Global Golf Cart and Neighborhood Electric Vehicle (NEV) Market to Reach $9 Billion by 2030
The global market for Golf Cart and Neighborhood Electric Vehicle (NEV) estimated at US$4.9 Billion in the year 2023, is expected to reach US$9 Billion by 2030, growing at a CAGR of 8.9% over the period 2023-2030. Electric Powered Engine-based Golf Cart and NEV, one of the segments analyzed in the report, is expected to record 9.7% CAGR and reach US$6.2 Billion by the end of the analysis period. Growth in the Gas Powered Engine-based Golf Cart and NEV segment is estimated at 7.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 12.4% CAGR
The Golf Cart and Neighborhood Electric Vehicle (NEV) market in the U.S. is estimated at US$1.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 6.9% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 7% CAGR.
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