Golf Cart and Neighborhood Electric Vehicle (NEV) Market
Golf Cart and Neighborhood Electric Vehicle (NEV) Market (Engine - Gas Powered Engine and Electric Powered Engine, Type - Neighborhood Electric Vehicle (NEV) and Golf Cart) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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Global Golf Cart and Neighborhood Electric Vehicle Market: Snapshot
The high competitive rivalry in the global golf cart and neighborhood electric vehicle (NEV) market has led key players to focus on innovation. Leading companies are investing heavily in R&D for newer vehicles that will help them outshine their competitors. Key companies in the golf cart and NEV market are also formulating new marketing strategies and advertising campaigns to augment their customer base.
At the forefront of driving the global market for golf cart and NEV is rising demand for electric vehicles as they are fuel-free and are environment-friendly over gas-powered vehicles. The other advantages of electric vehicles include smooth performance and less maintenance in comparison to traditional internal combustion engine vehicles.
However, the high initial cost of golf carts and NEVs and recent economic depression in North America which is a leading consumer of electric vehicles is challenging the market’s growth.
A report by Transparency Market Research (TMR) forecasts the global golf cart and neighborhood electric vehicle market to rise at a CAGR of 6.4% for the forecast period from 2017 to 2025. At this pace, the market will touch a valuation of US$3,819.2 mn by 2025-end.
Government-led Initiatives to Reduce Vehicular Pollution Favors Growth of Electric Powered Engine Segment
On the basis of type, the segments into which the global golf cart and NEV market is divided are golf cart and neighborhood electric vehicle. Of the two, in 2016, the majority of the revenue was held by golf carts. Going forward, the segment is anticipated to increase its market share over the forecast period. The rising number of golfers along with the rising disposable income in developed as well as developing countries, which is encouraging consumers to spend substantially on bulky electrical equipment, is driving the demand for golf carts for delivery purposes.
On the other hand, increasing application areas for NEVs, such as for tourism and town commute services are expected to drive the NEV segment in the forthcoming years.
In terms of engine, gas powered engine and electric powered engine are the two key segments that divides the global golf cart and NEV market in this report. In 2016, among the engine segment electric powered engine held the leading revenue share in the overall market. This is mainly because of low maintenance cost of electric powered golf carts and NEVs. On the contrary, the segment of gas-powered engine is anticipated to lose its market share over the forecast period. Moreover, the increasing fuel prices worldwide is leading consumers to switch to electric powered vehicles, which in turn is having a positive bearing on electric-powered engine segment.
Home to Topnotch Industry Players Makes North America Dominant
The global golf cart and NEV market, by geography, has been segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. Of them, North America is anticipated to hold the leading market share over the forecast period between 2017 and 2025. This is mainly because of the presence of large number of golf courses, the presence of some topnotch industry players, and relatively faster adoption of electric vehicles in the region. Further, the emerging trend of including NEVs in the tourism sector is adding a new dimension to the growth of this regional market.
Asia Pacific is anticipated to display robust growth accounting for a considerable market share until the end of 2025. Together with Europe, Asia Pacific is predicted to hold almost one-third revenue of the global golf cart and neighborhood electric vehicle market in 2017.
Some of the key companies that operate in the global golf cart and neighborhood electric vehicle market are Bradshaw Electric Vehicles, Dongfeng Motor Group Ltd., E-Way Golf Cars and Garia A/S, Textron Inc., citEcar Electric Vehicles, DY Corporation, Ingersoll-Rand plc, Yamaha Motor Co. Ltd., and Polaris Industries Inc.
Demand for Pollution-free Vehicles to Drive Golf Cart and Neighborhood Electric Vehicle (NEV) Market
Increasing demand for pollution-free and sustainable vehicles is likely to shape the contours of the global golf cart and neighborhood electric vehicle (NEV) market in the near future. As such, the demand for electric vehicles, including golf carts and neighborhood electric vehicles, is expected to rise in the near future. In comparison with gas powered vehicles, electric vehicles come with several benefits, such as environment-friendliness and energy efficiency. It is able to cover short distances at a low speed. In addition, in comparison with conventional vehicles electric vehicles need less maintenance and offers smooth performance. All these benefits are likely to support development of the global golf cart and neighborhood electric vehicle (NEV) market in the near future.
