Press release
Exploring Growth Trajectories: Golf Cart and Neighborhood Electric Vehicle (NEV) Market to Surge at CAGRs of 9.1% and 9.9%
Golf Cart and Neighborhood Electric Vehicle (NEV) Market Size
What Is The Projected Market Size Of The Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market And Its Growth Rate?
Following a vibrant performance in recent years, the golf cart and neighborhood electric vehicle (NEV) market size is poised for more growth.
• 2024 Market Size: $4.69 billion.
• 2025 Market Size: $5.12 billion (9.1% CAGR)
• Major drivers of growth during this period include recreational use, golf course and resort developments, retirement communities, campus transportation, rising environmental awareness, local regulations, and zoning.
• 2029 Market Size: $7.47 billion (9.9% CAGR)
• Key drivers of growth over this period are expected to be urban mobility solutions, smart city initiatives, economic growth in developing regions, sustainability initiatives, integration with ride-sharing services.
What Is Driving The Growth In The Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
Golf cart and NEV market growth is primarily impelled by increasing government initiatives worldwide for zero-emission vehicles adoption. These vehicles produce no harmful emissions during operation, hence contributing to pollution mitigation. Developed nations, including the United Kingdom, are actively introducing initiatives to reduce CO2 emissions while encouraging zero-emission vehicles. The Zero-Emission Vehicles Factbook, published by UK-based Bloomberg New Energy Finance (BNEF), indicated that sales of passenger electric vehicles could reach over 10 million units in 2022, up from 6.6 million in 2021, demonstrating increased uptake.
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Who Are The Key Players Driving Golf Cart and Neighborhood Electric Vehicle (NEV) Market Growth?
Stalwarts driving the golf cart and 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 Key Trends In The Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
Trending dynamics in the golf cart and neighborhood electric vehicle (NEV) market include:
• Upsurge of electric golf carts and NEVs.
• Integration of advanced battery technologies.
• Evolution of customization and personalization.
• Emergence of street-legal NEVs and regulatory changes.
• Development of economic and eco-friendly transportation solutions.
What Are The Segments Of The Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
The global golf cart and neighborhood electric vehicle (NEV) market segments are as follows:
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
Which Region Leads The Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
In 2024, Asia-Pacific emerged as the largest region in the golf cart and NEV market. This analysis covers multiple regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Golf Cart and Neighborhood Electric Vehicle (NEV) Market Global Market Report?
• Market Size Analysis: Analyze the Golf Cart and Neighborhood Electric Vehicle (NEV) Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Golf Cart and Neighborhood Electric Vehicle (NEV) Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Golf Cart and Neighborhood Electric Vehicle (NEV) Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Golf Cart and Neighborhood Electric Vehicle (NEV) Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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