE 155 EUROPE: ELECTRIC L7-E MARKET, 2022-2030 (UNITS)
                       11.2.2.3 North America
                                   TABLE 156 NORTH AMERICA LOW SPEED VEHICLE (ICE & ELECTRIC) MARKET, 2018–2023 (UNITS)
                                   TABLE 157 NORTH AMERICA : LIST OF ELECTRIC L7-E MODELS
                                   TABLE 158 NORTH AMERICA: ELECTRIC L7-E MARKET, 2022-2030 (UNITS)
     11.3 L6 VEHICLES 
             11.3.1 INVESTMENTS IN GOLF AND HOSPITALITY SECTOR TO DRIVE DEMAND
                       TABLE 159 L6 VEHICLES: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 160 L6 VEHICLES: LOW SPEED VEHICLE MARKET, BY REGION, 2023–2028 (UNITS)
 
12 LOW SPEED VEHICLE MARKET, BY VOLTAGE TYPE (Page No. - 164)
     12.1 INTRODUCTION 
             12.1.1 INDUSTRY INSIGHTS
                       FIGURE 37 MARKET, BY VOLTAGE, 2023 VS. 2028 (USD MILLION)
                       TABLE 161 MARKET, BY VOLTAGE, 2018–2022 (UNITS)
                       TABLE 162 MARKET, BY VOLTAGE, 2023–2028 (UNITS)
                       TABLE 163 MARKET, BY VOLTAGE TYPE, 2018–2022 (USD MILLION)
                       TABLE 164 MARKET, BY VOLTAGE TYPE, 2023–2028 (USD MILLION)
     12.2 <60 V 
             12.2.1 USED AT GOLF COURSES, RESORTS, MALLS, AND OTHER PUBLIC PLACES
                       TABLE 165 <60 V: LOW SPEED VEHICLES MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 166 <60 V: LOW SPEED VEHICLES MARKET, BY REGION, 2023–2028 (UNITS)
                       TABLE 167 <60 V: LOW SPEED VEHICLES MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 168 <60 V: LOW SPEED VEHICLES MARKET, BY REGION, 2023–2028 (USD MILLION)
     12.3 >60 V 
             12.3.1 HIGHER RANGE AND EFFICIENCY WITH ACTIVE INVESTMENTS FROM OEMS
                       TABLE 169 >60 V: LOW SPEED VEHICLE MARKET, BY REGION, 2018–2022 (UNITS)
                       TABLE 170 >60 V: MARKET, BY REGION, 2023–2028 (UNITS)
                       TABLE 171 >60 V: MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 172 >60 V: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
13 LOW SPEED VEHICLE MARKET, BY REGION (Page No. - 171)
     13.1 INTRODUCTION 
               FIGURE 38 INDUSTRY INSIGHTS
               FIGURE 39 MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
               TABLE 173 MARKET, BY REGION, 2018–2022 (UNITS)
               TABLE 174 MARKET, BY REGION, 2023–2028 (UNITS)
               TABLE 175 MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 176 MARKET, BY REGION, 2023–2028 (USD MILLION)
     13.2 ASIA PACIFIC 
               FIGURE 40 ASIA PACIFIC: LOW SPEED VEHICLE MARKET, 2023 VS. 2028 (USD MILLION)
               TABLE 177 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (UNITS)
               TABLE 178 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (UNITS)
               TABLE 179 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
               TABLE 180 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             13.2.1 CHINA
                       13.2.1.1 Development of affordable and easy-to-maintain models
                                   TABLE 181 CHINA: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 182 CHINA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 183 CHINA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 184 CHINA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.2 INDIA
                       13.2.2.1 Launch of new models by domestic players
                                   TABLE 185 INDIA: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 186 INDIA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 187 INDIA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 188 INDIA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.3 JAPAN
                       13.2.3.1 High demand for industrial utility vehicles
                                   TABLE 189 JAPAN: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 190 JAPAN: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 191 JAPAN: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 192 JAPAN: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.4 SOUTH KOREA
                       13.2.4.1 High growth opportunities in tourism sector
                                   TABLE 193 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 194 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 195 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 196 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.5 THAILAND
                       13.2.5.1 Affordable golfing options
                                   TABLE 197 THAILAND: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 198 THAILAND: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 199 THAILAND: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 200 THAILAND: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.6 INDONESIA
                       13.2.6.1 High demand for golf courses
                                   TABLE 201 INDONESIA: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 202 INDONESIA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 203 INDONESIA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 204 INDONESIA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.7 VIETNAM
                       13.2.7.1 Blue-chip tournaments and events
                                   TABLE 205 VIETNAM: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 206 VIETNAM: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 207 VIETNAM: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 208 VIETNAM: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.2.8 PHILIPPINES
                       13.2.8.1 Growing golfers community
                                   TABLE 209 PHILIPPINES: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 210 PHILIPPINES: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 211 PHILIPPINES: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 212 PHILIPPINES: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
