Golf Cart and Neighborhood Electric Vehicle (NEV) Market Analysis 2024 – Estimated Market Size And Key Drivers

The Golf Cart and Neighborhood Electric Vehicle (NEV)  by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Golf Cart and Neighborhood Electric Vehicle (NEV) , The golf cart and neighborhood electric vehicle (nev) market size has grown strongly in recent years. It will grow from $4.33 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%.  The  growth in the historic period can be attributed to recreational use, golf course and resort developments, retirement communities, campus transportation, rising environmental awareness, local regulations and zoning.

The golf cart and neighborhood electric vehicle (nev) market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.  The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, economic growth in developing regions, sustainability initiatives, integration with ride-sharing services. Major trends in the forecast period include rise of electric golf carts and nevs, integration of advanced battery technologies, customization and personalization, street-legal nevs and regulatory changes, economic and eco-friendly transportation solutions.

The increasing government initiatives to adopt zero-emission vehicles are expected to propel the growth of the golf cart and neighborhood electric vehicle (NEV) market going forward. A zero-pollution vehicle is a mode of transportation that produces no hazardous emissions while it is in operation. Developed countries such as the United Kingdom are introducing new initiatives to reduce CO2 emissions and encouraging zero-emission vehicles. For instance, in October 2023, according to the 2022 Zero-Emission Vehicles Factbook published by Bloomberg New Energy Finance (BNEF), a UK-based research organization that provides strategic research data for commodity markets and disruptive technologies, sales of passenger electric vehicles are expected to reach over 10 million units in 2022, up from 6.6 million in 2021. In the first half of 2022, over 13% of new cars sold worldwide were electric, up from 8.7% during the entirety of 2021.  therefore, the increasing government initiatives to adopt zero-emission vehicles drives the golf cart and neighborhood electric vehicle (NEV) market.

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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

Top Major Players:

• Bradshaw Electric Vehicles
• Dongfeng Electric Vehicles Co. Ltd.
• Textron Inc.
• DY Corporation
• Yamaha Golf-Car Company

Asia-Pacific was the largest region in the golf cart and neighborhood electric vehicle market in 2023.

Technological advancement is the key trend gaining popularity in the golf cart and neighborhood electric vehicle (NEV) market. Major companies operating in the golf cart and neighborhood electric vehicle (NEV) market are focused on developing innovative technologies to strengthen their position in the market. For instance, in January 2023, Textron Inc., a US-based manufacturer of golf cars and personal vehicles, redesigned RXV golf cars with new technologies and refinements to improve players’ on-course experience. The newly added innovations, such as hanging foot pedals modeled after those seen in automobiles, offer a simple and comfortable driving experience whereas the enormous bagwell was made to fit the golf bags of today, which are getting bigger and bigger. Golfers may use pace technology services at participating courses, which include course maps, yardage data, weather information, and the opportunity to place food and beverage orders from the golf cart.

The golf cart and neighborhood electric vehicle (nev)  market report table of contents includes:
1. Executive Summary
2. Golf Cart and Neighborhood Electric Vehicle (NEV) Market Characteristics
3. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Trends And Strategies
4. Golf Cart and Neighborhood Electric Vehicle (NEV) Market – Macro Economic Scenario
5. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Size and Growth
…….
26. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Competitive Benchmarking
27. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Competitive Dashboard
28. Key Mergers and Acquisitions In Golf Cart and Neighborhood Electric Vehicle (NEV) Market
29. Golf Cart and Neighborhood Electric Vehicle (NEV) Market Future Outlook and Potential Analysis
30. Appendix

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