The largely
consolidated vendor landscape of the global golf
cart and neighborhood electric vehicle (NEV) market features a
high degree of competitive rivalry among top players, reports
Transparency Market Research (TMR) in a new market study. In 2013,
the key four companies, namely Textron Inc., Polaris Industries,
Yamaha Golf Cart Company, and Ingersoll Rand Corp. held a share of
70% in the overall market.
Savvy players in
this market are investing in research and development for innovative
products that will help them outshine their competitors. Apart from
this, leading companies are focused to formulate new marketing
strategies and advertising campaigns that will help increase their
customer base.
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The global golf cart
and NEV market is projected to rise at a CAGR of 6.4% between 2017
and 2025, for the market to reach a valuation of US$3,819.2 mn by the
end of 2025. By engine, electric powered engine held the leading
revenue in the global golf cart and neighborhood electric vehicle
market in 2016. Low maintenance cost of electric powered golf carts
and government initiatives to reduce pollution are benefitting the
electric powered engine segment. Golf carts held the leading revenue
over neighborhood electric vehicles on the basis of type in 2016.
Geography-wise,
North America dominated the golf cart and NEV market in 2016
accounting for the leading revenue share amongst all regional
segments.
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