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North America Low Speed Vehicle Market

North America Low Speed Vehicle Market Size, Share, Trends: By Type: Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers, Others; By Propulsion: Diesel, Electric, Gasoline; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

North America Low-Speed Vehicle Market Outlook

The North America low-speed vehicle market size was valued at USD 2.39 billion in 2023. The market is further projected to grow at a CAGR of 8.30% between 2024 and 2032, reaching a value of USD 4.90 billion by 2032.

 

Key Takeaways

  • Polaris Industries, Club Car, Textron Specialized Vehicles, and Garia are some of the major players in the low-speed vehicle market.
  • LSEVs are designed to operate at moderate speeds, usually around 25-30 mph, depending on the local regulations and safety standards.
  • Golf is a popular sport and leisure activity in the US, with about 40 million Americans participating in it in 2022.

 

Low speed vehicles (LSVs) are four-wheeled vehicles that have a maximum speed of 25 miles per hour and a gross vehicle weight rating of less than 3,000 pounds. They are typically used for short-distance transportation within gated communities, campuses, resorts, and urban areas.

 

Some of the factors driving the North America low-speed vehicle market growth are the increasing demand for eco-friendly and cost-effective mobility solutions, the rising popularity of golf and recreational activities, the growing adoption of LSVs for commercial and industrial applications, and the favourable government regulations and incentives for LSVs.

 

North America Low Speed Vehicle Market

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Key Trends and Developments

Increasing demand for electric and hybrid vehicles and favourable government initiatives are boosting the North America low-speed vehicle market growth

 

Date Company Announcement
February 2024 Cruise, GM, Honda Honda aims to setup a joint venture with General Motors and Cruise to provide driverless ridehail service in Japan starting in early 2026
February 2024 Polaris Commercial Introduced the Pro XD Kinetic, a full-size electric UTV for tough jobsite duty cycles and all-day operation with zero exhaust
January 2024 Club Car Introduced a new U.S. street-legal utility vehicle, the Urban platform, for last-mile delivery with zero emissions
January 2024 Textron, E-Z-GO Introduced two new vehicles, the Liberty LSV offers four forward-facing seats in a compact, golf-car-sized footprint, while the updated Freedom RXV features a ergonomic dash and a comfortable ride.

 

 

Trends Impact
Increasing demand for electric and hybrid vehicles Electric and hybrid vehicles are more eco-friendly, cost-effective, and energy-efficient than conventional vehicles. They also offer lower maintenance and operational costs. This trend is expected to boost the market growth of low-speed vehicles, especially in urban areas and golf courses.
Stringent emission regulations and safety standards Low speed vehicles are subject to various emission regulations and safety standards in different regions and countries. For example, in the US, low speed vehicles must have seat belts, headlights, taillights, turn signals, mirrors, windshields, and brakes. These regulations create market opportunities for innovation and differentiation.
Expanding application areas and customer segments Low speed vehicles are not only used for personal transportation, but also for commercial, industrial, and recreational purposes. For example, low speed vehicles are used for delivery, security, landscaping, tourism, and hospitality services. This trend is expected to increase the penetration of low-speed vehicles.

 

North America Low-Speed Vehicle Market Trends

North America has a strong presence of a well-developed automotive market, which is propelling the low-speed vehicle market in North America. The rising elderly population is projected to create more demand for mobility solutions that are beyond automobiles. In this respect, the low-speed vehicles and street-legal golf carts are ideal as these are cost-effective, convenient, and a clean local transportation substitute for this population.

 

The demand for low-speed vehicles in North America is growing due to rising demand for eco-friendly automobiles. Low-speed vehicles offer many advantages, such as being light on the road infrastructure and being able to carry enough passengers. The low-speed vehicles are becoming more popular as a means of combating global warming, which is mostly driven by vehicular emissions. Hence, this factor is foreseen to act as an opportunity for the low-speed vehicle market development in the forecast period.

