Rockville, April 06, 2023 (GLOBE NEWSWIRE) -- Fact.MR’s latest report on golf cart market provides a detailed analysis of growth drivers, restraints, and latest trends affecting market development. The study uncovers hidden opportunities across key segments in terms of product, operation, application, and ownership.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global golf cart market size reached US$ 2.9 billion in 2021. Over the projection period, global golf cart sales are likely to surge at a 6.3% CAGR. Total market valuation by the end of 2031 is set to reach US$ 5.4 billion.
Rising usage of golf carts in applications such as residential, golf courses, and industrial is driving the global market.
Golf carts, also known as golf buggies, are vehicles or compact carts used for transporting golfers and their equipment around a golf course. Initially, these carts were designed to carry only two golfers and their golf clubs.
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Over time, new golf cart variants were developed. These new variants were more advanced and capable of carrying more than two passengers.
Growing interest in golf will continue to boost golf cart sales. It is believed that playing golf can be a great way to reduce stress and get much needed exercise. Hence, more and more people are getting attracted to this game. This will bode well for the market.
Another key factor driving demand for golf carts is the increasing construction of golf courses. To promote tourism and golf, various governments are developing new golf courses.
According to the National Golf Foundation (NFG), globally there are over 38,000 golf courses. This number is likely to further increase over the coming years which in turn will create opportunities for golf cart manufacturers.
Booming tourism industry and usage of golf carts for short trips at educational institutions, airports, theme parks, etc will also boost sales.
The increasing popularity of golf carts as a means of transportation in a variety of events such as exhibitions, symposiums, exhibitions, trade fairs, and weddings will bode well for the market. Event management forms are progressively turning to golf cart rentals to meet their transportation needs.
Electrification and automation are emerging as new megatrends in the golf cart industry. As demand for eco-friendly vehicles continues to increase, golf cart manufacturers are increasingly developing electric golf carts.
For instance, in December 2022 a new electric golf art was introduced by Saera Electric Auto Private Limited in the Indian market.
Companies are also focused on investing in the design and development of autonomous or unmanned variants to seize early revenue growth opportunities in industrialized countries. For instance, In August 2017, Infosys launched its first driverless golf car in Bangalore.
Key Takeaways from the Global Golf Cart Market:
- Based on product, the push-pull golf cart segment is likely to expand at 5% CAGR through 2031.
- Based on operation, powdered golf cart demand will surge at 5% CAGR over the next ten years.
- The USA golf cart market is forecast to progress at a CAGR of 6% during the forecast period.
- Asia golf cart market is set to generate 60% of global revenue during the projection period.
- Europe golf cart industry will exhibit a CAGR of 6.1% between 2021 and 2031.
Growth Drivers:
- Increasing number of golf courses globally will bolster golf cart sales
- Growing popularity of customized golf carts is likely to stimulate market development
- Surging demand for electric golf carts will boost the global market over the next decade
- Rising usage of golf carts in parks, hotels, airports, universities, etc. will create new growth prospects
Restraints:
- High maintenance costs might restrain the golf cart market development during the forecast period.
- Substandard products offered by local players are negatively impacting the market.
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Competitive Landscape:
Leading golf cart manufacturers are expanding their product portfolios to attract more customers and strengthen their position in the global market. They are also forming strategic alliances and partnerships with domestic and international players to expand their presence.
For instance,
- In January 2021, golf vehicle manufacturer Yamaha Golf Car Company renewed its prevailing partnership with (NGCOA) National Golf Course Owners Association as an official golf cart partner.
- In August 2021, SoloGolf partnered with a leading manufacturer of golf car batteries, RELiON Battery.
Key Companies Profiled by Fact. MR
- 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
More Valuable Insights on Golf Cart Market
In the latest study, Fact.MR offers a detailed study on global golf cart market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of golf carts through detailed segmentation as follows:
Product:
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
Operation:
- Manual
- Powdered
Application:
- Golf Courses
- Personal Use
- Industry Use
- Other Applications
Ownership:
- Rented Golf Carts
- Fully owned Golf Carts
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Key Questions Covered in the Golf Cart Market Report
- What will be the demand outlook for the golf cart market during the forecast period?
- What are the challenges faced in the golf cart market?
- Which operation will lead to growth in the golf cart market from 2021 to 2031?
- What is the projected market valuation of the golf cart market in 2031?
- What are the factors driving the golf cart market from 2021 to 2031?
- Which application will generate the maximum revenue in the golf cart market?
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