Global Golf Cart and Neighborhood Electric Vehicle Market - WishTree Insight

Global golf cart and neighborhood electric vehicle market by Engine Type (Electric Powered Engine and Gas-Powered Engine), Application (Sports and Transportation), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global golf cart and neighborhood electric vehicle market size was valued at USD 5.1 Million in 2021 and is expected to surpass USD 7.4 Million by 2031, expanding at a CAGR of 7.24 % during the forecast period, 2021–2031. The growth of the market is attributed to the adoption of the electric vehicle, and the rising demand for fast charging cables.

INTRODUCTION

Electric vehicles require low maintenance costs compared to other vehicles electric vehicles require low maintenance costs and are eco-friendly. Electric vehicles are utilized in many applications like parks, hotels, security patrols, small-distance travel, and commercial campuses. It has smoother performance and is used for brief distance traveling with low regulation.

The adoption of electric vehicles is in high demand, as these vehicles reduce the release of harmful carbon emissions and there is no consumption of fuel which makes it quite cost-effective.

Market Trends, Drivers, Restraints, and Opportunities

• The growing adoption of electric vehicles is attributed to driving the market.
• The increasing demand for fast charging cables for electric vehicles is driving the market.
• The high cost of the direct charging cable is hindering the market growth.
• The technological advancement and installation of charging infrastructure are expected to propel the market

Scope of the Report

Market Segment Insights

The electrically powered engine segment is expected to expand at a rapid pace

Based on engine type, the global golf cart and neighborhood electric vehicle market is bifurcated into electric power engines and gas-powered engines. Due to technological advancements, the electrically powered engine segment is expected to expand at a rapid pace during the forecast period. However, the gas-powered engine segment is anticipated to hold a moderate share of the market in the coming years.

The sports segment is expected to propel the market during the forecast period

Based on the application, the global golf cart and neighborhood electric vehicle market is bifurcated into sports and transportation. The sports segment is expected to expand at a rapid pace during the forecast period.

Geographical Overview

The countries covered within the North American region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and others. Moreover, Germany, the U.K., France, Spain, and the remainder of Europe are included within the European region. The U.S. drives the expansion within the North American region because it is the largest market. The Asia-pacific region offers a substantial potential for market growth due to the rapid climb in markets like India and China.?

Competitive Landscape

Key players competing in the global golf cart and neighborhood electric vehicle market are, Yamaha Golf Cars; Columbia Car Par; Textron; Speedways Electric; Bradshaw Electric Vehicles; GEM; E-Way Golf Cars; Renault S.A.; Ingersoll Rand; Club Car LLC.

FAQs

Mention the market size of the global golf cart and neighborhood electric vehicle market in 2021.

The global golf cart and neighborhood electric vehicle market size was valued at USD 5.1 Million in 2021 and is expected to surpass USD 7.4 Million by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is 7.24%.

What are the key drivers of the market?

The adoption of the electric vehicle and the rising demand for fast charging cables are anticipated to be the key drivers of the market.

What segments are covered in the Global golf cart and neighborhood electric vehicle market report?

Engine Type (Electric Powered Engine and Gas-Powered Engine), Application (Sports and Transportation)