Golf Cart And Neighborhood Electric Vehicle (NEV) Market Research, 2033
The global golf cart and neighborhood electric vehicle market size was valued at $4.9 billion in 2023, and is projected to reach $13.2 Billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
Market Introduction and Definition
A golf cart is a small motorized vehicle originally designed to carry golfers and their equipment around a golf course. Key drivers of this market include the popularity of golfing & recreational activities, urbanization trends, environmental concerns, and regulatory support for electric vehicles. In addition, advancements in battery technology, vehicle design, and connectivity features shape the evolution of this market, with a focus on enhancing performance, safety, and user experience. A golf cart is a small, motorized vehicle primarily designed for transporting golfers and their equipment around a golf course. Golf carts typically feature an electric or gasoline-powered engine, seating for 2-4 passengers, and space for golf bags & accessories. They are used extensively in golfing communities and resorts for transportation on fairways, pathways, and streets within the property.
Key Takeaways
The golf cart and neighbourhood electric vehicle (NEV) market study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
More than 1, 500 product literature, industry releases, annual reports, and other such documents of major golf cart and neighbourhood electric vehicle industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions & analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Recent Key Strategies and Developments
In March 2023, Club Car launched CRU, a street-legal lifestyle vehicle, expanding its electric vehicle portfolio into the Neighborhood Electric Vehicles (NEV) category, offering consumers a fun and sustainable option for short trips while disrupting the low-speed vehicle (LSV) market.
In January 2024, a Vernon-based cart company, SC cart partnered with Vernon Golf and Country Club marking a milestone in the golfing community. This collaboration allows SC Carts to showcase its luxury low-speed electric vehicles (LSVs) directly on the golf course during the upcoming season. As the first and only manufacturer approved by Transport Canada to produce street-legal LSVs (Low-Speed Vehicles) , SC Carts leverages this unique position to offer golfers the convenience of driving from their homes to the course and back. This partnership underscores the surge in demand for environmentally friendly transportation solutions within golfing communities and highlights SC Carts' commitment to innovation and convenience in the industry.
Key Market Dynamics
Environmental concerns and sustainability drives the golf cart and neighbourhood electric vehicle market growth. Rise in concerns about environmental pollution and the need to reduce carbon emissions drive the adoption of electric vehicles, including golf carts and NEVs. As governments implement stricter emission regulations and consumers become more environmentally conscious, there is an increase in demand for cleaner and more sustainable transportation solutions. Furthermore, urbanization and traffic congestion, and recreation industry have driven the demand for the golf cart and neighborhood electric vehicle (NEV) market. However, limited range and speed hamper the growth of the golf cart and neighbourhood electric vehicle (NEV) market. One of the main limitations of golf carts and NEVs is their relatively limited range and speed compared to conventional vehicles. While suitable for short-distance travel in low-speed environments, these vehicles are not feasible for longer commutes or highway driving, limiting their applicability and market potential. Moreover, lack of charging infrastructure and lack of awareness of NEVs are major factors that hamper the growth of the golf cart and neighbourhood electric vehicle (NEV) market. On the contrary, as cities explore ways to reduce traffic congestion and improve urban mobility, there are opportunities for golf carts and NEVs to serve as last-mile transportation solutions. Electrification and connectivity are key golf cart and neighbourhood electric vehicle market trends.Collaborations with urban planners, local governments, and transportation authorities unlock several golf cart and neighbourhood electric vehicle market opportunity in urban mobility services and shared mobility initiatives. Moreover, factors such as urbanization and eco-consciousness are contributing to the growing golf cart and neighbourhood electric vehicle market size. The golf cart and neighbourhood electric vehicle market forecast takes into account regulatory changes and technological advancements.
Vehicle Production and Sales Statistics of Global Golf Cart and Neighborhood Electric Vehicle Industry
Golf carts and NEVs are manufactured by various companies worldwide, with production concentrated in regions where demand is high. Major manufacturers include companies such as Club Car, Yamaha Golf-Car Company, E-Z-GO, and Polaris Industries. Production volumes vary depending on factors such as market demand, economic conditions, and regulatory environment. While specific production and sales figures are not readily available, the golf cart and NEV market is considered to be a growing segment within the broader electric vehicle industry. Urbanization, environmental concerns, and the need for sustainable transportation solutions drive demand for electric vehicles, including golf carts and NEVs.
Demand for golf carts and NEVs varies by region, influenced by factors such as population density, infrastructure development, tourism industry, and regulatory landscape. Regions with a high concentration of golf courses, resorts, retirement communities, and urban areas with low-speed zones may exhibit higher demand for these vehicles. The golf cart and neighbourhood electric vehicle market share is becoming increasingly competitive.
Market Segmentation
The golf cart and neighbourhood electric vehicle (NEV) market is segmented into propulsion, type, and region. On the basis of propulsion, the market is divided into gas powered engine and electric powered. By type, the market is segregated into neighborhood electric vehicle and golf cart. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Regional/Country Market Outlook
North America, particularly the U.S., has a robust recreational culture, where golfing is a popular leisure activity for many individuals. Golf carts are widely used on golf courses across the region, driving significant demand for these vehicles. North America has a large population of retirees, many of whom reside in retirement communities and gated neighbourhoods where golf carts and NEVs are commonly used for local transportation. The prevalence of retirement communities in the region contributes to the high demand for these vehicles.
