Low Speed Vehicle Market to Reach USD 22.56 Billion by 2030; Strict Vehicle Emission Control Rules by Governments to Boost Market Expansion

The global low speed vehicle market size touched USD 10.92 billion in 2022 and is predicted to reach USD 11.91 billion in 2023. The market is anticipated to touch USD 22.56 billion by 2030, recording a CAGR of 9.5% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Low Speed Vehicle Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Electric Vehicle and ICE), By Vehicle Type (Golf Cart, Commercial utility vehicle, and Personal Carrier), By Application (Golf Courses, Industrial Facilities, Airports, and Hotels & Resort) and Regional Forecast, 2023-2030”.

A low speed vehicle is a truck or limited-use vehicle that weighs less than 1,400 kg and has a maximum speed of up to 25 mph. These vehicles have a wide range of applications, which is positively influencing their demand among different end-users. They are also used by customers as a golf cart, industrial/commercial vehicle, and a neighborhood vehicle. Low speed vehicles are also easy to drive around, which is why they are widely used in university campuses, schools, airports, golf courses, railway stations, and manufacturing plants. These factors are expected to boost the low speed vehicle market growth.

COVID-19 Caused Decline in Recreational Activities, Slumped Market Progress

The COVID-19 outbreak caused a negative impact on the demand for recreational activities as governments across the world had imposed lockdowns and other movement restrictions. This scenario adversely affected the automobile sector including the low speed vehicle industry. As manufacturing plants were closed for a temporary period due to severe shortage of raw materials and labor force, the production of low speed automobiles reduced drastically. This further hampered the market growth.

Polaris Off-Road the All-new 2024 Polaris XPEDITION XP and ADV

In May 2023, Polaris Off-Road announced its all-new Polaris XPEDITION. The 2024 Polaris XPEDITION XP and ADV create an entirely new category of "adventure side-by-side," combining the all-terrain capabilities of a traditional side-by-side with comfort and cargo capabilities typically associated with Overlanding at the highest level. With the Polaris XPEDITION lineup, Polaris claims to have created a new category of "adventure side-by-sides" – vehicles designed to enable and elevate the broadest range of specific outdoor pursuits.

Strict Vehicle Emission Control Rules by Governments to Boost Market Expansion

An IC engine is usually used in a conventional fossil-fueled vehicle to produce power. However, this combustion system produces a lot of carbon dioxide and other greenhouse gases, which causes severe environmental pollution. However, an electric vehicle has an electric motor that uses electricity to power itself. This system of generating vehicular power does not produce any pollutants. As a result, governments are also promoting the production of electric vehicles to meet their carbon neutrality goals. Governments in countries, such as France, the U.S., and Germany have started introducing various rules and regulations to control vehicle emissions. This move has made it mandatory for automakers to utilize innovative technologies to tackle harmful emissions from their vehicles. These factors and initiatives are predicted to expand the low speed vehicle market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/low-speed-vehicle-market-103021

Key Market Players to Concentrate of Business Expansion and Other Growth Strategies to Gain Strong Competitive Edge

Some of the key companies involved in this market include Polaris Industries, Inc., Deere & Company, Textron, Inc., and Yamaha Motor Co., Ltd. These organizations are producing a wide range of electric low speed automobiles that are equipped with advanced technologies to fulfill the demands of customers across the world. The other prominent manufacturers of low speed vehicles are Club Car, Kubota Corp, Ingersoll-Rand plc, Xiamen Dalle Electric Car Co., Ltd., and Bradshaw Electric Vehicles. These firms are offering a vast variety of low speed automobiles under different brands, each one catering to the demands of a specific group of end-users.

Notable Industry Development:

• September 2022: Kubota Corporation introduced electric tractors in Europe. The company would offer a limited number of compact electric tractors, LXe-261 (hereinafter “LXe-261”), which is actively striving toward carbon neutrality. The LXe-261 will be available for a long-term rental service for European municipalities starting in April 2023.

List of the Companies Profiled in the Report:

• 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.)

Further Report Findings

• North America is anticipated to hold a dominant position in the global market during the forecast period. One of the major reasons contributing to the regional market’s growth is the rising network of golf courses, which will raise the demand for golf carts.


• The Europe market is anticipated to hold a sizeable share of the market during the forecast period as the region has a notable presence of OEMs

Table of Segmentation