Global Golf Cart & Neighborhood Electric Vehicle (NEV) Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

“Global Golf Cart & Neighborhood Electric Vehicle (NEV) Market” is the title of an upcoming report offered by Market.US. This report on the golf cart & neighborhood electric vehicle industry contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. It also covers threats or challenges for existing as well as new entrants in the market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. The global golf cart & neighborhood electric vehicle market has been segmented on the basis of vehicle type, engine type, as well as regions and countries.

The Golf Cart & Neighborhood Electric Vehicle (NEV) Market was valued at UЅD $5,519.5 Мn in 2020, and is projected to register а САGR of 13.6% over the next 10 years.

Overview:

Request Covid - 19 Impact

A neighborhood electric vehicle is the American designation for battery-run electric vehicles, that are usually built to have a top speed of 25 miles per hour, and to have a maximum load capacity of 3,000 pounds. Whereas, a golf cart is a small motorized vehicle, essentially meant to transport golfers and their equipment across the green.

Dynamics:

The growing demand for electric vehicles on account of their energy-efficiency and eco-friendly characteristics when compared to fossil fuel-powered vehicles is a primary factor that is slated to have a significant impact on the revenue growth of the global golf cart & neighborhood electric vehicle market over the next 10 years. Moreover, the increasing implementation or enforcement of regulations by governing bodies concerning the release of harmful carbon emissions is another primary factor that is anticipated to have a profound influence of the future market growth of this global industry.

In light of the recent COVID-19 outbreak, the operations of key industry players in the golf cart & neighborhood electric vehicle market have either been temporarily halted, or are functioning with a minimal workforce. This is expected to have a negative impact on this global industry. Additionally, the high purchase and maintenance costs associated with electric vehicles is another factor that is slated to impact this global market in an adverse manner.

Nonetheless, the gradual reduction in the costs of batteries and fuel cells, the increasing disposable incomes of individuals across the world, as well as the growing adoption and popularity of electric ride-hailing services are factors that are expected to positively influence the revenue growth of this global market over the forecast period.

Segmentation of the global golf cart & neighborhood electric vehicle market is as follows:

On the basis of vehicle type, the neighborhood electric vehicle segment accounted for the maximum number of revenue shares (71.8%) of the global golf cart & neighborhood electric vehicle market in 2020, and is anticipated to index the highest CAGR over the forecast period. The golf cart segment also accounted for a considerable number of revenue shares of this global market in 2020, and is slated to continue to do so over the next 10 years.

In terms of engine type, the electric-powered engine segment accounted for the majority revenue shares of the global golf cart & neighborhood electric vehicle market in 2020, and is projected to register the highest CAGR, with an attractiveness index of 8.4, over the forecast period. The gas-powered engine segment accounted for the second-highest number of revenue shares of the global golf cart & neighborhood electric vehicle market in 2020, and is expected to continue to do so for the years to come.

Regional Segmentation and Analysis:

Markets in the Asia Pacific region accounted for the majority number of revenue shares (49.3%) of the global golf cart & neighborhood electric vehicle market in 2020, and is anticipated to remain this market’s front-runner for the remainder of the forecast period. The markets in North America and Europe accounted for the second and third-highest number of revenue shares respectively in 2020, and is indicative of continuing to do so over the next decade.

Segmentation of the Global Golf Cart & Neighborhood Electric Vehicle Market:

Segmentation by Vehicle Type:

• Golf Cart
• Neighborhood Electric Vehicle (NEV)

Segmentation by Engine Type:

• Gas Powered Engine
• Electric Powered Engine

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key players profiled in the market report are:

• Ingersoll-Rand PLC
• Hitachi Ltd.
• Textron Inc.
• Polaris Inc.
• Yamaha Motor Co. Ltd.
• Dongfeng Motor Corporation
• Bintelli Electric Vehicles
• Garia A/S
• ZhongShan ETEC Electric Vehicle Co. Ltd.
• ELLWEE

For the Golf Cart & Neighborhood Electric Vehicle Market research study, the following years have been considered to estimate the market size: