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.
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Research Report of Golf Cart and NEV Market :
The golf cart and
NEV market is also driven by government initiatives to curb alarming
pollution levels and encourage citizens to opt for electric vehicles
for regular usage. High-tech equipment adaption in the low speed
vehicle segment and rising disposable incomes in developing and
developed countries have also greatly influenced the golf cart and
NEV market. However, lack of proper infrastructure to support golf
cart and NEVs and the slump in the golf industry are key challenges
that the market needs to overcome.
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Report :
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By engine type, the
golf cart and NEV market is segmented into electric powered engines
and gas powered engines. Electric powered golf carts and NEVs
accounted for more than 50% of the total market in 2013. In
developing countries such as those in Asia Pacific, the escalating
prices of fuel have driven customers to shift to electric powered
vehicles. Customization and gadget accessibility are expected to
boost the demand for electric powered golf carts and NEVs over the
next five years. Owing to the less environment-friendly nature of gas
powered golf carts and NEVs, the market share of this segment has
dropped considerably in recent times, especially in developed
countries such as Canada, the U.S., France, Germany, and Japan.
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Release of Golf Cart and NEV Market :
On the basis of
geography, the global golf cart and NEV market is divided into North
America, Europe, Asia Pacific, and Rest of the World. North America
dominates the worldwide market and industry experts believe that this
region is likely to retain its lead through 2020. The North American
golf cart and NEV market is fueled by the rejuvenation of the golf
industry, surging fuel prices, and rising consumer awareness and
affinity towards novel, environment-friendly technologies. Asia
Pacific and Europe are the second largest markets for golf carts and
NEVs and together they hold 40% of the global revenue.
The key players
operating in the global golf cart and NEV market include Bradshaw
Electric Vehicles, E-Way Golf Cars, Textron Inc., Ingersoll Rand
Corp., Polaris Industries Inc., Dongyang Mechatronics Corp., citEcar
Electric Vehicle, Yamaha Golf Car Company, Dongfeng Electric Vehicle
Co Ltd, and Garia A.S. These companies are profiled in the golf cart
and NEV market on the basis of attributes such as company and
financial overview, business strategy, and recent developments.
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Global Golf cart
and NEV Market: By Types
- Golf Carts
- Neighborhood Electric Vehicles (NEV)
Global Golf cart
and NEV Market: By Engines
- Gas powered engines
- Electric powered engines
Global Golf cart
and NEV Market: By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world (RoW)
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techniques to develop distinctive data sets and research material for
business reports.
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