Golf Cart and NEV Market is Expected to Reach USD 2.81 billion in 2020: Transparency Market Research
Golf Cart and NEV Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020
Albany, United States – July 22, 2015 /MarketersMedia/ —
According to a new market report published by Transparency Market Research “Golf cart and NEV Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” global golf cart and NEV market was valued at USD 1.79 billion in 2013, growing at a CAGR of 6.6% from 2014 to 2020 to account for USD 2.81 billion in 2020.
The global golf cart and NEV market is primarily driven by growing demand for electric vehicles worldwide for low speed and short distance commuting. The initiatives adopted by various governments to reduce pollution, influence the demand for electric vehicles for regular usage. The increase in disposable income in the developed and developing nations globally and high-tech equipment adaption such as refrigerators, air-conditioners and music systems among others in low speed vehicle segment are also influencing the growth of overall golf cart and NEV market.
Browse the full Golf cart and NEV Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020 report at http://www.transparencymarketresearch.com/golf-cart-nev-market.html
Electric powered golf cart and neighborhood vehicles held the largest revenue share accounting for more than fifty percent of the overall market in 2013 in terms of utility. The rising fuel prices in the developing nations especially in the Asia Pacific are influencing the shift of customers from the fuel powered to electric powered vehicles. With the increase in number of products equipped with various customizations and gadget accessibility, the demand for electric golf carts and NEVs is observing substantial growth globally. The gas powered golf carts and neighborhood vehicles are still prevalent; however the market share has reduced drastically over the past few years due to their less eco-friendly nature, especially in the developed nations such as the U.S., Canada, the U.K., Germany, France and Japan among others.
Geographically, North America led the electric golf cart and NEVs market in 2014 and the region is expected to continue its dominance by 2020. The factor responsible for the dominance of North America is the rejuvenation of the golf industry in the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology is further contributing to the growth of golf cart and NEV market in North America. Europe and Asia Pacific followed North America in the global golf cart and NEV market to collectively account for nearly forty percent of the global market revenue share.
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The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of golf cart and NEV market. Major market participants profiled in this report include Polaris Industries Inc., Ingersoll Rand Corp., Yamaha Golf Car Company, Dongfeng Electric Vehicles Co., Ltd, Dongyang Mechatronics Corp. and Bradshaw Electric Vehicles among others.
Golf cart and NEV Market: By geography, 2014 – 2020
– North America
– Europe
– Asia Pacific
– Rest of the World
Golf cart and NEV Market: By engine, 2014 – 2020
– Gas Powered
– Electric Powered
Golf cart and NEV Market: By type, 2014 – 2020
– Golf Cart
– Neighborhood Electric Vehicle (NEV)
About TMR:
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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