According to a
recent market research report published by Transparency Market
Research, the global golf cart and NEV market is estimated to
expand at a CAGR of 6.6% during the period between 2014 and 2020. The
report, titled “Golf
Cart and NEV Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast, 2014 - 2020,” projects the
global golf cart and NEV market to be worth US$2.81 bn by 2020. The
market stood at a valuation of US$1.79 bn in 2013.
Golf carts and NEVs
are used to commute over short distances across golf courses and
nearby premises. These vehicles are also used in parks, hotels,
tourist destinations, residential and commercial premises, airports,
institutions, and others. These vehicles have either gas powered or
electric powered engines. Electric powered engines are witnessing
higher demand due to growing concerns about environmental pollution.
The report states
that the growing demand for electric vehicles worldwide and the
rising preference for electric golf carts over gas powered golf carts
have boosted the growth of the global golf cart and NEV market.
Stringent environmental regulations have also played a pivotal part
in shaping the positive outlook of the market in the coming years.
However, the lack of proper infrastructure to support the golf
industry will lead to a decline in the demand for golf carts. The
market has a huge opportunity to grow with technological advancements
and the rejuvenation of the golf industry across North America.
On the basis of
engine type, the report segments the global golf cart and NEV market
into gas powered engines and electric powered engines. In 2013,
electric powered engines held over 50% of the overall market. The
growing demand for electric powered vehicles has been propelled by
the surging prices of fuel, especially across developing countries in
Asia Pacific. During the forecast period, gadget accessibility and
customization are expected to boost the demand for electric powered
engines. Gas powered engines have witnessed a significant decline in
demand across countries such as Germany, France, the U.S., Japan, and
Canada.
The report studies
the global golf cart and NEV market across four key regions: Asia
Pacific, North America, Europe, and Rest of the World. North America
is the leading region in the market and is expected to continue its
dominance throughout the forecast horizon. The rapid growth of the
market in this region can be attributed to a rise in fuel prices,
growing consumer awareness about environment-friendly and novel
technologies, and the rejuvenation of the golf industry. In terms of
revenue, Asia Pacific and Europe account for 40% of the market.
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Describing the
competitive hierarchy, the report profiles some of the key players
operating in the global golf cart and NEV market such as E-Way Golf
Cars, Bradshaw Electric Vehicles, Textron Inc., Polaris Industries
Inc., Ingersoll Rand Corp., Dongyang Mechatronics Corp., Yamaha Golf
Car Company, Dongfeng Electric Vehicle Co Ltd, citEcar Electric
Vehicle, and Garia A.S. The report profiles the market players on the
basis of attributes such as business strategy, company and business
overview, and recent developments.
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