     13.3 NORTH AMERICA 
               FIGURE 41 NORTH AMERICA: LOW SPEED VEHICLE MARKET SNAPSHOT
               TABLE 213 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (UNITS)
               TABLE 214 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (UNITS)
               TABLE 215 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
               TABLE 216 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             13.3.1 US
                       13.3.1.1 Rising demand for zero-emission vehicles
                                   TABLE 217 US: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 218 US: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 219 US: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 220 US: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.3.2 MEXICO
                       13.3.2.1 Demand from growing hospitality sector
                                   TABLE 221 MEXICO: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 222 MEXICO: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 223 MEXICO: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 224 MEXICO: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.3.3 CANADA
                       13.3.3.1 Developments in golf industry
                                   TABLE 225 CANADA: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 226 CANADA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 227 CANADA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 228 CANADA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
     13.4 EUROPE 
               FIGURE 42 EUROPE: LOW SPEED VEHICLE MARKET SNAPSHOT
               TABLE 229 EUROPE: MARKET, BY COUNTRY, 2018–2022 (UNITS)
               TABLE 230 EUROPE: MARKET, BY COUNTRY, 2023–2028 (UNITS)
               TABLE 231 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
               TABLE 232 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             13.4.1 UK
                       13.4.1.1 Increased demand for commercial turf utility vehicles
                                   TABLE 233 UK: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 234 UK: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 235 UK: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 236 UK: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.4.2 FRANCE
                       13.4.2.1 Growing popularity of golf
                                   TABLE 237 FRANCE: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 238 FRANCE: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 239 FRANCE: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 240 FRANCE: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.4.3 GERMANY
                       13.4.3.1 Rising demand for golf carts and turf utility vehicles
                                   TABLE 241 GERMANY: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 242 GERMANY: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 243 GERMANY: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 244 GERMANY: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.4.4 NORDIC COUNTRIES
                       13.4.4.1 Growing focus on green and zero-emission environment
                                   TABLE 245 NORDIC: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 246 NORDIC: MARKET, BY VEHICLE TYPE, 2023–2027 (UNITS)
                                   TABLE 247 NORDIC: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 248 NORDIC: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.4.5 ITALY
                       13.4.5.1 Growth of tourism activities
                                   TABLE 249 ITALY: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 250 ITALY: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 251 ITALY: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 252 ITALY: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.4.6 SPAIN
                       13.4.6.1 Increasing golf popularity
                                   TABLE 253 SPAIN: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 254 SPAIN: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 255 SPAIN: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 256 SPAIN: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
     13.5 REST OF THE WORLD (ROW) 
               FIGURE 43 REST OF THE WORLD: LOW SPEED VEHICLE MARKET, 2023 VS. 2028 (USD MILLION)
               TABLE 257 REST OF THE WORLD: MARKET, BY COUNTRY, 2018–2022 (UNITS)
               TABLE 258 REST OF THE WORLD: MARKET, BY COUNTRY, 2023–2028 (UNITS)
               TABLE 259 REST OF THE WORLD: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
               TABLE 260 REST OF THE WORLD: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             13.5.1 SOUTH AFRICA
                       13.5.1.1 LSVs used for commuting in tourist landscapes
                                   TABLE 261 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 262 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 263 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 264 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.5.2 BRAZIL
                       13.5.2.1 Excellent golf travel spot
                                   TABLE 265 BRAZIL: LOW SPEED VEHICLE MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 266 BRAZIL: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 267 BRAZIL: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 268 BRAZIL: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
             13.5.3 IRAN
                       13.5.3.1 Significant demand for LSVs from tourism sector
                                   TABLE 269 IRAN: MARKET, BY VEHICLE TYPE, 2018–2022 (UNITS)
                                   TABLE 270 IRAN: MARKET, BY VEHICLE TYPE, 2023–2028 (UNITS)
                                   TABLE 271 IRAN: MARKET, BY VEHICLE TYPE, 2018–2022 (USD MILLION)
                                   TABLE 272 IRAN: MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
 
