Golf Cart and Neighborhood Electric Vehicle (Nev) Market Research Report: By Vehicle Type (Golf Carts, Neighborhood Electric Vehicles (NEVs)), By Purpose of Use (Recreational, Commuting, Commercial/Industrial), By Power Source (Electric, Hybrid, Fuel Cell), By Battery Type (Lead-Acid, Lithium-Ion, Other), By Price Range (Entry-Level, Mid-Range, High-End) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Golf Cart and Neighborhood Electric Vehicle (Nev) Market Overview

As per MRFR analysis, the Golf Cart and Neighborhood Electric Vehicle (Nev) Market Size was estimated at 7.97 (USD Billion) in 2022. The Golf Cart and Neighborhood Electric Vehicle (Nev) Market Industry is expected to grow from 8.67(USD Billion) in 2023 to 18.4 (USD Billion) by 2032. The Golf Cart and Neighborhood Electric Vehicle (Nev) Market CAGR (growth rate) is expected to be around 8.73% during the forecast period (2024 - 2032).

Key Golf Cart and Neighborhood Electric Vehicle (Nev) Market Trends Highlighted

The Golf Cart and Neighborhood Electric Vehicle (NEV) market is characterized by increasing demand for sustainable and convenient transportation solutions. Key drivers include rising environmental awareness, government regulations promoting zero-emission vehicles, and the growing popularity of golf and recreational activities.Opportunities abound in the NEV market, particularly in the shared mobility and commercial segments. Governments are implementing initiatives to promote electric vehicle adoption, creating favorable conditions for NEV manufacturers. Trends in recent times include the integration of advanced technologies, such as autonomous driving capabilities, and the development of specialized NEVs for specific applications, such as transportation in gated communities or resorts.By leveraging these opportunities and embracing emerging trends, market participants can capitalize on the growing demand for Golf Carts and NEVs and shape the future of sustainable urban mobility.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Drivers

Rising Demand for Eco-Friendly Transportation

The growing awareness of environmental concerns and the need for sustainable transportation solutions is driving the demand for golf carts and neighborhood electric vehicles (NEVs). These vehicles offer a zero-emission alternative to traditional gasoline-powered vehicles, making them an attractive option for individuals and communities looking to reduce their carbon footprint. Governments worldwide are also implementing policies and incentives to promote the adoption of electric vehicles, further fueling the growth of the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Industry.Additionally, the increasing popularity of golf and other recreational activities is contributing to the demand for golf carts.

Technological Advancements and Innovation

Technological developments related to batteries as well as efficiency of electric motors have served as a forward momentum for electric golfer cars and other kinds of NEVs, such as PTVs. On the one hand, the former has benefited the industry by accelerating the speed of advancements related to the acquired features and parameters, and the latter has led to an increased range of such vehicles. In other words, an AV is now capable of delivering performance and mileage characteristics that are at least analogous to those of the gasoline-based units.The contemporary technologies also make it possible to include GPS systems, smartphone support, and other advanced features into the design of modern NEVs. Thus, the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Industry will benefit from the phenomenon further advances in the area of technology and their evolution into more reliable and efficient vehicles.

Government Regulations and Incentives

The Government Regulations Electric Vehicles are gaining the spotlight in the transportation industry on a global scale, and many governments are producing regulations and incentives to boost the utilization of electric vehicles. They are forming tax rebates, incentives, and electric vehicle-only parking spaces. These regulations and incentives from the government avail affordable and accessible electric vehicles to the general public, and therefore, the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Industry are anticipated to benefit from such regulations and benefits.The Emission Standards The government is demanding tougher emission standards and penalties for the necessity of zero-emission. It is also working on the Zero-Emission Vehicle Program Rule, which is a proposal that will require 15.4 percent of all new vehicles that are sold in California and other states that adopt the program to be zero-emission by the end of 2025. It will also decrease greenhouse gas flows from vehicles. This proposal will increase the demand for the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Industry.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Segment Insights:

