Wilmington, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “MENA Golf Cart Market by Passenger Capacity (Two Passengers, Four Passengers, Six Passengers, Eight and More Passengers), by Vehicle Speed (Low Speed Vehicle, and High-Speed Vehicle), by Fuel Type (Gasoline, and Electric), and by Application (Golf Course, Personal Service, and Commercial Services): Opportunity Analysis and Industry Forecast, 2017-2031”. According to the report, the MENA golf cart industry size generated $69.1 million in 2017, and is anticipated to generate $125.1 million by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.
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Prime determinants of growth
Increase in presence of premium golf courses and country clubs in the region, growth in inclination toward eco-friendly golf carts, and rise in tourism and hotel industry in the region boost the growth of the MENA golf cart market. However, low power and speed, high initial maintenance and purchasing cost are anticipated to hinder market growth. On the other hand, technological advancements in golf carts, reduction in cost of fuel cells and batteries provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2017 |
| Market Size in 2022 | $69.1 million |
| Market Size in 2032 | $125.1 million |
| CAGR | 5.6% |
| No. of Pages in Report | 196 |
| Segments covered | Passenger Capacity, Vehicle Speed, Fuel Type, Application |
| Drivers | Increase in presence of premium golf courses and country clubs in the region. Growth in inclination toward eco-friendly golf carts. Rise in tourism and hotel industry in the region. |
| Opportunities | Technological advancements in golf carts. Reduction in cost of fuel cells and batteries. |
| Restraints | Low power and speed. High initial maintenance and purchasing cost . |
COVID-19 Pandemic Impact
- Amid the COVID-19 pandemic, golf courses were being forced to remain closed due to lockdown and social distancing measures, resulting in a sharp drop in the number of rounds played at the beginning of 2020, which resulted in a decline in sales of golf carts.
- Many small and big players in the golf cart sector are witnessing issues such as a halt of production activities and mandated plant closures by governments.
- However, during the pandemic's later stages, golf courses became the most desirable, socially secluded, "secure" place for recreation as quarantine regulations and mass closures gradually eased.
Two Passengers segment to maintain its leadership status throughout the forecast period
Based on passenger capacity, the two passengers segment held the highest market share in 2017, accounting for nearly half of the MENA golf Cart market revenue and is estimated to maintain its leadership status throughout the forecast period, as a two-passenger golf cart is a lightweight, affordable, small, and efficient type of transportation, making them more attractive for a wider consumer base. However, the four passengers’ segment is projected to manifest the highest CAGR of 6.3% from 2022 to 2031, owning to due to their small size and availability as alternatives to other effective transportation options in residential developments, public spaces, recreational areas, and commercial settings, four passengers golf carts are becoming more popular.
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The High-Speed Vehicle segment to maintain its leadership status throughout the forecast period
Based on vehicle speed, the high-speed vehicle segment held the highest market share in 2017, accounting for nearly three-fourths of the MENA golf Cart market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is expected to witness the fastest CAGR of 5.9% from 2017 to 2031 and is likely to dominate the market during the forecast period as adoption of these vehicles has recently grown more appealing due to the advantages such as the environmental and economy friendly operation, lower operating and maintenance costs, the use of alternative fuels, and smaller size and footprint of these vehicles.
The Electric segment to maintain its lead position during the forecast period
Based on fuel type, the electric segment accounted for the largest share in 2017, contributing for nearly three-fifths of the MENA golf cart market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is expected to witness the fastest CAGR of 5.9% from 2017 to 2031 and is likely to dominate the market during the forecast period as stringent automotive emission guidelines and emphasis on the adoption of energy-efficient electric vehicles have gained traction among developed and developing regions.
Golf Course segment to maintain its leadership status throughout the forecast period
Based on application, the golf course segment held the highest market share in terms of revenue in 2017, accounting for more than two-fifth of the MENA golf cart market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the popularity of golf as well as the number of golf courses per population and the availability of golf facilities are some of the major indicators that fuel the market growth during the forecast period. However, the commercial services segment is expected to portray the largest CAGR of 6.2% from 2017 to 2031 and is projected to maintain its lead position during the forecast period, owing to the significant increase in the scope of adoption across different end users.
Morocco to maintain its leadership status throughout the forecast period
Based on country, Morocco held the highest market share in terms of revenue in 2017, accounting for more than one-fifth of the MENA golf cart market revenue, and is estimated to maintain its leadership status throughout the forecast period, as Morocco has a number of resorts that provides golfers with a service catered to their unique golfing trip or tournament. The best golf resorts such as Mazagan Beach & Golf Resort, Assoufied Golf Club, Royal Golf Dar Es Salam, and Tazgzout Golf among others and a variety of golf courses, boutique & luxury resorts, and hotels are available in Morocco. However, Saudi Arabia is expected to portray the largest CAGR of 6.6% from 2017 to 2031 and is projected to maintain its lead position during the forecast period, owing to Development programs arranged by Saudi Arabia to boost the growth of golf and related businesses are expected to create demand for golf carts across the country. For instance, in 2020, the Chief Executive Officer of the Saudi Golf Federation and Golf Saudi gave an opening keynote speech at the inaugural Golf Saudi Summit to outline Saudi Arabia’s ambition to be recognized as the most innovative market in golf sport within the next 10 years.
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Leading Market Players: -
- Club Car
- Ellwee
- EVOLUTION ELECTRIC VEHICLE (HDK ELECTRIC VEHICLES)
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- Electric Car UAE (Happy Jump for Electric Cars)
- HITACHI
- STAR EV (JH GLOBAL SERVICES, INC.)
- Textron Specialized Vehicles Inc
- Waev Inc
- Yamaha Golf Cart.
The report provides a detailed analysis of these key players of the MENA golf cart market. These players have adopted different strategies such as partnership, acquisition, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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