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 to account for USD 2.81 billion in 2020.
Albany, NY -- (SBWIRE) -- 08/16/2017 -- The global golf cart and NEV market is expected to witness steady growth during the forecast period. This is primarily due to the rising demand for electric vehicles worldwide. The increasing shift of consumers from gas-powered golf carts to electric-powered golf carts is stimulating the growth in demand for the overall golf cart market. In addition, government regulations around the world regarding environmental protection and use of clean energy are influencing the demand for electric-powered golf carts and NEVs globally.
Electric vehicles operate exclusively on electricity and do not require any other form of fuel for functioning. The growing adoption of electric vehicles by consumers around the world is in turn, influencing the increasing demand for electric-powered golf and neighborhood electric vehicles globally. The electric vehicles are propelled by one or multiple electric motors that are powered by rechargeable batteries. The demand for electric vehicles is growing worldwide due to its energy efficient and environment friendly characteristics.
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Generally, the electric vehicles are used for traveling short distances at a low speed limit. The range and speed depends on the number of batteries used in the vehicle. The electric vehicles demonstrate smoother performance and require lesser maintenance as compared to the conventional internal combustion engines (ICE) run by fuel. During the last few years, the market for electric vehicles has observed a surge, especially in North America and Europe due to the high disposable income of the population in those regions. Some countries in Asia Pacific such as Japan, China, Singapore, Indonesia, and Australia are also contributing to the growth of the global electric golf cart and NEV market. The major applications of these vehicles are found in golf courses, eco-friendly residential and commercial campuses, small distance travels, security patrols, hotels, and parks among others. Primarily, two types of electric vehicles such as battery based electric vehicles (BEVs) and plug-in based electric vehicles (PEVs) are likely to witness an upswing in demand in the global market. This is the most important growth driver for the global golf cart and NEV market.
Gas-powered vehicles are less expensive as compared to the electric vehicles but they have a high maintenance cost and are not eco-friendly. The consistent hike in fuel prices across the world is influencing the demand for electric vehicles globally. Technological advancements have made zero emission electric vehicles available to the customers. Due to these factors, there is a shift in preference from gas-powered vehicles to electric vehicles among customers for economical and pollution free rides. In order to preserve the beauty and serenity of golf courses, the modern golf clubs are shifting to electric golf carts. Gas-powered vehicles pollute the green tranquil environment of golf courses and create disturbance for the golfers. Moreover, the golfers do not require high-speed vehicles. A speed of 10 to 15 mph is optimal for hovering around in the golf grounds while playing, and golfers prefer to operate the electric golf carts. Additionally, the electric golf carts can be easily customized as per the customer's requirements. This drives the market for golf carts currently, and the impact of this driver is expected to increase further during the forecast period.
The global golf cart market, by engine type, is segmented into gas-powered and electric-powered. With the increasing number of golfers globally, demand for golf carts has grown steadily for the period from 2014 to 2020. Although the growth of this market has been slow in regions such as North America and Europe, Asia Pacific is expected to witness substantial growth in the near future. Various programs undertaken to encourage the participation of young players are also driving growth in this market. Increasing environmental awareness among golfers is motivating them to opt for electric-powered golf carts over gas-powered golf carts.
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Based on type, the market is segmented into golf cart and NEV. Increase in the number of golfers is primarily driving the demand for golf carts globally. Rising demand for electric-powered golf carts is also driving growth of the overall market. The NEV market is expected to grow in the near future as consumers across the world are seeking to lower fuel expenditure. Growing government initiatives, rising environmental concerns and increased availability of electric vehicles at affordable prices are some prominent factors supporting market growth.