 

Demand for low-speed vehicles has also been spurred by the tight implementation of federal emission standards. Government initiatives are encouraging producers to get involved and develop further in the industry.

 

Some other factors driving the North America low-speed vehicle market expansion are increasing emission standards, rising adoption from the geriatric population and the rising trend of using low speed vehicles in gated communities, hotels and resorts, industrial facilities, golf courses and college campuses. Also, the tectonic shift toward the adoption of electric low speed vehicles is further anticipated to positively impact the North America low-speed vehicles market outlook during the forecast period.

 

North America Low Speed Vehicle Market

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Market Segmentation

North America Low-Speed Vehicle Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Type Commercial Turf Utility Vehicles, Golf Carts, Industrial Utility Vehicles, Personnel Carriers, Others
Propulsion Diesel, Electric, Gasoline
Major Countries Canada, United States of America

 

Commercial turf utility vehicles are expected to hold significant share in low-speed vehicle market in North America due to increasing demand for landscaping services and rising adoption of electric LSVs

Commercial turf utility vehicles are LSVs that are designed for landscaping, grounds maintenance, and agricultural applications. They are equipped with features such as cargo beds, tailgates, dump mechanisms, and towing capabilities. They are also known as utility terrain vehicles (UTVs) or side-by-sides. As per North America low-speed vehicle market analysis, the commercial turf utility vehicle segment is expected to grow due to the increasing demand for landscaping services, the rising adoption of electric LSVs, and the growing popularity of recreational activities.

 

Golf carts are LSVs that are primarily used for transporting golfers and their equipment on golf courses. They are also used for other purposes such as personal transportation, sightseeing, and security patrol. Golf carts can be powered by gasoline, electric, or solar energy. The North America golf cart market size is expected to grow due to the increasing number of golf courses, the rising demand for eco-friendly LSVs, and the growing tourism and hospitality industry.

 

Industrial utility vehicles are LSVs that are used for material handling, warehousing, logistics, and transportation applications in various industries such as manufacturing, mining, construction, and oil and gas. They are equipped with features such as lift gates, cranes, winches, and racks. North America low-speed vehicle market estimates that industrialisation, rising demand for automation and efficiency, and the growing adoption of electric LSVs are key factors driving the segment growth.

 

Electric LSVs aid in low-speed vehicle market growth due to environmental concerns and the increasing availability of charging infrastructure

Diesel LSVs have higher power, torque, and range than electric LSVs, but also emit more greenhouse gases and noise. Electric LSVs have lower operating and maintenance costs, but also require frequent charging and battery replacement.

 

Electric LSVs are expected to dominate the North America low-speed vehicle market share in the forecast period, due to the growing environmental awareness, the declining battery prices, and the increasing availability of charging infrastructure.

 

North America Low Speed Vehicle Market

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Competitive Landscape

To gain a competitive edge, market players are engaging in mergers and acquisitions, product launches, partnerships, and expansions by launching new range of vehicles

 

Company Name Year Founded Headquarters Products/Services
Club Car, LLC 1958 Georgia, United States Golf cars, utility vehicles, personal transportation vehicles, street-legal low-speed vehicles
Cruise Car, Inc. 2001 Florida, United States Low-speed electric vehicles, solar electric vehicles, custom electric vehicles
HDK Co., Ltd. 2006 Fujian, China Electric golf carts, electric sightseeing cars, electric patrol cars, electric utility cars, electric classic cars
Polaris Inc. 1954 Minnesota, United States Off-road vehicles, snowmobiles, motorcycles, electric vehicles, commercial vehicles, military vehicles

 

Other key players in the North America low-speed vehicle market include Textron Specialized Vehicles, Inc., among others.

 

North America Low-Speed Vehicle Market Analysis by Country

United States leads the regional share due to the presence of major low speed vehicle manufacturers

The United States is the largest and the most mature low-speed vehicle market in North America due to the high penetration of golf carts, the presence of major manufacturers, and the favourable regulatory framework. Canada is the second-largest market, due to the growing demand for LSVs in urban and rural areas, especially for public transport and utility purposes.

