Analysis of the Golf Cart Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Golf Equipment Market by Products (Golf Clubs, Golf Balls, Apparel, Footwear, and Others), by Distribution Channel (Speciality Stores, On Course Shops, Online, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Automotive & Transportation
Report Code - OMR-AT-206
Format: PDF, PPT, and Excel
Golf Cart Market Overview
The initial purpose of the golf cart was to make transporting two golfers and their clubs around the golf course easier than walking. Common golf cart dimensions are 4 feet (1.2 m) in width, 8 feet (2.4 m) in length, and 6 feet (1.8 m) in height; they weigh between 900 and 1,000 pounds (410 and 450 kg); they can travel at speeds of up to about 15 miles per hour (24 km/h); and they can seat two golfers and their clubs. Golf's meteoric rise in popularity and urbanization's correlation with rising disposable income are two factors driving demand for golf carts. As golf becomes increasingly popular in several industries, including hospitality, tourism, and the amusement park industry, it stands to reason that the need for golf carts will rise throughout the forecast period. Golf carts are praised for their small stature and exceptional maneuverability, albeit at the expense of strength and velocity. Although the market promotes power and speed, these vehicles engines are built for low operation rates, producing fewer emissions; this makes them ideal for use in locations where low-speed movement is essential. The rare COVID-19 pandemic has had a large negative influence on several facets of the global economy, including the tourism, hospitality, and leisure industries, all of which have suffered a significant fall, which has impacted the development of the golf cart business.
Golf Cart Market Growth Factors
Demand For Electric Golf Carts Is Expected to Rise As More Attention Is Paid To Golf As A National Sport
During the projection period, demand is expected to soar as more and more golf courses are built worldwide. Many golf courses will be under par by 2020, claims the R&A of St. Andrews. The total North American development stood at 175. Meanwhile, there were 153 planned or under-construction courses around Asia and the Middle East. More than a quarter of all future golf courses will be built in Europe. In addition, the numerous factors have contributed to the public's growing interest in electric golf carts due to enhanced convenience and innovative components. Also, golf carts are meant to transport golfers and their gear around the golf course. The business market has been a major driver of demand for golf carts. Several factors, such as road access, passenger capacity, safety, headlights, brakes, and a driver's license in good standing, are accounted for by federal and state rules governing the adoption of a golf cart. The market for personal golf carts is expanding significantly. Golf cart rentals have become increasingly popular alongside traditional car rentals for special occasions like weddings and trade exhibitions. But, in many cases, clients need a golf cart for only a short while—perhaps only a few hours, weeks, or days. Because of this, rental services are gaining popularity among consumers, expanding the golf cart rental business.
Market Expansion Will Be Sped Up by Rising Tourism and Constructive Participation
Market expansion is anticipated in response to rising demand for such vehicles in travel & leisure, the hospitality industry, academic institutions, and other end-use verticals. More and more people are opting for slower automobiles, and the government is taking steps to encourage golf tourism. Over the forecast period, the market expansion is anticipated to be propelled by industries for effective transport operations. Several factors, such as the ever-increasing recognition of the sport of golf and the rise in urbanization and personal income, go together. It is also expected that the demand for such vehicles across various industries will increase throughout the forecast period. Golf carts undergo extensive testing and improvement in many different areas. Golf carts are increasingly common, both on and off the course, as they provide a fun and practical means of transportation within the confines of the city. Low-speed vehicles are put through their paces to see if they can safely share the road with higher-speed vehicles on state-maintained highways. Some reports indicate that the cars are permitted under state law on roads that have a speed restriction of 35 mph. In the region, the same regulations that apply to motor vehicles also apply to these vehicles. manufacturers are increasing their investment in R&D to supply.
Golf Cart Industry Segmentation
Vehicle Type
• Electric
• Gasoline
• Solar
Seating Capacity
• 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
Vehicle Type Insights
Electric Vehicles to Dominate Market Owing to Cheaper Operational Costs
The market can be differentiated based on vehicle type between electric, gasoline, and solar.
Electric golf carts will dominate the largest market share during the forecast period. Due to its many advantages, such as its cheap operating cost, noiseless operation, improved comfort, high speed, and others, electric golf cars have quickly gained popularity worldwide. Factors like falling battery prices for electric golf carts and stricter regulations on emissions from government agencies help growth in this market sector. With so few moving parts, electric golf carts require no upkeep, another factor contributing to the industry's rapid expansion.
The gasoline-powered golf carts are expected to grow with the fastest-growing CAGR during the forecast period. The segment has been growing due to the inexpensive cost of gasoline variations compared to their contemporaries and great travel range. Gasoline vehicles are more popular for low-speed uses in areas lacking battery production facilities and electric charging service networks. In addition, developments in gasoline-powered vehicles' connection, efficiency, and other technologies should help the market expand.
