The global golf cart and NEV market is expected to witness steady growth during the forecast period. This is primarily due to the rising demand for electric vehicles worldwide. The increasing shift of consumers from gas-powered golf carts to electric-powered golf carts is stimulating the growth in demand for the overall golf cart market. In addition, government regulations around the world regarding environmental protection and use of clean energy are influencing the demand for electric-powered golf carts and NEVs globally.
Electric vehicles operate exclusively on electricity and do not require any other form of fuel for functioning. The growing adoption of electric vehicles by consumers around the world is in turn, influencing the increasing demand for electric-powered golf and neighborhood electric vehicles globally. The electric vehicles are propelled by one or multiple electric motors that are powered by rechargeable batteries. The demand for electric vehicles is growing worldwide due to its energy efficient and environment friendly characteristics.
Generally, the electric vehicles are used for traveling short distances at a low speed limit. The range and speed depends on the number of batteries used in the vehicle. The electric vehicles demonstrate smoother performance and require lesser maintenance as compared to the conventional internal combustion engines (ICE) run by fuel. During the last few years, the market for electric vehicles has observed a surge, especially in North America and Europe due to the high disposable income of the population in those regions. Some countries in Asia Pacific such as Japan, China, Singapore, Indonesia, and Australia are also contributing to the growth of the global electric golf cart and NEV market. The major applications of these vehicles are found in golf courses, eco-friendly residential and commercial campuses, small distance travels, security patrols, hotels, and parks among others. Primarily, two types of electric vehicles such as battery based electric vehicles (BEVs) and plug-in based electric vehicles (PEVs) are likely to witness an upswing in demand in the global market. This is the most important growth driver for the global golf cart and NEV market.
Gas-powered vehicles are less expensive as compared to the electric vehicles but they have a high maintenance cost and are not eco-friendly. The consistent hike in fuel prices across the world is influencing the demand for electric vehicles globally. Technological advancements have made zero emission electric vehicles available to the customers. Due to these factors, there is a shift in preference from gas-powered vehicles to electric vehicles among customers for economical and pollution free rides. In order to preserve the beauty and serenity of golf courses, the modern golf clubs are shifting to electric golf carts. Gas-powered vehicles pollute the green tranquil environment of golf courses and create disturbance for the golfers. Moreover, the golfers do not require high-speed vehicles. A speed of 10 to 15 mph is optimal for hovering around in the golf grounds while playing, and golfers prefer to operate the electric golf carts. Additionally, the electric golf carts can be easily customized as per the customer’s requirements. This drives the market for golf carts currently, and the impact of this driver is expected to increase further during the forecast period.
The global golf cart market, by engine type, is segmented into gas-powered and electric-powered. With the increasing number of golfers globally, demand for golf carts has grown steadily for the period from 2014 to 2020. Although the growth of this market has been slow in regions such as North America and Europe, Asia Pacific is expected to witness substantial growth in the near future. Various programs undertaken to encourage the participation of young players are also driving growth in this market. Increasing environmental awareness among golfers is motivating them to opt for electric-powered golf carts over gas-powered golf carts.
Based on type, the market is segmented into golf cart and NEV. Increase in the number of golfers is primarily driving the demand for golf carts globally. Rising demand for electric-powered golf carts is also driving growth of the overall market. The NEV market is expected to grow in the near future as consumers across the world are seeking to lower fuel expenditure. Growing government initiatives, rising environmental concerns and increased availability of electric vehicles at affordable prices are some prominent factors supporting market growth.
Golf carts are analyzed to be the fastest growing segment and NEVs and are expected to attain a significant growth in the recent future.
Golf carts and NEVs are the low speed vehicles which are used for short distant commuting in the golf courses and vicinities. The major applications of these vehicles are in golf courses, hotels, parks, residential and commercial premises, institutions, tourist destinations and airports among others. These vehicles run on gas powered engines as well as electric powered engines. The electric powered vehicles have more demand globally over the gas powered vehicles as the electric golf carts and NEVs are technologically advanced and can be better customized with respect to the gas powered golf carts and neighborhood vehicles.
The global golf cart and NEV market is expected to witness substantial growth during the forecast period. The increase in demand for electric vehicles due to their eco-friendly features is stimulating the demand for golf carts and NEVs globally. Need for environment friendly vehicles are growing in every region among the common masses. Various governments globally are adopting stringent regulatory guidelines for controlling vehicular pollution. In addition, the rising fuel prices across the world and the growing affinity towards technologically advanced vehicles are also influencing the growth of this market. High disposable income in countries such as the U.S., Canada, the U.K., France, Italy, Germany and Japan is influencing the growth of golf cart and NEV market positively.
The developing economies like India, China, Brazil, Indonesia and others are expected to generate further demand for golf cart and NEV market in the coming years. With technological advancement in the electric golf cart industry, new products are being developed by the manufacturers with better efficiencies, functionalities, customizations and reduced pollution effects. The golf carts and NEVs have demand in most of the industries such as real estate, hotels, golf courses and others. There are some challenges which the industry encounters and few of those have high impacts at present such as lack of optimal infrastructure. However, it is expected that the impact of these factors is expected to become low during the forecast period.
In this report, the market has been segmented based on product type, engine type and geography. It also includes drivers, restraints and opportunities (DROs), Porter’s five forces analysis and value chain of the golf cart and NEV market. The study highlights current market trends and provides the forecast from 2014 to 2020. The report covers the current market scenario for golf cart and NEVs and highlights future trends that could influence the demand for the same. The global golf cart and NEV market is expected to observe a steady growth rate from 2014-20120.
By geography, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Based on the product types, the market has been categorized into golf carts and NEVs. The market size and forecast from 2014 to 2020 have been provided in the report.
The report also analyzes macroeconomic factors influencing and inhibiting the growth of the golf cart and NEV market. Porter’s five forces analysis offers insight into the market competition throughout its value chain. The market attractiveness analysis provided in the report highlights key investing areas in this industry. The report will help manufacturers, suppliers and distributors understand the present and future trends in this market and formulate their strategies accordingly.
This study includes the profiles of key players in the market and the strategies adopted by them to sustain in the competition. Recent developments and barriers of the market are expected to help emerging players to design their strategies in an effective manner. The study is expected to help the electric vehicle manufacturers to formulate and develop new strategies. The key participants in this market are Textron Inc., Ingersoll Rand Corp., Yamaha Golf Car Company, Dongfeng Electric Vehicles Co., Ltd, Dongyang Mechatronics Corp. and Bradshaw Electric Vehicles.
Global Golf cart and NEV Market: By Types, 2014 - 2020
- Golf Carts
- Neighborhood Electric Vehicles (NEV)
Global Golf cart and NEV Market: By Engines, 2014 - 2020
- Gas powered engines
- Electric powered engines
Global Golf cart and NEV Market: By Geography, 2014 - 2020
- North America
- Asia Pacific
- Rest of the world (RoW)