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Continuous Rise in Fuel Prices opening New Frontiers for Golf Cart and NEV Market
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According to the research report, the global golf cart and NEV market stood at US$1.8 bn in 2013 and is expected to grow at a CAGR of 6.60% from 2014 to 2020 to reach US$2.8 bn by 2020. The significant growth rate of the global golf cart and neighborhood electric vehicles (NEV) market will be largely attributable to the growing demand for electric vehicles for short-distance commutes to be covered at low speed.
Electric vehicles operate exclusively on electricity and do not require any other form of fuel for functioning. The growing adoption of electric vehicles by consumers around the world is in turn, influencing the increasing demand for electric-powered golf and neighborhood electric vehicles globally. The electric vehicles are propelled by one or multiple electric motors that are powered by rechargeable batteries. The demand for electric vehicles is growing worldwide due to its energy efficient and environment friendly characteristics.
Generally, the electric vehicles are used for traveling short distances at a low speed limit. The range and speed depends on the number of batteries used in the vehicle. The electric vehicles demonstrate smoother performance and require lesser maintenance as compared to the conventional internal combustion engines (ICE) run by fuel. During the last few years, the market for electric vehicles has observed a surge, especially in North America and Europe due to the high disposable income of the population in those regions. Some countries in Asia Pacific such as Japan, China, Singapore, Indonesia, and Australia are also contributing to the growth of the global electric golf cart and NEV market.
The major applications of these vehicles are found in golf courses, eco-friendly residential and commercial campuses, small distance travels, security patrols, hotels, and parks among others. Primarily, two types of electric vehicles such as battery based electric vehicles (BEVs) and plug-in based electric vehicles (PEVs) are likely to witness an upswing in demand in the global market. This is the most important growth driver for the global golf cart and NEV market.
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