Market Insights
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 vehicle sowing to reduce the release of harmful carbon emissions and new technological advancements have boosted growth global golf cart and neighborhood electric vehicle 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 growth of the global golf cart and neighborhood electric vehicle market.
However, high cost and maintenance of the product, coupled with recent outbreak of pandemic 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. Due to the COVID-19 outbreak, all or part of it has been closed globally causing 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 work force in response to global lockdown.
Asia Pacific to Dominate the global golf cart and neighborhood electric vehicle market
The global golf cart and neighborhood electric vehicle market covers the six regions, that is 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 increasing demand for neighborhood electric vehicle and high disposable income of individuals in the region.
Neighborhood Electric Vehicle would continue to dominate the global golf cart and neighborhood electric vehicle market in terms of vehicle type
Golf cart and neighborhood electric vehicle are the vehicle types of golf cart and neighborhood electric vehicle market. In 2020, neighborhood electric vehicle segment accounted for the largest share of 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 engine and electric powered engine are the engine type of golf cart and neighborhood electric vehicle market. In 2020, electric powered engine segment accounted for the largest share of global golf cart and neighborhood electric vehicle market, due to technological advancements.
Frequently asked questions about global golf cart and neighborhood electric vehicle market
- What are the consequences of COVID 19 on global golf cart and neighborhood electric vehicle market?
Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
- Which is the key vehicle type through golf cart and neighborhood electric vehicle market?
Ans: Neighborhood electric vehicle is the most frequently through golf cart and neighborhood electric vehicle market
- Which is the key engine type through which golf cart and neighborhood electric vehicle market occurs?
Ans: Electric powered engine is the main engine type segment in golf cart and neighborhood electric vehicle market
- Who are the key players in the global golf cart and neighborhood electric vehicle market?
Ans: 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
- Which is the leading regional market for global golf cart and neighborhood electric vehicle market?
Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
- What will be the CAGR (2021 - 2027) of in global golf cart and neighborhood electric vehicle market?
Ans: The market is anticipated to grow at a CAGR of 14.2% throughout the forecast period
- Which are the major factors driving the growth of global golf cart and neighborhood electric vehicle market?
Ans: Increasing demand for electric vehicles as it is energy-efficient and eco-friendly which is a key driving factors propelling the growth of this market
