Neighborhood Electric Vehicle (NEV) Market Size, Share, Growth, and Industry Growth, By Type (Electric Power NEV and Gas Power NEV), By Application (Personal Use, Public Utilities, Golf Cart, And Sightseeing Cars), Regional Forecast By 2031

Updated On: 15 April 2024

Neighborhood Electric Vehicle (NEV) Market Report Overview

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The global neighborhood electric vehicle (NEV) market size was USD 3180.5 million in 2022, as per our research, the market is projected to touch USD 5558.63 million by 2031, exhibiting a CAGR of 6.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with neighborhood electric vehicles (NEV) experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic ends.

The U.S. category for battery electric vehicles is known as neighborhood electric vehicles. It is a term used in China for electric vehicles that include vehicles that are fully or partially powered by electricity. New energy vehicles, including battery-operated electric vehicles, are low- or zero-emission vehicles. The plug-in hybrid vehicles, fuel-cell, and hybrid vehicles. These vehicles don’t emit exhaust gasses as conventional vehicles that emit gasses, including carbon monoxide, particulates matter, hydrocarbons, and other highly harmful gasses, which are harmful and hazardous to humans. 

Rising global temperatures is expected to bolster the demand for NEV in the near future. The demand for zero-emission vehicles is rising, propelling the demand for NEV. The use of NEV in personal vehicles, public transport, and golf carts are surging growth in the market. 

COVID-19 Impact: Supply Chain Disruption Impeded Market Growth

For automakers operating their production facilities in the Hubei region, the initial epicenter of the virus, including PSA Group, Ford, and Fiat Chrysler, the COVID-19 epidemic has led to a serious lithium supply crisis. The pandemic-induced lockdown is expected to limit China's output of lithium-ion batteries by 26 gigawatt-hours and has increased the auto industry's reliance on Asian battery producers. Also, the cost of producing lithium hydroxide, which is used in EVs, has increased, which is blamed on the outbreak's logistical challenges and higher manufacturing costs.

LATEST TRENDS

"Growing Environmental Concerns to Prosper Market Growth"

The environmental concern is rising, which is estimated to boost the adoption of neighborhood electric vehicles in the global market. Growing government support through various subsidies and incentives offer zero-emission vehicles. Additionally, the consistently rising fuel prices is leading to the rapid adoption of neighborhood electric vehicles. Moreover, the ruling bodies are focused on forming alliances and enacting strict emission norms on vehicles to counter the rising environmental temperature caused due to the uncontrollably rising air pollution. These factors are forecasted to augment neighborhood electric vehicle market growth. 

Neighborhood Electric Vehicle (NEV) Market Segmentation

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• By Type Analysis

By type, the market is segmented into electric power NEV and gas power NEV.

• By Application Analysis

Based on application, the market is classified into personal use, public utilities, golf cart, and sightseeing cars.

DRIVING FACTORS

"Rapid Adoption of Advanced Technology to Surge the Demand for Vehicle"

The steady adoption of these vehicles that reduces the carbon emission and integration of new technologies are forecasted to propel the global market growth. Moreover, the growing awareness among the population, coupled with the rising disposable income and high investments by key market players, are projected to surge the demand for neighborhood electric vehicles. 

"Rising Fuel Prices to Offer Various Growth Opportunities to the Market"

The fuel prices are constantly rising, which is likely to offer growth opportunities to the neighborhood electric vehicle market growth. The population is inclined towards electric vehicles and low maintenance cost, which is forecasted to surge the demand for NEVs. Moreover, these vehicles are environmentally friendly, which drives the market growth. 

RESTRAINING FACTORS

"High Cost of the Vehicle to Retard Market Growth"

The initial cost and maintenance of the product is high, which is likely to hamper the market growth. Moreover, high import taxes on electric vehicles coupled with the instability of raw material prices may restrict the neighborhood electric vehicle market growth in the forecast period. 

Neighborhood Electric Vehicle (NEV) Market Regional Insights

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"Asia Pacific to Lead Market Due to the Steady Adoption of Electric Vehicle"

Asia Pacific is estimated to lead the neighborhood electric vehicle (NEV) market share due to the rapid adoption of electric vehicles. Moreover, the majority of electric vehicles are produced by China which are used in the country’s domestic market. These factors will boost regional growth.

North America is estimated to show sizable growth in the market owing to the integration of renewables with energy storage systems in the region. 

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Byvin Corporation (China)
• Renault (France)
• Yogomo (China)
• Ingersoll Rand
• Textron (U.S.)
• Shifeng (China)
• Polaris (U.S.)
• Yamaha (Japan)
• Lichi (India)
• Yika (Austria)
• Xinyu Zhou (China)
• Shenzhen Marshell Green Power (China)
• Eagle (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.