14 COMPETITIVE LANDSCAPE (Page No. - 214)
     14.1 OVERVIEW 
     14.2 LOW SPEED VEHICLE MANUFACTURERS SHARE ANALYSIS, 2022 
               FIGURE 44 LOW SPEED VEHICLE MARKET SHARE ANALYSIS, 2022
             14.2.1 MARKET RANKING - GOLF CART BATTERY MANUFACTURERS
                       TABLE 273 GOLF CART BATTERY MANUFACTURERS: MARKET RANKING
             14.2.2 LIST OF KEY PLAYERS - GOLF CART MOTOR MANUFACTURERS
                       TABLE 274 GOLF CART MOTOR MANUFACTURERS: LIST OF KEY SUPPLIERS
             14.2.3 LIST OF KEY PLAYERS - GOLF CART CONNECTED SERVICE PROVIDERS
                       TABLE 275 GOLF CART CONNECTED SERVICE PROVIDERS: LIST OF MAJOR KEY PLAYERS
             14.2.4 MODEL-WISE PRICE LIST - GOLF CARTS
                       TABLE 276 LOW SPEED VEHICLE, MODEL-WISE PRICE LIST, 2022
     14.3 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS (LOW SPEED VEHICLE), 2022 
               FIGURE 45 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2020–2028
     14.4 COMPANY EVALUATION QUADRANT (LOW SPEED VEHICLE SUPPLIERS) 
             14.4.1 STARS
             14.4.2 EMERGING LEADERS
             14.4.3 PERVASIVE PLAYERS
             14.4.4 PARTICIPANTS
                       FIGURE 46 COMPETITIVE EVALUATION MATRIX (LOW SPEED VEHICLE MARKET MANUFACTURERS), 2022
     14.5 COMPETITIVE EVALUATION MATRIX FOR GOLF CART MANUFACTURERS, 2022 
             14.5.1 STARS
             14.5.2 EMERGING LEADERS
             14.5.3 PERVASIVE PLAYERS
             14.5.4 PARTICIPANTS
                       FIGURE 47 COMPETITIVE EVALUATION MATRIX (SME AND KEY STARTUP COMPANIES), 2022
                       FIGURE 48 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENTS AND EXPANSIONS AS KEY GROWTH STRATEGIES, 2019–2022
     14.6 COMPETITIVE SCENARIO 
             14.6.1 PRODUCT LAUNCHES
     14.7 PRODUCT LAUNCHES, 2022–2023 
               TABLE 277 PRODUCT LAUNCHES
     14.8 DEALS 
               TABLE 278 DEALS, 2022–2023
     14.9 OTHER DEVELOPMENTS, 2022–2023 
               TABLE 279 OTHER DEVELOPMENTS, 2019–2022
     14.1 RIGHT TO WIN 
               TABLE 280 KEY GROWTH STRATEGIES, 2019–2022
     14.11 COMPETITIVE BENCHMARKING 
               14.11.1 LOW-SPEED VEHICLES
                                   TABLE 281 LOW SPEED VEHICLES: COMPETITIVE BENCHMARKING OF KEY PLAYERS
               14.11.2 GOLF CART MANUFACTURERS
                                   TABLE 282 GOLF CART MANUFACTURERS: LIST OF KEY STARTUPS/SMES
 
