Selbyville, Delaware, June 27, 2019 (GLOBE NEWSWIRE) --
The golf cart market is predicted to hike from USD 1.5 billion in 2018 to around USD 2 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing golf projects across the globe will drive the market growth over the study timeframe.
According to the R&A, in 2019, around 100 have active golf projects with over 30% in Asia Pacific. The courses are developing facilities in collaboration with the resorts to attract the consumers. In 2019, over 64% new course projects in the world are linked with resorts development. Ongoing development of supporting facilities will induce significant growth potential in the golf cart market landscape over the forecast timeline.
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Shifting preference of tourists towards recreational sports and leisure activities will escalate the golf cart market revenue. Growing number of resorts comprising more than 18-hole golf courses are providing potential opportunities for increased participation. Emerging economic destinations offering large accommodation facilities for families and individuals are augmenting the participation thereby supporting the vehicle demand.
Electric and solar power-driven golf cart market value is expected to witness significant growth over the forecast time frame owing to low carbon emission and noise pollution. The electric vehicles create negligible sounds and remain economic over their lifespan. These vehicles find application in airports and medical institutes owing to the silent operation. Further, regulatory entities supporting the adoption of ecofriendly vehicles will drive the product demand.
Commercial services hold significant share in the golf cart market size owing to its use at facilities to transport goods and passengers over small distance. Facilities such as hotel and resorts employ golfing carts as these require lower maintenance and operating cost. In March 2019, X’Tan Ha partnered with golf cart rental facilities to experience pool and onsite amenities. Rising LSV fleets in the facilities will enhance the segment penetration in next six years.
Browse key industry insights spread across 200 pages with 383 market data tables & 9 figures & charts from the report, “Golf Cart Market Size By Fuel (Gasoline, Electric & Solar Powered), By Application (Golf Course, Commercial Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Sweden, Netherlands, China, India, Japan, Australia, South Korea, New Zealand, Thailand, Brazil, Mexico, Argentina, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/golf-cart-market
North America will dominate the golf cart market share owing to presence of large number of golf courses. The region is continuously upgrading the facilities to attract the consumers. According to R&A, in 2019, there over 80 golfing courses in planning and around 50 courses under construction. Emergence of government regulations supporting adoption of low carbon emitting vehicles will further boost the industry size.
Europe golf cart market will witness significant growth prospects owing to the increasing participation in golf sports. Healthy economic conditions coupled with rising tourism expenditure are providing potential opportunities for engaging in recreational activities and golf trips. Rising prominence of golf campaigns and clubs offering membership packages are strengthening the market over the coming years.
The major industry participants in the golf cart market include Yamaha, Garia, Textron Specialized Vehicles Inc., Columbia Vehicles, Golf Carts Australia, Club Car, GDrive, and Golf Carts Australia. The companies are adopting various strategies including joint ventures, mergers and acquisitions, product modifications and geographical expansions to increase their market share.
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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.