Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market By Product Type (Golf Carts, Neighborhood Electric Vehicles), By Application (Golf Courses, Residential Areas, Commercial Use, Others), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

The Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market size is expected to be worth around USD 10.8 Billion by 2033, from USD 4.5 Billion in 2023, growing at a CAGR of 9.1% during the forecast period from 2024 to 2033.

Golf carts and Neighborhood Electric Vehicles (NEVs) are compact electric vehicles primarily designed for short-distance travel. Golf carts are traditionally associated with transportation across golf courses, but their use has expanded into gated communities, resorts, and commercial facilities. They are typically limited to speeds of 15-25 mph and are valued for their cost-efficiency, low emissions, and minimal noise levels.

NEVs, while similar in form and function, are more robust and adhere to specific regulatory standards that enable them to operate on public roads (in designated low-speed areas) at speeds of up to 25-35 mph.

These vehicles often feature more advanced safety equipment compared to golf carts, making them suitable for small-scale urban or suburban travel and, increasingly, for applications in last-mile delivery services.

The Golf Cart and NEV market comprises the production, distribution, and sale of these vehicles and related accessories and services. This market has seen robust growth driven by increased urbanization, expanding infrastructure in gated communities and resorts, and a rising focus on eco-friendly transport solutions. Demand spans both private and commercial applications, including hospitality, tourism, industrial transport within facilities, and recreational use.

Given the advancements in battery technology and government incentives for sustainable mobility, the market for NEVs, in particular, has seen significant traction, increasingly viewed as a solution for last-mile delivery and short-distance urban commuting. The industry players range from specialized manufacturers of golf carts to automakers diversifying into NEVs to cater to the growing consumer and corporate demand for sustainable, low-speed transport.

Several factors are fueling growth in this market. Environmental regulations and an increasing focus on reducing greenhouse gas emissions are driving demand for electric, low-speed vehicles. Technological advancements in lithium-ion batteries are enhancing battery life and range, making these vehicles more viable and appealing for daily use.

Moreover, the expansion of gated communities, golf resorts, and hospitality infrastructure particularly in North America, Europe, and emerging markets in the Asia-Pacific region is amplifying demand.

Public incentives to support clean energy transportation solutions, especially in the urban and suburban areas of developed economies, are further spurring the adoption of NEVs. Additionally, rising fuel prices are increasing the attractiveness of electric alternatives, positioning the Golf Cart and NEV market for sustained growth.

The demand for Golf Carts and NEVs is being driven by both consumer and business sectors. In the consumer market, increasing adoption is observed in gated communities, lifestyle communities, and golf courses. Furthermore, there is a growing trend among environmentally conscious consumers and institutions to adopt NEVs for short-distance commuting and transport purposes.

The commercial sector is also a major demand driver, with businesses using NEVs for logistics within campuses, last-mile deliveries, and transportation in expansive industrial or commercial facilities. Companies and municipal entities are increasingly viewing NEVs as cost-effective, sustainable alternatives to traditional, fuel-based vehicles, particularly for intracity or short-range commuting.

There are significant opportunities within the Golf Cart and NEV market, notably in regions with active development in green transportation infrastructure. In urban planning, NEVs align well with smart city initiatives, offering safe, energy-efficient transport solutions that help reduce urban congestion.

Additionally, as battery technology continues to advance, NEVs may play a more prominent role in micro-mobility services, with potential expansions in urban commuting, corporate transportation, and delivery services.

According to Carandbike, the Golf Cart and Neighborhood Electric Vehicle (NEV) market is witnessing a significant upgrade in both functionality and luxury, led by innovations like Mansory’s latest electric golf cart. Developed in partnership with Garia, this road-legal vehicle boasts a range of up to 80 kilometers on a single charge, thanks to its robust 10.24-kilowatt-hour lithium-ion battery pack.

Designed for both on-course and street settings, it features selectable driving modes, a 10.1-inch touchscreen infotainment system, and a suite of amenities including a refrigerator and roof-mounted Bluetooth audio. With a top speed limit of 70 km/h in Europe and 40 km/h in the U.S., this vehicle aligns with growing consumer demand for versatile, high-performance NEVs in urban settings.

