Global Neighborhood Electric Vehicles (NEV) and Golf Cart Market Size Analysis

Global Neighborhood Electric Vehicles (NEV) and Golf Cart Market Size

The global NEV and golf cart market value is undergoing a substantial development and is expected to have a steady growth over forecast period 2016-2028. It was valued over USD 2.1 billion in 2017 and is expected to register CAGR above 5.5% to create high incremental opportunities for industry players. These are self-propelled vehicle which is driven using electric motors and internal combustion engines specially designed for usage on golf courses in order to transport golfers and golf equipment.

Over the years, the competition has heighted with top 5 players accounting for over 75% of the global golf cart market share in developed regions. The situation in developing region is however differs. Some of the leading players are Ingersoll Rand Corp., Polaris Industries, Textron, and Yamaha Golf Cart Company. New product level strategy and go-to-market strategy has emerged wherein the industry players are focusing on enhancing their marketing channels in developing regions.

Various types of carts are available in market today including push-pull, gasoline, solar powered and electric golf carts that run with the help of gasoline engine, solar powered motors and batteries. These are generally utilized for sports maneuvering as well as small distance movement of man and materials.

These are one of the low speed vehicles with average speed of 25-30 kmph. Further, low-speed vehicle (LSV) market development depends on the golf cart industry’s inclination to grip all of the up-to-date skills related to this special class of vehicle and an increase in disposable income among individuals and families in both worldwide developing and developed countries.

Global Golf Cart Market Drivers and Challenges

The global golf cart market dynamics will depend on factors including emergence of new distribution channels, increased vehicle sales with better product features, etc.

Global golf cart market revenue will witness a sharp increase in overall sales during the first half of forecast period, before slowing down to stagnant growth. The market is going through highly demanding scenario, and this is one of the factors that will transform the market. The automobile industry wants to ensure that consumers can access innovation in new distributed channels, reliable and repair services.

By product type, solar powdered golf is expected to expand at a fast pace because of low maintenance cost and higher efficiency value. Electric golf cart market size accounted for over 80% share in total share volume. Based on application types, golf cart market size is segmented into industry use, personal use, golf courses, rental services Etc. Herein, Golf courses segment accounted for over 51% of share value in total share volume in 2017. The use of golf carts for applications like short trips in universities, airports shopping malls, short drives within town Etc. has resulted in huge growth for this segment.

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Global Golf Cart Market Size: Regional Analysis

Globally, North America gold cart market is expected to dominate the market size between 2016 and 2020 before losing its spot to Asia Pacific. Industry is facing the stagnation since last few years and as a result, U.S. golf cart market size will witness downward trend post 2022. To counter the trend, the companies need to focus on enhancing technology range to cater to customized needs of end-use consumers.

Europe is also witnessing high demand for golf cart. Tourism and hospitality sectors to create new opportunity for sales of golf cart.

Next, Asia Pacific region is a strong contender. Asia Pacific Countries such as India, China, South Africa, Brazil, and South Korea is undergoing rapid urbanization which in turn is expected to enhance mall culture, hi-tech and smart housing projects, and amusement and theme parks. These developments are projected to drive the demand for internal conveyance to carry people and goods, thus creating significant demand for golf carts.

Global Golf Cart Market Competition Scenario

Global Golf Cart Market industry share is consolidated. The key market players include EverGreen Electrical Vehicles, E-Z-GO, Club Car, LLC, Columbia ParCar Corp, Xiamen Dalle Electric Car Co., Ltd. and Yamaha Golf-Car Company Etc. Some other key notable participants in the industry include Garia Luxury Golf Car and Cruise Car Inc, Hitachi Chemical Co. Ltd., Maini Material Movement Pvt. Ltd. On an average, most of these companies generate a gross profit of over 40% annually.

These companies are emphasizing not only on product level strategy but also go-to-market strategy. As such, there has been a notable increase in promotional campaign and R&D spending on design features. For instance, there is highly likelihood that Yamaha, which is primarily engaged in 2- passenger golf carts, will focus on 4 passenger electric vehicle model to capture the greater chunk of the market.

Prices for these products varies somewhat similar across all competitors ranging from USD 4600 to 7,500. Product branding will be a major factor in overall sales.