The rising demand for electric vehicles for short distance and low speed commute is the primary factor driving the global golf cart and neighborhood electric vehicles (NEV) market, according to a report published by Transparency Market Research. The report, titled “Golf Cart and NEV Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, indicates that expanding at a 6.6% CAGR from 2014 to 2020, the global golf cart and NEV market is projected to grow from US$1.79 billion in 2013 to US$2.81 billion by 2020.
Global Golf Cart And NEV Market was valued at USD 1.79 billion in 2013, growing at a CAGR of 6.6% from 2014 to 2020. 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 in various industries globally.
The global golf cart and NEV market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). This market is primarily driven by growing awareness for pollution free vehicles worldwide. High degree of technological advancements in developed and developing countries such as the U.S., the U.K., France, Germany, China and Japan among others is also contributing to the growth of golf cart and NEV market globally.
Geographically, North America led the golf cart and NEV market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to advancement in technology and rejuvenation of the golf industry the U.S. and Canada. Moreover, increasing fuel prices globally and affinity towards environment friendly technology are further contributing to the growth of the golf cart and NEV market. Europe and Asia Pacific followed North America in the global golf cart and NEV market to collectively account for more than forty percent of the global market revenue share.
The golf cart and NEV market is segmented on the basis of engine types into gas powered and electric powered. On basis of type, the market is segmented into golf carts and NEVs. Among all, cleaner vehicular solutions with modern technological functionalities for regular short distance travel purposes are the primary objectives for the golf cart and NEV manufacturers.
The major companies functioning in the global golf cart and NEV market are Textron Inc., Yamaha Golf Car Co., Ingersoll Rand Corp., Dongfeng Electric Vehicle Co. Ltd., Dongyang Mechatronics Corp., Polaris Industries Inc., citEcar Electric Vehicle, Bradshaw Electric Vehicles, E-Way Golf Cars, and Garia A.S.
On a whole, the global golf cart and NEV market looks flourishing. However, the slowdown in the golf industry, triggered by the dearth of appropriate infrastructure, is likely to hamper the growth of this market significantly.
About Us :
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports