The Europe Low-Speed Vehicle Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030).
The growing ageing population will be the driving force behind the market as this age group needs vehicles that can be used for mobility. Strict emission regulations and standards supporting the demand. The use of LSVs for short-distance travel also makes growing fuel prices a significant factor in the market's growth.
Low-speed vehicles (LSVs) have four wheels and a maximum speed of around 25 mph (40 km/h). These vehicles are used as golf carts, turf utility vehicles, neighborhood vehicles, and industrial automobiles. Due to its portability, it is used in a variety of locations, including gated communities, corporate offices, industrial areas, and campuses of schools, colleges, and universities. Currently, low-speed vehicles come in both electric and conventional fuel versions. More than 60% of these vehicles are electrically powered, and it is predicted that they will contribute to the growth of market throughout the review period.
A key driver propelling the market in Europe is the growing prominence of golf infrastructure. Despite being primarily centered in the highest-ranked golfing nations, Europe is seeing a steady increase in the number of golf courses. The general public has limited access to several of these facilities since they are only available to private clubs, golf resorts, and golf-specific properties. Currently, a large share of the world's golf course supply can be found in Europe. This growing popularity of golf courses is predicted to raise the demand for golf carts, thereby supporting market growth.
The Germany market dominated the Europe Low-Speed Vehicle Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $935.5 million by 2030. The UK market is showcasing a CAGR of 5.9% during (2023 - 2030). Additionally, The France market would display a CAGR of 7.6% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Low-Speed Vehicle Market is Projected to reach USD 16.3 Billion by 2030, at a CAGR of 7.2%
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.
By Category Type
By Vehicle Type
By Power Output
By Propulsion
By Battery Type
By Voltage Type
By Application
By Country
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