15 COMPANY PROFILES (Page No. - 233)
     15.1 KEY PLAYERS 
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
             15.1.1 TEXTRON INC.
                       TABLE 283 TEXTRON INC.: BUSINESS OVERVIEW
                       FIGURE 49 TEXTRON INC.: COMPANY SNAPSHOT
                       TABLE 284 TEXTRON INC: PRODUCTS OFFERED
                       TABLE 285 TEXTRON INC.: NEW PRODUCT DEVELOPMENTS
                       TABLE 286 TEXTRON INC.: DEALS
             15.1.2 DEERE & COMPANY
                       TABLE 287 DEERE & COMPANY: BUSINESS OVERVIEW
                       FIGURE 50 DEERE & COMPANY: COMPANY SNAPSHOT
                       TABLE 288 DEERE & COMPANY: PRODUCTS OFFERED
                       TABLE 289 DEERE & COMPANY: NEW PRODUCT DEVELOPMENTS
                       TABLE 290 DEERE & COMPANY: DEALS
                       TABLE 291 DEERE & COMPANY: OTHER DEVELOPMENTS
             15.1.3 YAMAHA MOTOR CO., LTD.
                       TABLE 292 YAMAHA MOTOR CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 51 YAMAHA MOTOR CO., LTD.: COMPANY SNAPSHOT
                       TABLE 293 YAMAHA MOTOR CO., LTD.: PRODUCTS OFFERED
                       TABLE 294 YAMAHA MOTOR CO., LTD.: NEW PRODUCT DEVELOPMENTS
                       TABLE 295 YAMAHA MOTOR CO., LTD.: DEALS
                       TABLE 296 YAMAHA MOTOR CO., LTD.: OTHER DEVELOPMENTS
             15.1.4 THE TORO COMPANY
                       TABLE 297 THE TORO COMPANY: BUSINESS OVERVIEW
                       FIGURE 52 THE TORO COMPANY: COMPANY SNAPSHOT
                       TABLE 298 THE TORO COMPANY: PRODUCTS OFFERED
                       TABLE 299 THE TORO COMPANY: NEW PRODUCT DEVELOPMENTS
                       TABLE 300 THE TORO COMPANY: DEALS
                       TABLE 301 THE TORO COMPANY: OTHER DEVELOPMENTS
             15.1.5 KUBOTA CORPORATION
                       TABLE 302 KUBOTA CORPORATION: BUSINESS OVERVIEW
                       FIGURE 53 KUBOTA CORPORATION: COMPANY SNAPSHOT
                       TABLE 303 KUBOTA CORPORATION: PRODUCTS OFFERED
                       TABLE 304 KUBOTA CORPORATION: NEW PRODUCT DEVELOPMENTS
                       TABLE 305 KUBOTA CORPORATION: OTHER DEVELOPMENTS
             15.1.6 CLUB CAR
                       TABLE 306 CLUB CAR: BUSINESS OVERVIEW
                       TABLE 307 CLUB CAR: PRODUCTS OFFERED
                       TABLE 308 CLUB CAR: NEW PRODUCT DEVELOPMENTS
                       TABLE 309 CLUB CAR: DEALS
             15.1.7 AMERICAN LANDMASTER
                       TABLE 310 AMERICAN LANDMASTER: BUSINESS OVERVIEW
                       TABLE 311 AMERICAN LANDMASTER: PRODUCTS OFFERED
                       TABLE 312 AMERICAN LANDMASTER: NEW PRODUCT DEVELOPMENTS
             15.1.8 COLUMBIA VEHICLE GROUP INC.
                       TABLE 313 COLUMBIA VEHICLE GROUP INC.: BUSINESS OVERVIEW
                       TABLE 314 COLUMBIA VEHICLE GROUP INC.: PRODUCTS OFFERED
                       TABLE 315 COLUMBIA VEHICLE GROUP INC.: NEW PRODUCT DEVELOPMENTS
                       TABLE 316 COLUMBIA VEHICLE GROUP INC.: DEALS
             15.1.9 WAEV INC.
                       TABLE 317 WAEV INC.: BUSINESS OVERVIEW
                       TABLE 318 WAEV INC.: PRODUCTS OFFERED
                       TABLE 319 WAEV INC.: NEW PRODUCT DEVELOPMENTS
                       TABLE 320 WAEV INC.: DEALS
             15.1.10 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING
                       TABLE 321 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING: BUSINESS OVERVIEW
                       TABLE 322 SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING: PRODUCTS OFFERED
     15.2 LOW SPEED VEHICLE MARKET – ADDITIONAL PLAYERS 
             15.2.1 AGT ELECTRIC CARS
                       TABLE 323 AGT ELECTRIC CARS
             15.2.2 BINTELLI ELECTRIC VEHICLE
                       TABLE 324 BINTELLI ELECTRIC VEHICLE
             15.2.3 SPEEDWAYS ELECTRIC
             15.2.4 MARSHELL GREEN POWER
             15.2.5 GARIA
             15.2.6 STAR EV
             15.2.7 HDK ELECTRIC VEHICLE
             15.2.8 TROPOS MOTORS
             15.2.9 PILOT CARS
             15.2.10 MOTO ELECTRIC VEHICLES
             15.2.11 ACG INC.
             15.2.12 CITECAR ELECTRIC VEHICLES
             15.2.13 CRUISE CAR INC.
             15.2.14 LIGIER GROUP
             15.2.15 KAWASAKI MOTOR CORPORATION US
             15.2.16 BRADSHAW ELECTRIC VEHICLES
             15.2.17 AUTOPOWER
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
 
