Global Golf Cart and NEV Market to Exhibit 6.6% CAGR during 2014-2020 due to Growing Demand for Electric Powered Golf Carts

2024-12-25 06:21:40 News & Society

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According to a recent market research report published by Transparency Market Research, the global golf cart and NEV market is estimated to expand at a CAGR of 6.6% during the period between 2014 and 2020. The report, titled ?Golf Cart and NEV Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,? projects the global golf cart and NEV market to be worth US$2.81 bn by 2020. The market stood at a valuation of US$1.79 bn in 2013.

Golf carts and NEVs are used to commute over short distances across golf courses and nearby premises. These vehicles are also used in parks, hotels, tourist destinations, residential and commercial premises, airports, institutions, and others. These vehicles have either gas powered or electric powered engines. Electric powered engines are witnessing higher demand due to growing concerns about environmental pollution.

The report states that the growing demand for electric vehicles worldwide and the rising preference for electric golf carts over gas powered golf carts have boosted the growth of the global golf cart and NEV market. Stringent environmental regulations have also played a pivotal part in shaping the positive outlook of the market in the coming years. However, the lack of proper infrastructure to support the golf industry will lead to a decline in the demand for golf carts. The market has a huge opportunity to grow with technological advancements and the rejuvenation of the golf industry across North America.

On the basis of engine type, the report segments the global golf cart and NEV market into gas powered engines and electric powered engines. In 2013, electric powered engines held over 50% of the overall market. The growing demand for electric powered vehicles has been propelled by the surging prices of fuel, especially across developing countries in Asia Pacific. During the forecast period, gadget accessibility and customization are expected to boost the demand for electric powered engines. Gas powered engines have witnessed a significant decline in demand across countries such as Germany, France, the U.S., Japan, and Canada.

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The report studies the global golf cart and NEV market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. North America is the leading region in the market and is expected to continue its dominance throughout the forecast horizon. The rapid growth of the market in this region can be attributed to a rise in fuel prices, growing consumer awareness about environment-friendly and novel technologies, and the rejuvenation of the golf industry. In terms of revenue, Asia Pacific and Europe account for 40% of the market.

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

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