Seating Capacity Insights
4-8 Seater Golf Carts to Accumulate Largest Revenue Owing to Functionality & Increasing Popularity
Based on seating capacity, the market can be split between 2–4 Seater, 4–8 Seater, and >8 Seater.
The 4-8 seater golf carts will dominate the largest market share during the forecast period. These are most commonly used in hotels, airports, stadiums, and game reserves giving them increased utilization over their counterparts. They are also used heavily within large golf courses to transport golfers.
Throughout the forecast period, >8 seater golf carts are expected to grow with the fastest-growing CAGR. This equipment is used within PSUs such as railways stations and housing projects. They offer an incredible power-to-weight ratio and have the best operability among their counterparts, giving them a higher CAGR growth.
Regional Insights
The Presence Of Key Players Means That North America Will Lead The World In Market Expansion
Based on region, the market can be split between North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The United States is the leading contributor to the North American golf car market. Many golf courses in the United States are pushing the market. For instance, by the end of 2020, there were over 16,100 golf courses in the United States, as the National Golf Foundation reported. Market expansion is forecasted to be boosted by major important players in the areas, such as Yamaha Golf-Car Corporation, Textron Inc., and others. The need for automated and technologically advanced automobiles is rising, which helps the golf cart vehicle market expand in North America.
Throughout the forecast period, Europe is expected to have the greatest CAGR. Rising demand for electric vehicles and expanding use cases for low-speed electric vehicles in Europe indicate a promising future for the region's golf cart business. The European market for golf cart electric vehicles is expanding thanks to new technologies and rising automotive requirements, such as stringent emission limitations. Due to different vehicle emission rules, manufacturers intend to construct inexpensive and lightweight golf cart vehicles for use in hotels, golf courses, and residential and business locations.
Golf carts are expanding rapidly in developing countries like India, China, and Indonesia because of factors such as rising urbanization, gasoline price hikes, government regulations, and the increasing trend toward embracing vehicles that run on alternative fuels. The market in Asia and the Pacific is expanding due to rising vehicle norms and the rising number of vehicles.
Golf Cart Industry Analysis
The existence of several regional companies causes the market to be moderately fragmented. Companies are, however, forming strategic alliances with regional and worldwide competitors to broaden their geographic reach and diversify their product offerings, thereby increasing their global market share.
These corporations have released new models tailored to these emerging markets with cutting-edge technologies, such as short-distance tourism and electric mobility.
Golf Cart Market Recent Developments
• In June 2022, the Danish maker of low-speed electric cars for the consumer, utility, and golf markets, Garia A/S, was acquired by Club Car. The purchase was made to expand the firm's global market presence by introducing new golf cart products.
• In August 2021, SoloGolf Joint venture with RELiON Batteries SoloGolf and RELiON Battery, a golf car battery industry pioneer, announced their collaboration in August 2021. In this collaboration, RELiON will supply lithium-ion batteries to SoloGolf to fuel its one-person golf cart, the SoloCart.
• In July 2021, Ingersoll Rand sold Club Car to Platinum Equity Advisors, LLC. Ingersoll Rand Inc.'s Club Car division (which makes electric and other specialty vehicles, as well as aftermarket components and services) is being acquired by the company.
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)
Frequently Asked Questions (FAQs)
At what rate will the Golf Cart Market Expand?
Objective Market Research stated the global Golf Cart Market will expand at a CAGR of 5.3% during the forecast period.
What are the factors driving the global Golf Cart market?
The global golf cart market is expected to grow during the forecast period owing to the increasing number of golf courses globally combined with rising utilization within commercial services.
Which application segment accounted for the largest Golf Cart market share by application?
The golf course segment is expected to dominate the largest market share during the forecast period owing to rising interest in motorized transportation.
What region holds the major share in the global market scape?
North America will hold the largest share of the market owing to the rising focus on charging infrastructure among emerging economies such as China, India, and Japan.
Which are the dominating players in the market during the forecast period?
