Selbyville, Delaware, May 21, 2024 (GLOBE NEWSWIRE) --
The used golf cart market is expected to reach USD 1.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The report cites that the growing environmental awareness and the increasing popularity of environmentally friendly vehicles will drive market growth over 2023-2032. According to GreenMatch, estimated at £291.5 billion (~USD 315.60 billion) in 2023, the global electric car market will more than double to £714.9 billion (~USD 774 billion) by 2030. As consumers and businesses become more aware of their carbon footprint, more and more are moving toward sustainable transport solutions.
Electric and solar-powered golf carts are gaining popularity on account of their low emissions and energy efficiency. These ecological options help reduce operational costs while fitting into global efforts to combat climate change. Government incentives and regulations promoting green energy will further increase the adoption of these vehicles, making eco-friendly golf carts a major industry growth driver.
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The used golf cart market from the solar electric golf cart segment will register commendable growth through 203, due to an increasing focus on sustainable and renewable energy sources. Solar powered golf carts offer two advantages: reducing operating costs and minimizing environmental impact. As technology advances, the efficiency and reliability of solar panels improve, making these golf carts more attractive to a broader consumer base. The adoption of solar powered golf carts is especially critical in areas with a lot of sunlight, where they can work optimally and promote more environmentally friendly transportation solutions, further adding to their popularity.
The Used golf cart market share from the 2-seater segment will continue to expand till 2032, as 2-seater golf carts are ideal for personal use and small business use. The maneuverability, ease of parking and lower maintenance costs offered by 2-seater golf carts provide them a competitive edge over larger models, stimulating segment growth. The growing popularity of these golf carts in residential areas, golf courses, and small businesses requiring efficient and convenient transportation options further drive their sales. The trend towards more compact and efficient vehicles is consistent with the wider minimalism and sustainable development of urban transport.
Europe used golf cart market is projected to exhibit noticeable growth through 2032, owing to strict environmental regulations and a strong emphasis on reducing carbon dioxide emissions, leading to the heightened sales of electric and solar powered golf carts. In addition, the popularity of golf as a sport and leisure activity in the UK, Spain, and France is increasing the demand for these vehicles. The market expansion is further supported by the presence of many resorts and gated communities. Furthermore, Europe's commitment to sustainable transport solutions and smart city initiatives creates a favorable environment for market demand.
Top companies in the used golf cart market include Yamaha Golf-Car Company, Club Car, E-Z-GO, Cushman, Garia Inc., Polaris Industries Inc., Star EV, American Custom Golf Cars, JH Global Services, Inc., and Columbia Vehicle Group Inc. Key growth strategies of these players include product innovation, strategic partnerships, geographic expansion, and customer-facing initiatives.
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Companies like Yamaha Golf-Car Company, Club Car, and E-Z-GO focus on developing innovative features and technologies to improve the efficiency, safety, and durability of their golf carts. Strategic partnerships with retailers, rental agencies, and leisure centers allow companies to reach a wider customer base and strengthen their distribution network. Geographical expansion into emerging markets and regions where golf carts are in high demand is another important strategy used by key players to drive economic growth.
Citing an instance, in January 2024, Yamaha introduced the DRIVE H2 hydrogen concept golf cart at the 2024 PGA Show. It has two 25-liter high-pressure hydrogen tanks under the driver and the rear seat.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources.
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Used golf cart market 3600 synopsis, 2018 - 2032.
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Fuel trends
2.5 Application trends
2.6 Seating capacity trends
Chapter 3 Used Golf Cart Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Cost benefits associated with used powersports vehicles
3.10.1.2 Positive outlook for tourism activities in Latin America & the MEA
3.10.1.3 Rising investments in recreational activities
3.10.1.4 Growing demand of customized and modified golf cart
3.10.1.5 Rising commercialization across industries
3.10.2 Industry pitfalls & challenges
3.10.2.1 High maintenance and service cost
3.10.2.2 Increasing safety and environmental concern
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Ritchie Bros
4.3.2 Club Car Inc.
4.3.3 CCE GOLF CARS
4.3.4 Winters Recreation
4.3.5 Jeffrey Allen, Inc.
4.3.6 Players Golf Cars Inc
4.3.7 Discovery Golf Cars
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
