Pune India, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the golf cart market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the golf cart market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, application, ownership and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global golf cart market are Garia, Cario, Hawk Carts, Polaris Industries, Yamaha, KT Pan Company Limited, HDK Electric Vehicle, Guangdong Marshell Electric Vehicle Co., Suzhou Eagle Electric Vehicle Manufacturing Co., and Textron Specialized Vehicles among other. To achieve a substantial market share in the worldwide golf cart market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A motorised cart called a golf cart is used to move equipment around a golf course, including golf bags. It might be an electric or gas-powered vehicle built expressly with security and comfort features for golfers. The golf cart market, which was originally created as a vehicle for golfers, is today employed in numerous contexts for short-distance, 15 mph mobility. Another name for neighbourhood electric vehicles is all-purpose golf cars. Adaptive and extreme custom golf cart markets are two distinct groups. As more people become aware of the lucrative golf cart markets as a consequence of improvements side-by-side, the market for golf carts will grow. As golf gains popularity on a global scale, more golf courses are being built in golf resorts, real estate developments with a golf theme, and exclusive clubs. It is projected that as new golf resorts, upscale clubs, golf courses, and other amenities spring up around the world, demand for golf cart markets will increase. The demand for golf cart markets is increasing due to a number of causes, including the expanding popularity of golf and the increased urbanisation that goes hand in hand with rising disposable income. It is anticipated that the need for such vehicles will rise across a variety of businesses, including hotels, tourism, amusement parks, and others, due to rising golf penetration in these industries and expanding potential for golf cart market rental services.
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Scope of Golf Cart Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Application, Ownership, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Garia, Cario, Hawk Carts, Polaris Industries, Yamaha, KT Pan Company Limited, HDK Electric Vehicle, Guangdong Marshell Electric Vehicle Co., Suzhou Eagle Electric Vehicle Manufacturing Co., and Textron Specialized Vehicles, and among other |
Segmentation Analysis
The electric golf cart market segment is expected to be the fastest-growing segment in 2022.
The product type segment is a Gasoline golf cart market, Solar Powered golf cart market, Push-Pull golf cart market, and Electric golf cart market. The electric golf cart market segment will witness the highest growth rate during the forecast period. The combination of growing gasoline prices, increasing fuel demand, and the low maintenance costs of electric carts is creating an atmosphere that is conducive to the segment's growth. Electric golf cart markets can employ lead-acid batteries since they have a higher weight to performance ratio. Lithium golf cart market batteries enable the vehicle to transfer more weight and accelerate more quickly because to its smaller size and lower weight than conventional lead-acid batteries. For instance, in December 2018, Tonino Lamborghini and Indian golf cart market producer Kinetic Green Energy partnered commercially to design and construct premium category electric and solar golf cart markets for the global market.
The golf courses segment is expected to be the fastest-growing segment in 2022.
The application segment is Personal Use, Golf Courses, Industry Use, and Others. The golf courses segment is expected to witness the highest growth rate during the forecast period. Golf is getting more popular among consumers as a pastime. By 2020, there were golf courses in 206 of the 251 countries in the world, an 82% global diffusion rate. To accommodate public demand, there are an increasing number of golf courses and country clubs, which is predicted to increase demand for golf cart markets internationally. For instance, there are 540 new golf course projects worldwide that are either being built (196) or are in various stages of planning (344). These new golf course developments, which cover 96 different countries, connect to resort complexes in close to two-thirds of the cases. 20% of golf courses globally are only open to members, compared to 45% of golf courses in the Asia-Pacific region that are private clubs.
The rented segment is expected to be the fastest-growing segment in 2022.
The ownership segment is Fully Owned and Rented. The rented segment is expected to witness the highest growth rate during the forecast period. Ownership of golf carts is experiencing rapid growth. Along with the global expansion of car rental services, public awareness of the use of golf cart rentals has grown, particularly during special occasions like weddings and trade shows. However, in these situations, customers only require a golf cart market for a few period of time, such as a few days or weeks. The market share of the market category for rental golf carts is growing as a result of end users' choice for rental services.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the golf cart include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. There are several significant market players in the region, including Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (E-Z-GO). The United States has a unique place in this sport thanks to its more than 17,000 golf courses, three of the four major championships for men, and many of the top players worldwide. More than 42% of the world's golf courses were comprised of these golf courses. The number of golf driving range businesses in the US remained stable in 2019. For instance, as of 2020, there were 57,465 golf driving ranges registered in the US.
Country Analysis
- Germany
Germany's golf cart market size was valued at USD 0.103 billion in 2022 and is expected to reach USD 0.142 billion by 2030, at a CAGR of 4.1% from 2023 to 2030.
EGCOA and its members, which include the National Golf Course Owners' Associations, golf federations, and industry suppliers, developed VISION 2020 to inspire its members and the German golf industry to make informed, strategic decisions for their facilities or organisations.
- China
China’s golf cart market size was valued at USD 0.104 billion in 2022 and is expected to reach USD 0.147 billion by 2030, at a CAGR of 4.5% from 2023 to 2030.
The rise of golf cart market vehicles in hotels, the hospitality, tourism, and amusement park industries, increased urbanisation and industrialization, a shift toward mall culture, and high-tech and intelligent residential and commercial housing projects are all anticipated to propel the growth of the golf cart market in the area.
- India
India's golf cart market size was valued at USD 0.08 billion in 2022 and is expected to reach USD 0.11 billion by 2030, at a CAGR of 4.4% from 2023 to 2030.
The increasing use of golf carts in airports and on business trips will increase demand for golf cart markets. The growing popularity of golf carts in educational establishments like colleges and science museums will fuel the golf cart market. For instance, in order to develop golf cart markets with Italian design and manufacturing, Lamborghini teamed up with Indian electric vehicle manufacturer Kinetic Green Energy & Power Solutions Ltd in October 2021. The project will be carried out primarily with an eye on the global market. The company projects sales of golf cart markets by 2022.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the golf cart market is mainly driven by the increase in urbanization and industrialization.
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