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Golf Cart and Neighborhood Electric Vehicle (NEV) Industry Growth Outlook: 8.9% CAGR and $7.13 Billion by 2029
Golf Cart and Neighborhood Electric Vehicle (NEV)
What Is the Long-Term Growth Forecast for the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Size 2025?
In recent times, the market size for golf carts and neighborhood electric vehicles (NEV) has seen significant growth. The market is projected to expand from $4.69 billion in 2024 to $5.07 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.0%. Factors such as recreational usage, growth in golf courses and resorts, the rise of retirement communities, campus transport demands, increased ecological consciousness, and local rules and regulations have fueled the growth during the historical period.
What CAGR is Forecasted for the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Through 2029?
Anticipations for a robust expansion in the golf cart and neighborhood electric vehicle (nev) market are high, with projections suggesting a growth to $7.13 billion by 2029, facilitated by a compound annual growth rate (CAGR) of 8.9%. Several elements converge to support this anticipated expansion, including urban mobility solutions, the implementation of smart city initiatives, economic upticks in emerging regions, sustainability pursuits, and the integration of such vehicles into ride-sharing services. The forecast period is expected to witness prevailing trends such as an uptick in electric golf carts and NEVs, the adoption of progressive battery technologies, customization features, an increase in street-legal NEVs and regulatory amendments, alongside the promotion of economic and eco-friendly transport alternatives.
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What Are the Critical Factors Driving Golf Cart and Neighborhood Electric Vehicle (NEV) Market Development?
Government efforts worldwide to promote the use of zero-emission vehicles are projected to be a significant driving force for the expansion of the golf cart and neighborhood electric vehicle (NEV) market. Zero-emission transportation refers to vehicles that do not release harmful emissions during operation. Developed nations such as the United Kingdom have rolled out several initiatives aimed at minimizing CO2 emissions and promoting the use of zero-emission vehicles. As per the 2022 Zero-Emission Vehicles Factbook release by Bloomberg New Energy Finance (BNEF), a strategic research firm focused on commodity markets and disruptive technologies based in the UK, the sale of electric passenger vehicles is expected to surpass 10 million units in 2022, a marked increase from 6.6 million units in 2021. In the first half of 2022, electric vehicles accounted for over 13% of global car sales, a significant rise from 8.7% in 2021. As a result, the adoption of zero-emission vehicles due to increasing government initiatives is fueling the market growth for golf carts and neighborhood electric vehicles (NEVs).
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How Does the Golf Cart and Neighborhood Electric Vehicle (NEV) Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Golf Cart and Neighborhood Electric Vehicle (NEV) Industry?
The golf cart and neighborhood electric vehicle (NEV) market is experiencing a significant trend in technology advancements. To solidify their market position, leading companies in this sector are focusing on introducing groundbreaking technologies. For instance, Textron Inc., an American golf cars and personal vehicles manufacturer, unveiled refurbished RXV golf cars with modern technologies and modifications, designed to enhance the golfing experience in January 2023. The inclusion of automotive-style hanging foot pedals enhances the driving experience by making it simpler and more comfortable, and the vehicle's expansive bagwell has been built to accommodate the increasingly larger golf bags. At select golf courses, golfers have access to pace technology services. These offer course maps, yardage information, weather updates, and options to order food and beverages directly from the golf cart.
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Which Players Are Driving Innovation 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.
Which Regions Are Driving Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Expansion?
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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