Golf Cart and Neighborhood Electric Vehicle (NEV) Market By Propulsion (Gas Powered Engine, Electric Powered) , By Type (Neighborhood Electric Vehicle, Golf Cart) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Golf Cart and Neighborhood Electric Vehicle Market
The golf cart and neighborhood electric vehicle market was valued at $4.5 billion in 2022 and is estimated to reach $12.4 billion by 2032, exhibiting a CAGR of 10.80% from 2023 to 2032.
The golf cart and neighborhood electric vehicle market comprises dealers, manufacturers, aftermarket suppliers, and rental companies, which meet the demand for the vehicles. While golf carts are predominantly used in golf courses, neighborhood electric vehicles are legally authorized to run on public roads in residential areas within a specific speed limit. In comparison to golf carts (up to 15 miles per hour), neighborhood electric vehicles are equipped with advanced electrical battery systems for longer range (35-45 miles per hour).
Golf carts and neighborhood electric vehicles are witnessing a significant rise in demand due to their zero-emission mobility. This surge in demand is further attributed to rise in environmental consciousness among individuals and implementation of stringent government rules pertaining to emissions such as mandating zero-emission vehicles & offering lucrative incentives on the purchase of electric vehicles. The adoption of wireless inductive charging is a trend poised to acquire traction among drivers owing to the park-and-charge convenience it offers. Moreover, wireless charging is more durable, safe, and resistant to water & dust as compared to the conventional wired charging system.
However, lack of basic safety features such as seat belts, particularly in golf carts, is a major restraint of the market. For instance, a 77-year-old man from Loxahatchee Groves, Florida experienced life-threatening injuries after his golf cart collided with a sport utility vehicle in March 2024. On the contrary, increase in recreational facilities and resorts is presenting the opportunity for market expansion.
Segment ReviewThe global golf cart and neighborhood electric vehicle market is segmented into propulsion, type, and region. On the basis of propulsion, the market is bifurcated into gas-powered engine and electric-powered engine. As per type, it is divided into neighborhood electric vehicle and golf cart. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Key FindingsBy propulsion, the gas-powered engine segment accounted for the highest market share in 2022.
According to type, the golf carts segment acquired a higher stake of the market in 2022.
Region wise, North America attained the highest share of the market in 2022.
Competitive AnalysisThe leading players of the golf cart and neighborhood electric vehicle market include Columbia CarPar, Garia, GEM, Ingersoll Rand, Melex Golf Cars, Shenzhen Marshell Green Power, Speedways Electric, Textron, Volmac Engineering, and Yamaha Golf Cars. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy PropulsionGas Powered Engine
Electric Powered
By TypeNeighborhood Electric Vehicle
Golf Cart
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East and Africa
Key Market Players
Columbia CarPar
Garia
GEM
Ingersoll Rand
Melex Golf Cars
Shenzhen Marshell Green Power
Speedways Electric
Textron
Volmac Engineering
Yamaha Golf Cars