Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Golf Cart Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Golf Cart Market, valued at an estimated USD 2.10 billion in the base year, is poised for significant growth, with projections indicating a rise to USD 2.84 billion by 2028. This promising trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 5.71% during the forecast period from 2023 to 2028.
Impacts of the Pandemic and the Road Ahead:
The worldwide golf cart market, much like other industries, felt the reverberations of the global pandemic. The outbreak disrupted the entire value chain of various major sectors, including the golf cart market, as lockdowns and social distancing measures kept people indoors.
During the pandemic, the sales of golf carts experienced a dip, affecting several markets adversely. However, as the world recognized the recreational advantages of golfing, sales of golf carts began to soar in the latter half of 2020. This resurgence is expected to propel the market forward during the forecast period.
Key Trends Driving the Golf Cart Market:
- Rising Popularity Across Diverse Sectors: Golf carts are gaining increasing popularity due to shifting lifestyles and a growing preference for sustainable energy solutions. While golfing remains a primary driver of growth, these versatile vehicles have expanded into various sectors, including hotels, wedding events, amusement parks, tourism destinations, airports, stadiums, security and patrolling, and cargo transport.
- Growing Number of Golf Spectators and Courses: The increasing patronage of golfing activities and the proliferation of golf courses and country clubs worldwide are expected to drive global demand for golf carts. To accommodate the growing public interest, there are currently 540 new golf course projects in various stages of planning or construction worldwide, spanning 96 countries.
- Asia-Pacific's Growing Influence: The Asia-Pacific region is witnessing a surge in demand for processed foods due to changing lifestyles and a burgeoning population. As part of this trend, canned fruits are becoming increasingly popular for use in various applications, including bakery products. This demand for canned fruits is boosting the market, particularly in regions like China and India.
North America's Dominance: North America is anticipated to lead the golf cart market during the forecast period, thanks to its significant presence of major market players such as Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (E-Z-GO). The United States, with its numerous golf courses and a growing number of businesses in the golf driving ranges, is a particularly important market for golf carts.
Industry Overview:
The golf cart market is characterized by its fragmentation, with several regional players making significant contributions. Key players include Yamaha Golf-Car Company, Club Car LLC, Textron Inc., HDK Electric Vehicles, and Guangdong Lvtong New Energy Electric Vehicle Technology Co. Ltd. These companies are continuously innovating and introducing new models to cater to emerging applications such as short-distance tourism and electric mobility.
The golf cart industry is evolving rapidly, with strategic partnerships and advancements in battery technology playing a pivotal role. For example, in October 2021, Columbia announced a partnership with Inventus Power, a global leader in advanced battery systems, aimed at incorporating a lithium battery pack option in Columbia Utilitruck products from 2022.
A selection of companies mentioned in this report includes
- Yamaha Golf-Car Company
- Cruise Car Inc.
- Columbia ParCar Corp.
- Garia Inc.
- Club Car LLC
- Textron Specialized Vehicles Inc.
- HDK Electric Vehicles
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
- JH Global Services Inc.
- Dongguan Excellence Golf & Sightseeing Car Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/op4qmn
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