How Has The Golf Cart and Neighborhood Electric Vehicle (NEV) Market Size Evolved In Recent Years?
The golf cart and neighborhood electric vehicle (nev) market has seen considerable growth due to a variety of factors.
• The market for golf carts and neighborhood electric vehicles (NEVs) has experienced a robust increase in size recently. It is projected to rise from $4.69 billion in 2024 to $5.12 billion in 2025, implying a compound annual growth rate (CAGR) of 9.1%. This growth throughout the historical period can be linked to various factors such as recreational use, expansion of golf courses and resorts, burgeoning retirement communities, transportation within campuses, heightened environmental consciousness, and local legislation and zoning rules.
What are the Market Size and Expected Growth Rates for the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
The Golf Cart and Neighborhood Electric Vehicle (NEV) market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for golf cart and neighborhood electric vehicle (NEV) is set to experience considerable growth. It's projected to reach a value of $7.47 billion in 2029 with a compound annual growth rate (CAGR) of 9.9%.
The anticipated growth during this forecasted period may be due to factors like urban mobility solutions, smart city programs, economic progress made in emerging regions, sustainability efforts, and integration with ride-sharing services. The forecast period is also expected to see trends like the increased use of electric golf carts and NEVs, integration of newer battery technologies, customization and personalization, street-legitimate NEVs and regulatory alterations, financial and environmentally-friendly transportation options.
Which Key Drivers Are Propelling The Golf Cart and Neighborhood Electric Vehicle NEV Market's Growth?
Growth in the golf cart and neighborhood electric vehicle (NEV) market is anticipated to be propelled by increasing governmental initiatives advocating for the adoption of zero-emission vehicles. Zero-emission vehicles, which generate no harmful emissions during operation, are being promoted notably in developed nations such as the United Kingdom. These initiatives form part of broader efforts to decrease CO2 emissions. The 2022 Zero-Emission Vehicles Factbook, published by UK-based research organization Bloomberg New Energy Finance (BNEF), revealed in October 2023 that sales of passenger electric vehicles are projected to surpass 10 million units in 2022, a significant increase from the 6.6 million sold in 2021. Moreover, over 13% of new cars sold globally in the first half of 2022 were electric, a jump from an overall of 8.7% in 2021. Consequently, the rising governmental initiatives favoring zero-emission vehicles are spurring the golf cart and neighborhood electric vehicle (NEV) market.
What Are The Key Segments Within The Global Golf Cart and Neighborhood Electric Vehicle NEV Market?
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
Subsegments:
1) By Neighborhood Electric Vehicle (NEV): Low-Speed Vehicles (LSV), Utility NEVs, Personal NEVs
2) By Golf Cart: Electric Golf Carts, Gasoline Golf Carts, Custom Golf Carts
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How Are New Trends Impacting The Size Of The Golf Cart and Neighborhood Electric Vehicle NEV Market?
The key trend emerging in the golf cart and neighborhood electric vehicle (NEV) market revolves around technological innovation. To consolidate their market position, many prominent companies in the golf cart and NEV market are pursuing novel technological solutions. Case in point, in January 2023, Textron Inc., an American enterprise renowned for its production of golf cars and personal vehicles, introduced an updated version of their RXV golf cars, incorporating new upgrades to enhance the on-course experience for players. New features include car-like hanging foot pedals for a smoother and more comfortable drive, and a larger bagwell to accommodate the increasingly substantial golf bags of the present. It also includes pace technology services at compatible courses that present course maps, yardage information, weather updates and even the option to order food and beverages directly from the golf cart.
Who Are the Key Players In The Golf Cart and Neighborhood Electric Vehicle NEV Market?
Major companies operating in the golf cart and neighborhood electric vehicle (NEV) market include:
• 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 Insights Into 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. The regions covered in the golf cart and neighborhood electric vehicle (NEV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
