Albany, NY, Jan. 22, 2016 (GLOBE NEWSWIRE) -- A new research report published by Transparency Market Research states that the global golf cart and NEV market is expected to witness an upward movement in the coming years. The report, has been compiled using primary and secondary data and offers a 360-degree view of the market.
According to the research report, the global golf cart and NEV market stood at US$1.8 bn in 2013 and is expected to grow at a CAGR of 6.60% from 2014 to 2020 to reach US$2.8 bn by 2020. The significant growth rate of the global golf cart and neighborhood electric vehicles (NEV) market will be largely attributable to the growing demand for electric vehicles for short-distance commutes to be covered at low speed.
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The global golf cart and NEV market is segmented on the basis of type, engine, and geography. The two types of units in this market are golf carts and neighborhood electric vehicles (NEV). The engines used for these are gas powered engines and electric powered engines. Geographically, this market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
Currently, North America is leading the global golf carts and NEV market and is expected to retain the dominating position all the way through 2020. The growth of this regional market will be due to the flourishing golf industry, increasing fuel prices, and growing interest of the public at large towards unique and environment-friendly technologies. The second largest share in the global golf carts and NEVs market is held collectively by Asia Pacific and Europe. Collectively, these regions hold a share of 40% in the overall market.
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Out of the types of engines, the electric powered golf carts and NEV held a share of 50% in the overall market in 2013. This is attributable to the increasing fuel prices in Asia Pacific that is pressurizing consumers to opt for electric powered vehicles. Analysts at Transparency Market Research predict that the trend of high gadget accessibility and customization will propel the demand for electric powered golf carts and NEVs in the coming five years. The market share of gas powered golf carts and NEVs is expected to plummet due to the adverse effects of gas on the environment. This drop will be prominent in developing countries such as Japan, Germany, France, the U.S., and Canada.
Some of the important players in the global golf cart and NEV market are Dongyang Mechatronics Corp., Textron Inc., Yamaha Golf Car Company, Ingersoll Rand Corp., Dongfeng Electric Vehicles Co., Ltd, and Bradshaw Electric Vehicles. The report gives an assessment of the company profile, financial overview, research and development activities, product portfolio, and business and marketing strategies. Through a holistic approach, the research report on the golf cart and NEV market explains the competitive landscape in complete detail.
Global Golf cart and NEV Market: By Types, 2014 - 2020
- Golf Carts
- Neighborhood Electric Vehicles (NEV)
Global Golf cart and NEV Market: By Engines, 2014 - 2020
- Gas powered engines
- Electric powered engines
Global Golf cart and NEV Market: By Geography, 2014 - 2020
- North America
- Asia Pacific
- Rest of the world (RoW)
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
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Source:Transparency Market Research