Low-speed Vehicle Market Segmentation by Power Output (<8kW, 8-15kW, >15kW), by Propulsion (Diesel, Electric, Gasoline), by Application (Industrial Utility, Golf Cart, Personnel Carrier, Public Transport Vehicle) and Region - Global Report Forecast till 2030

Low speed vehicle Market Synopsis:

Low-speed vehicle market is garnering much attention from various sectors due to which it can expect a smooth run with 5% CAGR during the forecast period (2022-2030). During that time, its valuation can grow USD 9013.21 million by 2030.

Covid-19 Impact on the Market 

• On Oct. 19, 2020, Purolator Inc. (Canada), a leading integrated freight, packaging, and logistics solutions provider, launched innovative low-speed delivery vehicles in Toronto and Montreal to improve urban center logistics and expand the zero-emission fleet. This new fleet will enable last-mile delivery solutions to respond to the sudden rise in the e-commerce sector due to COVID-19 regulations. 


• On Jul. 02, 2020, Simple Energy (India), a leading electric scooter company, launched its first low-cost, low-speed rebadged electric scooter - Simple Mark 2. The new low-speed electric scooter would enable last-mile deliveries to logistic companies witnessing a sudden surge in demand since the outbreak of COVID-19. 

Market Dynamics

• On Oct. 28, 2020, FYN (previously known as PiBeam), a startup of IIT Madras, India, announced its plans to make electric two and three-wheelers for the B2B segment. The company started its vehicle manufacturing journey with PiMO, a low-speed e2W, and then moved on to a pedal-assisted e3W. An L-3 e3W will be the first to debut and is currently undergoing ARAI certification. The LS e2W has a 2000-watt motor and offers a top speed of 25 kmph.

With the LCV, FYN is looking at the option of contract manufacturing and plans to build a network of fast charging stations & a swappable battery network, keeping in mind the needs of its product range. The company has partnered with charging infra providers such as Log9Materials and Exicom. Plans are also underway to launch an electric light commercial vehicle using swappable battery technology, covering 80-200 km on a single charge.

Market Segmentation

The report includes a segmental analysis of the low-speed vehicle market for better understanding. The market can be segmented by power output, propulsion, and application. By power output, the market comprises <8kW, 8-15kW, and >15kW. Based on propulsion, the market can be segmented into diesel, electric, and gasoline. Based on application, the market includes industrial utility, golf cart, personnel carrier, and public transport vehicle.

• On Oct. 18, 2022, AYRO, a US-based electric low-speed vehicles (LSVs) manufacturer, unveiled AYRO Vanish utility LSV as one of the most affordable US-assembled electric trucks. The ideal applications for AYRO Vanish are universities, corporate and medical campuses, hotels & resorts, golf courses, stadiums, and marinas. The LSEV can also be used as an urban delivery vehicle.

The new low-speed electric vehicle (LSEV) has a lightweight architecture that limits vehicle weight and maximizes payload capacity, demonstrating the company’s new roadmap of LSEVs assembled in the US. That safety trade-off allows them to be produced in lower volumes and for lower prices.

Regional Analysis

Region-specific analysis of the low-speed vehicle market spans across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is the present frontrunner. However, the APAC region is expected to be the fastest budding region during the forecast period. North America’s dominance depends on its superior infrastructure, whereas, the APAC region is relying mostly on the emerging industries that can help the market progress as well.

• On Oct. 27, 2022, Gogoro (Taiwan), a leading e-scooter brand, announced that it is all set to enter the Indian market on Nov. 03. The company will launch a low-speed electric scooter - the Gogoro S1. Taiwanese battery-swapping will soon outline its vision for smart energy & urban transportation to decarbonize India’s urban mobility and last-mile sector. The Taiwanese EV infrastructure will work on two approaches: launching a B2C electric scooter for personal use and bringing a B2B offering for commercial purposes (deliveries, etc.).

Key Competitors

The significant players profiled in the low-speed vehicle market are Polaris Industries Inc. (U.S.), Textron (U.S.), The Toro Company (U.S.), Yamaha Golf-Car Company (U.S.), Deere Company (U.S.), Kubota Corporation (Japan), Tomberlin Automotive Grp. (U.S.), Taylor-Dunn Manufacturing Company (U.S.), Club Car LLC. (U.S.), and American Landmaster (U.S.).

Market Overview

Low speed vehicles are often manufactured to meet special demands set by the consumers. The four-wheeled vehicles are small in size, and its weight is far less than the regular ones. To drive such cars, a special license is needed, and it cannot be operated on a regular road. They are also known as neighborhood electric vehicles (NEV). Factories, airports, stations, golf courses, mostly find a use for such vehicles to transport packages and personnel.

Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and enable market players in having strategies planned accordingly.

Low-speed vehicles generally move around with a speed of 20-25mph. These vehicles are mostly battery-driven with minimal chances of emission. With the demand for eco-friendly transport options on the rise, these vehicles are bound to take the low-speed vehicle market forward. At the same time, the stringent imposition of government laws regarding pollution has spurred the demand for such cars across industries. Government initiatives are also making manufacturers interested in venturing forward in the sector. Many of the countries are now offering special packages for manufacturers showing a keen interest in the field. These factors can substantially take the low-speed vehicle market forward.  

On the downside, the manufacturing process of the low-speed vehicles incurs a heavy cost which can be seen as a possible detractor. At the same time, these vehicles have a longer lifespan, much greater than the conventional cars, which blocks the path for introduction of the new models in industrial sectors. This can slow down the low-speed vehicle market growth considerably.

• On Oct. 24, 2020, Revamp Moto, an electric vehicles company in India, announced that it is in talks with a Dubai-based investor to raise US$3-3.5 MN to bring its first model to market and finish the development of the second. Revamp Moto is also in talks with multiple Indian venture capitalists and another Dubai-based real estate player for the round for raising funds. 

Research Methodology

Immaculate methodologies applied by dexterous research analysts at Market Research Future (MRFR) bring out the best in the reports. The report is a specimen of deft handling of the subjected market as well which has undergone two complimenting methodology; primary and secondary. The primary method includes obtaining data from interviews and discussions with the market influencers and analyzing of the same for a better grasp over the said market. The method is followed by a secondary one that includes top-down and bottom-up approaches to gain profound insights regarding the industry. The report further contains a detailed analysis of the market trends, factors, and expert inputs to offer a better-quality report.

Analysis Period

• Base Year - 2021


• Projection Period - From 2022 to 2030


• Market Valuation - USD Million

Power Output

• <8kW


• 8-15kW


• >15kW

Propulsion

• Diesel


• Electric


• Gasoline

Application

• Industrial Utility


• Golf Cart


• Personnel Carrier


• Public Transport Vehicle

Region

• U.S.


• Canada


• Mexico

• Germany


• France


• Spain


• U.K.


• Rest of Europe 

• China


• Japan


• India


• Australia


• Rest of Asia Pacific 

• Latin America


• The Middle East & Africa