Golf Cart and Neighborhood Electric Vehicle (NEV) Global Market Report 2024

The golf cart and neighborhood electric vehicle (nev) market size has grown strongly in recent years. It will grow from $4.33 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historical period can be attributed to various factors, including recreational use, the development of golf courses and resorts, the prevalence of retirement communities, transportation within campuses, increasing environmental awareness, and adherence to local regulations and zoning requirements.

The golf cart and neighborhood electric vehicle (nev) market size is expected to see strong growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of urban mobility solutions, smart city initiatives, economic growth in developing regions, sustainability initiatives, and integration with ride-sharing services. Major trends expected in the forecast period include the rise of electric golf carts and NEVs, the integration of advanced battery technologies, a focus on customization and personalization, the development of street-legal NEVs, and regulatory changes promoting economic and eco-friendly transportation solutions.

The anticipated growth of the golf cart and neighborhood electric vehicle (NEV) market is driven by the increasing initiatives from governments to adopt zero-emission vehicles. Zero-emission vehicles, which produce no harmful emissions during operation, are being encouraged as part of efforts to reduce CO2 emissions, especially in developed countries such as the United Kingdom. Bloomberg New Energy Finance (BNEF) reported in October 2023 that global sales of passenger electric vehicles are expected to exceed 10 million units in 2022, a substantial increase from the 6.6 million recorded in the previous year. With over 13% of new cars sold worldwide in the first half of 2022 being electric, up from 8.7% in 2021, the push for zero-emission vehicles is a significant factor propelling the golf cart and NEV market.

The growth of the golf cart and neighborhood electric vehicle (NEV) markets is further expected to receive support from the expanding international and national tourism industries. These industries, encompassing businesses that facilitate travel and leisure activities, contribute significantly to the use of golf carts, especially in resort complexes, golf courses, and tourist-heavy locations. The World Travel & Tourism Council (WTTC) reported that the travel and tourism industry constituted 7.6% of the global GDP in 2022, reflecting a 22% growth compared to the previous year. The demand for efficient transportation in tourist destinations is expected to boost the golf cart and NEV markets.

A prominent trend in the golf cart and neighborhood electric vehicle (NEV) market is the adoption of technological advancements by major companies. Textron Inc., a US-based manufacturer of golf cars and personal vehicles, introduced innovations in January 2023, such as redesigned RXV golf cars with advanced technologies to enhance the on-course experience for players. These innovations include features such as hanging foot pedals for a comfortable driving experience and pace technology services at participating courses, offering valuable information for golfers. Technological advancements are becoming a key focus for companies seeking to strengthen their positions in the market.

Companies operating in the golf cart and neighborhood electric vehicle (NEV) markets are increasingly manufacturing battery-powered electric golf carts to align with emission standards and meet current norms in golfing. For example, Mansory, a Germany-based luxury vehicle company, launched an electric golf cart in May 2023, designed for road use in the United States and Europe. The cart features a 10.24-kilowatt-hour lithium-ion battery pack, providing a range of over 50 miles on a single charge. Additionally, it has an electric motor generating 10.7 horsepower. This shift towards electric-powered vehicles is driven by a commitment to reduce emissions in golf clubs and adhere to environmental standards.

In June 2022, Club Car LLC, a US-based developer specializing in golf, consumer, and utility vehicles, acquired Garia. This acquisition is aimed at expanding the global appeal of the combined brands, offering a diverse lineup of low-speed electric vehicles in the industry. Garia, a Denmark-based company, is known for its golf cart and neighborhood electric vehicles.

Major companies operating in the golf cart and neighborhood electric vehicle (nev) market report are Bradshaw Electric Vehicles, Dongfeng Electric Vehicles Co. Ltd., Textron Inc., DY Corporation, Yamaha Golf-Car Company, Polaris Inc., Volmac Electric Vehicles LLP, Marshell Green Power Co. Ltd., Club Car LLC, Bintelli Electric Vehicles, Columbia ParCar Corp., SpeedwaysElectric, Dongguan Excellence Golf and Sightseeing Car Co. Ltd., Zhuhai E-Way Electric Industries Co. Ltd., Autopower, Groupe Renault, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., JH Global Services Inc., Garia Inc., Xiamen Dalle New Energy Automobile Co. Ltd., Guangdong Lvtong New Energy Electric Vehicle Technology Co. Ltd., American Custom Golf Cars Inc., Tomberlin, STAR EV Corporation, E-Ride Industries, Moto Electric Vehicles, Waev Inc., Goupil, Melex Sp. z o.o., ACG Inc.

Asia-Pacific was the largest region in the golf cart and neighborhood electric vehicle market in 2023. The regions covered in the golf cart and neighborhood electric vehicle (nev) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the golf cart and neighborhood electric vehicle (nev) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of golf carts and NEVs are neighborhood electric vehicles (NEVs) and golf carts. NEVs are battery-electric vehicles with a top speed of 25 mph and a maximum loaded weight of 3,000 pounds. These vehicles can be powered by either gas or electric engines. They find applications in various settings such as golf courses, private clubs, commercial establishments, and other similar uses.

The golf cart and neighborhood electric vehicle (nev) market research report is one of a series of new reports that provides golf cart and neighborhood electric vehicle (nev) market statistics, including golf cart and neighborhood electric vehicle (nev) industry global market size, regional shares, competitors with a golf cart and neighborhood electric vehicle (nev) market share, detailed golf cart and neighborhood electric vehicle (nev) market segments, market trends and opportunities, and any further data you may need to thrive in the golf cart and neighborhood electric vehicle (nev) industry. This golf cart and neighborhood electric vehicle (nev) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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