Some of the prominent players in the global Golf Cart market are Yamaha Golf-Car Company (U.S.), and Lvtong New Energy Electric Vehicle Technology Co., LTD (China), Ltd (China), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Rising Interest to Golf as a National Sport
4.1.1.2. Increasing Utilization Owing to Tourism and Constructive Activities
4.1.2. Restrain
4.1.2.1. Declining Number of Golfers
4.1.3. Opportunities
4.1.3.1. Increased Electrification in the Industry
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Golf Cart Market Analysis & Forecast, by Vehicle Type from 2019-2030 (in USD million) (Units)
5.1. Electric
5.2. Gasoline
5.3. Solar
6. Global Golf Cart Market Analysis & Forecast, by Seating Capacity from 2019-2030 (in USD million) (Units)
6.1. 2–4 Seater
6.2. 4–8 Seater
6.3. >8 Seater
7. Global Golf Cart Market Analysis & Forecast, by Application from 2019-2030 (in USD million) (Units)
7.1. Golf Course
7.2. Personal Services
7.3. Commercial Services
7.1. Golf Course
7.2. Personal Services
7.3. Commercial Services
8. Global Golf Cart Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (Units)
8.1. North America
8.1.1. North America Golf Cart Market Analysis & Forecast, By Country
8.1.1.1. U.S.
8.1.1.2. Canada
8.1.1.3. Mexico
8.1.2. North America Golf Cart Market Analysis & Forecast, By Vehicle Type
8.1.3. North America Golf Cart Market Analysis & Forecast, By Seating Capacity
8.1.4. North America Golf Cart Market Analysis & Forecast, By Application
8.2. Europe
8.2.1. Europe Golf Cart Market Analysis & Forecast, By Country
8.2.1.1. Germany
8.2.1.2. UK
8.2.1.3. France
8.2.1.4. Spain
8.2.1.5. Italy
8.2.1.6. Rest of Europe (RoE)
8.2.2. Europe Golf Cart Market Analysis & Forecast, By Vehicle Type
8.2.3. Europe Golf Cart Market Analysis & Forecast, By Seating Capacity
8.2.4. Europe Golf Cart Market Analysis & Forecast, By Application
8.3. Asia-Pacific (APAC)
8.3.1. Asia-Pacific Golf Cart Market Analysis & Forecast, By Country
8.3.1.1. Japan
8.3.1.2. China
8.3.1.3. India
8.3.1.4. South Korea
8.3.1.5. Rest of the APAC
8.3.2. Asia-Pacific Golf Cart Market Analysis & Forecast, By Vehicle Type
8.3.3. Asia-Pacific Golf Cart Market Analysis & Forecast, By Seating Capacity
8.3.4. Asia-Pacific Golf Cart Market Analysis & Forecast, By Application
8.4. Latin America
8.4.1. Latin America Golf Cart Market Analysis & Forecast, By Country/Region
8.4.1.1. Argentina
8.4.1.2. Brazil
8.4.1.3. Rest of Latin America
8.4.2. Latin America Golf Cart Market Analysis & Forecast, By Vehicle Type
8.4.3. Latin America Golf Cart Market Analysis & Forecast, By Seating Capacity
8.4.4. Latin America Golf Cart Market Analysis & Forecast, By Application
8.5. Middle East & Africa
8.5.1. Middle East & Africa Golf Cart Market Analysis & Forecast, By Country/Region
8.5.1.1. South Africa
8.5.1.2. UAE
8.5.1.3. Saudi Arabia
8.5.1.4. Rest of Middle East & Africa
8.5.2. Middle East & Africa Golf Cart Market Analysis & Forecast, By Vehicle Type
8.5.3. Middle East & Africa Golf Cart Market Analysis & Forecast, By Seating Capacity
8.5.4. Middle East & Africa Golf Cart Market Analysis & Forecast, By Application
9. Competitive Landscape
9.1. Market Share Analysis (2022)
9.2. Market Positioning of Top Players (2022)
9.3. Key Developments & Growth Strategies (2020-2022)
9.3.1. Product Launches
9.3.2. Merges, Collaborations & Agreements
9.3.3. Expansion
9.4. SWOT Analysis
10. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
10.1. CLUB CAR (U.S.)
10.1.1. Company Snapshot
10.1.2. Business Overview
10.1.3. Financial Data
10.1.4. Key Products Offered
10.1.5. Recent Developments
10.2. Panasonic Corporation (Japan)
10.3. Cruise Car Inc. (U.S.)
10.4. Columbia Vehicle Group Inc. (U.S.)
10.5. Garia, Inc. (U.S.)
10.6. Yamaha Golf-Car Company (U.S.)
10.7. Lvtong New Energy Electric Vehicle Technology Co., LTD (China)
10.8. SHOWA DENKO K.K (Japan)
10.9. Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. (China)
10.10. JH Global Services, Inc. (U.S.)
10.11. HDK Electric Vehicles (Kuwait)
10.12. Maini Group (India)
10.13. Xiamen Dalle New Energy Automobile Co., Ltd (China)
10.14. Others
11. Appendix
11.1. Currency Exchange Rate to USD
11.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain