Dublin, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The "Golf Cart and Neighborhood Electric Vehicle (NEV) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Golf Cart and Neighborhood Electric Vehicle (NEV) was estimated at US$4.9 Billion in 2023 and is projected to reach US$9.0 Billion by 2030, growing at a CAGR of 8.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the golf cart and NEV market is driven by several factors, including increased applications beyond golf courses, demand for eco-friendly transport, and advancements in battery and connectivity technology. Expanding use cases in residential, commercial, and urban settings reflect a shift toward sustainable, low-speed mobility.
The rise in environmental awareness has boosted demand for electric-powered vehicles, supported by government incentives. Technological advancements, particularly in battery efficiency and IoT integration, further enhance NEV appeal for both personal and commercial use, positioning the golf cart and NEV market for continued expansion.
Why Are Golf Carts and NEVs Becoming Popular Beyond Golf Courses?
Golf carts and neighborhood electric vehicles (NEVs) are increasingly used beyond golf courses, with applications expanding into residential communities, resorts, and urban areas. These electric vehicles are valued for their low speed, compact design, and eco-friendliness, making them ideal for short commutes in gated communities, college campuses, and parks. NEVs are also finding applications in last-mile delivery services in urban settings, where their small size allows them to navigate narrow streets and reduce traffic congestion. This trend reflects a growing interest in sustainable transportation options suited for localized, low-speed travel.
How Is Demand for Eco-Friendly Transport Influencing the Market?
Demand for eco-friendly transportation is driving the adoption of electric-powered golf carts and NEVs. Consumers and businesses are increasingly opting for electric vehicles as awareness of environmental sustainability grows. Golf carts and NEVs, powered by rechargeable batteries, produce zero emissions, aligning with green initiatives in both public and private sectors. Governments in many regions are also offering incentives for electric vehicle adoption, encouraging both individuals and organizations to choose eco-friendly options. This shift is particularly noticeable in hospitality and real estate sectors, where green transportation options enhance sustainability profiles.
What Role Does Technological Innovation Play in NEVs?
Technological innovations, including battery technology advancements and smart connectivity features, are enhancing the functionality and appeal of NEVs. Modern NEVs now feature improved battery life, offering longer operational hours and quicker recharge times. IoT integration enables features like GPS tracking, remote diagnostics, and fleet management for commercial users, making NEVs an attractive option for businesses with logistical needs. Additionally, the incorporation of solar panels in some NEV models provides an alternative energy source, making these vehicles even more sustainable and suitable for regions with abundant sunlight.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Electric Powered Engine segment, which is expected to reach US$6.2 Billion by 2030 with a CAGR of a 9.7%. The Gas Powered Engine segment is also set to grow at 7.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.3 Billion in 2023, and China, forecasted to grow at an impressive 12.4% CAGR to reach $2.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Scope of the Study
- Propulsion (Electric Powered Engine, Gas Powered Engine); Type (Golf Cart, Neighborhood Electric Vehicle (NEV))
- World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 239 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $4.9 Billion |
| Forecasted Market Value (USD) by 2030 | $9 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and a Looming Global Recession
- Golf Cart and Neighborhood Electric Vehicle (NEV) - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Growing Popularity of Eco Friendly Transportation Solutions
- Expansion of Retirement Communities Utilizing NEVs
- Increased Use of Golf Carts in Commercial and Industrial Applications
- Technological Advancements in Electric Vehicle Battery Efficiency
- Growth of Urban NEV Usage for Short-Distance Travel
- Rising Interest in Customized Golf Carts for Recreational Use
- Expansion of Charging Infrastructure for NEVs
- Development of Solar Powered NEVs for Sustainable Transport
- Increased Demand for NEVs in Tourism and Resort Areas
- Surge in E commerce Sales of Personal Golf Carts
- Growth of Street Legal NEVs for Urban Use
- Rise in Fleet Management Solutions for NEV Deployment
FOCUS ON SELECT PLAYERS:Some of the 32 companies featured in this Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market report
- Polaris Industries, Inc.
- Textron Inc.
- Yamaha Motor Co., Ltd.
- Dongfeng Motor Group Company Limited
- DY Corporation
- Garia A/S
- Ingersoll-Rand PLC
- John Bradshaw Limited
For more information about this report visit https://www.researchandmarkets.com/r/23bzt0
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