Lowe set Rovers on their way to a sixth game without defeat in the fourth minute when he finished coolly from inside the box.
Jake Kirby doubled the lead after 37 minutes when he beat Joe Murphy in a one-on-one as City gave the ball away in midfield.
Callum Wilson wasted two good chances for Coventry before Lowe added a third two minutes prior to half-time, lobbing Murphy from a tight angle.
Lowe completed his hat-trick in stunning style in the 53rd minute. A Murphy clearance only reached the striker, who controlled before volleying in from 35 yards.
Carl Baker squeezed in a 76th-minute penalty after Danny Holmes' handball in and Rovers' Ash Taylor was sent off two minutes later for a high challenge on Franck Moussa - but it mattered little.
Rovers' James Wallace then marked his first appearance since December with an 88th-minute cracker from 25 yards.