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Unlocking Opportunities in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market: 2025-2034 Forecast Report
Golf Cart and Neighborhood Electric Vehicle (NEV) Market
What Will the Golf Cart and Neighborhood Electric Vehicle (NEV) Industry Market Size Be by 2025?
The market size of golf carts and neighborhood electric vehicles (NEVs) has seen a robust expansion in the recent past. The market, which was worth $4.69 billion in 2024, is projected to rise to $5.12 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.1%. The spectacular growth observed during the historical period owes to factors such as recreational usage, the emergence of golf courses and resorts, the growth of retirement communities, the proliferation of campus transportation, increasing environmental consciousness, and local rules and zoning decisions.
What's the Long-Term Growth Forecast for the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Size Through 2029?
In the coming years, robust growth is predicted for the golf cart and neighborhood electric vehicle (NEV) market. The market is expected to expand to a staggering $7.47 billion in 2029, with a compound annual growth rate (CAGR) of 9.9%. The anticipated expansion during this period is credited to a blend of factors such as urban mobility advancements, smart city projects, economic progression in emerging regions, sustainability efforts, and collaboration with ride-sharing solutions. Key trends expected within this timeframe involve the emergence of electric-golf carts and NEVs, the integration of superior battery technology, customized and personalized products, street-legal NEVs and related regulatory alterations, and economic as well as environmentally-friendly transport solutions.
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What Are the Key Growth Drivers Fueling the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Expansion?
Growth in the golf cart and neighborhood electric vehicle (NEV) market is anticipated to be driven by the escalating governmental efforts to promote vehicles with zero emissions. A vehicle that generates no dangerous pollutants when running equates to a zero-emission vehicle. Nations like the United Kingdom are launching fresh strategies to minimize CO2 emissions and promote these zero-emission vehicles. For example, as per the 2022 Zero-Emission Vehicles Factbook released by UK's Bloomberg New Energy Finance (BNEF), a research firm supplying strategic data for commodity markets and transformative technologies, sales of electric passenger vehicles are projected to surpass 10 million units in 2022 from 6.6 million units in 2021. According to the information from the first half of 2022, more than 13% of newly sold cars around the globe were electric, an increase from 8.7% throughout the whole of 2021. Thus, the rising government actions to promote the adoption of zero-emission vehicles stimulate the golf cart and the neighborhood electric vehicle (NEV) market.
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What Are the Key Trends Driving Golf Cart and Neighborhood Electric Vehicle (NEV) Market Growth?
In the golf cart and neighborhood electric vehicle (NEV) market, a significant trend that is gaining traction is technological advancement. Major companies in this sector are concentrating their efforts on the development of cutting-edge technologies to consolidate their market standing. For example, in January 2023, Textron Inc., a company based in the US that specializes in manufacturing golf cars and personal vehicles, introduced new technology and improvements to its RXV golf cars to enhance golfers' on-course experience. Groundbreaking features such as car-like foot pedals promote a straightforward and enjoyable driving experience, while accommodating an increasing size of golf bags with a huge bagwell. Additionally, golfers can now benefit from technology services offered on select golf courses, such as course blueprints, yardage details, weather updates, and the ability to order food and beverages directly from a golf cart.
How Is the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Segmented?
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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Which Companies Are Leading the Charge in Golf Cart and Neighborhood Electric Vehicle (NEV) Market Innovation?
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.
Which Regions Are Leading the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market in Revenue?
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
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