According to the report, the global golf cart and neighborhood electric vehicle (NEV) market was valued over US$ 3.8 Bn in 2020, expanding at a CAGR of 10.8% during the forecast period. The golf cart and neighborhood electric vehicles widely used on the golf courses and short distance travels. They are either electrically powered or fuel powered, compact in size and requires less maintenance cost.
Therising demand for compact size vehicles for travel in the hotels, parks, and for other short distances is expected to enhance the growth of the golf cart and NEV market. As these vehicles has all the safety and comfort features which increases its adoption in hotels and other recreational activities. Moreover, the golf carts or neighborhood electric vehicles are also used for security patrolling and in the small campuses which also propel the market growth.
The COVID-19 pandemic outburst has hampered the manufacturing processes of the electric vehicles, which restrains the market growth. All the designing processes for development of electric vehicles has also stopped, which further hampers the growth of electric golf cart. Moreover, the disruption of the distribution channels and supply chains has made raw material shortage. However, all the global restrictions has been relieved that has reinitiated the designing and manufacturing process, which will drive the growth of golf cart and neighborhood electric vehicle (NEV) market.
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Expansion of Golf Cart and Neighborhood Electric Vehicle (NEV) Market
Increasing government incentives and benefits for the adoption of electric vehicles for consumers and manufacturers across the developed and developing economies help to boost the demand for electric golf cart and NEVs. In addition, rising advanced features in the golf courses and tourism industry is also enhancing the demand for the golf carts and NEVs. Moreover, upper class consumers who prefers comfort in their recreational and sporting activities, opt for compact and easy to handle golf carts and neighborhood electric vehicles that also drives the market growth.
Based on propulsion, the electric powered vehicle segment held a prominent share of the golf cart and neighborhood electric vehicle (NEV) market, in terms of revenue, during the forecast period. The electric golf carts are emission free vehicles, which requires less maintenance cost and needs less components in the vehicles, which further increases its demand among the consumers. The rising emission laws by the governments propels the growth of the electric powered vehicles.
In terms of type, the golf cart segment held a prominent share of the golf cart and neighborhood electric vehicle (NEV) market, in terms of revenue, in 2020. There is rising adoption of golf carts as compared to NEV due to increasing golf courses across the world. Moreover, increasing spending capacity of consumers is also enhancing the adoption rate of the electric golf carts.
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Regional Analysis of Golf Cart and Neighborhood Electric Vehicle (NEV) Market
In terms of region, the global golf cart and neighborhood electric vehicle (NEV) market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
North America dominated the global golf cart and neighborhood electric vehicle (NEV) market in 2020, as this region has highest number of golf cart and NEV manufacturers, and the region also shows large number of golf players. Moreover, the adoption of rate of electric vehicles in the U.S. and Canada is fastest when compared with other regions due to awareness of using pollution free power for the vehicles, which contributes in the growth of electric golf cart market. Moreover, Europe also witnessed significant growth in the golf cart and NEV market due to high adoption of electric vehicles and rising golf courses in the region.
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Golf Cart and Neighborhood Electric Vehicle (NEV) Market Players
Prominent players operating in the global golf cart and neighborhood electric vehicle (NEV) market include 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., Polaris Industries Inc., Yamaha Motor Co. Ltd., Garia A/S, Club Car, LLC, Star Electric Cars (JH Global Services, Inc.), etc.
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