Transparency Market Research Report Added "Golf Cart and NEV Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" to its database.
Albany, NY -- (SBWIRE) -- 11/19/2015 -- Interest in vehicles powered by energy sources other than gasoline and diesel has spiraled to a point where nearly every major auto manufacturer is investing in electric vehicles and neighborhood electric vehicles (NEVs). With conventional fuel costs showing no signs of becoming cheaper, the demand for EVs has seen a simultaneous rise. Many governments have duly encouraged the adoption of golf carts (on commercial and residential sites), EVs, NEVs, and hybrid vehicles by providing subsidies to consumers.
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Among the two, the golf carts market is expected to grow faster than the NEVs market. The findings of recent market studies show that the collective global golf cart and NEV market approximated US$1.79 billion in 2013 and will expand to US$2.81 billion by 2020, posting a CAGR of 6.6% between 2014 and 2020.
Demand for Electric Golf Carts and NEVs Outstrips that of Gas-powered Ones
Golf carts and NEVs fall under the category of low-speed vehicles and are meant for use within the vicinity of commercial and residential properties such as golf courses, hotels, airports, convention centers, shopping complexes, hospitals, parks, and other tourist destinations. The market currently carries golf carts and NEVs that run on electricity-powered engines as well as gas-powered ones. The demand for the former is higher than the latter because they are considered more environment friendly and low on harmful emissions. Electric golf carts and NEVs carry sophisticated technology and high-tech gadgets that users can customize as required. Conventionally, golf carts either feature an electric engine or a gas-driven engine, whereas NEVs mostly run on electricity.
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Over the next few years, gas-powered golf carts and NEVs are expected to be relegated to a marginal segment within the global golf cart and NEV market. This trend is already evident in developed nations such as the U.S., U.K., Canada, France, Germany, and Japan.
Golf Cart and NEV Market is Concentrated in North America
The demand for golf carts and NEVs was the highest in North America in 2014, and the region will hold its position over the next few years. A resurgence of interest in golf in both U.S. and Canada has consequently upped the demand for golf carts and NEVs. Consumers are now more open toward accepting new vehicular technology, especially if it comes with the 'emission-free' or 'eco-friendly' tag – an attribute that NEVs and golf carts carry.
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While the game of golf is becoming popular in the U.S. and Canada again, the same cannot be said about other regions. In many countries, the golf industry is reporting a slowdown. A report by the BBC in 2011 had said that about 55 million play golf globally, and the game has created several related jobs. But situation remains gloomy in mature markets such as the U.K. France, Sweden and Japan. This could restrain the golf cart market. As for the NEV market too, the lack of well-developed infrastructure that's suited for the use of NEVs is lacking in several emerging countries.
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Europe and Asia Pacific are the two other significant regions where the golf cart and NEVs market holds much potential; these two regions will constitute nearly 40% of the revenue share globally.
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