Golf Cart Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Automotive & Transportation
Report Code - OMR-AT-206
Format: PDF, PPT, and Excel
Golf Cart Market to Grow with a CAGR of 5.3% During 2023-2030; Market to Experience Growth Owing to Rising Popularity of Golf and Increasing Utilization for Various End-Use Industries
A golf cart is an electric or gas-powered vehicle used during play to move golfers and their equipment around the course. The golf carts are equipped with various unique safety and comfort features. For instance, because they are constructed low to the ground, their center of gravity is low, keeping them from tipping over when driven over rough terrain.
The unusual COVID-19 pandemic has had a huge negative impact on various aspects of the world economy, including the tourist, hospitality, and leisure industries, all of which have experienced considerable declines, which has affected the growth of the golf cart industry.
Key Takeaways of the Golf Cart Market
By Vehicle Type
The electric golf cart segment will account for the largest market share during the forecast period. Owing to their numerous benefits, including low running costs, noiseless operation, enhanced comfort, and high speed, electric golf cars have acquired worldwide appeal rapidly. The expansion of this market segment is aided by lowering battery prices for electric golf carts and stronger pollution requirements from government agencies.
By Seating Capacity Type
The 4-8 seater capacity golf carts will dominate the global market. They are utilized more frequently than their counterparts due to their prevalence in hotels, airports, stadiums, and game reserves. They are also used extensively to transport golfers on large golf courses.
By Region
North America is expected to lead global sales for the global golf cart market during the forecast period. Many golf courses in the United States are driving market demand. According to the National Golf Foundation, there will be approximately 16,100 golf courses in the United States by the end of 2020. Major market players, such as Yamaha Golf-Car Corporation, Textron Inc., and others, are anticipated to contribute to market development.
Demand For Electric Golf Carts Is Anticipated To Grow As Golf Becomes A Increasingly Popular National Sport
According to the R&A of St. Andrews, many golf courses will be sub-par by 2020. The overall number of developments in North America was 175. Meanwhile, 153 courses were planned or under development in Asia and the Middle East. Europe will be the site of about a quarter of all future golf course construction.
In addition, the public's rising interest in electric golf carts has been influenced by several reasons, such as increased convenience and innovative components. Also, golf carts are intended to move golfers and their equipment across the golf course. The market for individual golf carts is growing rapidly. In addition to typical automobile rentals, golf cart rentals have grown in popularity for special occasions such as weddings and trade shows.
Market Growth Will Be Accelerated by Increasing Tourism and Participation
Increasing numbers of individuals are choosing slower autos, and the government is encouraging golf tourism. Throughout the projected period, the development of the market is predicted to be driven by industries requiring efficient transport operations. Golf carts are subject to significant research and development in several areas. Golf carts are becoming increasingly ubiquitous, both on and off the course, since they provide a fun and useful mode of urban transportation.
On state-maintained roadways, low-speed cars are put through their paces to see if they can safely coexist alongside higher-speed vehicles. According to some sources, the autos are authorized under state law on highways with a 35 mph speed limit.
Global Golf Cart Market Prominent Players
• CLUB CAR (U.S.)
• Cruise Car Inc. (U.S.)
• Columbia Vehicle Group Inc. (U.S.)
• Garia, Inc. (U.S.)
• Yamaha Golf-Car Company (U.S.)
• Lvtong New Energy Electric Vehicle Technology Co., LTD (China)
• SHOWA DENKO K.K (Japan)
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. (China)
• JH Global Services, Inc. (U.S.)
• HDK Electric Vehicles (Kuwait)
• Maini Group (India)
• Xiamen Dalle New Energy Automobile Co., Ltd (China)
Report Scope for Golf Cart Market
Vehicle Type
• Electric
• Gasoline
• Solar
By Seating Capacity Type
• 2–4 Seater
• 4–8 Seater
• >8 Seater
Application
• Golf Course
• Personal Services
• Commercial Services
o Airport
o Hotels
o Beaches
o PSU
o Others
Golf Cart Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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