The high competitive rivalry in the global golf cart and neighborhood electric vehicle (NEV) market has led key players to focus on innovation. Leading companies are investing heavily in R&D for newer vehicles that will help them outshine their competitors. Key companies in the golf cart and NEV market are also formulating new marketing strategies and advertising campaigns to augment their customer base.
At the forefront of driving the global market for golf cart and NEV is rising demand for electric vehicles as they are fuel-free and are environment-friendly over gas-powered vehicles. The other advantages of electric vehicles include smooth performance and less maintenance in comparison to traditional internal combustion engine vehicles.
However, the high initial cost of golf carts and NEVs and recent economic depression in North America which is a leading consumer of electric vehicles is challenging the market’s growth.
A report by Transparency Market Research (TMR) forecasts the global golf cart and neighborhood electric vehicle market to rise at a CAGR of 6.4% for the forecast period from 2017 to 2025. At this pace, the market will touch a valuation of US$3,819.2 mn by 2025-end.
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On the basis of type, the segments into which the global golf cart and NEV market is divided are golf cart and neighborhood electric vehicle. Of the two, in 2016, the majority of the revenue was held by golf carts. Going forward, the segment is anticipated to increase its market share over the forecast period. The rising number of golfers along with the rising disposable income in developed as well as developing countries, which is encouraging consumers to spend substantially on bulky electrical equipment, is driving the demand for golf carts for delivery purposes.
The report also describes key developments in the Golf Cart and Neighborhood Electric Vehicle (NEV) market. Porter Five Force analysis and financials are included in the report. The report also covers segment wise comparison matrix, market attractiveness analysis and market share analysis for all regions covered in the scope of study.
Comparison matrix includes segment growth matrix, 2015 – 2025 (%), segment value share contribution, 2015 – 2025 (%), and segment compounded growth matrix (CAGR %). Market attractiveness identifies and compares segments on the basis of CAGR and market share index.
Global Golf Cart and Neighborhood Electric Vehicle Market: Market Segmentation
The Golf Cart and Neighborhood Electric Vehicle (NEV) market has been segmented on the basis of engine, type and geography. Based on engine, the market has been divided Gas Powered Engine and Electric Powered Engine. On the basis of type, the global Golf Cart and Neighborhood Electric Vehicle (NEV) market has been divided into Neighborhood Electric Vehicle (NEV) and Golf Cart. Electric Powered Engine and Golf Cart are expected to hold a major share of the market in their respective segments.
Geographically, the report classifies the global Golf Cart and Neighborhood Electric Vehicle (NEV) market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of market revenue. Furthermore, region wise prominent countries covered in the report include the following – the U.S, Canada, Germany, France, the U.K., China, India, Japan, Gulf Cooperation Council (GCC), South Africa and Brazil.