Global Golf Carts and Neighborhood Electric Vehicle
Market Report
2024
Golf carts & neighborhood electric vehicle market size is USD 4258.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 11.00% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size is USD 4258.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 11.00% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 4258.2 Million |
Global Golf Carts and Neighborhood Electric Vehicle Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11% |
North America Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 1703.28 Million |
North America Golf Carts and Neighborhood Electric Vehicle Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.2% |
Europe Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 1277.46 Million |
Europe Golf Carts and Neighborhood Electric Vehicle Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.5% |
Asia Pacific Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 979.39 Million |
Asia Pacific Golf Carts and Neighborhood Electric Vehicle Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13% |
South America Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 212.91 Million |
South America Golf Carts and Neighborhood Electric Vehicle Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.4% |
Middle East and Africa Golf Carts and Neighborhood Electric Vehicle Market Sales Revenue 2024 | $ 85.16 Million |
Middle East and Africa Golf Carts and Neighborhood Electric Vehicle Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.7% |
Market Split by Type |
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Market Split by Propulsion |
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Market Split by Passenger Capacity |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Golf Carts and Neighborhood Electric Vehicle Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Golf carts and neighborhood electric vehicles are small, electric-powered vehicles designed for short-distance travel. They're commonly utilized in recreational environments, neighborhoods, and urban areas for transportation objectives. Customization and personalization options in the golf cart and neighborhood electric vehicle market cater to personal tastes, improving customer appeal. With a broad range of features such as custom paint assignments, seating formattings, and accessories, manufacturers satisfy varying requirements and styles. This trend not only fosters customer loyalty but also drives market expansion by delivering outstanding, tailored solutions for various demographics and manipulating cases. As buyers seek vehicles that reflect their personality and lifestyle, customization becomes a critical factor influencing purchasing decisions in the electric vehicle market.
Another significant driver shaping the golf carts & neighborhood electric vehicle market is the expanded tourism in resorts, theme parks, and recreational spaces. These eco-friendly vehicles deliver convenient transportation for visitors while aligning with sustainability objectives. Neighborhood electric vehicles developed for short trips in neighborhoods or urban settings cater to tourists examining local interests. Golf carts, once limited to golf courses, now operate as versatile transport options in different tourist destinations. This demand drives expansion in the market, endorsed by factors such as environmental awareness, technological improvements, and government motivations promoting cleaner transportation solutions.
In August 2021, SoloGolf announced its partnership with RELION Battery, one of the leading battery manufacturers for golf cars. The partnership will provide RELION lithium batteries to SoloGolf to power their SoloCart, a single-rider golf car.
One key driver in the golf carts & neighborhood electric vehicle market is the growing government encouragements and regulations. Incentives like tax credits and assistance drive customer adoption by decreasing upfront expenses, while regulations promoting cleaner vehicles prefer electric options. These measures not only boost demand but also facilitate manufacturers to innovate and support electric vehicle technology. As a result, the market experiences accelerated expansion, delivering eco-friendly and cost-effective mobility explanations for urban and neighborhood transportation requirements.
Another key driver in the golf carts & neighborhood electric vehicle market is the improvements in technology. Enhanced battery efficiency and range have made electric vehicles more suitable for everyday usage, while inventions in vehicle design and connectivity improve user knowledge. Additionally, the integration of smart elements like GPS navigation and remote monitoring improves security and convenience. These technological improvements not only attract individual customers pursuing eco-friendly transportation solutions but also demand commercial and institutional customers, driving further expansion in the market.
The high initial cost of purchasing golf carts & neighborhood electric vehicles (NEVs) acts as an effective restraint on market expansion. While electric vehicles deliver long-term expense savings in terms of fuel and maintenance, the upfront investment can be prohibitive for some customers and fleet operators. This financial obstacle may deter potential customers, particularly in regions where incentives and subsidies for electric vehicles are restricted. Consequently, despite their environmental and economic advantages, the high initial expense remains a considerable challenge in accelerating the widespread adoption of golf carts and NEVs.
The COVID-19 pandemic initially slowed down the golf carts & neighborhood electric vehicle market due to limitations on travel and leisure movements. However, it also stimulated interest in personal transportation solutions and driving requirements for neighborhood electric vehicles as people sought secure alternatives for short trips within neighborhoods and communities. Additionally, the pandemic highlighted the significance of environmental sustainability, leading to expanded interest in electric vehicles, including golf carts, as more hygienic transportation options. Despite momentary setbacks, the market has rebounded with a continued direction on eco-friendly and convenient mobility solutions amidst the ongoing rescue.
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The competitive landscape of the golf carts & neighborhood electric vehicle market is characterized by a wide range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Major players in the market account for a considerable share of the market and are concentrating on expanding their customer base across the world.
