Australia
Golf Cart Market:
Australia’s
golf cart market is growing as a result of the country's increasing focus
on recreational sports and the expanding use of carts in commercial sectors
like tourism and real estate. The transition to electric golf carts is further
enhancing the market's growth prospects.
The Golf Cart Market is experiencing steady growth, driven
by the increasing popularity of golf, the expansion of golf courses, and the
growing use of golf carts beyond traditional golf settings. In addition to
their primary use on golf courses, golf carts are now widely employed in
residential communities, resorts, airports, and large industrial or commercial
facilities for transportation. Their versatility, ease of use, and eco-friendly
electric models make them an attractive option for short-distance travel,
contributing to the rising demand across various sectors. The market is also
seeing a shift towards electric golf carts, as consumers and businesses
prioritize sustainability and seek to reduce emissions.
Technological advancements are playing a significant role
in shaping the Golf Cart Market. Features like GPS-enabled navigation systems,
improved battery performance, and enhanced safety features are becoming
standard in modern golf carts. Additionally, the introduction of street-legal
golf carts, which can be used for short trips in specific areas, has opened up
new opportunities for manufacturers. With the rising demand for both
recreational and utility golf carts, and the growing trend towards electric
models, the North American golf cart market is poised for continued expansion
in the coming years.
The global Golf Cart Market is expected to register a CAGR of 6.90% from 2024 to 2032 and hold a value of over
USD 2.05 billion by 2032.
The golf cart is fundamentally a small motorized vehicle that is extensively
used to carry passengers and other golf equipment. These carts are also cast-off
to carry less heavy items in shopping malls, airports, hotels, and other
entertainment places.
The major purpose of these carts was to carry the kits and equipment of
the golfers on the golf course to offer enjoyable and smoother rounds, now it
is expansively used in commercial places including railway stations, zoos,
multi-residential complexes, wildlife sanctuaries, theme parties, and
exhibition centers.
The
COVID-19 epidemic continues to impact the demand for these cars. Additionally,
shut down of golf courses, resorts, clubs, and others owing to
government-enforced lockdown during the epidemic has damagingly impacted the
market growth. Moreover, disturbance in the supply chain and inaccessibility of
raw materials owing to limitations on import-export and transportation coupled
with closed manufacturing facilities created a halt in golf car production.
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However,
the market is anticipated to bounce back after the pandemic, due to the removal
of restrictions and market demand returning to pre-pandemic levels.
Furthermore, growing the adoption of golf due to health concerns among the
populace is likely to assist in driving the popularity of golf after the pandemic
and is expected to reinstate market demand to a pre-pandemic level.
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), among others
Regional
Analysis
North
America dominated this market with a market size of 0.98 billion in 2020 and is
anticipated to continue its dominance in the region. In the North American, the
U.S. contributed the largest market share. The market is driven by the supreme
number of golf courses existing in the U.S.
Europe
held the second-largest revenue market in 2020. Developing golf tourism and
a growing number of elderly villages & resorts are driving the market’s
growth in the region
Asia
Pacific is anticipated to witness an eye-catching CAGR over the estimated
period. The market is driven by the rising awareness regarding golf and a growing
number of golfers across emerging countries of the Asia Pacific. Additionally, the
growing number of golf courses in Asia Pacific is driving market growth.
Market Segmentation
The Global Golf
Cart Market has been segmented into Product Type and Application
Based on
the product type, The Global Golf Cart Market has been segmented into electric,
gasoline, and solar. The electric golf car segment held the largest Golf Cart
Market share of 80.35% in 2020. Electric golf cars are highly accepted carts worldwide
owing to their various benefits, including low running cost, noiseless
operation, improved comfort, high speed, and others. Additionally, dipping the
cost of electric golf cart batteries and strict emission norms enforced by
government bodies positively influence segment growth.
Based on
the application, The Global Golf Cart Market Size has been segmented into the golf
course, personal services, and commercial services. The golf course segment
accounted for the largest market share in 2020 and is anticipated to continue
its dominance from 2021 to 2030. This type of car is mainly employed on golf
courses for the transportation of golf equipment and golfer. Therefore, the growing
number of golf courses worldwide is fueling the demand for these carts
globally.
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