The global low speed vehicle market size was valued at 5.92 billion in 2021 and is expected to reach 8.22 billion by 2028, at a CAGR of 4.8% during the forecast period 2022 to 2028. The Low Speed Vehicle market is expected to rise significantly over the projected period, owing to rising demand for these vehicles on golf courses, hotels, businesses, resorts, and other locations. Low-speed vehicles emit less carbon dioxide and produce very little noise, all of which are important factors in enticing customers to embrace low-speed vehicles that are both environmentally beneficial and simple to operate. These off-road electric vehicles go at a speed of 20-25 mph and are primarily powered by batteries, making them environmentally sustainable modes of transportation. Due to an increase in providing commuting services to their visitors in personnel carriers as well as golf carts to promote customer interest, hotels and resorts tend to hold the largest market share in low-speed vehicles.

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The market for low-speed vehicles for short-distance transportation is driven by tight emission requirements and standards, which are used by many people. Additionally, as these vehicles are used for short-distance commuting, the rise in oil prices will propel the market forward. This element is likely to fuel demand because hotels & resorts are rapidly extending their use of these vehicles to provide support to their tourists. Because of the growing popularity of golf, the number of fairways has increased, as has the need for these vehicles, which is predicted to grow significantly in the market. Increased travel throughout the world has resulted in an increase in the use of low-speed vehicles by airport authorities to transport baggage and passengers, which is likely to fuel sales. The increase in expenditure is projected to sustain the hospitality industry's demand for luxury services. Furthermore, dependable vehicle transportation and comfortable seating are two aspects that play a critical role in delivering a considerable amount of services; these cars are well-suited for doing something very similar.

The global low speed vehicle market segmentation:

1)      By Power Output: <8 kW, 8 kW–15 kW and >15 kW

2)      By Propulsion: Diesel, Electric and Gasoline

3)      By LSV Type: Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles and Personnel Carriers

During the forecast period, the North American market is expected to lead the worldwide low-speed vehicle market. The majority of the world's golf supply comes from North America. Increased severe emission rules and safety guidelines, as well as the shifting focus of low-speed car manufacturers to increase driver comfort amenities, are expected to stimulate demand in North America. Furthermore, the growth of luxury tourism is expected to boost sales of low-speed automobiles. Because of its noise cancellation and low carbon emissions, electric vehicles are popular throughout the region.

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Some of the major key players in the Low Speed Vehicle Market are Club Car (U.S.) Textron, Inc. (U.S.) Deere & Company (U.S.) Polaris Industries, Inc. (U.S.) Yamaha Motor Co., Ltd. (Japan) Kubota Corp. (Japan) Ingersoll-Rand plc (Ireland) Xiamen Dalle Electric Car Co., Ltd. (China) Bradshaw Electric Vehicles (U.K.) Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China) Moto Electric Vehicles (U.S.)

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