 

The United States is expected to maintain its leadership position in the market, due to the continuous innovation and development of LSVs, the expanding application areas, and the increasing consumer preference for LSVs over conventional vehicles. Canada low-speed vehicle market value is expected to increase due to the growing adoption of LSVs in various end-user segments, the supportive government initiatives, and the emerging market opportunities.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Propulsion
  • Region
Breakup by Type
  • Commercial Turf Utility Vehicles
  • Golf Carts
  • Industrial Utility Vehicles
  • Personnel Carriers
  • Others
Breakup by Propulsion
  • Diesel
  • Electric
  • Gasoline
Breakup by Region
  • United States of America
  • Canada
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Club Car, LLC
  • Cruise Car, Inc.
  • HDK Co., Ltd.
  • Polaris Inc.
  • Textron Specialized Vehicles, Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    North America
7    Opportunities and Challenges in the Market
8    North America Low-Speed Vehicle Market Analysis

    8.1    Key Industry Highlights
    8.2    North America Low-Speed Vehicle Historical Market (2018-2023) 
    8.3    North America Low-Speed Vehicle Market Forecast (2024-2032)
    8.4    North America Low-Speed Vehicle Market by Type
        8.4.1    Commercial Turf Utility Vehicles
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Golf Carts
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Industrial Utility Vehicles
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Personnel Carriers
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others
    8.5    North America Low-Speed Vehicle Market by Propulsion
        8.5.1    Diesel
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Electric
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Gasoline
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    North America Low-Speed Vehicle Market by Country
        8.6.1    United States of America
        8.6.2    Canada
9    Regional Analysis
    9.1    United States of America
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Club Car, LLC
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Cruise Car, Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    HDK Co., Ltd.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Polaris Inc.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Textron Specialized Vehicles, Inc.
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Others
12    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    North America Low-Speed Vehicle Market: Key Industry Highlights, 2018 and 2032
2.    North America Low-Speed Vehicle Historical Market: Breakup by Type (USD Million), 2018-2023
3.    North America Low-Speed Vehicle Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    North America Low-Speed Vehicle Historical Market: Breakup by Propulsion (USD Million), 2018-2023
5.    North America Low-Speed Vehicle Market Forecast: Breakup by Propulsion (USD Million), 2024-2032
6.    North America Low-Speed Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
7.    North America Low-Speed Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
8.    North America Low-Speed Vehicle Market Structure

Key Questions Answered in the Report

In 2023, the North America low-speed vehicle market reached an approximate value of USD 2.39 billion.

The market is expected to grow at a CAGR of 8.30% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 4.90 billion by 2032.

The major drivers of the market include the increasingly stringent emission norms and safety standards, growth of luxury tourism, government initiatives, and rising trend of using low speed vehicles in gated communities.

Key trends aiding market expansion include rising demand for eco-friendly vehicles and rising adoption of lower speed cars by geriatric population.

The major countries in the market are Canada and United States of America.

Based on type, the market is categorised into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers, among others.

Based on propulsion the market is classified into diesel, electric, and gasoline.

Key players in the market are Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., and Textron Specialized Vehicles, Inc., among others.

Analyst Review

The North America low speed vehicle market attained a value of USD 2.39 billion in 2023, driven by rising demand for eco-friendly vehicles. Aided by stringent emission norms and rising trend of using low speed vehicles in gated communities, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 8.30%. The market is projected to reach USD 4.90 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is categorised into commercial turf utility vehicles, golf carts, industrial utility vehicles, and personnel carriers, among others. Based on propulsion the market is classified into diesel, electric, and gasoline. The major countries of the North America low speed vehicle industry are Canada and United States of America. The key players in the above market are Club Car, LLC, Cruise Car, Inc., HDK Co., Ltd., Polaris Inc., and Textron Specialized Vehicles, Inc., among others.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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