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Global Neighborhood Electric Vehicles (NEV) and Golf Cart Market Size
The global neighborhood electric vehicle and golf cart market size is undergoing a significant development and is expected to witness upward trajectory growth over forecast period 2016-2028. It is estimated to be valued over USD 2.1 billion in 2017 and will register a CAGR of above 5.5% to create high market opportunities for industry players. These are self-propelled vehicle which is driven using electric motors and internal combustion engines specially designed for usage on golf courses in order to transport golfers and golf equipment.
Industry competitive rivalry has increased with 5 players accounting for nearly 73% of the global golf cart market share. Ingersoll Rand Corp., Polaris Industries, Textron, and Yamaha Golf Cart Company are some of the key leading players. New go-to-market strategy and product level strategy has emerged wherein the NEV market players are focusing on enhancing their marketing channels in developing regions.
Various types of carts are available in market today including push-pull, gasoline, solar powered and electric golf carts that run with the help of gasoline engine, solar powered motors and batteries. These are generally utilized for sports maneuvering as well as small distance movement of man and materials.
These low speed vehicles have average speed of 25-30 kmph. Furthermore, low-speed vehicle market development depends on the golf cart industry’s inclination to grip all of the up-to-date skills related to this special class of vehicle and an increase in disposable income among individuals and families in both worldwide developing and developed countries.
Global Golf Cart Market Size Analysis: Industry Drivers and Restraints
The global golf cart market growth depends on various vital factors ranging from emergence of new distribution channels, to launch of vehicles with better product features.
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Global golf cart market revenue will witness a sharp increase in overall sales during the first half of forecast period, before slowing down to stagnant growth. The market is going through highly demanding scenario, and this is one of the factors that will transform the market. The automobile industry wants to ensure that consumers can access innovation in new distributed channels, reliable and repair services.
By product type, solar powdered golf is expected to expand at a fast pace because of low maintenance cost and higher efficiency value. Electric golf cart market size accounted for over 80% share in total share volume. Based on application types, golf cart market size is segmented into industry use, personal use, golf courses, rental services Etc. Herein, Golf courses segment accounted for over 51% of share value in total share volume in 2017. The use of golf carts for applications like short trips in universities, airports shopping malls, short drives within town Etc. has resulted in huge growth for this segment.
Global Golf Cart Market Size: Regional Analysis
North America golf cart market will dominate the overall industry size between 2017 and 2020 before losing its rank to Asia Pacific. Industry is facing the stagnation since last few years and as a result, U.S. golf cart market size will witness downward trend post 2022. To counter the trend, the companies need to focus on enhancing technology range to cater to customized needs of end-use consumers.
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Europe is another key market destination for golf cart market. Tourism and hospitality sectors is expected to create new industry opportunity for golf cart sales.
Asia Pacific and Latin America will be a major destination post mid forecast. Much of the demand is expected to generate from South East Asia. Countries such as China, India South Korea is undergoing rapid urbanization which in turn is expected to enhance mall culture, hi-tech and smart housing projects, and amusement and theme parks. These developments are projected to drive the demand for internal conveyance to carry people and goods, thus creating significant demand for golf carts.
Brazil and Mexico will be another key market for players in Latin America. Collectively, they will account for over 71% of total regional share by 2027.
Global Golf Cart Market Size: Competition Landscape
The industry is highly consolidated. The key golf cart market players are E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Club Car, LLC, Xiamen Dalle Electric Car Co., Ltd. and Yamaha Golf-Car Company Etc. Some other key notable participants in the industry include Garia Luxury Golf Car and Cruise Car Inc, Hitachi Chemical Co. Ltd., Maini Material Movement Pvt. Ltd. On an average, these industry players generate a gross profit of over 40% annually.
These companies are emphasizing not only on product level strategy but also go-to-market strategy. As such, there has been a notable increase in promotional campaign and R&D spending on design features. For instance, there is highly likelihood that Yamaha, which is primarily engaged in 2- passenger golf carts, will focus on 4 passenger electric vehicle model to capture the greater chunk of the market.
Product prices varies depending upon features, however, remains somewhat similar across all competitors ranging from USD 4600 to 7,500. Thus, product branding will be a major factor in overall sales.
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