Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Are the Key Forecast Insights for the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Growth?
The global golf cart and neighborhood electric vehicle (NEV) market has previously witnessed robust growth. The market which was valued at $4.69 billion in 2024 is expected to expand to $5.07 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%.
What Is the Predicted Industry Size and CAGR of the Golf Cart and Neighborhood Electric Vehicle (NEV) Market in 2029?
The golf cart and neighborhood electric vehicle (NEV) global market is predicted to increase to $7.13 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.9%.
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Which Factors Are Driving Growth in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
The key drivers in the golf cart and neighborhood electric vehicle (nev) market are:
• Urban mobility solutions driving demand
• Implementation of smart city initiatives
• Economic growth in developing regions sparking increased purchases
• Sustainability initiatives promoting eco-friendly transportation solutions like golf carts and NEVs.
Which Segment Trends Are Covered in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Forecast?
The golf cart and neighborhood electric vehicle (nev) market covered in this report is segmented –
1) By Type: Neighborhood Electric Vehicle (NEV), Golf Cart
2) By Engine: Gas Powered Engines, Electric-Powered Engines
3) By Application: Golf Courses, Private Clubs, Commercial, Other Applications
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What Are the Current Market Trends in the Golf Cart and Neighborhood Electric Vehicle (NEV) Industry?
The key trends in the golf cart and neighborhood electric vehicle (nev) market are:
• The rise of electric golf carts and NEVs is a significant emerging trend.
• Integration of advanced battery technologies is shaping the future of this market.
• There's a growing trend towards customization and personalization in this sector.
• Street-legal NEVs and corresponding regulatory changes are key emerging trends.
Who are the Key Companies in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
Major players in the golf cart and neighborhood electric vehicle (nev) market are:
• Bradshaw Electric Vehicles
• Dongfeng Electric Vehicles Co. Ltd.
• Textron Inc.
• DY Corporation
• Yamaha Golf-Car Company
• Polaris Inc.
• Volmac Electric Vehicles LLP
• Marshell Green Power Co. Ltd.
• Club Car LLC
• Bintelli Electric Vehicles
• Columbia ParCar Corp.
• SpeedwaysElectric
• Dongguan Excellence Golf and Sightseeing Car Co. Ltd.
• Zhuhai E-Way Electric Industries Co. Ltd.
• Autopower
• Groupe Renault
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
• JH Global Services Inc.
• Garia Inc.
• Xiamen Dalle New Energy Automobile Co. Ltd.
• Guangdong Lvtong New Energy Electric Vehicle Technology Co. Ltd.
• American Custom Golf Cars Inc.
• Tomberlin
• STAR EV Corporation
• E-Ride Industries
• Moto Electric Vehicles
• Waev Inc.
• Goupil
• Melex Sp. z o.o.
• ACG Inc.
What are the Regional Trends Across the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
Asia-Pacific was the largest region in the golf cart and neighborhood electric vehicle market in 2024