According to IMPROVE BATTERY, the Golf Cart and Neighborhood Electric Vehicle (NEV) market is positioned for growth as consumer interest in sustainable and convenient transport solutions rises. Notably, Textron’s Specialized Vehicles segment, encompassing brands like E-Z-GO and Cushman, reported nearly $1.7 billion in revenue for 2022.

While Textron does not break out revenue by individual brand, E-Z-GO production reached over 143,000 units from 2021 to early 2023, positioning it among the market leaders alongside Club Car. Similarly, Yamaha, producing around 44,000 units with revenue of approximately $350 million in 2022, underscores the competitive landscape. The market’s momentum reflects both high production volumes and substantial revenue generation from key players, signaling robust potential as battery technology advances.

According to Thevillageslaw, over 50,000 golf carts and low-speed vehicles (LSVs) operate in The Villages, with residents relying on them for nearly 80% of local trips. This significant adoption underscores the rising demand for golf carts and neighborhood electric vehicles (NEVs) as convenient, affordable mobility solutions, with conversion costs starting as low as $40.

According to MobilityForesights, electric golf carts dominated the market in 2022, accounting for over 85% of sales, driven by their ability to lower ownership costs by 30-40% compared to gas models. Amid rising fuel prices, this cost advantage has accelerated demand by 30%, though only 10% of new golf cart sales are intended for golf, highlighting strong growth in alternative use cases.

Key Takeaways

• The Global Golf Cart and NEV Market is set to grow from USD 4.5 billion in 2023 to approximately USD 10.8 billion by 2033, driven by a robust CAGR of 9.1%.
• Golf Carts lead with a 56% market share, primarily due to their widespread use in golf courses, resorts, and private estates.
• Golf Courses dominate the application segment, holding 40% market share, underpinned by steady demand for efficient transport within golf facilities.
• North America leads the global Golf Cart and NEV Market with a 40% share, bolstered by demand in both recreational and residential sectors and a robust eco-friendly transportation infrastructure.

By Product Analysis

Golf Carts Dominant Segment in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market with 56% Market Share

In 2023, Golf Carts held a dominant market position in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market, capturing more than 56% of the market share. This strong market presence is primarily attributed to their extensive adoption in golf courses, resorts, and private estates, where demand remains robust for compact, reliable transportation solutions.

The functionality and accessibility of golf carts also appeal to a wider customer base, extending beyond traditional recreational uses to utility-focused applications in commercial facilities, universities, and retirement communities.

The segment’s significant market share is driven by an expanding global interest in cost-effective, low-speed vehicles that meet both recreational and practical mobility needs.

Neighborhood Electric Vehicles (NEVs) represented approximately 44% of the Golf Cart and Neighborhood Electric Vehicle (NEV) Market in 2023, showcasing notable growth potential. NEVs are increasingly popular in residential and urban areas, where sustainable transportation is prioritized, and in commercial applications such as last-mile delivery, campus shuttling, and gated community transport.

Driven by the growing emphasis on eco-friendly solutions, NEVs are benefiting from technological advancements and government incentives promoting zero-emission transportation. With cities globally investing in sustainable mobility infrastructure, NEVs are set to capture a larger share of the market in the coming years as they become an integral part of urban and suburban transportation networks.

By Application Analysis

Golf Courses Dominant Segment by Application in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market with 40% Market Share

In 2023, Golf Courses held a dominant position in the application segment of the Golf Cart and Neighborhood Electric Vehicle (NEV) Market, capturing over 40% of the market share. This substantial share is driven by the enduring demand for efficient, low-speed transportation across golf courses globally, where ease of movement and accessibility are essential.

Golf carts are widely utilized for transporting players and equipment, with course operators increasingly adopting advanced electric models to enhance sustainability efforts and reduce operational costs. This steady demand from the golf industry solidifies its leading role within the overall market.

In 2023, Residential Areas accounted for approximately 28% of the Golf Cart and NEV Market by application, positioning it as a rapidly growing segment. The rise in gated communities, retirement villages, and suburban developments has spurred demand for NEVs as a safe, sustainable, and convenient mobility option.

