Portland, OR, Sept. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global go kart market generated $104.8 million in 2020, and is expected to garner $154.3 million by 2030, witnessing a CAGR of 3.9% from 2021 to 2030. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Growing inclination toward solar powered go karts and surge in population along with rapid globalization & rise in purchasing power drive the growth of the global go kart market. In addition, the rise in number of race courses and country club further fuels the growth of the market. However, high initial maintenance and purchasing cost and low overall drive range hinder the market growth. On the other hand, reduction in cost of fuel cells and batteries and technological advancements in Go karts present new opportunities in the market.
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Covid-19 Scenario of Go Kart Market:
- The COVID-19 outbreak immensely impacted the automotive sector on a globally, which in turn, led to significant drop in automotive sales and insufficiency of raw materials.
- Many small and big players in the automotive sector were observing issues such as halt in manufacturing activities and mandated plant closures by the government.
- However, the government bodies are now coming up with favorable policies and new precautionary measures, owing to which the market is expected to recoup soon.
The report offers detailed segmentation of the global go kart market based on type, application, seating capacity, and region.
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Based on type, the gasoline segment held the highest share in 2020, accounting for more than three-fourths of the total market share, and is expected to maintain its lead position during the forecast period. However, the electric segment is projected to portray the highest CAGR of 6.3% from 2021 to 2030.
Based on application, the rental segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global go kart market, and is estimated to continue its leadership status during the forecast period. However, the racing segment is expected to witness the fastest CAGR of 4.6% from 2021 to 2030.
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Based on region, Europe contributed to the highest share in 2020, accounting for more than two-fifths of the global market, and is estimated to maintain its dominant share in terms of revenue by 2030. On the other hand, the market across LAMEA region is expected to portray the highest CAGR of 6.2% during the forecast period. Other provinces studied in the report include Asia-Pacific and North America.
Leading players of the global go kart market analyzed in the research include RiMO Germany, Sodikart, Anderson-CSK, Birel ART, BIZ Karts, CRG, Margay Racing, OTL Kart, Praga Kart, and TAL-KO Racing. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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