In May 2023, Mansory, a Germany-based luxury vehicle company that manufactures golf carts, launched an electric golf cart. This cart is permitted to drive on public roads in both the United States of America and Europe. A 10.24-kilowatt-hour lithium-ion battery pack powers the cart and provides a range of more than 50 miles (80 km) on a single charge. Its electric motor produces 10.7 horsepower (8 kilowatts).
Top Companies Market Share in Golf Carts and Neighborhood Electric Vehicle Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerged as the dominant region in the golf carts & neighborhood electric vehicle market due to the region's government motivations and regulations encouraging electric vehicle adoption. Urbanization expands the need for convenient neighborhood transport. Technological advancements improve vehicle performance. Expense savings, tourism, aging populations, corporate and campus benefits, customization options, and infrastructure expansion further fuel market expansion.
Asia Pacific stands out as the fastest-growing region in the golf carts & neighborhood electric vehicle market due to the region's increasing urbanization, environmental problems, and government incentives encouraging electric vehicles. Expanded tourism, corporate benefits, and infrastructure development are also driving the market.
The current report Scope analyzes Golf Carts and Neighborhood Electric Vehicle Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size was estimated at USD 4258.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1703.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size was estimated at USD 4258.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 1277.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size was estimated at USD 4258.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 979.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.0% from 2024 to 2031.
According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size was estimated at USD 4258.2 Million, out of which Latin America market has more than 5% of the global revenue with a market size of USD 212.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2031.
According to Cognitive Market Research, the global golf carts & neighborhood electric vehicle market size was estimated at USD 4258.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 85.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2031.
Global Golf Carts and Neighborhood Electric Vehicle Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Golf Carts and Neighborhood Electric Vehicle Industry growth. Golf Carts and Neighborhood Electric Vehicle market has been segmented with the help of its Type, Propulsion Passenger Capacity, and others. Golf Carts and Neighborhood Electric Vehicle market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, golf carts stand out as the dominating category due to expanded tourism, aging populations, and corporate adoption, these vehicles are evolving as ubiquitous for suitable and eco-friendly transportation in different settings, from neighborhoods and resorts to campuses and retirement gatherings.
Neighborhood electric vehicles emerged as the fastest-growing category in the golf carts & neighborhood electric vehicle market. NEVs deliver eco-friendly neighborhood transport, while golf carts find benefits in tourism, corporate campuses, and retirement residents, driving need and innovation.
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According to Cognitive Market Research, the gas-powered engine category held the major market share. Environmental problems, government motivations, and technological improvements are driving the transformation toward eco-friendly transportation options. Price savings, urbanization, and aging populations also contribute to the growing need for electric options.
The fastest-growing category in the golf carts & neighborhood electric vehicle market is electric-powered engines due to environmental problems, cost savings, and technological improvements. Government motivations, urbanization, tourism needs, and customization options further fuel the market, catering to eco-conscious customers, corporate fleets, and aging residents pursuing convenient transportation solutions.
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According to Cognitive Market Research, the 4-seater category held the major market share due to urbanization, environmental consciousness, and expenditure savings. Government incentives, technical advancements in batteries, and the requirement for suitable short-distance transportation propel market expansion.
The fastest-growing category in the golf carts & neighborhood electric vehicle market is the 2-seater due to urbanization, environmental problems, and government incentives encouraging clean transportation. Expenditure savings, technological advancements, and customization options further drive market growth.
Senior Research Analyst at Cognitive Market Research
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
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Type | Neighborhood Electric Vehicle (NEV), Golf Cart |
Propulsion | Electric Powered Engine, Gas Powered Engine |
Passenger Capacity | 2-Seater, 4-Seater, 6-Seater, Others |
List of Competitors | 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., Speedways Electric, 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. |
This chapter will help you gain GLOBAL Market Analysis of Golf Carts and Neighborhood Electric Vehicle. Further deep in this chapter, you will be able to review Global Golf Carts and Neighborhood Electric Vehicle Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Propulsion Analysis 2019 -2031
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Chapter 12 Market Split by Passenger Capacity Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Golf Carts and Neighborhood Electric Vehicle market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Neighborhood Electric Vehicle (NEV) have a significant impact on Golf Carts and Neighborhood Electric Vehicle market? |
What are the key factors affecting the Neighborhood Electric Vehicle (NEV) and Golf Cart of Golf Carts and Neighborhood Electric Vehicle Market? |
What is the CAGR/Growth Rate of Electric Powered Engine during the forecast period? |
By type, which segment accounted for largest share of the global Golf Carts and Neighborhood Electric Vehicle Market? |
Which region is expected to dominate the global Golf Carts and Neighborhood Electric Vehicle Market within the forecast period? |
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