Golf Cart Market Share Projected to Reach 2.05 billion USD, at a 6.90% CAGR During 2023 to 2030 | MRFR Global Outlook
Research Reports
Mar 16, 2023
Golf Cart Market Overview
The global golf cart market it is expected to reach a CAGR of 6.90% to reach up to USD 2.05 Billion during the forecast period. The rise in the expansion of the industrial sector and urban sprawl are two significant factors driving the global golf cart industry forward.
The golf cart is a compact motorized vehicle that is commonly used to transport golfers and their equipment. In retail malls, airports, hotels, and other entertainment venues, these carts are also utilized to transport lighter things. The primary purpose of these carts was to transport golfers’ clubs and equipment on the golf course, but they are also widely utilized in commercial settings such as railway stations, zoos, office factories, multi-residential complexes, wildlife sanctuaries, theme parties, and exhibition centres.
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Report Metrics |
Details |
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Market Size 2021 |
USD 1.2 billion |
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Market Size 2022 |
USD 1.3 billion |
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Market Size 2030 |
USD 2.05 billion |
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Compound Annual Growth Rate (CAGR) |
6.90% (2022-2030) |
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The breakout of the covid 19 exacerbated the golf cart market’s growth crisis. To compensate, businesses produce two-seater carts, four-seater carts, six-seater carts, eight-seater carts, and so on. Golf balls, tee holders, cup holders, waste bins, charging outlets, refrigerator choices, and an air scoop are all included in these new featured carts.
The global impact of the covid 19 pandemics is expected to have a significant impact on the global golf cart market’s growth; however, factors such as increased interest in golf carts, increased per capita disposable income, and leisure and sports activities are the major key factors driving the market’s growth.
Industry News
The major key players of the global golf cart market are
- Yamaha Golf-Car Company (US)
- STAR EV (US)
- Garia A/S (Denmark)
- Bradshaw Electric Vehicles (UK)
- E-Z-GO (US)
- Marshell Green Power (China)
- Spoleman OÜ (Estonia)
- Polaris Industries Inc. (US)
- Guangdong Lvtong New Energy Electric Vehicle Technology Co. LTD. (China)
- Speedways Electric (India)
- Autopower (India), among others
In the next five years, the IMARC group is predicted to contribute to the market’s moderate expansion.
Market Segmentation
Based on the application, the market has been segmented as railways, golf courses, airports, hotels and resorts, multi-residential complexes, and others.
Based on the end-user industry, the market has been segmented into two types, an electric golf cart, and a gasoline golf cart.
Based on the fuel type, the market has been segmented as Gasoline Powered and Electric & Solar Powered.
Based on the region, the market has been segmented as Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East and Africa.
Regional Classification
During the historic projected period, North America accounted for around 53% of the global golf cart market share. Over the forecast period, the government’s decision on the adoption of electric golf carts for hotels and resorts is expected to fuel demand for golf carts in the global market. According to the study, the United States has over 15000 golf courses, which is supporting the global golf cart market’s growth.
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The rental industry’s need for the market value of golf carts is also driving the market growth. Because these businesses rely on golf carts for internal transportation, the market’s major players are working on introducing GPS-enabled golf carts with lithium batteries.
TABLE OF CONTENTS
- EXECUTIVE SUMMARY
- SCOPE OF THE REPORT
2.1. MARKET DEFINITION
2.2. SCOPE OF THE STUDY
2.2.1. DEFINITION
2.2.2. RESEARCH OBJECTIVE
2.2.3. ASSUMPTIONS
2.2.4. LIMITATIONS
2.3. RESEARCH PROCESS
2.3.1. PRIMARY RESEARCH
2.3.2. SECONDARY RESEARCH
2.4. MARKET SIZE ESTIMATION
2.5. FORECAST MODEL
- MARKET LANDSCAPE
3.1. PORTER’S FIVE FORCES ANALYSIS
3.1.1. THREAT OF NEW ENTRANTS
3.1.2. BARGAINING POWER OF BUYERS
3.1.3. THREAT OF SUBSTITUTES
3.1.4. SEGMENT RIVALRY
3.1.5. BARGAINING POWER OF BUYERS
3.2. VALUE CHAIN/SUPPLY CHAIN ANALYSIS
- MARKET DYNAMICS
4.1. INTRODUCTION
4.2. MARKET DRIVERS
4.3. MARKET RESTRAINTS
4.4. MARKET OPPORTUNITIES
4.5. MARKET TRENDS
- GLOBAL GOLF CART MARKET, BY PROPULSION TYPE
5.1. INTRODUCTION
5.2. ELECTRIC
5.2.1. MARKET ESTIMATES & FORECAST, 2022-2030
5.2.2. MARKET ESTIMATES & FORECAST BY PROPULSION TYPE, 2022-2030
5.3. GASOLINE
…Continued.
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