The popularity of neighborhood electric vehicles in these areas reflects a broader trend towards eco-friendly, low-speed transportation for personal use within confined community spaces. This segment’s share is expected to grow as residential communities continue to prioritize sustainable, localized transport solutions.

The Commercial Use segment, including applications in hotels, resorts, and other leisure facilities, captured approximately 22% of the market share in 2023. This segment’s growth is fueled by demand for convenient and eco-friendly transportation solutions in high-traffic areas where customer experience is paramount.

Golf carts and NEVs are frequently used for guest transport, luggage handling, and facility tours, with businesses increasingly favoring electric models to align with green initiatives. As the global hospitality and tourism sectors expand, this segment is expected to witness steady growth.

In 2023, the Others category, which includes applications across campuses, parks, and similar settings, represented around 10% of the Golf Cart and NEV Market. Universities, corporate campuses, and public parks are leveraging NEVs and golf carts for efficient intra-facility movement and to enhance accessibility.

Although a smaller portion of the market, this segment is anticipated to grow as public spaces and educational institutions increasingly seek out eco-friendly, low-impact transport solutions to enhance operational efficiency and visitor experience.

Key Market Segments

By Product Type

• Golf Carts
• Neighborhood Electric Vehicles (NEVs)

By Application

• Golf Courses
• Residential Areas
• Commercial Use (hotels, resorts, etc.)
• Others (e.g., campuses, parks)

Driver

Increasing Demand for Eco-Friendly and Efficient Transportation Solutions

The global market for Golf Carts and Neighborhood Electric Vehicles (NEVs) is experiencing strong growth, driven by a growing emphasis on eco-friendly transportation solutions. As governments and consumers alike prioritize sustainability, there is a heightened focus on reducing carbon emissions and promoting green technologies.

NEVs and golf carts offer an effective solution, especially for short-distance travel within gated communities, resorts, urban centers, and campus environments, where larger, fuel-dependent vehicles may be less efficient.

Many municipalities are actively promoting the use of NEVs by enacting regulations that support low-speed vehicles on public roads, particularly in areas where traffic volume and speed limits are conducive to safer, eco-friendly transit. This regulatory support not only accelerates market adoption but also signals a strong future for NEVs as a core part of urban and suburban mobility solutions.

The demand for sustainable transportation is also being driven by the cost efficiency and operational advantages these vehicles provide. NEVs and golf carts generally require less maintenance and lower operational costs than traditional gasoline-powered vehicles, which aligns with both private and institutional goals to minimize long-term expenses.

For example, resorts, amusement parks, and large campuses have increasingly adopted electric carts for internal transit due to their quiet operation, reliability, and low running costs, enhancing the overall user experience.

The convergence of environmental concern with cost-effectiveness thus makes NEVs and golf carts an attractive option for a range of industries. As the trend toward low-emission vehicles continues to grow, it will likely further expand the global market for golf carts and NEVs, contributing substantially to market demand and encouraging innovation in this space.

Restraint

Limited Range and Speed Constraints Hindering Broader Adoption

One significant restraint in the Golf Cart and NEV market is the inherent limitation in range and speed, which impacts their functionality and broader adoption. While NEVs and golf carts serve as convenient transportation options for short trips, their utility in high-speed, long-distance travel is limited, making them less versatile compared to traditional automobiles.

NEVs are typically restricted to a maximum speed of 25 miles per hour (mph), and most models have a range of 30-60 miles per charge, which limits their use to specific applications such as enclosed communities, recreational sites, or controlled urban zones with limited travel needs.

This limitation prevents them from being viable alternatives for general city commuting or intercity travel, where higher speeds and longer ranges are necessary. Consequently, despite growing interest, these factors restrict the market’s reach to specific niches, slowing the rate of broader adoption across various regions.

Additionally, range anxiety remains a concern for consumers and institutions evaluating NEVs for their fleets. Unlike traditional vehicles that can quickly refuel, electric vehicles, including NEVs and golf carts, require substantial downtime for recharging.

This is particularly challenging for high-use applications, such as large campuses or urban fleets, where vehicles need to be in operation for extended periods without long breaks.

The dependency on charging infrastructure further limits the deployment of NEVs to areas where such facilities are available, which is often limited in rural or underdeveloped urban zones. While battery technology continues to improve, current limitations in range, speed, and recharge time are factors that stakeholders in the market must navigate, as they influence both purchasing decisions and market growth potential.

Opportunity

Growth Potential in Emerging Markets with Urbanization Trends

The accelerating pace of urbanization in emerging markets presents a significant growth opportunity for the Golf Cart and NEV market. Rapid urbanization, particularly in parts of Asia, Latin America, and Africa, has led to rising population densities in urban and peri-urban areas, creating a need for efficient, low-cost, and low-speed transportation options.

NEVs and golf carts offer a practical solution in densely populated urban centers where traditional vehicles are often inefficient due to heavy traffic congestion.

In such areas, governments and city planners are increasingly considering low-speed electric vehicles to manage traffic flows, reduce air pollution, and provide accessible transportation in limited-space environments. The combination of infrastructure investment and urban mobility needs thus creates an advantageous environment for market growth in these regions.

Furthermore, emerging economies are progressively recognizing the value of green transportation alternatives as part of their sustainable development goals, leading to favorable regulatory conditions and incentives.

Many governments are offering subsidies, tax reductions, or infrastructure support for electric vehicle initiatives, including NEVs, to encourage their adoption in urban centers.

This shift not only enhances the market’s growth trajectory but also introduces potential for market players to expand their presence and introduce customized solutions that align with regional needs. As urban centers in these regions continue to grow, so too will the demand for efficient and sustainable transportation solutions, positioning the NEV and golf cart market to capture a substantial share in the overall electric vehicle market.

Trends

Technological Advancements Driving Enhanced Vehicle Performance

Technological innovation in battery systems, vehicle design, and digital connectivity is transforming the Golf Cart and NEV market, making these vehicles more appealing and adaptable to a range of applications. The adoption of lithium-ion and other advanced battery technologies, for instance, has significantly improved the range, charging time, and lifecycle of NEVs and golf carts.

These improvements are critical for end-users who rely on electric vehicles for consistent, daily operations, such as resorts, retirement communities, and corporate campuses. As battery technology advances, NEVs are becoming more reliable and efficient, directly addressing the traditional limitations associated with electric vehicles and enabling longer operational times with shorter recharging periods.

In parallel, NEVs and golf carts are increasingly incorporating smart technology, enhancing both user experience and operational efficiency. Integration with Internet of Things (IoT) platforms allows for remote monitoring, predictive maintenance, and improved fleet management, which is highly valuable for operators managing multiple vehicles.

Additionally, advancements in design and materials are making these vehicles more durable and adaptable to various terrains and weather conditions, extending their usability beyond traditional environments.

These technological trends not only improve vehicle functionality but also expand the potential applications of NEVs and golf carts, positioning them as competitive, future-ready transportation options within the global mobility landscape.

As a result, innovation is a powerful force in shaping the growth and diversification of the NEV and golf cart market, attracting new customer segments and meeting the evolving expectations of end-users.

Regional Analysis

North America Leads the Golf Cart and NEV Market with Largest Market Share 40%.

North America dominated the global Golf Cart and Neighborhood Electric Vehicle (NEV) market in 2023, capturing a 40% share, equating to approximately USD 1.8 billion in market value. This substantial lead is driven by high demand in both recreational and residential applications, alongside the growth of eco-friendly transport solutions in urban and suburban areas.

The region’s well-developed infrastructure and strong consumer base, especially in the U.S., fuel consistent demand for golf carts and NEVs across commercial and private segments. Additionally, rising environmental regulations and incentives encourage adoption, while robust innovation from market leaders in the region strengthens product quality and enhances market growth.

Europe’s Golf Cart and NEV market is experiencing significant growth, supported by expanding urban mobility solutions and increased leisure spending. European regulations that favor green transportation are driving NEV adoption, particularly in countries like Germany, France, and the UK, which are integrating NEVs for low-emission urban transport.

Asia Pacific is emerging as a vital growth region for the Golf Cart and NEV market, driven by expanding tourism, investments in infrastructure, and increasing interest in eco-friendly vehicles across China, Japan, and South Korea. China, in particular, benefits from a large domestic market and supportive government policies favoring electric vehicles, spurring robust NEV demand.

