New York, US, June 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Golf Carts Market Research Report Information by Application Type, Region, and Fuel Type - Forecast Till 2030, the Golf Carts market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 6.90%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 2.05 billion by the end of 2030. As per the study documents, the market was worth around USD 1.2 billion in 2021.
Golf Carts Market Overview:
The primary aspect causing a surge in the performance of the market is the rapid electrification in the golf car industry.
Competitive Analysis
The catalog of the top leaders across the global Market for Golf Carts includes players such as:
- Speedways Electric (India)
- Yamaha Golf-Car Company (U.S.)
- Guangdong Lvtong New Energy Electric Vehicle Technology Co. LTD. (China)
- STAR EV (U.S.)
- Polaris Industries Inc. (U.S.)
- Garia A/S (Denmark)
- Spoleman OÜ (Estonia)
- Bradshaw Electric Vehicles (U.K.)
- Marshell Green Power (China)
- E-Z-GO (U.S.)
- Autopower (India)
- Among others.
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Market USP Covered
Golf Carts Market Drivers
The global Golf Carts industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the rapid electrification in the golf car industry. Furthermore, factors such as the launch of long-lasting, efficient, & eco-friendly solutions, strict emission norms implemented by the government bodies, enhanced comfort, improved travel range & battery, rising per capita income, growth in international & national tourism, and rapid urbanization are also likely to enhance the growth of the market over the coming years.
Golf Carts Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 2.05 billion |
| CAGR during 2022-2030 | 6.90% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuel Type, Application Type, and Region |
| Key Market Opportunities | Rising disposable income and availability of off-course golf facility |
| Key Market Dynamics | Increasing development of new golf courses Rising electrification to boost the market growth |
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COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Golf Carts industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Golf Carts Market Segment Analysis
Among all the fuel types, the gasoline-powered segment secured the leading position across the global market for golf carts in 2021. The main parameter enhancing the segment's growth is the low cost of gasoline varieties compared to their counterparts. Furthermore, the factors such as regions lacking battery manufacturing facilities & weak electric charging service networks, and the long travel range are also projected to enhance the growth of the market segment over the coming years. On the other hand, the electric & solar segment is anticipated to showcase the maximum growth rate over the coming years, given that they are eco-friendly and have negligible operating costs. Electric golf cars are widely utilized worldwide for their various benefits, such as enhanced comfort, low running cost, high speed, noiseless operation, etc.
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Among all the application areas, the commercial segment secured the leading position across the global market for golf carts in 2021. The main parameter enhancing the segment's growth is enhancing and adopting such vehicles across several commercial applications, including factories, car dealerships, tourism, amusement parks, campgrounds, colleges & universities, and others. On the other hand, the golf course segment is likely to grow at the highest pace over the coming years, given the growing number of golf courses worldwide.
Golf Carts Market Regional Analysis
The research documents by MRFR indicate that North America held the top position across the global Golf cart industry in 2021, with the largest contribution of nearly USD 0.53 billion. The Region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Golf Carts Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the huge number of golf courses present in the U.S.
The European Region is anticipated to secure substantial growth across the global Golf Carts industry over the coming years. The Region has France, Germany, and the U.K. as the leading development contributors. Further, the German Golf Carts Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The main aspect supporting regional market expansion is an increasing number of elderly villages & resorts across the Region. Furthermore, the growing popularity of golf across developed European countries is also considered vital in enhancing the regional market's growth over the coming years.
Asia-pacific Region will likely showcase the maximum growth rate across the global Golf Carts industry over the coming years. India, China, and Indonesia are the leading development contributors in the Region. Further, the China Golf Carts Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the growing awareness regarding golf.
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Furthermore, the rising number of golfers across emerging countries of the Asia-Pacific is also believed to be one of the vital aspects causing a surge in the regional market's performance. Moreover, the growing number of golf courses in the Asia-Pacific is also likely to impact the market's growth over the coming years positively.
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