Due to the dominance of established players in the global golf cart and neighborhood electric vehicle market (NEV), the degree of competitive rivalry is significantly high, reports Transparency Market Research in a study. In order to gain a wider consumer base, companies are investing in research and development projects to enhance their product quality and performance. The leading companies are also focusing on marketing strategies to attract more consumers. The top four companies operating in the global golf cart and NEV market, Yamaha Golf Cart Company, Textron, Inc., Ingersoll Rand Corp., and Polaris Industries, held a share of 70% in 2013.
The global golf cart and NEV market is projected to rise at a 6.6% CAGR from 2014 to 2020. In 2015, the market was valued at US$2.04 bn and is anticipated to touch a valuation of US$2.81 bn. By type, the golf cart segment is estimated to lead the global golf cart and NEV market with a market worth US$2.11 bn by 2020. As golf carts are sold by numerous manufacturers, authorized dealers, and other retail businesses, their circulation is comparatively more than of neighborhood electric vehicles (NEV).
North America is projected to emerge as the key region in terms of consumption of golf carts and NEVs with an overall share of 57.01% in 2020. Although, the growth rate of the golf cart and NEV market in the region is comparatively slow as a result of the recent economic slowdown and high closure rate of golf courses. However, North America is anticipated to provide lucrative growth opportunities to manufacturers of NEVs in the coming years.
Burgeoning Demand for Electric Vehicles Globally to Augment Growth of Golf Cart and NEV Industry
“Owing to the environmental regulations imposed by governments across the world, the demand for efficient electric vehicles has significantly increased.” says a TMR analyst. As electric vehicles are fuel-free, they are being considered as potential vehicles for future. As a result of the rising consumption of electric vehicles, the demand for golf cart and neighborhood electric vehicle is expected to boost in the coming years. Electric vehicles are energy environment friendly and energy efficient and can cover small distances at low speed. Electric vehicles also provide smooth performance and need less maintenance in comparison to traditional internal combustion engine vehicles.
The demand for golf cart and NEV is high in applications such as golf courses, small campuses and eco-friendly domestic areas, security patrols, travelling over short distances, parks, and hotels. Moreover, the shift of consumers from gas driven golf carts to electric powered golf carts is likely to emerge as a major trend in the golf cart and NEV market.
Downturn in Golf Industry to Inhibit Sales of Golf Carts and NEVs
Although, golf carts and NEVs are economical in operation, their initial cost has refrained many consumers from purchasing it. Golf carts and NEVs are also technically very complex and require delicate handling. Moreover, due to the recent economic depression in regions such as North America which is the leading region in terms of consumption of golf cart and NEV, the sales of golf carts and NEVs have significantly decreased. The lack of infrastructure regarding recharge and plug in facilities of golf carts and NEVs is anticipated to impede the growth of the global golf cart and NEV market.
New Technological Advancements in Golf Cart and NEVs to Present Manufacturers with Future Growth Opportunities
Various companies across the world are taking initiatives to develop versatile golf carts and NEVs with better battery backup. Manufacturers are also aiming at creating more efficient and less expensive electrical vehicles. Electric golf carts with advanced customization features are expected to achieve a prominent share in the global electrical vehicle market. For increasing customer satisfaction, leading companies are investing immensely in research and development projects in order to modernize the existing golf cart models. To enable product customers to differentiate products, companies are also focusing on introducing more innovative and advanced products.
The review is based on the findings of a TMR report titled, “Golf Cart and NEV Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
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)
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