North America is home to numerous tourist destinations, resorts, and recreational facilities where golf carts and NEVs are utilized for transportation within the premises. The tourism and hospitality industry's reliance on these vehicles further boosts market demand for NEVs. In some jurisdictions in North America, there are regulations and infrastructure supporting the use of NEVs for low-speed transportation on public roads. This regulatory support provides a favorable environment for the adoption and use of NEVs in urban and suburban areas. In addition to recreational use, golf carts and NEVs are increasingly used for urban and campus transportation in North America. They serve as efficient and environmentally friendly alternatives for short-distance travel in urban centers, corporate campuses, college campuses, and industrial complexes.
In March 2023, Club Car launched CRU, a street-legal lifestyle vehicle, expanding its electric vehicle portfolio into the Neighborhood Electric Vehicles (NEV) category, offering consumers a fun and sustainable option for short trips while disrupting the low-speed vehicle (LSV) market.
In December 2022, Saera Electric Auto launched an exclusive electric golf cart into the Indian market, offering a sustainable and convenient solution for golfers and recreational users. This electric golf cart is designed to provide efficient and eco-friendly transportation on golf courses and other leisure venues, catering to the rise in demand for electric mobility solutions in India. With its launch, Saera Electric Auto aims to enhance the golfing experience while promoting environmental sustainability in the Indian market.
In March 2023, Club Car launched CRU, a street-legal lifestyle vehicle, expanding its electric vehicle portfolio into the Neighborhood Electric Vehicles (NEV) category, offering consumers a fun and sustainable option for short trips while disrupting the low-speed vehicle (LSV) market.
Competitive Landscape
The report analyzes the profiles of key players operating in the golf cart and neighbourhood electric vehicle (NEV) market such as Columbia CarPar, Garia, GEM, Ingersoll Rand, Melex Golf Cars, Shenzhen Marshell Green Power, Speedways Electric, Textron, Volmac Engineering, and Yamaha Golf Cars. These players have adopted various strategies to increase their market penetration and strengthen their position in the golf cart and neighbourhood electric vehicle (NEV) market.
Industry Trends:
In January 2024, WiTricity introduced its wireless charging solution for electric golf cars and NEVs at the Consumer Electronics Show in Las Vegas, Nevada, showcasing its technology through a South Korea-based OEM vehicle equipped with WiTricity's receiver, alongside a Ford Mach-E upgraded with WiTricity's Halo™ Wireless Receiver, demonstrating the versatility and potential of their wireless charging technology across different vehicle types and manufacturers.
In January 2024, SC Carts, a Vernon-based company specializing in luxury low-speed electric vehicles (LSVs) , announced a groundbreaking partnership with the Vernon Golf and Country Club. This collaboration is projected to see SC Carts working closely with the golf course during the upcoming golf season, offering special events, demonstrations, and promotional offers.
In January 2024, a Vernon-based cart company, SC cart partnered with Vernon Golf and Country Club marking a milestone in the golfing community. This collaboration allows SC Carts to showcase its luxury low-speed electric vehicles (LSVs) directly on the golf course during the upcoming season. As the first and only manufacturer approved by Transport Canada to produce street legal LSVsi, SC Carts leverages this unique position to offer golfers the convenience of driving from their homes to the course and back. This partnership underscores the surge in demand for environmentally friendly transportation solutions within golfing communities and highlights SC Carts' commitment to innovation and convenience in the industry.
In March 2023, Club Car launched CRU, a street-legal lifestyle vehicle, expanding its electric vehicle portfolio into the Neighborhood Electric Vehicles (NEV) category, offering consumers a fun and sustainable option for short trips while disrupting the low-speed vehicle (LSV) market.
Key Sources Referred
International Energy Outlook
Environmental and Energy Study Institute (EESI)
U.S. Department of Energy
ITRI Ltd.
International Hydropower Association
International Energy Agency
World Economic Forum
European Association for Storage of Energy
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the golf cart and neighbourhood electric vehicle market analysis to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the golf cart and NEV market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global golf cart and neighbourhood electric vehicle (NEV) market trends, key players, market segments, application areas, and market growth strategies.
Golf Cart and Neighborhood Electric Vehicle (NEV) Market Report Highlights
Aspects | Details |
Market Size By 2033 | USD 13.2 Billion |
Growth Rate | CAGR of 10.6% |
Forecast period | 2024 - 2033 |
Report Pages | 350 |
By Propulsion |
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By Type |
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By Region |
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Key Market Players | Melex Golf Cars, Speedways Electric , Textron , Yamaha Golf Cars , Garia, Shenzhen Marshell Green Power, Ingersoll Rand, Volmac Engineering , GEM, Columbia CarPar |
The report analyzes the profiles of key players operating in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market such as Columbia CarPar, Garia, GEM, Ingersoll Rand, Melex Golf Cars, Shenzhen Marshell Green Power, Speedways Electric, Textron, Volmac Engineering, and Yamaha Golf Cars. These players have adopted various strategies to increase their market penetration and strengthen their position in the Golf Cart and Neighborhood Electric Vehicle (NEV) Market.
North America is the largest regional market for Golf Cart and Neighborhood Electric Vehicle (NEV).
The upcoming trends of golf cart and neighborhood electric vehicle (NEV) market in the globe are urban mobility solution and expansion into new markets.
The global golf cart and neighborhood electric vehicle market size was valued at $4.9 billion in 2023, and is projected to reach $13.2 Billion by 2033, growing at a CAGR of 10.6% from 2024 to 2033.
Neighborhood electric vehicle is the leading application of Golf Cart and Neighborhood Electric Vehicle (NEV) Market
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