Overview and Scope
A golf cart is a self-propelled vehicle created to move golfers and their gear around a golf course. A neighborhood electric vehicle (NEV) is a battery-powered vehicle capable of operating at a top speed of 25 mph and can carry a maximum load of 3,000 lbs.
Sizing and Forecast
The golf cart and neighborhood electric vehicle (nev) market size has grown strongly in recent years. It will grow from $4.33 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to recreational use, golf course and resort developments, retirement communities, campus transportation, rising environmental awareness, local regulations and zoning.
The golf cart and neighborhood electric vehicle (nev) market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to urban mobility solutions, smart city initiatives, economic growth in developing regions, sustainability initiatives, integration with ride-sharing services. Major trends in the forecast period include rise of electric golf carts and nevs, integration of advanced battery technologies, customization and personalization, street-legal nevs and regulatory changes, economic and eco-friendly transportation solutions.
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The golf cart and neighborhood electric vehicle (nev) market covered in this report is segmented –
1) By Type: Neighborhood Electric Vehicle (NEV), Golf Cart
2) By Engine: Gas Powered Engines, Electric-Powered Engines
3) By Application: Golf Courses, Private Clubs, Commercial, Other Applications
Asia-Pacific was the largest region in the golf cart and neighborhood electric vehicle market in 2023. The regions covered in the golf cart and neighborhood electric vehicle (nev) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing government initiatives to adopt zero-emission vehicles are expected to propel the growth of the golf cart and neighborhood electric vehicle (NEV) market going forward. A zero-pollution vehicle is a mode of transportation that produces no hazardous emissions while it is in operation. Developed countries such as the United Kingdom are introducing new initiatives to reduce CO2 emissions and encouraging zero-emission vehicles. For instance, in October 2023, according to the 2022 Zero-Emission Vehicles Factbook published by Bloomberg New Energy Finance (BNEF), a UK-based research organization that provides strategic research data for commodity markets and disruptive technologies, sales of passenger electric vehicles are expected to reach over 10 million units in 2022, up from 6.6 million in 2021. In the first half of 2022, over 13% of new cars sold worldwide were electric, up from 8.7% during the entirety of 2021. therefore, the increasing government initiatives to adopt zero-emission vehicles drives the golf cart and neighborhood electric vehicle (NEV) market.
Key Industry Players
Major companies operating in the golf cart and neighborhood electric vehicle (NEV) markets are focused on manufacturing battery-powered electric golf carts to meet emission standards and upgrading their offerings to meet current norms in golfing. Batteries inside the cart are used to supply power to the electric motor in an electric golf cart to drive it forward. Electric golf carts are used to reduce emissions produced in golf clubs. For instance, in May 2023, Mansory, a Germany-based luxury vehicle company that manufactures golf carts, launched an electric golf cart. This cart is permitted to drive on public roads in both the United States of America and Europe. A 10.24-kilowatt-hour lithium-ion battery pack powers the cart and provides a range of more than 50 miles (80 km) on a single charge. Its electric motor produces 10.7 horsepower (8 kilowatts).
The golf cart and neighborhood electric vehicle (nev) market report table of contents includes:
1. Executive Summary
2. Golf Cart and Neighborhood Electric Vehicle (NEV) Characteristics
3. Golf Cart and Neighborhood Electric Vehicle (NEV) Trends And Strategies
4. Golf Cart and Neighborhood Electric Vehicle (NEV) – Macro Economic Scenario
5. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Size and Growth
…..
32. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Competitive Benchmarking
33. Global Golf Cart and Neighborhood Electric Vehicle (NEV) Competitive Dashboard
34. Key Mergers And Acquisitions In The Golf Cart and Neighborhood Electric Vehicle (NEV)
35. Golf Cart and Neighborhood Electric Vehicle (NEV) Future Outlook and Potential Analysis
36. Appendix
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