The North America Low-Speed Vehicle Market should witness market growth of 6.5% CAGR during the forecast period (2023-2030).
In the United States, the Federal Motor Vehicle Safety Standards have issued safety regulations for vehicles traveling between 20 and 25 miles per hour. A four-wheeled motor vehicle is considered a low-speed vehicle if its maximum speed is between 20 and 25 mph (32 and 40 km/h) and its gross vehicle weight rating is less than 2,500 pounds (1,134 kg).
In places like gated and retirement communities, LSVs with greater cargo carrying capacity, provide a flexible and affordable alternative to trucks. Although these small, lightweight vehicles are intended to carry primarily passengers or property, enforcing the complete range of Federal Motor Vehicle Safety Standards (FMVSSs) that apply to automobiles, trucks, and multipurpose passenger vehicles is equally inappropriate.
The Canadian government made several investments to make it simpler for Canadians to purchase and charge electric vehicles (EVs), in addition to ensuring that more ZEVs are available for purchase. For nearly 85,000 federally funded chargers throughout Canada by 2027, the Canadian government has invested in 50,000 additional EV charging stations nationwide. In addition, provincial governments and the corporate sector encourage charging stations. This supportive government attitude is predicted to surge the sales of EVs in the region, further offering growth prospects to the market.
The US market dominated the North America Low-Speed Vehicle Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,070.3 million by 2030. The Canada market is estimated to grow at a CAGR of 8.9% during (2023-2030). Additionally, The Mexico market should witness a CAGR of 8% during (2023-2030).
Based on Category Type, the market is segmented into L7, and L6. Based on Vehicle Type, the market is segmented into Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, and Personal Mobility Vehicle. Based on Power Output, the market is segmented into < 8KW, 8-15KW, and >15KW. Based on Propulsion, the market is segmented into Electric, Diesel, and Gasoline. Based on Battery Type, the market is segmented into Li-Ion, and Lead Acid. Based on Voltage Type, the market is segmented into < 60 V, and >60 V. Based on Application, the market is segmented into Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Deere & Company, Yamaha Motor Co., Ltd., The Toro Company, KUBOTA Corporation, Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.), Waev, Inc., Club Car, LLC, American LandMaster, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
In the United States, the Federal Motor Vehicle Safety Standards have issued safety regulations for vehicles traveling between 20 and 25 miles per hour. A four-wheeled motor vehicle is considered a low-speed vehicle if its maximum speed is between 20 and 25 mph (32 and 40 km/h) and its gross vehicle weight rating is less than 2,500 pounds (1,134 kg).
In places like gated and retirement communities, LSVs with greater cargo carrying capacity, provide a flexible and affordable alternative to trucks. Although these small, lightweight vehicles are intended to carry primarily passengers or property, enforcing the complete range of Federal Motor Vehicle Safety Standards (FMVSSs) that apply to automobiles, trucks, and multipurpose passenger vehicles is equally inappropriate.
The Canadian government made several investments to make it simpler for Canadians to purchase and charge electric vehicles (EVs), in addition to ensuring that more ZEVs are available for purchase. For nearly 85,000 federally funded chargers throughout Canada by 2027, the Canadian government has invested in 50,000 additional EV charging stations nationwide. In addition, provincial governments and the corporate sector encourage charging stations. This supportive government attitude is predicted to surge the sales of EVs in the region, further offering growth prospects to the market.
The US market dominated the North America Low-Speed Vehicle Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,070.3 million by 2030. The Canada market is estimated to grow at a CAGR of 8.9% during (2023-2030). Additionally, The Mexico market should witness a CAGR of 8% during (2023-2030).
Based on Category Type, the market is segmented into L7, and L6. Based on Vehicle Type, the market is segmented into Commercial Turf Utility Vehicle, Golf Cart, Industrial Utility Vehicle, and Personal Mobility Vehicle. Based on Power Output, the market is segmented into < 8KW, 8-15KW, and >15KW. Based on Propulsion, the market is segmented into Electric, Diesel, and Gasoline. Based on Battery Type, the market is segmented into Li-Ion, and Lead Acid. Based on Voltage Type, the market is segmented into < 60 V, and >60 V. Based on Application, the market is segmented into Golf Courses, Hotels & Resorts, Airports, Industrial Facilities, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Deere & Company, Yamaha Motor Co., Ltd., The Toro Company, KUBOTA Corporation, Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.), Waev, Inc., Club Car, LLC, American LandMaster, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
Scope of the Study
By Category Type
- L7
- L6
By Vehicle Type
- Commercial Turf Utility Vehicle
- Golf Cart
- Industrial Utility Vehicle
- Personal Mobility Vehicle
By Power Output
- < 8KW
- 8-15KW
- >15KW
By Propulsion
- Electric
- Diesel
- Gasoline
By Battery Type
- Li-Ion
- Lead Acid
By Voltage Type
- < 60 V
- >60 V
By Application
- Golf Courses
- Hotels & Resorts
- Airports
- Industrial Facilities
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Textron, Inc.
- Deere & Company
- Yamaha Motor Co., Ltd.
- The Toro Company
- KUBOTA Corporation
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Waev, Inc.
- Club Car, LLC
- American LandMaster
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. North America Low-Speed Vehicle Market by Category Type
Chapter 5. North America Low-Speed Vehicle Market by Vehicle Type
Chapter 6. North America Low-Speed Vehicle Market by Power Output
Chapter 7. North America Low-Speed Vehicle Market by Propulsion
Chapter 8. North America Low-Speed Vehicle Market by Battery Type
Chapter 9. North America Low-Speed Vehicle Market by Voltage Type
Chapter 10. North America Low-Speed Vehicle Market by Application
Chapter 11. North America Low-Speed Vehicle Market by Country
Chapter 12. Company Profiles
Companies Mentioned
- Textron, Inc.
- Deere & Company
- Yamaha Motor Co., Ltd.
- The Toro Company
- KUBOTA Corporation
- Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.)
- Waev, Inc.
- Club Car, LLC
- American LandMaster
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
Methodology
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