Golf Cart and Neighborhood Electric Vehicle (NEV) - Global Strategic Business Report

The global market for Golf Cart and Neighborhood Electric Vehicle (NEV) was estimated at US$4.9 Billion in 2023 and is projected to reach US$9.0 Billion by 2030, growing at a CAGR of 8.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market - Key Trends & Drivers Summarized

Why Are Golf Carts and NEVs Becoming Popular Beyond Golf Courses?

Golf carts and neighborhood electric vehicles (NEVs) are increasingly used beyond golf courses, with applications expanding into residential communities, resorts, and urban areas. These electric vehicles are valued for their low speed, compact design, and eco-friendliness, making them ideal for short commutes in gated communities, college campuses, and parks. NEVs are also finding applications in last-mile delivery services in urban settings, where their small size allows them to navigate narrow streets and reduce traffic congestion. This trend reflects a growing interest in sustainable transportation options suited for localized, low-speed travel.

How Is Demand for Eco-Friendly Transport Influencing the Market?

Demand for eco-friendly transportation is driving the adoption of electric-powered golf carts and NEVs. Consumers and businesses are increasingly opting for electric vehicles as awareness of environmental sustainability grows. Golf carts and NEVs, powered by rechargeable batteries, produce zero emissions, aligning with green initiatives in both public and private sectors. Governments in many regions are also offering incentives for electric vehicle adoption, encouraging both individuals and organizations to choose eco-friendly options. This shift is particularly noticeable in hospitality and real estate sectors, where green transportation options enhance sustainability profiles.

What Role Does Technological Innovation Play in NEVs?

Technological innovations, including battery technology advancements and smart connectivity features, are enhancing the functionality and appeal of NEVs. Modern NEVs now feature improved battery life, offering longer operational hours and quicker recharge times. IoT integration enables features like GPS tracking, remote diagnostics, and fleet management for commercial users, making NEVs an attractive option for businesses with logistical needs. Additionally, the incorporation of solar panels in some NEV models provides an alternative energy source, making these vehicles even more sustainable and suitable for regions with abundant sunlight.

What Drives the Growth of the Golf Cart and NEV Market?

The growth in the golf cart and NEV market is driven by several factors, including increased applications beyond golf courses, demand for eco-friendly transport, and advancements in battery and connectivity technology. Expanding use cases in residential, commercial, and urban settings reflect a shift toward sustainable, low-speed mobility. The rise in environmental awareness has boosted demand for electric-powered vehicles, supported by government incentives. Technological advancements, particularly in battery efficiency and IoT integration, further enhance NEV appeal for both personal and commercial use, positioning the golf cart and NEV market for continued expansion.

Scope of the Study

The report analyzes the Golf Cart and Neighborhood Electric Vehicle (NEV) market, presented in terms of market value (US$ Million). The analysis covers the key segments and geographic regions outlined below.

Segments

Propulsion (Electric Powered Engine, Gas Powered Engine); Type (Golf Cart, Neighborhood Electric Vehicle (NEV))

Geographic Regions/Countries

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Electric Powered Engine segment, which is expected to reach US$6.2 Billion by 2030 with a CAGR of a 9.7%. The Gas Powered Engine segment is also set to grow at 7.2% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $1.3 Billion in 2023, and China, forecasted to grow at an impressive 12.4% CAGR to reach $2.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market such as Polaris Industries, Inc., Textron Inc., Yamaha Motor Co., Ltd., Dongfeng Motor Group Company Limited, DY Corporation and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 32 companies featured in this Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market report include:

• Polaris Industries, Inc.
• Textron Inc.
• Yamaha Motor Co., Ltd.
• Dongfeng Motor Group Company Limited
• DY Corporation
• Garia A/S
• Ingersoll-Rand PLC
• John Bradshaw Limited