16 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 282)
     16.1 NORTH AMERICA TO LEAD MARKET 
     16.2 KEY FOCUS AREAS: SAFETY FEATURES AND ELECTRIC VEHICLES 
     16.3 CONCLUSION 
 
17 APPENDIX (Page No. - 284)
     17.1 INSIGHTS FROM INDUSTRY EXPERTS 
     17.2 PRODUCT LAUNCHES, 2019–2023 
               TABLE 325 OTHER KEY PRODUCT LAUNCHES
     17.3 DEALS 
               TABLE 326 DEALS, 2019–2022
     17.4 OTHER DEVELOPMENTS, 2019–2022 
               TABLE 327 KEY OTHER DEVELOPMENTS, 2019–2022
     17.5 DISCUSSION GUIDE 
     17.6 CUSTOMIZATION OPTIONS 
             17.6.1 GLOBAL LOW SPEED VEHICLE MARKET, BY PROPULSION TYPE AND COUNTRY
                       17.6.1.1 North America (US, Canada, Mexico)
                       17.6.1.2 Europe (UK, France, Germany, Nordic, Italy, Spain)
                       17.6.1.3 Asia Pacific (China, India, Japan, South Korea, Thailand)
             17.6.2 GLOBAL LOW SPEED VEHICLE MARKET, BY POWER OUTPUT AND COUNTRY
                       17.6.2.1 North America (US, Canada, Mexico)
                       17.6.2.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       17.6.2.3 Asia Pacific (China, India, Japan, South Korea, and Thailand)
             17.6.3 GLOBAL LOW SPEED VEHICLE MARKET, BY PRODUCT AND COUNTRY
                       17.6.3.1 North America (US, Canada, Mexico)
                       17.6.3.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       17.6.3.3 Asia Pacific (China, India, Japan, South Korea, and Thailand)
             17.6.4 GLOBAL LOW SPEED VEHICLE MARKET, BY SEATING CAPACITY AND COUNTRY
                       17.6.4.1 North America (US, Canada, Mexico)
                       17.6.4.2 Europe (UK, France, Germany, Nordic, Italy, and Spain)
                       17.6.4.3 Asia Pacific (China, India, Japan, South Korea, and Thailand)
     17.7 RELATED REPORTS 
     17.8 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     17.9 AUTHOR DETAILS 

