Low Speed Vehicle (LSV) Global Market Opportunities and Strategies to 2033

This report describes and explains the low speed vehicle (LSV) market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global low speed vehicle (LSV) market reached a value of nearly $7.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.09% since 2018. The market is expected to grow from $7.4 billion in 2023 to $10.9 billion in 2028 at a rate of 7.89%. The market is then expected to grow at a CAGR of 8.95% from 2028 and reach $16.7 billion in 2033.

Growth in the historic period resulted from the growing popularity of golf sport, rapid development in electric vehicle charging infrastructure, growth in the tourism industry and rise in the size of the aging population. Factors that negatively affected growth in the historic period included safety concerns.

Going forward, the growing demand for eco-friendly vehicles, integration of autonomous technology, strong economic growth in emerging markets, growing construction and real estate industries and rapid urbanization will drive the market. Factors that could hinder the growth of the low speed vehicle (LSV) market in the future include limited performance of LSVs.

The low speed vehicle (LSV) market is segmented by power into less than 8 kW, 8-15 Kw and more than >15KW. The less than 8 kW market was the largest segment of the low speed vehicle (LSV) market segmented by power, accounting for 61.36% or $4.6 billion of the total in 2023. Going forward, the more than >15KW segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by power, at a CAGR of 8.72% during 2023-2028.

The low speed vehicle (LSV) market is segmented by battery type into lithium-ion and lead acid. The lithium-ion was the largest segment of the low speed vehicle (LSV) market segmented by battery type, accounting for 80.48% or $6 billion of the total in 2023. Going forward, the lithium-ion segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by battery type, at a CAGR of 8.48% during 2023-2028.

The low speed vehicle (LSV) market is segmented by engine into internal combustion engine (ICE) and electric. The electric market was the largest segment of the low speed vehicle (LSV) market segmented by engine, accounting for 78.00% or $5.8 billion of the total in 2023. Going forward, the electric segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by engine, at a CAGR of 8.66% during 2023-2028.

The low speed vehicle (LSV) market is segmented by application into golf courses, hotel and resorts, airports, industrial facilities and other applications. The golf courses market was the largest segment of the low speed vehicle (LSV) market segmented by application, accounting for 38.93% or $2.9 billion of the total in 2023. Going forward, the airports segment is expected to be the fastest growing segment in the low speed vehicle (LSV) market segmented by application, at a CAGR of 8.95% during 2023-2028.

North America was the largest region in the low speed vehicle (LSV) market, accounting for 47.24% or $3.5 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the low speed vehicle (LSV) market will be Asia-Pacific and Eastern Europe, where growth will be at CAGRs of 8.99% and 7.83% respectively. These will be followed by North America and Western Europe, where the markets are expected to grow at CAGRs of 7.79% and 7.53% respectively.

The global low speed vehicle (LSV) market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 33.53% of the total market in 2022. Deere & Company was the largest competitor with a 7.81% share of the market, followed by Polaris Industries Inc. with 5.01%, Yamaha Motor Co. Ltd. with 4.99%, The Toro Company with 3.95%, E-Z-GO Technologies Inc. with 3.78%, Textron, Inc. with 3.54%, KUBOTA Corporation with 2.58%, Club Car LLC with 1.02%, Marshell Green Power Co. Ltd. with 0.77% and Garia with 0.08%.

The top opportunities in the low speed vehicle (LSV) market segmented by power will arise in the less than 8 kW segment, which will gain $1.9 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by battery type will arise in the lithium-ion segment, which will gain $3 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by engine will arise in the electric segment, which will gain $3 billion of global annual sales by 2028. The top opportunities in the low speed vehicle (LSV) market segmented by application will arise in the golf courses segment, which will gain $1.2 billion of global annual sales by 2028. The low speed vehicle (LSV) market size will gain the most in the USA at $1.4 billion.

Market-trend-based strategies for the low speed vehicle (LSV) market include collaborations and sales partnerships among market players, focus on innovative technologies in low-speed vehicles, introduction of advanced mapping applications for low-speed vehicles, launch of eco-friendly low-speed electric vehicles and introduction of IoT-enabled street-legal low-speed vehicles for shared mobility services.

Player-adopted strategies in the low speed vehicle (LSV) market include focus on enhancing operational capabilities through the launch of new products, strengthening business operations through enhancing product portfolio and reinforcing position in the global market through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the low speed vehicle (LSV) companies to focus on wireless charging technology for competitive advantage, focus on advanced mapping applications for enhanced user experience, focus on eco-friendly vehicle innovation, focus on IOT-connected street legal LSVs for market expansion, increase focus on less than 8 kw and 8-15 kw segments, expand in emerging markets, continue to focus on developed markets, focus on collaborations and sales partnerships for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on airports and hotels and resorts segments.