Global Golf Cart and Neighborhood Electric Vehicle Market: Snapshot
The largely consolidated vendor landscape of the global
golf cart and neighborhood electric vehicle (NEV) market features a high degree of
competitive rivalry among top players, reports Transparency Market Research
(TMR) in a new market study. In 2013, the key four companies, namely Textron
Inc., Polaris Industries, Yamaha Golf Cart Company, and Ingersoll Rand Corp.
held a share of 70% in the overall market.
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.
Major Key Players of
the Golf Cart and Neighborhood Electric Vehicle Market are:
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., and Polaris Industries Inc.
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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.
The global golf cart
and neighborhood electric vehicle market is segmented as follows:
Global Golf Cart and Neighborhood Electric Vehicle (NEV)
Market, By Engine
- Gas
Powered Engine
- Electric
Powered Engine
Global Golf Cart and Neighborhood Electric Vehicle (NEV)
Market, By Type
- Neighborhood
Electric Vehicle (NEV)
- Golf
Cart
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.
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Research objectives:-
– To study and analyze the global Golf Cart and Neighborhood
Electric Vehicle consumption (value & volume) by key regions/countries,
product type and application, history data.
– To understand the structure of the Golf Cart and
Neighborhood Electric Vehicle market by identifying its various sub-segments.
– Focuses on the key global Golf Cart and Neighborhood
Electric Vehicle manufacturers, to define, describe and analyze the sales
volume, value, market share, market competitive landscape, SWOT analysis, and
development plans in the next few years.
– To analyze the Golf Cart and Neighborhood Electric Vehicle
with respect to individual growth trends, future prospects, and their
contribution to the total market.
– To share detailed information about the key factors
influencing the growth of the market (growth potential, opportunities, drivers,
industry-specific challenges and risks).
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