Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market is Expected to Grow a CAGR of 31.1% during the Forecast Period

The latest market report published by Credence Research “Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global golf cart and neighborhood electric vehicle market generated revenue of around USD 5,538.9 million in 2020 and anticipated to grow at a CAGR of over 14.2%during the forecast period from 2021 to 2027 to reach around USD 13,859.9million in 2027.

Browse the full report at https://www.credenceresearch.com/report/golf-cart-and-neighborhood-electric-vehicle-nev-market

NEV (Neighborhood Electric Vehicle) is a category of battery electric vehicles in the United States, usually with a speed of 25 miles per hour i.e., 40 km/h and a maximum load of 3,000 lb.Golf cart is a small motorized vehicle, gas-powered used for transportation of golfers and their equipment within the premises. It is also called an off-highway or off-road vehicle, with an average speed between 25 and 50 kmph. Stringent government regulations towards vehicle emission is a key factor expected to boost the demand for golf cart and neighborhood electric vehicle.

Key Trends in Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market

Growing Demand for Charging Cables in Electric Vehicles

The growing adoption of electric vehicles (EV) and owing to decrease the release of harmful carbon emissions are expected to maintain market growth during the forecast period. Increasing awareness among individuals, coupled with high disposable income has resulted in growth of the target market.Favorable government initiatives to promote the use of EVs owing to vehicle emissions is expected to support growth of the target market.High investments by major players and new advancements in technologies for the development products has created potential opportunities for major manufacturers and suppliers of the golf cart and neighborhood electric vehicle.

Impact of COVID 19 on Golf Cart and Neighborhood Electric Vehicle (NEV) Market

Driven by the global pandemic, the golf cart and neighborhood electric vehicle material market will show significant growth. Due to the COVID-19 pandemic, some or all of them have been closed globally causing negative impact on the supply chain and product demand. The industry is facing unprecedented economic losses due to the disruption of the global supply chain of the major players operating in the target market. In addition,the operations of major players have been momentarily halted, or are being operated with a minimal workforce in response to global lockdown.

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Engine Type Insights

Gas powered engine and electric powered engine are the engine type of golf cart and neighborhood electric vehicle market. In 2020, electric powered engine segment accounted for the largest share of global golf cart and neighborhood electric vehicle market.

Electric Powered Engine Segment to Dominate the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Vehicle Type Insights

Golf cart and neighborhood electric vehicle are the power supply of golf cart and neighborhood electric vehicle market. In 2020, neighborhood electric vehicle segment accounted for the largest share of global golf cart and neighborhood electric vehicle market.

Neighborhood Electric Vehicle Segment to Dominate the Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global golf cart and neighborhood electric vehicle market over the forecast period. This is attributed to growing demand for neighborhood electric vehicle and high disposable income of individuals in the region.North America-golf cart and neighborhood electric vehicle market is projected to register the considerable growth rate in the global market.

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market Competitive Landscape

Most prominent players in the global electric vehicle Charging Cables Market include Textron Inc., Polaris Inc., Dongfeng Motor Corporation, Bintelli Electric Vehicles, Ingersoll-Rand PLC, Hitachi, Ltd., ZhongShan ETEC Electric Vehicle Co. Ltd., ELLWEE, Yamaha Motor Co. Ltd., Garia A/S, and Others. The report covers very detailed profiles of these key players.

Market Segmentation

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Engine Type, 2015 – 2027

· Gas Powered Engine

· Electric Powered Engine

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Vehicle Type, 2015 – 2027

· Golf Cart

· Neighborhood Electric Vehicle

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market: Key Players

· Textron Inc.

· Polaris Inc.

· Dongfeng Motor Corporation

· Bintelli Electric Vehicles

· Ingersoll-Rand PLC

· Hitachi, Ltd.

· ZhongShan ETEC Electric Vehicle Co. Ltd.

· ELLWEE

· Yamaha Motor Co. Ltd.

· Garia A/S

. Others