Albany, NY -- (SBWIRE) -- 10/18/2016 -- Global golf cart and NEV market was valued at USD 1.79 billion in 2013, growing at a CAGR of 6.6% from 2014 to 2020. Golf carts are the gas powered or electric engine powered low speed vehicles used to commute in the golf courses and local vicinities. NEVs are the electric engine powered vehicles used for short distance commuting. Golf cart and NEVs utilize high end digital technology for providing better performance and efficiency with reduced pollution effects. These vehicles have multiple applications in various industries globally.
The global golf cart and NEV market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). This market is primarily driven by growing awareness for pollution free vehicles worldwide. High degree of technological advancements in developed and developing countries such as the U.S., the U.K., France, Germany, China and Japan among others is also contributing to the growth of golf cart and NEV market globally.
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Geographically, North America led the golf cart and NEV market in 2014 and the region is expected to continue its dominance in 2020. The region's dominance is due to advancement in technology and rejuvenation of the golf industry the U.S. and Canada. Moreover, increasing fuel prices globally and affinity towards environment friendly technology are further contributing to the growth of the golf cart and NEV market. Europe and Asia Pacific followed North America in the global golf cart and NEV market to collectively account for more than forty percent of the global market revenue share.
The golf cart and NEV market is segmented on the basis of engine types into gas powered and electric powered. On basis of type, the market is segmented into golf carts and NEVs. Among all, cleaner vehicular solutions with modern technological functionalities for regular short distance travel purposes are the primary objectives for the golf cart and NEV manufacturers.
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Golf carts are analyzed to be the fastest growing segment and NEVs and are expected to attain a significant growth in the recent future.
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