Golf carts are small cars that help transport golfers to different parts of any course. Traditionally functioning on an internal combustion engine, leading manufacturers have started to produce electric vehicle golf carts in the last few years.
Neighbourhood electric vehicles (NEVs) function entirely on batteries and can carry a maximum load of 1361 kg and travel at a maximum velocity of approximately 25mph.
Rising consumer demand for short-distance travel in parks and hotels is the key growth driver for the global Cart and Neighborhood Electric Vehicle (NEV) Market.
A key product aspect that could help golf carts and NEV vehicles gain an edge over traditional automobiles in future is the lack of need for any type of fuel for operations.
With rising petrol prices in several leading economies globally, it could lead to a surge in demand for electric-powered vehicles which could play a key role in triggering the demand for golf carts and NEVs.
Also, golf carts and NEVs function on batteries, are eco-friendly and incur lower maintenance costs in comparison with internal combustion engine vehicles, which could help increase product demand and fuel the growth in the global market, in the coming years.
Production of Lightweight Golf Carts and NEVs Could Propel Demand in Future
The development of lightweight golf carts and NEVs by leading manufacturers could offer significant revenue-generating opportunities for prominent market players, in the years ahead.
Golf has emerged as an excellent stress-relieving activity for working professionals across numerous industries. As a result, the demand for golf carts could witness an increase in the future.
Advancements to existing products with the integration of novel technologies could help increase product demand and stimulate growth and offer revenue-generating opportunities for leading players in the global golf cart and NEVs market, in years to come.
Other factors such as rapid urbanization, especially in developing economies, and rising disposable income among population sections could contribute to a golf cart and NEVs market growth, in years to come.
COVID-19 Pandemic Dents Growth in Global Golf Cart and NEVs Market
The future for the golf cart and NEVs market seemed optimistic, but the outbreak of the COVID-19 pandemic negatively impacted the growth in the global market.
With rising cases globally, governments were forced to impose strict social distancing regulations and lockdowns in a bid to contain the spread of the virus. This resulted in a reduced availability of raw materials to a golf cart and NEVs production units and impacted product sales, leading to reduced demand and lowered market growth.
It is anticipated, however, that with most population sections double vaccinated and approval was given to the use of a third booster dose for different population sections, manufacturing units will start operations soon at full capacity, leading to increased sales and demand and steady growth in the overall market.
While the demand for golf cart and NEVs have been high worldwide, some drawbacks could affect market growth in the future.
High Costs Incurred in Installation of Batteries to Golf Cart and NEVs Could Reduce Product Demand, Lower Market Growth in Future
High initial costs incurred in a golf cart and NEVs concerning the installation of high-power batteries could lead to reduced product demand and restrain the growth in the global market, in the future.
Also, charging stations for golf carts and NEVs can be expensive, which could lead to reduced product demand and lower market growth.
R&D undertakings to produce improved quality products could be a key growth strategy for leading market players, in the future.
Growth strategies such as new product launches could prove to be a key, revenue-generating strategy for prominent golf care and NEVs market players and gain a competitive edge over other players.