Low-Speed Vehicle Market worth $16.28 billion by 2030 | MarketsandMarkets™
Delray Beach, FL, Feb. 19, 2026 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the low-speed vehicle market is projected to grow from USD 11.09 billion in 2024 to USD 16.28 billion by 2030 at a CAGR of 6.6% during the forecast period.
Browse and in-depth TOC on "Low-Speed Vehicle Market"
373 – Tables
63 – Figures
303 – Pages
Key Findings of the Study:
- Commercial vehicles hold the largest share of the low-speed vehicle market during the forecast period
- Lithium-ion batteries are expected to be the most significant and fastest-growing battery type in the electric LSVs.
- Asia Pacific is the 2nd largest market for low-speed vehicles in 2024.
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The low-speed vehicle (LSV) market is growing due to increasing golf popularity, expanding charging infrastructure, and rising demand for safe, comfortable mobility—especially among the aging population. LSVs are widely used in gated communities, resorts, college campuses, industrial zones, amusement parks, historical sites, airports, and golf courses. Growth in travel and tourism, urban mobility solutions, sustainable transport initiatives, and commercial infrastructure development further drives demand. Rising investments in aviation and manufacturing also boost LSV adoption for efficient on-site transportation.
Commercial vehicles hold the largest share of the low-speed vehicle market during the forecast period.
Commercial turf utility vehicles are primarily used for transport in hotels, resorts, and college campuses. The demand for these vehicles will likely increase with the growing luxury tourism. According to the latest World Tourism Barometer 2023, international tourism is expected to reach a pre-pandemic level by 2024, with a 2% growth after 2019. An estimated 1.28 billion tourists were recorded worldwide in 2023, a 34% increase compared to the previous year. A steady global travel recovery is expected as countries take measures to boost tourism. For example, in February 2023, the Hong Kong government announced offering 500,000 free round-trip airline tickets. Such initiatives will likely increase the demand for hotels, villas, and resorts and influence the hospitality industry to provide tourists with the best experiences and facilities. Further, developing electric commercial turf utility vehicles for applications such as hotels & resorts, and college campuses would drive the demand for LSVs. Most OEMs who develop electric LSVs for commercial purposes focus on using lithium-ion batteries for the extended driving range. Moreover, Commercial turf utility vehicles are a convenient mode of transportation for sightseeing in the vicinity. They can also be used as shuttles for public transit in IT and theme parks. Further, hotels and resorts are partnering with prominent companies to provide more opportunities for EVs inside their premises. Thus, the growing travel & tourism and hotel & resort industries will drive the demand for commercial utility vehicles.
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Lithium-ion batteries are expected to be the most significant and fastest-growing battery type in the electric LSVs.
Lithium-ion batteries dominate the electric LSV market due to their superior features like extended travel range, efficient weight-to-performance ratio, minimal self-discharge, low maintenance, and eco-friendliness. With the decreasing prices of lithium-ion batteries, the OEMs are focusing on developing LSVs fitted with Lithium-ion batteries. Most golf carts and commercial utility vehicles are equipped with lithium-ion batteries to increase the driving range of LSVs. For instance, in 2023, Landmaster showcased its Lithium-Ion AMP models at the 2024 Pro Motocross Championship, emphasizing durability. Club Car highlighted its second-generation Tempo lithium golf car with Visage GPS and expanded its lithium fleet at Al Zorah Golf Club and Woodhall Spa. The Onward HP Li-Ion also gained recognition in Forbes for its premium features. Lithium-ion technology continues to dominate fleet electrification as demand for reliable and high-performance electric LSVs grows. The demand for lithium-ion batteries has increased as they reduce maintenance and vehicle running costs.
Asia Pacific is the 2nd largest market for low-speed vehicles in 2024.
The Asia Pacific region is the second-largest market for low-speed vehicles (LSVs), following North America, with China and Japan dominating the market demand, accounting for more than 75% in 2024. The increasing number of golf courses, industrial facilities, and travel activities primarily drives the strong market positions of these two countries. Additionally, countries like India, South Korea, and Thailand have seen a rise in demand in recent years. The popularity of golf is also growing in Asia, with 5,000 golf courses established by 2023 and more golf clubs expected to open. The growth of golf tourism and increasing golf course developments in Southeast Asia, especially in Thailand, Malaysia, Indonesia, and Vietnam, present a substantial opportunity for low-speed vehicles (LSVs). Expanding golf resorts and rising golfers create demand for efficient, eco-friendly transport within extensive golf facilities. LSVs are beneficial in these settings for transporting people within specific areas and carrying medium to heavy loads. These factors are anticipated to boost the growth of LSVs in the region. Major players in this market include Yamaha Motor Co. (Japan), Speedways (India), Auto Power (India), Jiaxing Learoad Special Vehicle Co., Ltd (China), Electric Vehicle Co. Ltd (China), Maini Material Movement Pvt Ltd (India), G.B. Varley Pty Ltd (Australia), and Hawk Carts (Australia).
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Top Companies in Low-Speed Vehicle Market:
The Top Companies in Low-Speed Vehicle Market are Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China).
Low-Speed Vehicle Market Size & Forecast:
- Market Size Available for Years: 2024–2030
- 2024 Market Size: USD 11.09 billion
- 2030 Projected Market Size: USD 16.28 billion
- CAGR (2024–2030): 6.6%
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