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.
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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.
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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.
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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.
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.
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.
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