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U.S. Low Speed Vehicle Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Electric Vehicle and ICE), By Vehicle Type (Golf Cart, Commercial Utility Vehicle, and Personal Carrier), By Application (Golf Courses, Industrial Facilities, Airports, Hotels & Resort), and Regional Forecast, 2023–2030

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI108444



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The U.S. low speed vehicle market size was valued at USD 3.52 billion in 2022. The market is projected to grow from USD 3.94 billion in 2023 to USD 9.15 billion by 2030, exhibiting a CAGR of 12.8% during the forecast period.

A Low Speed Vehicle (LSV) is designed to operate at speeds lower than conventional passenger cars. These vehicles are primarily used for short distance transportation in residential areas, industrial complexes, resorts, and others.

The U.S. is estimated to dominate the North America low speed vehicle market share, experiencing steady growth in recent years, driven by the increased demand for eco-friendly transportation solutions, rising fuel prices, and growing urbanization.


Decreased Recreational Activities Hampered Market Growth During Pandemic 

The COVID-19 pandemic severely impacted the automotive sector owing to lockdowns and other restrictions across the world including the U.S. The U.S. market faced severe challenges similar to other automotive industries. The sales of golf carts, industrial/commercial, and passenger vehicles witnessed a notable decline during this period. Many reputed companies, such as Toyota, Volkswagen, Polaris, Ford, Deere, Textron, Kubota, and others noticed a drop in their profits compared to the previous years.

However, post-pandemic, the major companies started focusing on R&D and switched to electrification technologies. They introduced electric UTV and golf cart models, which witnessed increased demand owing to benefits, such as higher load capacity while being compact, which increases the mobility of cargo transportation compared to traditional commercial vehicles. Thus, due to these few benefits offered by commercial UTVs and Side by Side (SxS) for short-distance cargo transportation, it is expected that the demand for LSVs is estimated to rise during the forecast period.


Rising Adoption of Golf Carts for Golf Courses, Resorts, and Hospitality Industry to Boost Market Growth

In the U.S., the establishment of new golf courses and expansion of the existing courses for tournaments are witnessing a robust rise. This resulted in the rising demand for golf carts. As golf continues to attract enthusiasts and players of all ages, the need for efficient transportation on the golf course has increased. Also, golf carts provide a convenient and eco-friendly mode of transportation to the golfer, allowing them to move swiftly between holes. This development will boost the U.S. low speed vehicle market growth. Thus, the application of these vehicles in golf courses, gated communities’ resorts, college campuses, large industrial zones, IT hubs, amusement parks, and historical monuments is fueling the vehicle adoption in the U.S.

For instance, in September 2022, Landmand Golf Club inaugurated the Landmand golf course in Homer, Nebraska. It is the first 18-hole course by the King-Collins Golf Course Design firm, which created the popular nine-hole Sweetens Cove in Tennessee. Furthermore, the 7,200-yard course has almost 84 acres of well-maintained turf throughout the green, with close to four acres of bunkers and nearly 277,000 square feet of green surface.

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Rising Usage of LSVs in Cities and Towns for Short Distance Travels to Boost Market Growth

The rising adoption of low speed vehicles in cities and towns to travel short distances, with companies focused on reducing the battery costs and after-sales maintenance costs, is one of the key factors that might bolster the U.S. low speed vehicle market share during the forecast timeframe. Moreover, these vehicles are capable of carrying an adequate number of passengers, which can positively impact road transport. This factor is predicted to accelerate the U.S. market progress in the future.

For example, in 2023, Club Car announced the launch of its newest street-legal electric vehicle, named the Club Car Urban LSV and XR t. The newly launched Urban LSV extended Club Car's strong portfolio of electric vehicles. The automobile was sold through Club Car’s distribution partners across North America. Thus, such new launches and innovations in the product will fuel the U.S. market growth.


Concerns Regarding Safety & Poor Infrastructure to Impede Market Progress

Low Speed Vehicles are designed to operate at a low speed, which is usually under 25 mph (km/h). While this makes them an ideal vehicle for certain environments, it has also created safety concerns while moving with faster vehicles.

Moreover, there is a scarcity of dedicated charging stations for low speed vehicles, especially in public areas such as parking lots, commercial centers, or residential neighborhoods. This shortage makes it inconvenient for owners to find accessible charging points, discouraging them from purchasing electric LSVs. Thus, lack of charging infrastructure will hinder the U.S. market growth.


By Propulsion Type Analysis

Technology Advancements in Electric LSVs to Drive Demand for Electric Vehicles

Based on propulsion type, the market is divided into electric vehicle and ICE. The electric vehicle segment dominated the market in 2022. The technology used in electric vehicles has been advancing rapidly, leading to improved performance, longer driving ranges, and faster charging times. As battery technology improves, the range anxiety associated with EVs decreases, making them a viable option for more consumers. This will fuel the demand for electric vehicle propulsion system over the forecast period.

The ICE segment held a comparatively lower share in the market in comparison to the electric vehicle segment in 2022. Internal Combustion Engine (ICE) vehicles are generally less expensive as compared to electric vehicles. Low speed vehicles designed for local transportation often prioritize affordability, making ICE vehicles an attractive choice for consumers who are budget conscious. This will drive the segment’s growth.

By Vehicle Type Analysis

Growing Popularity of Golfing to Boost Sales of Golf Carts

By vehicle type, the market is divided into golf carts, commercial utility vehicles, and personal carriers.

The golf cart segment dominated the market in 2022. Golf carts are an essential mode of transportation for golf courses. The demand for golf carts is primarily driven by the popularity of golf as a recreational activity. Golf cars are also commonly used for transportation within retirement communities and gated communities. Many resorts, hotels, and theme parks utilize golf carts to transport guests within their premises. All these applications of golf carts will fuel the segment growth.

The commercial utility vehicle segment is anticipated to record the highest CAGR during the forecast period. The application of commercial utility vehicles is increasing in factories and warehouses for the safe transportation of light and heavy goods. Also, these types of vehicles have low operating costs and are more affordable than conventional trucks, which will accelerate their adoption, thus boosting the segment growth over the forecast period.

By Application Analysis

LSVs to Find Notable Use in Golf Courses to Facilitate Movement of Players and Equipment

Based on application, the market covers golf courses, airports, industrial facilities, and hotels & resorts. The golf course segment captured the largest market share in 2022. Golf courses rely heavily on low speed vehicles, such as golf carts to facilitate the movement of players, caddies, and equipment throughout the course. Thus, golf carts are an essential mode of transportation in golf courses, which is expected to fuel the demand for golf carts.

The airport segment is predicted to register the highest CAGR over the forecast period. There are many applications of low speed vehicles at the airport. These include passenger transportation, such as shuttles and electric carts, for passenger transportation within airports, luggage & cargo handling, ground services, airport security, maintenance & operations, and cost efficiency. This factor will drive the market growth during the forecast period.

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Development of LSVs Suitable for Multiple Applications Will Drive Market Competition

In terms of competitive landscape, this report depicts the presence of established and emerging companies operating in this industry. Club Car established itself as a major OEM, dominating the market in 2022. The company provided a variety of low speed vehicles, ranging from golf carts to be used for personal transportation, street legal, commercial turf utility vehicles, and Utility Terrain Vehicles (UTV).

Some of the other companies with a considerable presence in this market include Textron Inc., Yamaha Motor Co. Ltd., Deere & Company, The Toro Company, ICON, and others.



  • May 2023 – ICON launched a new product line, ICON ECO, providing economical golf carts for recreation and family adventures. The company will provide two models, which include a four-seater lift and a four-seater non-lifted.

  • March 2023 Club Car launched its street-legal electric vehicle, Club Car Urban LSV and XR. These vehicles were made available through commercial distribution networks in the U.S. The vehicles launched on the date had a top speed of 25 mph. The Club Car Urban can be customized according to customer requirements, addressing the needs of large campuses, last-mile delivery, municipalities, and hospitality spaces.

  • March 2023 − American Landmaster revealed its 2024 series of electric utility vehicles, the Amp. The Amp is a series of Lithium Ion UTVs, delivering more torque, higher towing & hauling capacities, and an ultra-quiet motor with Landmaster’s proprietary suspension system.

  • February 2023 Bintelli Electric Vehicles expanded its operations with a 174,000-square-foot facility located in North Charleston. The company expanded its facility to cater to the demand for its best-selling lineup of electric vehicles and gold carts. This is the third expansion of the company in the last three years.

  • February 2022 − The Toro Company launched a new series, Workman UTX utility vehicles. This line of products will be built to be durable, versatile, and rugged. They will be specifically used for work purposes only and acquire the characteristics of large turfgrass maintenance areas.


The report provides a detailed analysis of the U.S. market and focuses on key aspects, such as leading market players, vehicle types, and top applications of the product. Besides, it offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that contributed to the market’s growth in recent years.

An Infographic Representation of U.S. Low Speed Vehicle Market

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 12.8% from 2023 to 2030


Value (USD Billion)


By Propulsion Type

  • Electric Vehicle

  • ICE

By Vehicle Type

  • Golf Carts

  • Commercial Utility Vehicle

  • Personal Carriers


By Application

  • Golf Courses

  • Industrial Facilities

  • Airports

  • Hotels & Resorts


Frequently Asked Questions

Recording a CAGR of 12.8%, the market will exhibit steady growth during the forecast period of 2023-2030.

Increasing use of LSVs in towns and cities for small distance journeys is expected to drive the market growth.

Club Car (U.S.), Textron Inc., and Yamaha Motor Co., Ltd. are the key players in the U.S. market.

The electric vehicle segment dominated the market in 2022.

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