Tech Innovation to Boost Growth in the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Through 2031 May 13, 2022
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
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Gas Powered Engine
Electric Powered Engine
Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market, By Type
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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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