1. Home
  2. > Automotive
  3. > Motor Vehicle Market Trends
Low-Speed Vehicle Market by Type, Power Output, Propulsion, Application and Region - Forecast to 2027

Low-Speed Vehicle Market by Type, Power Output, Propulsion, Application and Region - Forecast to 2027

  • March 2022
  • 263 pages
  • ID: 5223263
  • Format: PDF
  • MarketsandMarkets


Table of Contents

Search Inside

The low-speed vehicle market is projected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a CAGR of 8.2%. As per the World Bank, the global population is growing at a rate of ~1% annually. Further, according to the same World Bank statistics, nearly 35% of the global population came under the 40-79 age group in 2020. Nearly 25% of the population in the US were 60 years and above, European nations had an average of 21.5% of the population above 60 years and above, and Japan is the oldest country with nearly 28% of the population in that age group. As per the UN Census Bureau, the global population crossed 7.9 billion in February 2022. As per medical studies, the reflex actions of the human body tend to reduce with growing age. This supports that people are now moving toward safer driving options. The trend of an aging population in the US has grown nearly 3% from 1996 to 2020 and predicted to grow during the forecast period. Thus, these figures show that the geriatric population is increasing, and low-speed vehicles which run at 25 mph are the best and safe solutions available for this population. The current trend for safe, comfortable, and easy mobility solutions is growing. People in the geriatric age group look for door-to-door movement mobility solutions, and low-speed compact vehicles fulfill this requirement. Companies have developed products keeping the elderly group population in consideration with models like E-Z-Go Express S4 introduced in 2021, Club Car’s Onward Series introduced in 2017, and Garia Via provides a full customization option to its customers and Cushion Shuttle 6 for movement of more passengers. In 2016, Wajima, a city in Japan, introduced free automated golf car services for the elderly population. Therefore, considering these factors, the rise in the geriatric population could drive the market for low-speed vehicles.
Golf is considered a form of recreational sport.The average age of the golfer is nearly 54 years.

As per the National Golf Foundation (NGF) records in 2020, there was remarkable surge in both participation and rounds played despite the shutdowns and uncertainties of the COVID-19 pandemic. The NGF count showed 24.8 million golfers in the US in 2020, an increase of 500,000 and 2% over 2019. New players numbered 6.2 million in 2020. As per the NGF’s study, 2020 marked the third straight year more golfers came to the game in the US. Despite being the age group most at risk during the pandemic, older players showed an enthusiastic response for playing the sport. Further, in the US, two-thirds of private golf clubs were reported in a good financial situation in late 2020.
Also, at DLF Golf and Country Club, a prestigious golf club in Asia Pacific, there has been an increase in demand for membership and regular usage by existing members in 2020.Another factor that led to the growing popularity of the sport is the increase in rewards and prize money.

As per Professional Golf Tour of India (PGTI) in Asia Pacific, events that had prize money of USD 8-10 thousand in the early 2000s are now scaled up to a range starting from USD 30 thousand and going up to USD 0.2 million in professional golf tournaments.

There has been a remarkable increase in golf courses throughout the globe.Again, as per NGF, there was a 44% increase in the number from 2006 to 2019.
According to ASIAN Golf, nearly 5,000 golf courses were developed in Asia till March 2020, of which 196 were officially registered in India. Therefore, growing popularity among people for golf and rising enthusiasm toward this sport would drive the market for low-speed vehicles like golf carts.

The Commercial Turf Utility Vehicle segment is expected to lead the Vehicle type segment.

The hotels and resorts industry is completely dependent on tourism activities.According to the latest World Tourism Barometer, global travel activity rebounded sharply in the third quarter of 2021, while remaining far below pre-pandemic levels.

International tourist arrivals increased by 58% in the three months ended September 2021 compared to the same period of 2020.These travel activities globally are creating demand from the hotel and resorts industry to provide the best facilities and convenient activities to their providers.

For instance, in 2019, Atlanta, the Palm Dubai ordered a fleet for LSVs from Club Car.
Apart from this, hotels and resorts are now promoting battery-operated vehicles and even focusing on structures to support electric mobility solutions.In 2021, Fern Hotels and Resorts partnered with Magenta to install EV charging stations at over 84 hotels across India.

A few examples of commercial turf utility vehicles are Carryall 500 (Club Car), Carryall 1500 (Club Car), 2020A ProGator (Deere & Company), and Gator TX Turf Utility Vehicle (Deere & Company). Thus, the market for commercial turf utility vehicles is largely dependent on the travel and tourism industry, and with the growth of the tourism industry, the market for commercial turf utility vehicles is predicted to grow during forecasted period.

North America is projected to be the largest regional market
North America accounts for 80% of the world’s golf cart demand, with the US accounting for 96% of the regional golf cart demand.Thus, the US is the largest country-level market in the region and accounts for more than two-thirds of the overall market, followed by Canada and Mexico.

Mexico and Canada are also gaining traction due to lower manufacturing costs, low manpower costs, and favorable government policies.

The market is held strongly by established American and Asian OEMs such as Textron Inc. (US), Deere & Company (US), Club Car (US), and Yamaha Motor Co Ltd (Japan). Low-speed vehicles in the US have advanced comfort and safety technologies.

The North American low-speed vehicle market features vehicles such as golf carts, commercial turf utility vehicles, and industrial utility vehicles.Electric low-speed vehicles are widely preferred across the region because of their zero-carbon emission and noise reduction.

The US government is also focusing on the electric vehicle market and even giving subsidy benefits on taxes for promoting them.
Golf courses are expected to hold the largest market share during the forecast period. The increased use of low-speed vehicles in commercial applications such as hotels and resorts and the high number of golf courses are expected to drive the North American low-speed vehicle market.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: Low-speed vehicle manufacturers – 45%, Component Suppliers-40% and Others– 15%
• By Designation: C Level - 35%, Directors- 35%, and Others – 30%
• By Region: Asia Pacific - 40%, Europe - 30%, and North America –30%
The low-speed vehicle market is led by established players such as Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US).

Research Coverage:
The study segments the Low-speed vehicle market and forecasts the market size based on Vehicle Type { golf cart, commercial turf utility vehicle, industrial utility vehicle, and personal mobility vehicle application type (golf courses, hotels & resorts, airports, industrial facilities, and others), propulsion (electric, diesel, and gasoline), battery type (Li-Ion and Lead Acid), power output (<8 KW, 8–15 KW, and >15 KW), and region (Asia Pacific, North America, Europe, and the Rest of the World [RoW]).
The study also includes an in-depth competitive analysis of the major Low-speed vehicle manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall Low-speed vehicle market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers


Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on