Overview
- A golf cart is considered as a small car which helps the golfers to carry themselves and their golf equipment across the golf course. This cart are either IC engine vehicle or electric or hybrid electric vehicles. Moreover, a neighborhood electric vehicle (NEV) is totally battery operated vehicle, which can travel at a max speed of around 25 mph and it can carry maximum load of around 1,361 kgs.
- The golf cart and neighborhood vehicle manufacturers are designing and developing lightweight and compact size vehicles, as it can used for cross street and golf course travels. Moreover, the demand for small size electric golf cart is rising due to increasing pollution and rising emission laws of the government to opt for EVs across the globe, leads to drive the growth of the golf cart and neighborhood electric vehicle (NEV) market. In addition, neighborhood electric vehicles are equipped with seat belts, headlights, reflectors, brake lights, and others, which enhance its adoption in the residential market and further contributes in the market growth.
Drivers of Golf Cart and Neighborhood Electric Vehicle (NEV) Market
- The golf cart and neighborhood electric vehicles does not required any fuel, as these vehicles are battery operated, environment friendly and has huge advantages over fuel operated vehicles including less maintenance cost, smooth performance and high efficiency when compared with conventional IC engine vehicles. Therefore, the demand for golf cart and neighborhood electric vehicle is rising across developed economies.
- Governments across the globe are providing several benefits and incentives the electric vehicle manufacturers and consumers for adoption of electric vehicles for different industrial and commercial activities, which is anticipated to propel the growth of the golf cart and neighborhood electric vehicle (NEV) market during forecast period. Moreover, the benefits offered the governments for EV adoption are, in the U.S., all the electric and plug-in hybrid electric vehicles are eligible for up to US$ 7,500 federal income tax credits, depending upon the capacity of the battery power. In the U.K., government offers around US$ 3,000 for adoption of electric vehicles in category 1, 2 and 3. However, rising incentives by the government across the globe is expected to boost the market growth.
- Rising per capita income of consumers in developed and developing countries such as the U.S., Canada, Germany, the U.K., France, China and others, leads to increase disposable income and purchasing power of the consumers. As the consumers are adopting compact and easily available solution for their daily commute and the demand for golf is rising in the upper class consumers, which is expected to boost the growth of the global golf cart and neighborhood electric vehicle (NEV) market.
Request a sample to get extensive insights into the Golf Cart and Neighborhood Electric Vehicle (NEV) Market
Challenges for Golf Cart and Neighborhood Electric Vehicle (NEV) Market
- The initial cost of neighborhood electric vehicles and golf cart is relatively high, as it requires installation of high power batteries, and other features. Moreover, the charging stations required for residential and commercial electric vehicles requires high investment cost due to less development in the electric vehicles market. Therefore, this rising initial cost of EV golf cart hampers the growth of the golf carts and NEV market.
- Moreover, due to onset of the COVID-19 pandemic, the sales and production of IC engine and electric vehicles has reduced due to imposed of lockdown across the globe. Apart from this, due to disruption of supply chain and distribution channels, there was shortage of raw material supply for manufacturing of electric and other vehicles, which further hampered growth of the golf cart and neighborhood electric vehicle (NEV) market.
Golf Cart and Neighborhood Electric Vehicle (NEV) Market Segmentation
- The global golf cart and neighborhood electric vehicle (NEV) market has been segmented based on propulsion, type, and region
- Based on propulsion, the gas powered engine segment dominated the global golf cart and neighborhood electric vehicle (NEV) market, in terms of revenue, in 2020 and it is expected that electric powered engine will witness fastest growth during the forecast period. Currently, adoption of gas powered engine is more as compared to electric vehicles which is increasing the share of fuel enabled vehicles. Moreover, increasing fuel prices across the globe has enabled the consumers to opt for electric vehicles and further boost the market growth.
- Based on type, the golf cart segment dominated the global golf cart and neighborhood electric vehicle (NEV) market, in terms of revenue, in 2020 and it is expected to witness a fastest growth during the forecast period. Moreover, the golf demand across the developed countries is rising which is increasing the demand for golf carts. Further, increasing disposable income is also encouraging the growth of the golf cart segment.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Golf Cart and Neighborhood Electric Vehicle (NEV) Market: Regional Analysis
- Based on region, the global golf cart and neighborhood electric vehicle (NEV) market has been segmented into North America, Europe, Asia Pacific, Middle East Africa, and Latin America
- North America holds a prominent share of the global golf cart and neighborhood electric vehicle (NEV) market in 2020, due presence of golf courses in large number, trend and support for golf sport and presence of major manufacturers for golf carts and other vehicles. Moreover, the U.S. also witnessed fastest adoption of electric vehicles as compared to other countries, due to shifting consumer preferences towards the use of clean and environment friendly energy sources, which further propels the demand of electric golf carts. In addition, for tourism industry in the North America, demand for neighborhood electric vehicles is rising due to its added benefits, which also contributes in the market growth.
Stuck in a neck-to-neck competition with other brands? Request a custom report
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7 day free trial!
Contact
Rohit Bhisey
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
