Golf Cart and NEV Market

Global Golf Cart and NEV Market Research Report Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032: By Type (Gas Powered Engine and Electric Powered Engine), By Application (Personal Use and Commercial Use), and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Automobile & Transportation | February 2024 | Report ID: EMR00585 | Pages: 301

The global golf cart and NEV market was valued at USD 5.20 billion in 2023 and is estimated to reach approximately USD 13.93 billion by 2032, at a CAGR of 11.5% from 2024 to 2032.

Due to growing urbanization, environmental concerns, and a move toward sustainable transportation options, the market for golf carts and neighborhood electric vehicles has experienced tremendous expansion. For short-distance travel in a variety of environments, such as urban neighborhoods, gated communities, and golf courses, these little electric cars provide an easy and environmentally responsible mobility solution. The market is growing and drawing in customers and organizations looking for economical, effective transportation options because to developments in battery technology and infrastructure support. Golf carts and NEVs are becoming more and more popular as viable alternatives to conventional gas-powered cars, partly due to government incentives and rules supporting clean energy usage.

 

 

GOLF CART AND NEV MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

5.20 Bn

Projected Market Value (2032)

13.93 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Application, & Region

Segments Covered

By Type, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Golf Cart and NEV Dynamics

Demand is driven by environmental concern, urbanization, and technology improvements. Regulations supporting renewable energy and environmentally friendly transportation options also encourage growth. Manufacturers are competing with one another in the market to improve battery price, safety features, and range. It becomes imperative to collaborate with infrastructure developers for smart mobility solutions and charging stations. Additionally, growing shared mobility models and consumer preferences for environmentally friendly alternatives have an impact on market dynamics. In general, the dynamic environment of the golf cart and NEV business is shaped by a confluence of innovation, regulations, and customer behavior.

 

Global Golf Cart and NEV Drivers

  • Technological Advancements in Battery and Motor Efficiency

Battery design and chemistry advancements increase energy storage capacity, increasing vehicle range and cutting down on charging times. In a similar vein, developments in electric motor technology minimize energy usage while maximizing power production. These developments encourage further adoption of NEVs among consumers and enterprises by improving their utility and performance while also lowering costs and promoting environmental sustainability.

  • Infrastructure Development for Charging Stations and Smart Mobility Solutions

Increased accessibility and convenience of electric vehicles due to the growth of charging networks reduces range anxiety and encourages adoption. Furthermore, efficiency and grid resilience are improved through integration with smart mobility solutions like dynamic charging infrastructure and vehicle-to-grid technologies. The market for NEVs and electric vehicles grows as cities invest in sustainable transportation infrastructure, spurring additional innovation and development.

 

Restraints:

  • Initial High Cost of Acquisition for Electric Vehicles

While gasoline and maintenance expenses can be reduced over time with electric vehicles, some consumers and businesses may find the initial outlay to be exorbitant. Widespread adoption is hampered by this cost barrier, particularly in areas where prices are crucial. Overcoming this barrier and quickening the shift to electric mobility requires addressing economic issues through government incentives, subsidies, and technological developments meant to lower production costs.

  • Limited Adoption in Rural or Less Populated Areas

The golf cart and NEV markets are significantly constrained by limited adoption in rural populated areas. These areas frequently lack the infrastructure required to successfully support the use of electric vehicles, such as maintenance facilities and charging stations. Businesses may also find it less advantageous to invest in NEV fleets or infrastructure development as a result of the reduced population density. Targeted initiatives to develop infrastructure and raise public knowledge of the advantages of electric mobility in rural areas are needed to overcome this constraint.

 

Opportunities:

  • Integration with Smart City Initiatives and IoT Infrastructure

Vehicles can interact with city infrastructure through the use of IoT technology, improving traffic flow and easing congestion. Moreover, real-time monitoring of vehicle performance and energy usage is made possible by the integration of NEVs into smart city networks, which promotes more effective fleet management. In addition to improving NEV functionality, this integration advances the larger objectives of building sustainable, interconnected urban ecosystems.

  • Growth in Tourism and Leisure Industry for Golf Resorts and Communities

Communities and golf resorts are looking more and more for environmentally friendly mobility options that will improve visitor experiences without compromising the environment. In these situations, NEVs offer a practical and environmentally responsible form of transportation with options for fleet modifications, rental services, and personalized branding. Taking advantage of this trend might result in higher market penetration and revenue development, especially in major resorts and leisure locations across the globe.