In many of the developing countries, a rise in the disposable income often leads to augmented spending on various bulky electrical appliances, such as music systems, air conditioners, and refrigerators. Deliveries of such bulky products often demand use of neighborhood electric vehicle (NEV). In addition to that, NEV also find its application expanded into commuting within the tow and in tourism sector as well. Such wide acope of application is likely to bolster expansion of the global golf cart and neighborhood electric vehicle (NEV) market in the forthcoming years.
High Demand from Various End Users to Boost Demand in the Market
Rising demand for travel over short distances in parks, hotels and short distances is likely to support growth of the market. In addition to that, it is also utilized in small campuses, security patrols and security patrols, which are likely to foster development of the global golf cart and neighborhood electric vehicle (NEV) market in the near future.
The ongoing pandemic situation, the global golf cart and neighborhood electric vehicle (NEV) market, is estimated to observe slowed down growth. There has been an emergence of new strain of coronavirus, called B.1.1.7., which is more infectious than the original strain. This new strain has infected countless people across the globe and has compelled governments to impose fresh lockdowns, thereby adversely affecting businesses worldwide.
Global Golf Cart and Neighborhood Electric Vehicle Market: Overview
The report on the global Golf Cart and Neighborhood Electric Vehicle (NEV) market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period from 2017 to 2025 is the forecast period. Data for 2015 has been included as historical information. The report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global Golf Cart and Neighborhood Electric Vehicle (NEV) market growth during the said period. Technologies that are playing a major role in driving the global Golf Cart and Neighborhood Electric Vehicle (NEV) market have also been covered in the study. The study provides a comprehensive analysis on market growth throughout the above mentioned forecast period in terms of revenue estimates (In US$ Mn) and volume estimates (In Thousand Units) across different geographies.
Golf carts are the gas powered or electric engine powered low speed vehicles used to commute in the golf courses and local vicinities. NEVs are the electric engine powered vehicles used for short distance commuting. Golf cart and NEVs utilize high end digital technology for providing better performance and efficiency with reduced pollution effects. These vehicles have multiple applications across various industries globally.
The report also describes key developments in the Golf Cart and Neighborhood Electric Vehicle (NEV) market. Porter Five Force analysis and financials are included in the report. The report also covers segment wise comparison matrix, market attractiveness analysis and market share analysis for all regions covered in the scope of study.
Comparison matrix includes segment growth matrix, 2015 - 2025 (%), segment value share contribution, 2015 - 2025 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments on the basis of CAGR and market share index.
Global Golf Cart and Neighborhood Electric Vehicle Market: Market Segmentation
The Golf Cart and Neighborhood Electric Vehicle (NEV) market has been segmented on the basis of engine, type and geography. Based on engine, the market has been divided Gas Powered Engine and Electric Powered Engine. On the basis of type, the global Golf Cart and Neighborhood Electric Vehicle (NEV) market has been divided into Neighborhood Electric Vehicle (NEV) and Golf Cart. Electric Powered Engine and Golf Cart are expected to hold a major share of the market in their respective segments.
Geographically, the report classifies the global Golf Cart and Neighborhood Electric Vehicle (NEV) market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of market revenue. Furthermore, region wise prominent countries covered in the report include the following - the U.S, Canada, Germany, France, the U.K., China, India, Japan, Gulf Cooperation Council (GCC), South Africa and Brazil.
Global Golf Cart and Neighborhood Electric Vehicle Market: Competitive Dynamics
The competition landscape section in the report includes competition matrix, market share analysis of major players in the global Golf Cart and Neighborhood Electric Vehicle (NEV) market based on their projected value share, and business profiling of major players. The competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings and R&D focus are attributed to a company’s capabilities. Factors including top line growth, market share, segment growth, infrastructure facilities and future outlook are attributed to company’s potential to grow. This section also identifies and includes various recent developments with respect to the leading players.
Major players in the Golf Cart and Neighborhood Electric Vehicle (NEV) market include Bradshaw Electric Vehicles, citEcar Electric Vehicles, Dongfeng Motor Group Co., Ltd., DY Corporation, E-Way Golf Cars and Garia A/S, Ingersoll-Rand plc. Other prominent market players include Polaris Industries Inc., Textron Inc. and Yamaha Motor Co., Ltd.
The global Golf Cart and Neighborhood Electric Vehicle (NEV) market is segmented as below: