The golf Cart Market refers to the industry that produces and sells golf carts, which are small vehicles designed for transporting golfers and their equipment on golf courses. Golf carts are typically powered by electric motors or gas engines and are equipped with seats for multiple passengers. They are used by golfers to navigate the course quickly and easily, reducing the need for walking long distances. In addition to golf courses, golf carts are also used in residential communities, resorts, and commercial spaces for transportation purposes. The market for golf carts is driven by factors such as the popularity of golf, the growth of tourism and hospitality industries, and the increasing use of golf carts for recreational purposes.
Golf Cart Market
Golf Cart Market Size, Share, Growth, Opportunities & Trend Analysis - By Product Type (Electric Golf Cart, Gasoline Golf Cart, And Solar Golf Cart) And By Application (Golf Course, Personal Services, And Commercial Services) - Regional Stance, Competitive Tactics, And Forecast To 2031
Report Highlights:
According To Market Data Library, The Global Golf Cart Market Reached US$ 1.4 Billion In Terms Of Revenue In 2022 And Is Forecast To Be Valued At US$ 2.29 Billion In 2031. Between 2023 And 2031, Market Revenue Is Expected To Register A Compound Annual Growth Rate (CAGR) Of 5.6%, And Factors Driving This Projected Growth Are Provided In Much Detail Along With Tables, Charts, Infographics, As Well As Supporting Information And Forecasts In The Report.
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Golf Cart Market Analysis & Insights
A Golf Cart Is A Small, Low-Speed Vehicle That Is Powered By Either Electricity Or Gasoline. It Is Typically Used To Transport Golfers And Their Equipment Around A Golf Course. Golf Carts Are Also Known As Non-Highway Or Off-Road Vehicles, And They Typically Have An Average Speed Of Between 25 And 50 Kilometers Per Hour. The Demand For The Golf Cart Is Fuelled By Several Causes, Including The Rising Popularity Of Golf And The Increased Urbanization That Goes Hand In Hand With Rising Disposable Income. During The Forecast Period, It Is Also Anticipated That The Need For Such Vehicles Expands Across A Number Of Businesses, Including Hotels, Tourism, Amusement Parks, And Others, Due To Growing Golf Penetration In These Sectors And Expanding Opportunities For Golf Cart Rental Services.
Golf Cart Market Dynamics
“Growing Participation In Golf Activities To Propel Market Growth”
The Golf Course Application Is The Leading Segment In The Golf Cart Market, Accounting For Over 60% Of The Total Market Share. This Is Due To The Increasing Adoption Of Golf Carts By Golf Courses And Clubs To Improve The Experience Of Their Members. Golf Carts Allow Players To Carry Both Themselves And Their Equipment Around The Course, Which Reduces The Need For Walking And Makes The Game More Enjoyable. The Growing Participation In Golf Activities By Individuals Is Also Driving The Growth Of The Golf Cart Market. As More People Take Up Golf, There Is A Greater Demand For Golf Carts. This Demand Is Being Met By The Increasing Number Of Golf Courses And Clubs That Are Adding Golf Carts To Their Fleets.
“Globalization And Increasing Household Disposable Income Is Driving The Market Demand”
Globalization Is Also Contributing To The Growth Of The Golf Cart Market. Globalization Is The Process Of Countries Becoming More Interconnected, And It Is Leading To A Change In The Way People Live And Work. As People Become More Exposed To Different Cultures, They Are Also Becoming More Open To New Experiences. This Is Leading To An Increase In The Demand For Leisure Activities, Such As Golf. Golf Carts Are A Popular Way To Enjoy Golf, And They Are Becoming Increasingly Popular In Countries That Are Becoming More Globalized. The Rising Purchasing Power Of People Is Also Contributing To The Growth Of The Golf Cart Market. As People Have More Disposable Income, They Are More Likely To Spend Money On Leisure Activities. This Is Leading To An Increase In The Demand For Golf Carts, As People Use Them To Make The Game More Enjoyable And Convenient.
" Declining Number Of Golfers Worldwide May Restrain The Market Growth”
The Declining Number Of Golfers Worldwide May Restrain The Market Growth For Golf Carts. The Declining Number Of Golfers Is Due To A Number Of Factors, Including The High Cost Of Playing Golf, The Game's Incompatibility With Modern Lifestyles, And The Difficulty Of The Game. The High Cost Of Playing Golf Is A Major Barrier For Many People. Golf Courses Can Be Expensive To Join, And The Cost Of Equipment And Green Fees Can Also Be Prohibitive. Additionally, The Game Of Golf Can Be Time-Consuming, Which Can Be A Challenge For People With Busy Schedules. The Game Of Golf Is Also Not Compatible With Modern Lifestyles. Many People Are Now Living In Urban Areas, And There Are Often Not Enough Golf Courses Available In These Areas. Additionally, The Game Of Golf Can Be Seen As Elitist By Some People, Which Can Make It Less Appealing To A Wider Audience.
“Rising Demand For Rented Golf Carts Can Be Tapped As A Market Opportunity”
The Golf Cart Market Is Growing Rapidly, And The Rental Segment Is A Major Driver Of This Growth. The Rental Segment Is Growing Because People Are Increasingly Using Golf Carts For Short-Term Events, Such As Weddings And Trade Shows. In The Past, People Who Wanted To Use A Golf Cart For A Short Period Of Time Would Have To Buy One And Then Sell It After The Event. However, With The Rise Of Car Rental Services, People Can Now Rent A Golf Cart For The Event And Then Return It When They Are Finished. This Is A More Convenient And Affordable Option For People Who Only Need A Golf Cart For A Short Period Of Time. The Rental Segment Is Also Growing Because People Are Becoming More Aware Of The Environmental Benefits Of Using Golf Carts. Golf Carts Are Electric Vehicles, So They Do Not Produce Emissions. This Makes Them A More Sustainable Option For Transportation, Especially For Short-Term Events.
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Key Benefits of This Market Research:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Golf Cart Market
- Overview of the regional outlook of the Golf Cart Market
Regional Insights:
North America Dominated This Market With A Market Size Of 0.88 Billion In 2020 And Is Expected To Continue Its Dominance In Years To Come. In The North American Golf Car Market, The U.S. Contributed The Largest Market Share. The Market Is Driven By The Maximum Number Of Golf Courses Present In The U.S. For Instance, According To The National Golf Foundation Total Number Of Golf Courses Present In The United States At The End Of 2020 Was More Than 16,100. Additionally, The Presence Of Major Key Players In The Regions Such As Yamaha Golf-Car Company, Textron Inc., And Others Are Anticipated To Boost The Market Growth In Upcoming Years.
Europe Held The Second-Largest Market Share In 2020. Developing Golf Tourism And An Increasing Number Of Elderly Villages & Resorts Are Driving The Market’s Growth In The Region—Additionally, The Growing Popularity Of Golf Across Developed European Countries. Currently, The Golf Industry Is Well Established Throughout The North And West Of Europe And Steadily Progressing Into Southeastern And Central Europe. According To The R&A, In 2020, Europe Claimed Half Of The Top 20 Countries In Terms Of Golf Courses Worldwide.
Key Companies And Competitive Landscape:
- Club Car, LLC
- Yamaha Golf-Car Company.
- E-Z-GO
- EverGreen Electrical Vehicles
- Columbia ParCar Corp
- Hitachi Chemical Co., Ltd.
- Xiamen Dalle Electric Car Co., Ltd. Company
- Maini Material Movement Pvt. Ltd
- Garia Luxury Golf Car.
- Cruise Car, Inc.
- Toyota Motor Corporation
- Polaris Inc
- Solorider
- GDRIVE Golf Cart
- Carrieall Car Pvt Ltd
- Volmac Engineering Pvt Ltd
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Report Segmentation:
The Market Report Is Segmented According To Product Type, Application, Region And Countries As Shown Below:
By Product Type
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
By Application
- Golf Course
- Personal Services
- Commercial Services
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Developments And Strategies:
August 2021: SoloGolf Partnered With RELiON Battery. SoloGolf, A Company That Manufactures Single-Rider Golf Carts, Partnered With RELiON Battery, A Leading Battery Manufacturer, In August 2021. The Partnership Will Provide RELiON Lithium Batteries To SoloGolf To Power Their SoloCarts.
June 2021: E-Z-GO Unveiled E-Z-GO Liberty, Its First Golf Car With Four Forward-Facing Seats. E-Z-GO, A Textron Specialized Vehicles Business, Unveiled E-Z-GO Liberty, Its First Golf Car With Four Forward-Facing Seats, In June 2021. The Liberty Is A Compact Cart That Can Seat Up To Four People, Making It A More Versatile Option For Golf Courses And Other Businesses.
October 2021: Kinetic Green Energy & Power Solutions Ltd. And Lamborghini Teamed Up To Produce Italian-Designed And India-Made Golf Carts. Kinetic Green Energy & Power Solutions Ltd., An Electric Vehicle Manufacturer In India, Teamed Up With Lamborghini To Produce Italian-Designed And India-Made Golf Carts In October 2021. The Project Is Expected To Focus On The Global Market, And The Company Claims That The Golf Carts Will Be On Sale By 2022.
August 2021: Club Car Partnered With EzLocator. Club Car, A Golf Car Manufacturer, Partnered With EzLocator, The Industry Leader In Daily Pin Placement Management, In August 2021. The Partnership Allows Golfers To Enjoy Exact Yardages Seamlessly Through The Cloud With The New Integration.
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