The study involved four major activities in estimating the current size of the low speed vehicle market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both bottom-up and top-down approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

Secondary sources referred to for this research study include financial statements of companies offering LSV vehicles and the information from various trade, business, and professional associations such as International Light Transportation Vehicle Association, Inc., National Mobility Equipment Dealers Association (NMEDA), National Motorists Association, Electric Auto Association, Japan Golf Association, Indian Golf Union, and South African Golf Association (SAGA) etc. This secondary data was collected and analyzed to arrive at the overall size of the low speed vehicle market, which was validated by primary respondents.

Primary Research

Extensive primary research was conducted after obtaining information regarding the Low speed vehicle market scenario through secondary research. Several primary interviews were conducted with market experts from both, the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interview. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors, from business development, marketing, product development/innovation teams, and related key executives from LSV vendors; system integrators; component providers; distributors; and key opinion leaders.

Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs, and installation teams of the customer/end users who are using LSVs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of LSV and outlook of their business which will affect the overall market.

Low-Speed Vehicle Market  Size, and Share

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

Market Size Estimation

The research methodology used to estimate the size of the low speed vehicle market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on electrical LSV vehicle used in golf cart, industrial turf utility vehicle, commercial utility vehicle, and personal mobility vehicle at a regional level. Such procurements were used on the demand aspects of LSV applications such as airports, hotels, industrial facility, and golf course. For each category type segment, all possible application areas were mapped.

Low-Speed Vehicle Market  Size, and Share

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

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

Low-Speed Vehicle Market  Size, and Share

Data Triangulation

After arriving at the overall size from the market size estimation process explained above, the total market. was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market. engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.

Market Definition

LSV covers various propulsion type, and category type of the low speed vehicle which can be used in restaurants and hotels, airports, campuses, industrial facility and golf course having a speed less than 25kmph. It finds its application mostly for elderly retired people community, disabled person, tourism, and commercial application, where it comes with a wide range of power rating, battery type, voltage type, power output and seating capacity which can used according to its end application by the user.

Key Stakeholders

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

Report Objectives

  • To define, describe, segment, and forecast the size of the low speed vehicle market based on application, voltage, power output, category, battery, vehicle, propulsion, and region.
  • To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, Latin America, Middle East & Africa, along with major countries in each region.
  • To identify and analyse key drivers, restraints, opportunities, and challenges influencing the growth of the low speed vehicle market.
  • To analyse technological advancements and product launches in the market.
  • To strategically analyse micro markets, with respect to their growth trends, prospects, and their contribution to the market.
  • To identify financial positions, key products, and key developments of leading companies in the market.
  • To provide a detailed competitive landscape of the market, along with market share analysis, porter’s five forces analysis, ASP analysis, patent analysis, conference and events, regulatory analysis, and the recession impact.
  • To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market.
  • To strategically profile key players in the market and comprehensively analyze their core competencies.

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  • Global low speed vehicle market, by propulsion type, by country (North America, Europe, Asia Pacific, and Rest of the World)
  • Global low speed vehicle market, by power output, by country (North America, Europe, Asia Pacific, and Rest of the World)
  • Global low speed vehicle market, by product, by country (North America, Europe, Asia Pacific, and Rest of the World)
  • Global low speed vehicle market, by seating capacity, by country (North America, Europe, Asia Pacific, and Rest of the World)

Product Analysis

  • Product matrix, which provides a detailed comparison of the product portfolio of each company in the low speed vehicle Market
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
Apr, 2023
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