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Vehicle Type Insights

The Golf Cart and Neighborhood Electric Vehicle (Nev) Market  is segmented based on vehicle type into the golf cart and the neighborhood electric vehicle NEV. Golf carts are equally small, motorized vehicles created to operate on golf courses, mostly in transporting the golfers and their equipment around the course. The vehicle mostly operates on electric batteries, but some also come with engines using gasoline. NEVs, on the other hand, are equally small street-legal cars made to run at low speed in neighborhoods, campuses, and parks. The rise in the demand for these vehicles for use mostly on short distances is what has been contributing to the growth of this market.The golf cart segment will, however, take the more significant share come 2023 due to its high demand in the United States and other developed countries. The NEV segment, however, will grow at a faster rate due to the high demand for this form of transportation in emerging markets such as India and China. The market has currently been attracted to include the following players: Club car, E-Z-GO, Yamaha Golf-Car Company, and Polaris. These companies will equally be seen investing more in research and development to provide more types of golf carts and NEVs.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Purpose of Use Insights

Purpose of Use segment is an essential factor to analyze the dynamics of the Golf Cart and Neighborhood Electric Vehicle (Nev) Market . In 2023, the recreational segment had the highest Golf Cart and Neighborhood Electric Vehicle (Nev) Market  share because of the increasing popularity of golf carts and neighborhood electric vehicles for entertainment and other recreational purposes. The recreational segment is projected to continue leading in the upcoming years, with an estimated market value of USD 7.2 billion by 2032. Commute is another purpose of use that has been gaining popularity and, therefore, serves as a driving force of the market growth.It accounted for USD 3.8 billion in 2023 and is projected to continue growing, with an estimated market value of USD 4.6 billion by 2032. The commercial/industrial purpose of use is expected to have continuous steady growth, reaching USD 6.6 billion by 2032. It involves commercial and industrial utilization of golf carts and neighborhood electric vehicles, such as transportation in warehouses, factories, and so on.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Power Source Insights

The Golf Cart and Neighborhood Electric Vehicle (Nev) Market  is segmented by Power Source into Electric, Hybrid, and Fuel Cell. The Electric segment holds the largest market share due to the increasing demand for zero-emission vehicles and government regulations promoting the adoption of electric vehicles. The Hybrid segment is expected to witness significant growth over the forecast period due to its efficiency and cost-effectiveness. The Fuel Cell segment is still in its early stages of development but has the potential for long-range and zero-emission operation.In 2024, the Electric segment accounted for approximately 65% of the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  revenue, while the Hybrid and Fuel Cell segments accounted for 25% and 10%, respectively. The increasing adoption of electric vehicles and government incentives are expected to drive the growth of the Electric segment, while advancements in technology and cost reductions are expected to boost the growth of the Hybrid and Fuel Cell segments.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Battery Type Insights

By Battery Type, the market has been segmented into Lead-Acid, Lithium-Ion, and Other. Among these segments, the Lithium-Ion segment is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the increasing adoption of lithium-ion batteries in golf carts and neighborhood electric vehicles due to their higher energy density, longer lifespan, and lighter weight compared to lead-acid batteries. In 2023, the Lithium-Ion segment accounted for around 30% of the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  revenue.The Lead-Acid segment, which is the traditional battery type used in golf carts and neighborhood electric vehicles, is expected to decline in market share during the forecast period due to the growing adoption of lithium-ion batteries. However, lead-acid batteries are still expected to remain a significant segment of the market due to their lower cost and wider availability.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Price Range Insights

The Golf Cart and Neighborhood Electric Vehicle (Nev) Market  is segmented by Price Range into Entry-Level, Mid-Range, and High-End. The Entry-Level segment accounted for the largest revenue share in 2023 and is expected to continue to hold the dominant position throughout the forecast period. The Mid-Range segment is expected to witness the fastest growth rate during the forecast period, owing to the increasing popularity of mid-range golf carts and neighborhood electric vehicles among consumers. The High-End segment is expected to account for a significant revenue share in 2023 and is expected to grow at a steady pace during the forecast period.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Regional Insights

