Interest in vehicles
powered by energy sources other than gasoline and diesel has spiraled
to a point where nearly every major auto manufacturer is investing in
electric vehicles and neighborhood electric vehicles (NEVs). With
conventional fuel costs showing no signs of becoming cheaper, the
demand for EVs has seen a simultaneous rise. Many governments have
duly encouraged the adoption of golf carts (on commercial and
residential sites), EVs, NEVs, and hybrid vehicles by providing
subsidies to consumers.
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Research Report of Golf Cart and NEV Market :
Among the two, the
golf carts market is expected to grow faster than the NEVs market.
The findings of recent market studies show that the collective global
golf cart and NEV market approximated US$1.79 billion in 2013 and
will expand to US$2.81 billion by 2020, posting a CAGR of 6.6%
between 2014 and 2020.
Demand for
Electric Golf Carts and NEVs Outstrips that of Gas-powered Ones
Golf carts and NEVs
fall under the category of low-speed vehicles and are meant for use
within the vicinity of commercial and residential properties such as
golf courses, hotels, airports, convention centers, shopping
complexes, hospitals, parks, and other tourist destinations. The
market currently carries golf carts and NEVs that run on
electricity-powered engines as well as gas-powered ones. The demand
for the former is higher than the latter because they are considered
more environment friendly and low on harmful emissions. Electric golf
carts and NEVs carry sophisticated technology and high-tech gadgets
that users can customize as required. Conventionally, golf carts
either feature an electric engine or a gas-driven engine, whereas
NEVs mostly run on electricity.
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Over the next few
years, gas-powered golf carts and NEVs are expected to be relegated
to a marginal segment within the global golf cart and NEV market.
This trend is already evident in developed nations such as the U.S.,
U.K., Canada, France, Germany, and Japan.
Golf Cart and
NEV Market is Concentrated in North America
The demand for golf
carts and NEVs was the highest in North America in 2014, and the
region will hold its position over the next few years. A resurgence
of interest in golf in both U.S. and Canada has consequently upped
the demand for golf carts and NEVs. Consumers are now more open
toward accepting new vehicular technology, especially if it comes
with the ‘emission-free’ or ‘eco-friendly’ tag – an
attribute that NEVs and golf carts carry.
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Release of Golf Cart and NEV Market :
While the game of
golf is becoming popular in the U.S. and Canada again, the same
cannot be said about other regions. In many countries, the golf
industry is reporting a slowdown. A report by the BBC in 2011 had
said that about 55 million play golf globally, and the game has
created several related jobs. But situation remains gloomy in mature
markets such as the U.K. France, Sweden and Japan. This could
restrain the golf cart market. As for the NEV market too, the lack of
well-developed infrastructure that’s suited for the use of NEVs is
lacking in several emerging countries.
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Europe and Asia
Pacific are the two other significant regions where the golf cart and
NEVs market holds much potential; these two regions will constitute
nearly 40% of the revenue share globally.
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