Global Golf Cart Market - Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the market for golf cart is anticipated to grow rapidly during the forecast period of 2022-2029. In the United States, 3 million new players are expected to join golf in 2020. This is the seventh year in a row that the golf business has added more than 2 million new players. The golf cart industry continues to grow due to rising interest in the sport, better accessibility, and the benchmark set by golf carts. Golf carts are becoming the signature mode of transportation for country clubs, colleges, large private properties, small private farms, building projects, landscaping, and off-road vacation destinations such as campers, in addition to ferrying players on golf courses.

• Data Bridge Market Research analyses that the golf cart market was valued at USD 1.6 billion in 2021 and is expected to reach USD 2.75 billion by 2029, registering a CAGR of 7.00% during the forecast period of 2022 to 2029.

Market Definition

Golf carts are a sort of low-speed vehicle powered by electric motors and designed for use on golf courses to move golfers and their equipment around the course. With an average speed of 25 to 50 kmph, it is often known as a non-highway or off-road vehicle.

COVID-19 Impact on Golf Cart Market

COVID-19 has wreaked havoc on nearly every industry, including infrastructure, transportation, oil and gas, manufacturing, and others. Most countries enacted lockdown limitations to combat the COVID-19 pandemic, which have now been gradually removed on a phase-by-phase and industry-by-industry basis. Golf courses were forced to close owing to lockdown and social distancing efforts during the COVID-19 pandemic, resulting in a substantial drop in the number of rounds played at the start of 2020, culminating in a decline in golf cart revenues. Furthermore, there is much mystery around the games near future, as there is still a chance for COVID-19 to resurface in several countries. On the other hand, golf courses look to be an appropriate socially remote area for enjoyment as isolation limits and closures steadily ease. As a result, the game is projected to see a significant increase in popularity. Furthermore, the COVID-19 pandemic significantly influenced the worldwide automotive industry, resulting in a significant drop in vehicle sales and raw material unreliability.

The Market Dynamics of the Golf Cart Market Include:

• Rising number of golf courses and country clubs will improve the market's growth rate.

The increasing number of golf courses and country clubs will result in the high demand for golf cart and further cushion the market's growth rate during the forecast period. An increase in the number of golf courses is accompanied by an increase in the number of people who are interested in golf. This has a direct impact on the rise of golf cart demand.

• The increasing population, coupled with surging globalization and rising purchasing power, will act as a major market driver

The global population has risen, and the population of the world is expected to reach 7.8 billion by 2020. Every year, the world's population expands by about 43 million people. This increase in population opens up several prospects for many enterprises, including the worldwide golf cart market. This is due to an increase in demand for small, agile automobiles that take up little parking space. People have vouched for a different and better lifestyle as a result of globalization, which has motivated them to spend more and receive the best service available. The global golf cart market is growing as a result of this.

Furthermore, the golf cart market is also being driven by significant factors such as the upsurge in the level of disposable income and increasing urbanization. Golf cart market is estimated to rise rapidly over the forecast period because of rising industrialization and growing preference for golf as a luxury sport. The rise in the development of advanced electric and solar golf carts will influence the revenue growth of golf cart market. Another significant factor involving the introduction of GPS-enabled golf carts and upgraded lithium batteries will cushion the growth rate of golf cart market.  

• Rising focus of market players on new product development and partnership will boost new market opportunities.

The rising focus of market players on new product development and strategic collaborations will extends profitable opportunities to the market players in the forecast period of 2022 to 2029. The introduction of new car models to the market is helping major industry companies improve their business operations. The growing demand for street-legal and opulent golf carts has prompted manufacturers to create new variants.  

Moreover, increasing technological advancement and prevalence of batteries and fuel cell at affordable prices will create profitable opportunities for golf cart market in the future.

Restraints/Challenges faced by the Golf Cart Market

• Supply chain disruptions will pose a threat to the unprecedentedly growing market demand

The COVID-19 outbreak has had a negative influence on the golf cart sector. The production of golf automobiles has been hampered by a scarcity of raw materials in sufficient quantities. Furthermore, the shortage of labour as a result of the government's strict lockdown is posing a challenge to the market's expansion.

