The global electric low speed vehicles (LSV) market has been segmented by vehicle type into golf cart, electric personal utility vehicle, electric low speed off road vehicle and electric low speed heavy duty vehicle. Among these segments, the golf carts had the highest market share of 44% in overall global electric low speed vehicles (LSV) market and are expected to dominate the market during the forecast period. This can be attributed to the advancement and ease of availability of electric golf carts. Moreover, the low maintenance cost associated with electric golf carts and zero emission advantages are making electric golf carts suitable for various sectors such as golf courses, airports and others. The electric golf cart segment is expected to attain a CAGR of 6.15% between 2016 and 2020 and is further expected to reach USD 2,088.7 Million by the end of 2023 with a market share of 51% by 2023. The global market for global electric LSV reached USD 3,372.8 million in 2016 and is expected to reach USD 5,119.3 Million by the end of 2023, expanding at a CAGR of 6.5% over the period 2016-2023.
In the regional segment, North-America accounted for the highest share of 57.80% in Global Electric LSV Market in 2016 and is expected to continue its dominance with lucrative growth by the end of 2023. Additionally, U.S. with 78% share in 2016 is expected to remain the most lucrative market for existing and new players who are looking for business expansion and investment in electric LSV market in coming years. After North America, European region is yet another most opportunistic region for electric LSV in near future. Further, in Asia-Pacific, a highest demand is projected to come from Japan followed by China, Australia & India.
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Advancement in Technology to Boom the Growth of Market
Countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanization over the past decade. This swift rise of urbanization and industrialization is expected to boost mall culture, hi-tech and smart housing projects, amusement and theme parks which are further expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. The market of golf cart is majorly driven by the advancement in golf cart technology. These factors are believed to supplement the growth of Electric LSV market globally.
However, factors such as high cost of maintenance, presence of local manufacturers and increasing number of low quality offerings of LSV’s are likely to inhibit the growth of the market in the near future.
The report titled “Global Electric Low Speed Vehicles (LSV) Market Outlook 2023: Industry Analysis & Opportunity Evaluation 2016-2023” delivers detailed overview of the global electric low speed vehicles (LSV) market in terms of market segmentation by vehicle type, transmission type, by end-use industry and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global electric low speed vehicles (LSV) market which includes company profiling of Ingersoll Rand Inc., Hitachi Chemicals, Yamaha Motor Co. Ltd., Textron Inc., HDK Electric Vehicles and EverGreen Electric Vehicles LLC.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric low speed vehicles (LSV) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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