Golf Cart and Neighborhood Electric Vehicle (NEV) Market By Propulsion (Gas Powered Engine, Electric Powered) , By Type (Neighborhood Electric Vehicle, Golf Cart) : Global Opportunity Analysis and Industry Forecast, 2024-2033

Description

Golf Cart and Neighborhood Electric Vehicle Market

The golf cart and neighborhood electric vehicle market was valued at $4.5 billion in 2022 and is estimated to reach $12.4 billion by 2032, exhibiting a CAGR of 10.80% from 2023 to 2032.

The golf cart and neighborhood electric vehicle market comprises dealers, manufacturers, aftermarket suppliers, and rental companies, which meet the demand for the vehicles. While golf carts are predominantly used in golf courses, neighborhood electric vehicles are legally authorized to run on public roads in residential areas within a specific speed limit. In comparison to golf carts (up to 15 miles per hour), neighborhood electric vehicles are equipped with advanced electrical battery systems for longer range (35-45 miles per hour).

Golf carts and neighborhood electric vehicles are witnessing a significant rise in demand due to their zero-emission mobility. This surge in demand is further attributed to rise in environmental consciousness among individuals and implementation of stringent government rules pertaining to emissions such as mandating zero-emission vehicles & offering lucrative incentives on the purchase of electric vehicles. The adoption of wireless inductive charging is a trend poised to acquire traction among drivers owing to the park-and-charge convenience it offers. Moreover, wireless charging is more durable, safe, and resistant to water & dust as compared to the conventional wired charging system.

However, lack of basic safety features such as seat belts, particularly in golf carts, is a major restraint of the market. For instance, a 77-year-old man from Loxahatchee Groves, Florida experienced life-threatening injuries after his golf cart collided with a sport utility vehicle in March 2024. On the contrary, increase in recreational facilities and resorts is presenting the opportunity for market expansion.

Segment Review

The global golf cart and neighborhood electric vehicle market is segmented into propulsion, type, and region. On the basis of propulsion, the market is bifurcated into gas-powered engine and electric-powered engine. As per type, it is divided into neighborhood electric vehicle and golf cart. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Key Findings

By propulsion, the gas-powered engine segment accounted for the highest market share in 2022.

According to type, the golf carts segment acquired a higher stake of the market in 2022.

Region wise, North America attained the highest share of the market in 2022.

Competitive Analysis

The leading players of the golf cart and neighborhood electric vehicle market include Columbia CarPar, Garia, GEM, Ingersoll Rand, Melex Golf Cars, Shenzhen Marshell Green Power, Speedways Electric, Textron, Volmac Engineering, and Yamaha Golf Cars. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.

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SWOT Analysis

Key Market Segments

By Propulsion

Gas Powered Engine
Electric Powered

By Type

Neighborhood Electric Vehicle
Golf Cart

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- UK
- Russia
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa

Key Market Players:

Columbia CarPar
Garia
GEM
Ingersoll Rand
Melex Golf Cars
Shenzhen Marshell Green Power
Speedways Electric
Textron
Volmac Engineering
Yamaha Golf Cars

Product Code: A183842

CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
- 1.4.1. Primary Research
- 1.4.2. Secondary Research
- 1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
- 3.2.1. Top Investment Pockets
- 3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
- 3.3.1. Bargaining Power of Suppliers
- 3.3.2. Threat of New Entrants
- 3.3.3. Threat of Substitutes
- 3.3.4. Competitive Rivalry
- 3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities

CHAPTER 4: GOLF CART AND NEIGHBORHOOD ELECTRIC VEHICLE (NEV) MARKET, BY PROPULSION

4.1. Market Overview
- 4.1.1 Market Size and Forecast, By Propulsion
4.2. Gas Powered Engine
- 4.2.1. Key Market Trends, Growth Factors and Opportunities
- 4.2.2. Market Size and Forecast, By Region
- 4.2.3. Market Share Analysis, By Country
4.3. Electric Powered
- 4.3.1. Key Market Trends, Growth Factors and Opportunities
- 4.3.2. Market Size and Forecast, By Region
- 4.3.3. Market Share Analysis, By Country

CHAPTER 5: GOLF CART AND NEIGHBORHOOD ELECTRIC VEHICLE (NEV) MARKET, BY TYPE

5.1. Market Overview
- 5.1.1 Market Size and Forecast, By Type
5.2. Neighborhood Electric Vehicle
- 5.2.1. Key Market Trends, Growth Factors and Opportunities
- 5.2.2. Market Size and Forecast, By Region
- 5.2.3. Market Share Analysis, By Country
5.3. Golf Cart
- 5.3.1. Key Market Trends, Growth Factors and Opportunities
- 5.3.2. Market Size and Forecast, By Region
- 5.3.3. Market Share Analysis, By Country

CHAPTER 6: GOLF CART AND NEIGHBORHOOD ELECTRIC VEHICLE (NEV) MARKET, BY REGION

6.1. Market Overview
- 6.1.1 Market Size and Forecast, By Region
6.2. North America
- 6.2.1. Key Market Trends and Opportunities
- 6.2.2. Market Size and Forecast, By Propulsion
- 6.2.3. Market Size and Forecast, By Type
- 6.2.4. Market Size and Forecast, By Country
- 6.2.5. U.S. Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.2.5.1. Market Size and Forecast, By Propulsion
  - 6.2.5.2. Market Size and Forecast, By Type
- 6.2.6. Canada Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.2.6.1. Market Size and Forecast, By Propulsion
  - 6.2.6.2. Market Size and Forecast, By Type
- 6.2.7. Mexico Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.2.7.1. Market Size and Forecast, By Propulsion
  - 6.2.7.2. Market Size and Forecast, By Type
6.3. Europe
- 6.3.1. Key Market Trends and Opportunities
- 6.3.2. Market Size and Forecast, By Propulsion
- 6.3.3. Market Size and Forecast, By Type
- 6.3.4. Market Size and Forecast, By Country
- 6.3.5. France Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.3.5.1. Market Size and Forecast, By Propulsion
  - 6.3.5.2. Market Size and Forecast, By Type
- 6.3.6. Germany Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.3.6.1. Market Size and Forecast, By Propulsion
  - 6.3.6.2. Market Size and Forecast, By Type
- 6.3.7. UK Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.3.7.1. Market Size and Forecast, By Propulsion
  - 6.3.7.2. Market Size and Forecast, By Type
- 6.3.8. Russia Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.3.8.1. Market Size and Forecast, By Propulsion
  - 6.3.8.2. Market Size and Forecast, By Type
- 6.3.9. Rest of Europe Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.3.9.1. Market Size and Forecast, By Propulsion
  - 6.3.9.2. Market Size and Forecast, By Type
6.4. Asia-Pacific
- 6.4.1. Key Market Trends and Opportunities
- 6.4.2. Market Size and Forecast, By Propulsion
- 6.4.3. Market Size and Forecast, By Type
- 6.4.4. Market Size and Forecast, By Country
- 6.4.5. China Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.4.5.1. Market Size and Forecast, By Propulsion
  - 6.4.5.2. Market Size and Forecast, By Type
- 6.4.6. Japan Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.4.6.1. Market Size and Forecast, By Propulsion
  - 6.4.6.2. Market Size and Forecast, By Type
- 6.4.7. India Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.4.7.1. Market Size and Forecast, By Propulsion
  - 6.4.7.2. Market Size and Forecast, By Type
- 6.4.8. South Korea Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.4.8.1. Market Size and Forecast, By Propulsion
  - 6.4.8.2. Market Size and Forecast, By Type
- 6.4.9. Rest of Asia-Pacific Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.4.9.1. Market Size and Forecast, By Propulsion
  - 6.4.9.2. Market Size and Forecast, By Type
6.5. Latin America
- 6.5.1. Key Market Trends and Opportunities
- 6.5.2. Market Size and Forecast, By Propulsion
- 6.5.3. Market Size and Forecast, By Type
- 6.5.4. Market Size and Forecast, By Country
- 6.5.5. Brazil Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.5.5.1. Market Size and Forecast, By Propulsion
  - 6.5.5.2. Market Size and Forecast, By Type
- 6.5.6. Argentina Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.5.6.1. Market Size and Forecast, By Propulsion
  - 6.5.6.2. Market Size and Forecast, By Type
- 6.5.7. REST of Latin America Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.5.7.1. Market Size and Forecast, By Propulsion
  - 6.5.7.2. Market Size and Forecast, By Type
6.6. Middle East And Africa
- 6.6.1. Key Market Trends and Opportunities
- 6.6.2. Market Size and Forecast, By Propulsion
- 6.6.3. Market Size and Forecast, By Type
- 6.6.4. Market Size and Forecast, By Country
- 6.6.5. UAE Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.6.5.1. Market Size and Forecast, By Propulsion
  - 6.6.5.2. Market Size and Forecast, By Type
- 6.6.6. Saudi Arabia Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.6.6.1. Market Size and Forecast, By Propulsion
  - 6.6.6.2. Market Size and Forecast, By Type
- 6.6.7. South Africa Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.6.7.1. Market Size and Forecast, By Propulsion
  - 6.6.7.2. Market Size and Forecast, By Type
- 6.6.8. Rest of Middle East And Africa Golf Cart and Neighborhood Electric Vehicle (NEV) Market
  - 6.6.8.1. Market Size and Forecast, By Propulsion
  - 6.6.8.2. Market Size and Forecast, By Type

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top Winning Strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top Player Positioning, 2023

CHAPTER 8: COMPANY PROFILES

8.1. Columbia CarPar
- 8.1.1. Company Overview
- 8.1.2. Key Executives
- 8.1.3. Company Snapshot
- 8.1.4. Operating Business Segments
- 8.1.5. Product Portfolio
- 8.1.6. Business Performance
- 8.1.7. Key Strategic Moves and Developments
8.2. Garia
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Operating Business Segments
- 8.2.5. Product Portfolio
- 8.2.6. Business Performance
- 8.2.7. Key Strategic Moves and Developments
8.3. GEM
- 8.3.1. Company Overview
- 8.3.2. Key Executives
- 8.3.3. Company Snapshot
- 8.3.4. Operating Business Segments
- 8.3.5. Product Portfolio
- 8.3.6. Business Performance
- 8.3.7. Key Strategic Moves and Developments
8.4. Ingersoll Rand
- 8.4.1. Company Overview
- 8.4.2. Key Executives
- 8.4.3. Company Snapshot
- 8.4.4. Operating Business Segments
- 8.4.5. Product Portfolio
- 8.4.6. Business Performance
- 8.4.7. Key Strategic Moves and Developments
8.5. Melex Golf Cars
- 8.5.1. Company Overview
- 8.5.2. Key Executives
- 8.5.3. Company Snapshot
- 8.5.4. Operating Business Segments
- 8.5.5. Product Portfolio
- 8.5.6. Business Performance
- 8.5.7. Key Strategic Moves and Developments
8.6. Shenzhen Marshell Green Power
- 8.6.1. Company Overview
- 8.6.2. Key Executives
- 8.6.3. Company Snapshot
- 8.6.4. Operating Business Segments
- 8.6.5. Product Portfolio
- 8.6.6. Business Performance
- 8.6.7. Key Strategic Moves and Developments
8.7. Speedways Electric
- 8.7.1. Company Overview
- 8.7.2. Key Executives
- 8.7.3. Company Snapshot
- 8.7.4. Operating Business Segments
- 8.7.5. Product Portfolio
- 8.7.6. Business Performance
- 8.7.7. Key Strategic Moves and Developments
8.8. Textron
- 8.8.1. Company Overview
- 8.8.2. Key Executives
- 8.8.3. Company Snapshot
- 8.8.4. Operating Business Segments
- 8.8.5. Product Portfolio
- 8.8.6. Business Performance
- 8.8.7. Key Strategic Moves and Developments
8.9. Volmac Engineering
- 8.9.1. Company Overview
- 8.9.2. Key Executives
- 8.9.3. Company Snapshot
- 8.9.4. Operating Business Segments
- 8.9.5. Product Portfolio
- 8.9.6. Business Performance
- 8.9.7. Key Strategic Moves and Developments
8.10. Yamaha Golf Cars
- 8.10.1. Company Overview
- 8.10.2. Key Executives
- 8.10.3. Company Snapshot
- 8.10.4. Operating Business Segments
- 8.10.5. Product Portfolio
- 8.10.6. Business Performance
- 8.10.7. Key Strategic Moves and Developments