• The high cost of maintenance as well as service of gas-powered golf carts will challenge the market's growth rate.

On the other hand, the high cost associated with maintenance and increasing service cost of gas-powered golf carts will further pose challenges for the growth of market. Along with this, high golf cart purchasing will hinder the growth rate of golf cart market

However, the lack of awareness among the players will stymie the revenue growth of golf cart market. Also, technical limitations and implementation of strict government rules and regulations related to vehicle emission act as major market restrain that will further hinder the growth of golf cart market during the above-mentioned forecast period.

This golf cart market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the golf cart market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

• In June 2021, E-Z-GO, a Textron Specialized Vehicles business, announced the industry's first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint named E-Z-GO Liberty. The E-Z-GO Liberty offers a premium driving experience because to its high-performance, low-maintenance Samsung SDI lithium-ion battery system.

Global Golf Cart Market Scope

The golf cart market is segmented on the basis of product, use case, operation, ownership, seating capacity, application and end use vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Electric Golf Carts
• Push-Pull Golf Carts
• Solar-Powered Golf Carts
• Gasoline Golf Carts

Golf cart market on the basis of product has been segmented as electric golf carts, push-pull golf carts, solar-powered golf carts, and gasoline golf carts.

Use Case

• Golf Course
• Personal Use
• Industry Use
• Rental Services
• Others

Based on use case, golf cart market has been segmented into golf course, personal use, industry use, rental services, and others.

Operation

• Manual
• Powered

On the basis of operation, golf cart market has been segmented into manual, and powered.

Ownership

• Rented
• Fully Owned

Based on ownership, golf cart market has been segmented into rented, and fully owned.

Seating Capacity

• Small (2-4 Seater)
• Medium (6-8 Seater)
• Large (Above 8 Seater)

Based on seating capacity, golf cart market has been segmented into small (2-4 seater), medium (6-8 seater), and large (above 8 seater).

Application

• Passenger Mover Golf Cart
• Turf Maintenance/Utility Golf Cart
• Food and Beverage Golf Cart

On the basis of application, golf cart market has been segmented into passenger mover golf cart, turf maintenance/utility golf cart, food and beverage golf cart.

End-Use Vertical

• Golf/Sports
• Education
• Government
• Industries
• Resort, Hotels and Malls
• Airports

Golf cart has also been segmented on the basis of end-use vertical into golf/sports, education, government, industries, resort, hotels and malls, and airports.

Golf Cart Market Regional Analysis/Insights

The golf cart market is analyzed and market size insights and trends are provided by country, product, use case, operation, ownership, seating capacity, application and end use vertical as referenced above.

The countries covered in the golf cart market report are the U.S., Canada, Mexico in North America, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Chile, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the golf cart market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing demand of golf courses in this region. Additionally, the surging prevalence of various manufacturers will further flourish the market's growth rate in this region.

Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period due to the increasing preferences towards electric and solar golf cart coupled with swift urbanization in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Golf Cart Market Share Analysis

The golf cart market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to golf cart market.

Some of the major players operating in the golf cart market are Hitachi Chemical Co., Ltd., (Japan), Garia (Denmark), Ingersoll Rand (Ireland), JH Global Services, Inc., (US), Maini Materials Movement Pvt. Ltd. (India), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd (China), Textron Inc. (U.S.A.), Columbia Vehicle Group Inc., (US), Xiamen Dalle New Energy Automobile Co., Ltd. (US), Yamaha Motor Corporation (U.S.A), KC Golf Cart, Co., (US), SpeedwaysElectric (India), Volmac Engg. Private Limited (India), Marshell Green Power (China), Autopower (India), Prevalence Green Solutions Private Limited (India),  HDK ELECTRIC VEHICLE (US), Tianjin Zhongyi Electric Vehicle Co.,Ltd. (China), Polaris Inc., (US), and Textron Specialized Vehicles Inc., (US), among others.

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