Golf Cart and Neighborhood Electric Vehicle (NEV)

Golf Cart and Neighborhood Electric Vehicle (NEV)

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market to Reach US$9.0 Billion by 2030

The global market for Golf Cart and Neighborhood Electric Vehicle (NEV) estimated at US$4.9 Billion in the year 2023, is expected to reach US$9.0 Billion by 2030, growing at a CAGR of 8.9% over the analysis period 2023-2030. Electric Powered Engine, one of the segments analyzed in the report, is expected to record a 9.7% CAGR and reach US$6.2 Billion by the end of the analysis period. Growth in the Gas Powered Engine segment is estimated at 7.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.3 Billion While China is Forecast to Grow at 12.4% CAGR

The Golf Cart and Neighborhood Electric Vehicle (NEV) market in the U.S. is estimated at US$1.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.0 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.4% and 7.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.0% CAGR.

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market - Key Trends & Drivers Summarized

Why Are Golf Carts and NEVs Becoming Popular Beyond Golf Courses?

Golf carts and neighborhood electric vehicles (NEVs) are increasingly used beyond golf courses, with applications expanding into residential communities, resorts, and urban areas. These electric vehicles are valued for their low speed, compact design, and eco-friendliness, making them ideal for short commutes in gated communities, college campuses, and parks. NEVs are also finding applications in last-mile delivery services in urban settings, where their small size allows them to navigate narrow streets and reduce traffic congestion. This trend reflects a growing interest in sustainable transportation options suited for localized, low-speed travel.

How Is Demand for Eco-Friendly Transport Influencing the Market?

Demand for eco-friendly transportation is driving the adoption of electric-powered golf carts and NEVs. Consumers and businesses are increasingly opting for electric vehicles as awareness of environmental sustainability grows. Golf carts and NEVs, powered by rechargeable batteries, produce zero emissions, aligning with green initiatives in both public and private sectors. Governments in many regions are also offering incentives for electric vehicle adoption, encouraging both individuals and organizations to choose eco-friendly options. This shift is particularly noticeable in hospitality and real estate sectors, where green transportation options enhance sustainability profiles.

What Role Does Technological Innovation Play in NEVs?

Technological innovations, including battery technology advancements and smart connectivity features, are enhancing the functionality and appeal of NEVs. Modern NEVs now feature improved battery life, offering longer operational hours and quicker recharge times. IoT integration enables features like GPS tracking, remote diagnostics, and fleet management for commercial users, making NEVs an attractive option for businesses with logistical needs. Additionally, the incorporation of solar panels in some NEV models provides an alternative energy source, making these vehicles even more sustainable and suitable for regions with abundant sunlight.

What Drives the Growth of the Golf Cart and NEV Market?

The growth in the golf cart and NEV market is driven by several factors, including increased applications beyond golf courses, demand for eco-friendly transport, and advancements in battery and connectivity technology. Expanding use cases in residential, commercial, and urban settings reflect a shift toward sustainable, low-speed mobility. The rise in environmental awareness has boosted demand for electric-powered vehicles, supported by government incentives. Technological advancements, particularly in battery efficiency and IoT integration, further enhance NEV appeal for both personal and commercial use, positioning the golf cart and NEV market for continued expansion.

SCOPE OF STUDY:

The report analyzes the Golf Cart and Neighborhood Electric Vehicle (NEV) market in terms of US$ Million by the following Propulsion; Type, and Geographic Regions/Countries:

Segments:
Propulsion (Electric Powered Engine, Gas Powered Engine); Type (Golf Cart, Neighborhood Electric Vehicle (NEV))

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 32 Featured) -

• Polaris Industries, Inc.
• Textron Inc.
• Yamaha Motor Co., Ltd.
• Dongfeng Motor Group Company Limited
• DY Corporation
• Garia A/S
• Ingersoll-Rand PLC
• John Bradshaw Limited

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.