Rising urbanization and golf’s growing popularity in key markets are set to strengthen Asia Pacific’s position in the coming years. While the Middle East & Africa region represents a smaller share of the global market, increased investments in luxury tourism and leisure developments, particularly in the UAE and Saudi Arabia, provide growth opportunities for high-end golf carts and NEVs.

NEV adoption is also supported by government-driven green initiatives in select urban areas. This niche but steadily growing market is expected to benefit from future tourism projects and eco-conscious policies.

Latin America’s market for golf carts and NEVs is primarily driven by rising investments in the hospitality and leisure industries, particularly in countries like Mexico and Brazil. The market is small but growing, with increasing interest in NEVs for low-emission urban mobility solutions. Initiatives toward sustainable tourism in Latin America could further drive NEV adoption in the coming years, as eco-friendly mobility gains regional importance.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • United Arab Emirates

Key Players Analysis

The global Golf Cart and Neighborhood Electric Vehicle (NEV) market is shaped by a blend of established players and emerging innovators, each contributing to the sector’s growth through strategic advancements in electric vehicle technology, customer-centric designs, and expanding applications across recreational, residential, and commercial use cases.

Club Car, a subsidiary of Ingersoll Rand, leverages its longstanding reputation and comprehensive product range to maintain a competitive edge in both golf and utility vehicle segments. Its focus on reliability and continuous innovation, particularly in battery technology and connectivity, ensures it remains a favored choice for golf courses and private buyers.

Yamaha Golf-Car Company stands out with a robust distribution network and high-quality, fuel-efficient vehicles. With significant investment in electric drivetrains, Yamaha is well-positioned to capitalize on the NEV demand surge, especially as regulations around emissions tighten.

E-Z-GO, under Textron Inc., distinguishes itself by offering diverse models that cater to varying customer needs, from basic golf carts to advanced NEVs designed for larger transport and utility needs. Polaris Industries has extended its influence through advancements in off-road and utility vehicle technology, aligning with market demands for durable, versatile NEVs that appeal to both recreational and industrial users.

Garia, known for its luxury design, occupies a unique niche by targeting high-end buyers, blending premium aesthetics with functional utility. Meanwhile, companies like American Custom Golf Cars and STAR EV focus on customization and high-performance electric systems, appealing to both commercial and personal-use buyers.

Bradshaw Electric Vehicles and other key players emphasize utility in industrial and warehousing applications, recognizing the growing need for eco-friendly alternatives in these sectors. Together, these players drive the industry forward by addressing diverse customer demands while innovating around sustainability and performance.

Top Key Players in the Market

• Club Car (Ingersoll Rand)
• Yamaha Golf-Car Company
• E-Z-GO (Textron Inc.)
• Polaris Industries
• Garia
• American Custom Golf Cars
• STAR EV
• Bradshaw Electric Vehicles
• Other Key Players

Recent Developments

• In 2024, SC Carts has forged an exclusive partnership with Vernon Golf and Country Club, allowing its luxury electric carts direct course access. This deal enables Vernon golfers to drive from home to course seamlessly, supported by SC Carts’ Transport Canada-approved, street-legal low-speed vehicles (LSVs).
• On January 4, 2024, WiTricity introduced its wireless charging solution for electric golf cars and NEVs at CES in Las Vegas. WiTricity’s booth showcased a South Korean OEM’s vehicle and a Ford Mach-E equipped with the Halo™ Wireless Receiver, spotlighting its advanced wireless technology for EVs.
• In March 2023, Club Car launched the Club Car CRU, a street-legal NEV aimed at redefining low-speed vehicles for personal use. Designed for sustainable, short-distance travel, CRU expands Club Car’s electric portfolio with a consumer-friendly, zero-emission solution.
• In June 2023, E-Z-GO® unveiled the Liberty LSV, a luxury, street-legal vehicle meeting NHTSA standards for speeds up to 25 mph. With four forward-facing seats, a backup camera, and infotainment options, the Liberty LSV combines street-ready safety with ease on golf paths and local roads.

Report Scope