Fueled by Growing Environmental Concerns, Global Golf Cart and NEV Market to reach US$2.8 Bn by 2020

2024-11-08 11:24:53 News & Society

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The rising demand for electric vehicles for short distance and low speed commute is the primary factor driving the global golf cart and neighborhood electric vehicles (NEV) market, according to a report published by Transparency Market Research. The report, titled Golf Cart and NEV Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020, indicates that expanding at a 6.6% CAGR from 2014 to 2020, the global golf cart and NEV market is projected to grow from US$1.79 billion in 2013 to US$2.81 billion by 2020.

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The golf cart and NEV market is also driven by government initiatives to curb alarming pollution levels and encourage citizens to opt for electric vehicles for regular usage. High-tech equipment adaption in the low speed vehicle segment and rising disposable incomes in developing and developed countries have also greatly influenced the golf cart and NEV market. However, lack of proper infrastructure to support golf cart and NEVs and the slump in the golf industry are key challenges that the market needs to overcome.

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By engine type, the golf cart and NEV market is segmented into electric powered engines and gas powered engines. Electric powered golf carts and NEVs accounted for more than 50% of the total market in 2013. In developing countries such as those in Asia Pacific, the escalating prices of fuel have driven customers to shift to electric powered vehicles. Customization and gadget accessibility are expected to boost the demand for electric powered golf carts and NEVs over the next five years. Owing to the less environment-friendly nature of gas powered golf carts and NEVs, the market share of this segment has dropped considerably in recent times, especially in developed countries such as Canada, the U.S., France, Germany, and Japan.

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On the basis of geography, the global golf cart and NEV market is divided into North America, Europe, Asia Pacific, and Rest of the World. North America dominates the worldwide market and industry experts believe that this region is likely to retain its lead through 2020. The North American golf cart and NEV market is fueled by the rejuvenation of the golf industry, surging fuel prices, and rising consumer awareness and affinity towards novel, environment-friendly technologies. Asia Pacific and Europe are the second largest markets for golf carts and NEVs and together they hold 40% of the global revenue.

The key players operating in the global golf cart and NEV market include Bradshaw Electric Vehicles, E-Way Golf Cars, Textron Inc., Ingersoll Rand Corp., Polaris Industries Inc., Dongyang Mechatronics Corp., citEcar Electric Vehicle, Yamaha Golf Car Company, Dongfeng Electric Vehicle Co Ltd, and Garia A.S. These companies are profiled in the golf cart and NEV market on the basis of attributes such as company and financial overview, business strategy, and recent developments.

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Global Golf cart and NEV Market: By Types
Golf Carts
Neighborhood Electric Vehicles (NEV)

Global Golf cart and NEV Market: By Engines
Gas powered engines
Electric powered engines

Global Golf cart and NEV Market: By Geography
North America
Europe
Asia Pacific
Rest of the world (RoW)

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The companys exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMRs experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMRs data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.