 

Segment Overview

  • By Type

Based on type, the global golf cart and NEV market is divided into gas powered engine and electric powered engine. The gas-powered engine category dominates the market with the largest revenue share in 2023. Traditionally, internal combustion engines powered by gasoline or diesel have been the basis for gas-powered golf carts and NEVs. The simplicity, reduced initial cost, and familiarity to users used to conventional automobiles are frequently the defining characteristics of these vehicles. Rechargeable batteries power the electric motors that drive golf carts and NEVs that run on electricity. These cars are becoming more and more well-liked since they are quiet, economical to operate, and environmentally friendly.

  • By Application

Based on the application, the global golf cart and NEV market is categorized into personal use and commercial use. The personal use category leads the global golf cart and NEV market with the largest revenue share in 2023. For individual use NEVs and golf carts are mostly made for personal or family use in transportation. These cars are frequently used for short-distance travel and leisure activities in residential communities, retirement communities, and resorts. NEVs and golf carts for commercial use are designed with utility and business needs in mind. Numerous businesses, such as hospitality, tourism, facilities management, landscaping, and urban logistics, use these vehicles for a variety of purposes.

 

Global Golf Cart and NEV Overview by Region

The global golf cart and NEV market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. North America emerged as the leading region, capturing the largest market share in 2023. The use of NEVs for short-distance transport is supported by the region's large population centers, considerable urbanization, and well-established infrastructure. Furthermore, the market for environmentally friendly transportation options is driven by strict emission standards and growing environmental awareness. Battery efficiency and vehicle performance are constantly being improved by North American manufacturers and suppliers, who are at the forefront of technological innovation. Furthermore, golf cart usage in resorts and recreational regions is commonplace due to the region's thriving tourism and leisure sectors.

Throughout the forecast period, Asia-Pacific is anticipated to post a significant CAGR. Numerous causes, including growing urbanization, rising disposable income, and government programs supporting environmentally friendly transportation options, are blamed for this prediction. The desire for eco-friendly mobility solutions is further driven by the region's growing environmental concerns and growing population. The market's growth momentum is also aided by improvements in battery technology and favorable regulatory environments.

 

 

Global Golf Cart and NEV Competitive Landscape

In the global golf cart and NEV market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global golf cart and NEV market include,

  • Bradshaw Electric Vehicles
  • Dongfeng Motor Group Ltd.
  • E-Way Golf Cars and Garia A/S
  • Textron Inc.
  • citEcar Electric Vehicles
  • DY Corporation
  • Ingersoll-Rand plc
  • Yamaha Motor Co. Ltd.
  • Polaris Industries Inc.
  • Yamaha Motor Co. Ltd.
  • Garia A/S, and various others.

 

Global Golf Cart and NEV Recent Developments

  • In April 2022, Club Car announced the signing of a final contract to buy Garia A/S from Lars Larsen Group, a Danish company that produces electric low-speed cars for the consumer, utility, and golf markets. The conditions of payment were not revealed. It is anticipated that the deal would finalize in the second quarter.

 

Scope of the Global Golf Cart and NEV Report

Golf Cart and NEV Market Report Segmentation

ATTRIBUTE

DETAILS

By Type

  • Gas Powered Engine
  • Electric Powered Engine

By Application

  • Personal Use
  • Commercial Use

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Golf Cart and NEV Market Size and Forecast: To identify and estimate the market size for the global golf cart and NEV market segmented by type, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of golf cart and NEV between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global golf cart and NEV market
  • Market Influencing Factors: To find out the factors which are affecting the sales of golf cart and NEV among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global golf cart and NEV market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

 

Intended Audience

  • Manufacturers and Suppliers
  • Investors and Financial Institutions
  • Urban Planners and Infrastructure Developers
  • Government Agencies and Regulatory Bodies
  • Environmental Organizations

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, the golf cart and NEV market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to golf cart and NEV market research, the market is expected to grow at a CAGR of ~11.5% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032
North America held the largest share in 2023
The major players operating in the global market include Bradshaw Electric Vehicles, Dongfeng Motor Group Ltd., E-Way Golf Cars and Garia A/S, Textron Inc., citEcar Electric Vehicles, DY Corporation, Ingersoll-Rand plc, Yamaha Motor Co. Ltd., Polaris Industries Inc., Yamaha Motor Co. Ltd., Garia A/S,, and various others.