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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