The Golf Cart and Neighborhood Electric Vehicle (Nev) Market  is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market, accounting for a 37.4% share in 2023. The market in this region is driven by the increasing popularity of golf carts and neighborhood electric vehicles (NEVs) as recreational and commuting vehicles. The presence of major golf cart manufacturers and the growing number of golf courses in the region contribute to its dominance in the market. The market in Europe is also significant, with a share of 22.5% in 2023.The increasing adoption of NEVs as a sustainable mode of transportation, particularly in urban areas, is driving the growth in this region. The APAC region is expected to witness the fastest growth during the forecast period, with a CAGR of 10.2% from 2024 to 2032. The rising demand for golf carts and NEVs in countries like China and India is contributing to the growth in this region.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Key Players and Competitive Insights:

The key players in Golf Cart and Neighborhood Electric Vehicle (Nev) Market  are continuously working on increasing their product portfolio by introducing new models and variants. For example, in February 2023, Club Car, which is a premier producer of golf carts and neighborhood electric vehicles, launched a new model – Onward HPX. The vehicle is equipped with a more powerful motor and can cover a longer distance in one charge. The key players in the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  are also investing in the R segment to increase the performance and efficiency of the vehicles. For instance, in March 2023, Yamaha Golf-Car Company announced about the innovation of a new electric motor which is more efficient in comparison with old motors and provides more torque.One of the premier producers of golf carts and neighborhood electric vehicles is Club Car. They produce not only standard vehicles for one and four passengers but also luxury models equipped with air conditioning and GPS navigation. Club Car has key markets in the U.S., Europe, and Asia. The primary reason for the high profits and level of sales for the manufacturer lies in the innovations and the increased quality of the products. Club Car has focused on the development of new technologies which increase the performance and efficiency of the vehicles. They also pay special attention to the improvement of customer service, which led to the formation of a solid customer base.Another leader in the production of golf carts and neighborhood electric vehicles is E-Z-GO. They produce a wide range of vehicles starting from basic models for utility purposes to high-performance vehicles. The manufacturer’s key markets are the U.S. and Europe. E-Z-GO’ success is attributed to the value and reliability of the vehicles. The company offers a superior-quality product for a competitive price. They also develop the customer service segment and have a strong customer base.

Key Companies in the Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Include:

• Yamaha GolfCar Company


• BRP


• Textron


• Tomberlin


• Kawasaki Heavy Industries


• EZGOneweraPolaris Industries


• CC


• Garia


• STIGA


• American Landmaster


• Bad Boy Buggies


• Icon Electric Vehicles


• Club Car


• precedent

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Industry Developments

The Golf Cart and Neighborhood Electric Vehicle (Nev) Market is projected to grow from USD 8.67 billion in 2023 to USD 18.4 billion by 2032, at a CAGR of 8.73%. Rising demand for eco-friendly transportation, increasing urbanization, and government initiatives to promote electric vehicles are driving market growth. Key industry developments include the launch of new models with advanced features, partnerships between major players, and investments in charging infrastructure. The market is expected to witness significant growth in emerging economies, particularly in Asia-Pacific, due to rising disposable incomes and increasing awareness about environmental sustainability.

Golf Cart and Neighborhood Electric Vehicle (Nev) Market  Segmentation Insights

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Vehicle Type Outlook

  
  
  
  
  • Golf Carts
  
  
  • Neighborhood Electric Vehicles (NEVs)
  
  
  
  

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Purpose of Use Outlook

  
  
  
  
  • Recreational
  
  
  • Commuting
  
  
  • Commercial/Industrial
  
  
  
  

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Power Source Outlook

  
  
  
  
  • Electric
  
  
  • Hybrid
  
  
  • Fuel Cell
  
  
  
  

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Battery Type Outlook

  
  
  
  
  • Lead-Acid
  
  
  • Lithium-Ion
  
  
  • Other
  
  
  
  

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Price Range Outlook

  
  
  
  
  • Entry-Level
  
  
  • Mid-Range
  
  
  • High-End
  
  
  
  

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  Golf Cart and Neighborhood Electric Vehicle (Nev) Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa