Low-speed vehicle (LSV) is a four-wheeler motor vehicle, which runs on a maximum speed of around 40 km/h and a minimum capable speed of 32 km/h. LSV mostly lack the major safety equipment such as seat belts, airbags, and others, which are present in motor transportation vehicles owing to its limited top speed. Manufacturers of low-speed vehicles often use lightweight materials such as aluminum and carbon fiber for the efficient utilization of gasoline, diesel, or electricity. Furthermore, LSV are mainly used in a closed facility such as hotels, theme parks, and college campuses, which are capable of carrying a maximum of 20 passengers at a time. Therefore, the capability of LSV to carry adequate number of passengers is expected to drive the growth of the global low-speed vehicle market in near future. 

Market scope and structure analysis:

COVID-19 scenario Analysis: 

• Majority of low-speed vehicle manufacturers are witnessing a sharp drop in sales of vehicle due to COVID-19 related lockdown; thereby, leading to supply chain disruption and production halts of the low-speed vehicles.
• The customer footfall has dropped drastically; therefore, the low-speed vehicle manufacturers are facing liquidity problems, which in turn is causing a devastating decline in the cash flow owing to Corona virus.
• The vendors in low-speed vehicle industry is being affected severely due to COVID-19 pandemic, which in turn has disrupted production and the delivery of low-speed vehicles worldwide primarily due to the closure of factories.
• Low-speed vehicle manufacturers witnessed a negative impact, owing to the government lockdown, which in turn affected the availability of workforce for the production process due to Corona virus.  

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Rise in senior citizen population, increase in stringent regulations regarding carbon emission, and increase in demand for LSV in gated facilities are driving the growth of the market. However, lack of safety equipment such as seat belts is expected to hamper the growth of the market. On the contrary, increase in use of lithium-ion batteries in low-speed vehicles is expected to create an opportunity for the market investments.

The global low-speed vehicle market trends are as follows:

Increase in demand for low-speed vehicles in gates facilities

Low-speed vehicles are increasingly used in gated facilities such as airports, college campuses, hotels & resorts, and others, owing to LSV’s easy maneuverability and limited top speed. Moreover, recently the use of LSV has observed an upsurge due to its environmental & economic advantages such as the use of zero emission and lower operational & maintenance costs. Furthermore, comfortable seating and reliable transportation makes it easy to travel in gated facilities. Therefore, increase in demand for low-speed vehicles in gated facilities is expected to boost the growth of the low-speed vehicle market.    

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the low-speed vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the low-speed vehicle market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the low-speed vehicle market growth scenario.
• We can also determine low-speed vehicle will remain a significant revenue shareholder in the global low-speed vehicle market through the predictable future.

Questions answered in the global low-speed vehicle market research report:

• Which are the leading market players active in the low-speed vehicle market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?