New York, July 11, 2022 (GLOBE NEWSWIRE) -- The U.S. golf cart market is estimated to be valued at US$ 812.1 Mn in 2022, with steady long-term projections, according to the latest insights by Persistence Market Research. The report estimates the market to expand by a value CAGR of 4.3% from 2022 to 2032. Rising demand for golf carts from golf clubs, hotels/resorts, and housing projects is driving market expansion across the United States.
Over the next few years, manufacturers spending on research related to the advancements in golf carts and the implementation of automation are likely to increase, which is anticipated to drive demand for golf carts in the country. The advent of golf cart rentals has also had a positive impact on market growth. Golf cart rentals are widely used at trade fairs, exhibitions, and other events for cost-effective internal transport.
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Key Takeaways from Market Study
- By seating capacity, medium (6-8) seat golf carts are anticipated to witness prominent demand growth at 4.2% CAGR by value during the forecast period of 2022 to 2032.
- By end user, golf clubs are anticipated to dominate the market and account for 26% market share.
- By product type, the electric golf carts segment is projected to lead the U.S. market and create an absolute dollar opportunity of US$ 239.43 Mn over the decade.
- In terms of region, golf cart sales in the Southern United States are estimated to exhibit a CAGR of 3.7%.
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“Increasing demand from sectors such as tourism, hospitality, private clubs, etc., coupled with the rising quest for a luxury lifestyle, will drive U.S. market growth over the coming years,” says a Persistence Market Research analyst.
Competitive Landscape
Leading manufacturers of golf cart in the U.S. include Club Car, LLC, E-Z-GO, Yamaha Motor Corporation, Polaris Industries, Textron Inc, Garia Golf Carts, Cruise Car Inc, STAR EV Corporation, Tomberlin U.S.A, Spartan-EV, ICON Electric Vehicles, and HDk Golf Carts.
To gain a competitive advantage in the industry, key manufacturers are developing innovative golf carts. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their market footprint.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the U.S. golf cart market that provides industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, product type, seating capacity, end user, and region. The report also provides supply and demand trends along with an overview of the parent market.
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