Golf Cart Market Overview: The global golf cart market is projected to increase at a CAGR of 6.9%, with a significant value in the forecasting year o
Golf Cart Market Overview:
The global golf cart market is projected to increase at a CAGR of 6.9%, with a significant value in the forecasting year of 2022-2030.
As the investments in the infrastructure development of the golf courses across the elderly rural and resorts worldwide are increasing, so is the need for golf cars. This cart is a low-speed vehicle utilized in golf courses to transport the golfers and the golf equipment. The increasing popularity of golf and the rapid urbanization coupled with the growth of disposable income are some of the key factors that fuel the demand for vehicles. However, the increasing golf penetration in the several industries, including hotels, tourism, amusement park and several others, along with the growing scope of the golf cart rental services, is expected to boost the demand for the vehicles across the industries in the future.
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The surge in demand for low-speed vehicles for several applications like short-range travel in parks, industrial areas, colleges and others is driving the growth of the global market sectors. However, the increasing presence of the various golf clubs and societies across the developed and developing economies is expected to drive the growth of the market sectors across the world. Furthermore, the technological advancements in modern golf cars like electrification, increasing income level, autonomy, solar-powered drive train and the others are anticipated to attract a wide customer base in the upcoming years. The COVID-19 pandemic continues to impact the demand for such types of vehicles. However, the shutdown of the golf courses, resorts, clubs, and others due to the government-enforced lockdown of the pandemic has negatively impacted the market growth. Furthermore, the disruption in the supply chain and the unavailability of the raw materials due to the restrictions on the import-export and the transportation coupled with the closed manufacturing facilities created a halt in golf car production.
Golf Cart Market Segmentation:
The global golf cart market has been segmented into four types such as application, type, end-users and regional analysis. The market is further divided into six parts railways, golf courses, airports, hotels and resorts, multi-residential complexes, and others in terms of the application section. With the type section, the market is classified into three types electric golf carts, gasoline golf carts & solar golf carts. According to the end-user section, the global market is divided into electric golf carts and gasoline carts. As per the regional basis, it is classified into five sections such as Asia-Pacific, Europe, North America, South America and Middle East & Africa.
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Golf Cart Market Regional Analysis:
North America is projected to hold the golf cart market over the forecasting period. The region has the presence of key industry leaders like Yamaha Golf-Car Company, Club Car LLC, Columbia ParCar Corp, Cruise Car Inc., Garia Inc, and Textron Inc. The United States has a special place for this sport as it possesses more than 17,000 courses, hosts three of the four men’s major championships and has several of the finest players in this sport.
Golf Cart Industrial News:
These golf courses constitute over 42% of the golf courses across the world. The United States witnessed many businesses in the golf driving ranges. Mexico is becoming a fruitful market for the golf cart market manufacturers for the other applications. Several vacation companies in the region offer various services, including the tour on the electric golf carts. The European region is pushing hard to have significant growth in the upcoming years. Hence it has witnessed ups and downs.
Golf Cart Market Key Players
- Yamaha Golf-Car Company (US)
- STAR EV (US)
- Garia A/S (Denmark)
- Bradshaw Electric Vehicles (UK)
- E-Z-GO (US)
- Marshell Green Power (China)
- Spoleman OÜ (Estonia)
- Polaris Industries Inc. (US)
- Guangdong Lvtong New Energy Electric Vehicle Technology Co. LTD. (China)
- Speedways Electric (India)
- Autopower (India).
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