ROCKVILLE, Md., Feb. 21, 2022 (GLOBE NEWSWIRE) -- Fact.MR expects the golf cart market revenue to surge at a CAGR of 6.3% across the 2021-2031 forecast period, reaching US$ 5.4 Bn, as per a recently published study. The growing number of golf enthusiasts will help expand demand for golf carts in the future.
Historical trends suggest that the market expanded at a CAGR of 3.6% from 2016 to 2020. As of 2021, sales of golf carts are expected to reach US$ 2.9 Bn. Demand significantly contracted in H1 2020, amidst the outbreak of COVID-19. Restrictions on outdoor sports, cessation of industrial operations and logistical anomalies all contributed to this downturn.
Fortunately, as the curbs eased, the market is witnessing a gradual resurgence. Sensing new opportunities, manufacturers are intensifying their activities across key regions. In January 2021, Yamaha Golf-Car Company announced the extension of its partnership with the National Golf Course Owners Association (NGCOA). This extension will allow Yamaha to continue building valuable business relationships and position their innovative vehicles as a leader in the golf industry.
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How are Low-Speed Vehicle Tests Spurring R&D in Golf Carts?
A lot of research and development on golf carts is conducted across several regions. One example is the deployment in the Cape Fear region. From fairways to roadways, golf carts are becoming mainstream, offering people a convenient option to travel around town.
Tests are conducted on low-speed vehicles to see if they can share the road with faster vehicles and travel along state-maintained roads. According to various studies, the vehicles have been legally allowed on state-run roads with a 35 mph speed limit. In the region, these vehicles are governed by the same rules as motor vehicles. Hence, manufacturers are accelerating R&D to augment supply.
Key Segments Covered
Product
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
Operation
- Manual Golf Carts
- Powered Golf Carts
Application
- Golf Carts for Golf Courses
- Golf Carts for Personal Use
- Golf Carts for Industry Use
- Golf Carts for Other Applications
Ownership
- Rented Golf Carts
- Fully Owned Golf Carts
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Key Takeaways from the Market Study
- By product, push-pull golf carts to generate high demand, expanding at 5% CAGR
- Electric powered golf carts to gain 34 BPS in value share, spurred by growing efforts to curb fuel emissions
- By ownership, fully-owned golf carts to acquire 73 BPS through 2031
- Sales across the U.S reached US$ 1 Bn in 2020, likely to flourish at a CAGR of 6% until 2031
- Asia to account for 60% of global demand through 2031
- Global golf carts demand likely to add nearly 2x the market value until 2031
Regional Analysis of Lab Automation Market
Rising disposable incomes and the increased popularity of golf has spurred sales of golf carts in the U.S. Golf carts equipped with batteries and solar power are contributing to market growth, which is resulting in a spike in demand for golf carts.
The increasing number of golf courses in the country is expected to increase the demand for the golf carts market. As per Fact.MR’s projections, the U.S golf carts industry reached US$ 1 Bn as of 2020, expected to grow at a CAGR of 6% until 2031.
Competitive Landscape
Major players with a prominent share in the market are focusing on expanding their customer base.
For instance, Club Car has designed Disney Robot Golf Carts, introduced at Walt Disney World Resort’s Orlando golf courses. Using Bluetooth and GPS technology, the robotic TempoWalkcarts transport clubs around Disney's golf courses at Palm, Magnolia, and Oak Trail.
Likewise, Cricket Mini Golf Carts designed a fully suspended electric mini golf cart that is lightweight, portable, easy to own, four-seater, and fun to drive. The cart is eco-friendly, collapsible, and can fit in a motorhome basement.
Key Companies Profiled
- Golf-Car Company
- Cario
- Garia
- Club Car
- Guangdong Marshell Electric Vehicle Co., Ltd.
- E-Z-GO
- Polaris Industries Inc.
- Hawk Carts
- STAR EV CORPORATION
- G H Varley Pty Limited
- KT Pan Company Limited
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
- HDK Electric Vehicle.
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