A low-speed vehicle (LSV) is a legal class of 4-wheel vehicles that have a maximum capable speed typically around 25 mph (40 km/h), and have a minimum capable speed (typically 20 mph (32 km/h)) that allows them to travel on public roads not accessible to all golf carts or neighborhood electric vehicles (NEV).
Attracted by the market profits, more and more companies have entered into low speed vehicle industry, the competition between manufacturers at home and abroad is fierce for the time being. For the major players of low speed vehicle industry in global market, Ingersoll Rand, Textron, Yamaha and Polaris are the leaders. In the other side, China suppliers such as Byvin Corporation, Yogomo, Dojo and Shifeng have obvious large sales market share.
For the fierce competition between suppliers, price and gross margin is expected to decrease further. Global average price of low speed vehicle is predicted to decline 4.25 thousand USD/Unit in the end of 2025, for the manufacturers, gross margin is about 13%~23%.
According to this study, over the next five years the Low Speed Vehicle market will register a 6.5% CAGR in terms of revenue, the global market size will reach US$ 4967.3 million by 2024, from US$ 3619.5 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Low Speed Vehicle business, shared in Chapter 3.
This report presents a comprehensive overview, market shares, and growth opportunities of Low Speed Vehicle market by product type, application, key manufacturers and key regions and countries.
This study considers the Low Speed Vehicle value and volume generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.
Electric
Diesel
Gasoline
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.
Personal Use
Public Utilities
Golf Cart
Sightseeing Cars
Other
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Byvin Corporation
Yogomo
Shifeng
Ingersoll Rand
Dojo
Textron
Lichi
Polaris
Yamaha
GreenWheel EV
Xinyuzhou
Renault
Eagle
Tangjun
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
Research objectives
To study and analyze the global Low Speed Vehicle consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Low Speed Vehicle market by identifying its various subsegments.
Focuses on the key global Low Speed Vehicle manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Low Speed Vehicle with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Low Speed Vehicle submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
