The Golf Cart and Neighborhood Electric Vehicle (NEV)Market is expected to cross-market value of USD 13,859.9 million in 2027 from USD 5,538.9 million in 2020. It is expected to grow at a CAGR of over 14.2% during the forecast period.
Key Market Drivers and Restraints
Adoption of these vehicles sowing to reduce the release of harmful carbon emissions and new technological advancements have boosted the growth of global golf cart and neighborhood electric vehicles over the forecast period. Additionally, rising awareness among individuals, coupled with high disposable income and high investments by major players, are factors expected to drive the growth of the global golf cart and neighborhood electric vehicle market.
However, the high cost and maintenance of the product, coupled with the recent pandemic outbreak, are factors expected to hamper the global golf cart and neighborhood electric vehicle market.
Impact of COVID 19
The golf cart and neighborhood electric vehicle market will show considerable growth on the back of the global pandemic. However, due to the COVID-19 outbreak, all or part of it has been closed globally, causing a negative impact on the supply chain and product demand. In addition, the operations of major players have been momentarily halted or are being operated with a minimal workforce in response to the global lockdown.
The Asia Pacific to Dominate the global golf cart and neighborhood electric vehicle market
The global golf cart and neighborhood electric vehicle market covers six regions: North America, Europe, Latin America, Asia Pacific, Middle East, and Africa, including all the key economies in these regions. Asia Pacific golf cart and neighborhood electric vehicle market is dominated the global market and accounted for 30.4% of the total market. This is attributed to the increasing demand for neighborhood electric vehicles and the high disposable income of individuals in the region.
Neighborhood Electric vehicles would continue to dominate the global golf cart and neighborhood electric vehicle market in terms of vehicle type.
Golf carts and neighborhood electric vehicles are the vehicle types of a golf cart and neighborhood electric vehicle market. In 2020, the neighborhood electric vehicle segment accounted for the largest share of the global golf cart and neighborhood electric vehicle market, owing to growing awareness among individuals.
Electric Powered Engine is the major segment in the global golf cart and neighborhood electric vehicle market in terms of engine type.
Gas-powered and electric-powered engines are the engine type of golf carts and neighborhood electric vehicle market. In 2020, the electrically powered engine segment accounted for the largest share of the global golf cart and neighborhood electric vehicle market due to technological advancements.
Frequently asked questions about global golf cart and neighborhood electric vehicle market
Disruption of supply chain and shutdown of production lines caused by the current pandemic
Neighborhood electric vehicle is the most frequently through golf cart and neighborhood electric vehicle market
Electric powered engine is the main engine type segment in golf cart and neighborhood electric vehicle market
Ingersoll-Rand PLC, Hitachi, Ltd., Textron Inc., Polaris Inc., Yamaha Motor Co. Ltd., Dongfeng Motor Corporation, Bintelli Electric Vehicles, Garia A/S, ZhongShan ETEC Electric Vehicle Co. Ltd., ELLWEE, and Othersare key players operating in this market
Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
