Press release
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.
Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/golf-cart-and-neighborhood-electric-vehicle-nev-global-market-report
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).
Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9508&type=smp
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.
Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=9508&type=smp
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
Speak With Our Expert:
Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Golf Cart and Neighborhood Electric Vehicle (NEV) Industry Growth Outlook: 8.9% CAGR and $7.13 Billion by 2029 here
News-ID: 4173030 • Views: …
More Releases from The Business Research Company
Top Market Shifts Transforming the Rainwater Harvesting Systems Market Landscape …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Rainwater Harvesting Systems Market Through 2025?
Over the past few years, there has been substantial growth in the market size of rainwater harvesting systems. The industry, which was valued at $1.94 billion in 2024, is predicted to rise to $2.07 billion by…
Live Concerts Fueling Surge In Percussion Instruments Market Growth: Transformat …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Percussion Instruments Industry Market Size Be by 2025?
Over the past few years, the market size of percussion instruments has examined a steady rise. With an increase from $1.44 billion in 2024 to $1.47 billion in 2025, it expects a Compound Annual Growth Rate (CAGR) of…
Emerging Trends to Drive Hydraulic Equipment Market Growth at 3.5% CAGR Through …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Hydraulic Equipment Market Size Growth Forecast: What to Expect by 2025?
The size of the hydraulic equipment market has consistently increased in the past few years. Projections show that it will rise from $45.21 billion in 2024 to $46.86 billion in 2025, recording a compound annual growth rate (CAGR)…
Emerging Trends to Reshape the Fishing Drones Market: Innovative Advancement In …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Fishing Drones Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of fishing drones has seen a swift increase in the past few years. An expansion from $0.89 billion in 2024 to $0.99 billion in 2025, representing a compound annual growth rate (CAGR)…
More Releases for Electric
Electrical Isolators Market 2023: Mitsubishi Electric, Orient Electric, Schneide …
The Electrical Isolators Market size (volume and value) and industry chain structure published by The Insight Partners through its high quality database which is a valuable source of guidance and direction for companies and individual interested in the industry.
An electrical isolator is a material in which electric current does not flow freely. The atoms of the insulator have tightly bound electrons which cannot readily move. Other materials, semiconductors and conductors…
Electric Motors for Electric Vehicle Market by Manufacturers: Hitachi Automotive …
Electric Motors for Electric Vehicle Market research report analyzes and studies the Electric Motors for Electric Vehicle Market's production, value, financial status, and capacity. It also provides information about market share and development plans during the projected period. Moreover, the Electric Motors for Electric Vehicle Market research report provides data about key manufacturers and focuses on the market competition landscape by analyzing the market by application, product type, and region.
Click…
Thermal Overload Relay Market 2021 Precise Outlook - ABB, Schneider Electric, Ea …
Global Thermal Overload Relay Market Size, Status and Forecast 2021
The Global Thermal Overload Relay Market report offers in-depth information and comprehensive analysis of the market. It provides a complete overview of the market with detailed insights on key aspects including the current market situation, potential size, volume, and dynamics of the market. This research report makes a thorough assessment of the COVID-19 pandemic and its impact on the current market…
Global Electric Motors for Electric Vehicles Market 2025 | MAHLE GmbH, Protean E …
Researchmoz added Most up-to-date research on "Global Electric Motors for Electric Vehicles Market Insights, Forecast to 2025" to its huge collection of research reports.
This report presents the worldwide Electric Motors for Electric Vehicles market size (value, production and consumption), splits the breakdown (data status 2013-2018 and forecast to 2025), by manufacturers, region, type and application.
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities…
Yokogawa Electric, General Electric Profiled in Smart Factory Solutions Market 2 …
Global Smart Factory Solutions Market which focuses on effective strategies of the business framework. It highlights the recent market trends stringent energy regulations and growing pressure to conform to energy efficiency. The research methods and tools used to analyze the studies are both primary and secondary research.
This market research report on analyzes the growth prospects for the key vendors operating in this market space including Siemens, ABB, Honeywell International, Yokogawa…
Global Quartz Heat Lamps Market 2017 : Indu Electric Gerber, Schneider Electric, …
The Market Research Store report offers majority of the latest and newest industry data that covers the overall market situation along with future prospects for Quartz Heat Lamps market around the globe. The research study includes significant data and also forecasts of the global market which makes the research report a helpful resource for marketing people, analysts, industry executives, consultants, sales and product managers, and other people who are in…
