Press release
Golf Cart and Neighborhood Electric Vehicle (NEV) Market - Home to Topnotch Industry Players Makes North America Dominant
Savvy players in this market are investing in research and development for innovative products that will help them outshine their competitors. Apart from this, leading companies are focused to formulate new marketing strategies and advertising campaigns that will help increase their customer base.
Fill the form to gain deeper insights on this market @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4247
The global golf cart and NEV market is projected to rise at a CAGR of 6.4% between 2017 and 2025, for the market to reach a valuation of US$3,819.2 mn by the end of 2025. By engine, electric powered engine held the leading revenue in the global golf cart and neighborhood electric vehicle market in 2016. Low maintenance cost of electric powered golf carts and government initiatives to reduce pollution are benefitting the electric powered engine segment. Golf carts held the leading revenue over neighborhood electric vehicles on the basis of type in 2016.
Geography-wise, North America dominated the golf cart and NEV market in 2016 accounting for the leading revenue share amongst all regional segments.
Environmental Benefits of Electric Vehicles Augment Growth of Golf Cart and NEV Industry
Among the key growth of global golf cart and NEV market, the rising demand for pollution-free vehicles that are sustainable in the long run is a prominent one. This is having a positive bearing on the demand for electric vehicles, which include golf carts and neighborhood electric vehicles as well. Electric vehicles have advantages of being energy efficient and environment friendly over gas powered vehicles and can cover small distances at low speed. Apart from this, electric vehicles provide smooth performance and require less maintenance than what is needed for traditional internal combustion engine vehicles.
The market is also expected to benefit from technological advancements in golf carts and NEVs in developed and developing countries such as the U.S., the U.K., Germany, China, France, and Japan.
In developing economies, rising disposable incomes leading to increased spending on bulky electrical appliances such as refrigerators, air-conditioners, and music systems is leading to an increasing demand for NEVs for delivery purposes. Further, widened application areas of NEVs such as in tourism and town commute are bolstering the growth of global golf cart and NEV market.
The growth of the golf cart and NEV market is also driven by the demand for golf cart and NEV in golf courses, security patrols, small campuses, and travel over short distances, parks, and hotels. Moreover, the swift shift from gas powered golf carts to electric powered golf carts is anticipated to emerge as a key trend in the global golf cart and NEV market.
Browse Market Research Report @ https://www.transparencymarketresearch.com/golf-cart-nev-market.html
High Initial Investments Challenges Growth
On the downside, the high initial cost of golf carts and NEVs is slowing their adoption. Golf carts and NEVs are technically complex that require delicate handling. Further, the recent economic depression in North America which is a leading consumer of golf carts and NEVs is slowing the sales of golf carts and NEVs. Lack of infrastructure for charging points for golf carts and NEVs in developing countries is further hindering the market’s growth.
Nevertheless, initiatives undertaken by leading companies to develop novel golf carts and NEVs with longer battery runtime is expected to favor the market’s growth. Other factors acting in favor of the market are initiatives from manufacturers for developing higher efficiency and less expensive electric vehicles.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Contact TMR
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
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) Market - Home to Topnotch Industry Players Makes North America Dominant here
News-ID: 817882 • Views: …
More Releases from TMR
Emerging Opportunities in Logistics Market with Current Trends Analysis
The global Logistics market is estimated to attain a valuation of US$ 15,273.21 Bn by the end of 2027, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 4.5% during the forecast period, 2019-2027.
The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the…
Energy Measurement IC Market is expected to reach US$ 8.39 Bn by the end of 2031
According to a Transparency Market Research (TMR) research report, the global energy measurement ic market is likely to expand at a CAGR of 7.4% during the forecast period, 2022 to 2031. This suggests that the market is expected to reach US$ 8.39 Bn by the end of 2031.
The study on the energy measurement ic market adopts rigorous and systematic research approaches to understand the growth dynamic of the market. The…
STATCOM UPS Market to Register Double Digit Growth Rate of 16% CAGR by 2024
Over the last decade, rising number of industries and utilities are opting for static synchronous compensator or STATCOM UPS instead of static VAR compensator or SVC UPS. Low harmonic emission coupled with high speed of response is accentuating the expansion of India STATCOM UPS market now and in times to come. Playing a crucial role in voltage control and compensation of reactive power, STATCOM UPS is likely to keep its…
Thin Wafer Processing and Dicing Equipment Market US$692.5 mn by 2024 - TMR
Transparency Market Research (TMR) estimates that the global thin wafer processing and dicing equipment market has a highly consolidative landscape. Disco Corp. accounted for largest share of 56.4% in 2015 and likely to be dominant in the coming years. This is creating monopoly in the thin wafer processing and dicing equipment market in terms of competitive presence. The other key players such as EV Group, Plasma-Therm LLC, Lam Research Corp,…
More Releases for NEV
Emerging Trends Influencing The Growth Of The Golf Cart and Neighborhood Electri …
The Golf Cart and Neighborhood Electric Vehicle (NEV) Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Projected Growth of the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
The market size of golf carts and neighborhood electric vehicles (NEV) has seen considerable growth…
Emerging Trends Influencing The Growth Of The Golf Cart and Neighborhood Electri …
The Golf Cart and Neighborhood Electric Vehicle (NEV) Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the Projected Growth of the Golf Cart and Neighborhood Electric Vehicle (NEV) Market?
The market size of golf carts and neighborhood electric vehicles (NEV) has seen considerable growth…
Prominent Golf Cart and Neighborhood Electric Vehicle (NEV) Market Trend for 202 …
What industry-specific factors are fueling the growth of the golf cart and neighborhood electric vehicle (nev) market?
Growth in the golf cart and neighborhood electric vehicle (NEV) market is anticipated to be propelled by increasing governmental initiatives advocating for the adoption of zero-emission vehicles. Zero-emission vehicles, which generate no harmful emissions during operation, are being promoted notably in developed nations such as the United Kingdom. These initiatives form part of broader…
Prominent Golf Cart and Neighborhood Electric Vehicle (NEV) Market Trend for 202 …
What industry-specific factors are fueling the growth of the golf cart and neighborhood electric vehicle (nev) market?
Growth in the golf cart and neighborhood electric vehicle (NEV) market is anticipated to be propelled by increasing governmental initiatives advocating for the adoption of zero-emission vehicles. Zero-emission vehicles, which generate no harmful emissions during operation, are being promoted notably in developed nations such as the United Kingdom. These initiatives form part of broader…
Prominent Golf Cart and Neighborhood Electric Vehicle (NEV) Market Trend for 202 …
What industry-specific factors are fueling the growth of the golf cart and neighborhood electric vehicle (nev) market?
Growth in the golf cart and neighborhood electric vehicle (NEV) market is anticipated to be propelled by increasing governmental initiatives advocating for the adoption of zero-emission vehicles. Zero-emission vehicles, which generate no harmful emissions during operation, are being promoted notably in developed nations such as the United Kingdom. These initiatives form part of broader…
Neighborhood Electric Vehicle (NEV) Market Size 2024 to 2031.
Market Overview and Report Coverage
A Neighborhood Electric Vehicle (NEV) is a type of low-speed electric vehicle that is commonly used for short-distance transportation in neighborhoods, campuses, and urban areas. These vehicles are compact, environmentally friendly, and cost-effective, making them an attractive option for individuals looking for a convenient mode of transportation.
The NEV market is expected to experience steady growth in the coming years, with a projected CAGR of…
