The golf cart manufacturing industry is showing substantial growth over the years. Increasing innovations in the golf cart to provide more comfort rides to passengers are expanding the opportunities for manufactures in the golf cart market. Several guidelines made by the government for the drivers and cart owners to ensure safety will prolong the demand growth. Owing to the fact that golf cart are used in many sectors for short distance ride and transportation of goods the golf cart market had a size of $2.38 billion in 2018, and it will grow with a compound annual growth rate (CAGR) of 7.22% during the forecast period 2019-2025.
North America is the leading region in the golf cart market. The rapid growth and increase globalization in the region will boost the economy and the purchasing power of the individual. Furthermore, high availability of country clubs, golf courses, and golfers in the region are primary reason behind North America to be one of the major regions with share of 38.81% in 2018 and it will grow in the near future.
Global Golf Cart Market: Outlook
A golf cart also known as golf car is a vehicle that is previously designed for golfers but later it used in wide range for travelling over a short distance at speed not more than 15 mph. The general purpose golf cars are also known as neighborhood electric vehicles (NEVs). The types of golf carts available after modification are adaptive golf carts, and extreme golf carts. The extreme golf carts are gaining popularity due to modification such as side by side (UTV) that will boost the golf cart market.
Increasing strict rules by government enables OEMs to bring in new innovative manufactured products. Electric golf cart and solar golf cart are gaining major traction from the consumers owing to the fact that they are environment friendly. The solar golf carts are cost effective solution as runs on solar charge. The major applications in the market will grow with a CAGR of 6.57% through to 2025.
Global Golf Cart Market: Drivers
- Growth in economy and developing golf courses and country clubs worldwide will demand for more golf cart in the market.
- Increasing urbanization and industrialization has led to growth in smart residential projects, the increasing demand for golf cart in hotels, amusement parks, industries tourism are anticipated to grow fuel the progression in the golf cart market.
- The increase use of golf cart in airports and companies industrial visit will leverage the demand for golf cart in the market.
- Rising use of golf cart in educational centers such as university, science museum is projected to propel the golf cart market.
- Increasing use of golf cart for short distance indoor and outdoor activities and for carrying the passenger’s items in the hotels and other premium public areas will surely add high revenue in the golf cart market.
Global Golf Cart Market: Trends
· Use of golf carts in various sectors due to factors such as saves labor cost and time, smother and comfortable ride for short distance are attributed with the increase adaptation of golf cart in premium and non-premium areas.
· The innovations of electric golf carts is one of the trend in the golf cart market. The use of lead-acid batteries to run electric motor and save fuel efficiency is gaining traction from several sectors.
· Gas powered golf carts made up of steel and other metals are stronger than other golf carts. The prior advantage of gas powered golf cart such as long run operation are experiencing improved demand from the consumers in the golf cart market.
· Investment in the market from various other new vendors and manufactures with add on features such as durability, all-terrain tires, and rugged will increase the usage of golf cart for exploring outdoors and in adventurous trips that will fuel the demand for golf cart.
Global Golf Cart Market: Challenges
Rise in number of vehicles that runs on petrol and diesel have led to increase in gas emission and global warming. Stringent rules and regulations governed by government and authorized organization has become of the challenge that can hamper the progression in the market. The growing innovations that led to manufacturing of hybrid/electric/chargeable golf cart that do not produce harmful gases are fueling the demand for golf cart.
Global Golf Cart Market: Key Players Perspective
Some of the major players in the golf cart market are Hitachi Chemical Co, Ltd, JH global Service, INC, Textron Specialized Vehicles INC., Ingersoll-Rand Plc, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, Xiamen Dalle Electric Car Co., Ltd, Yamaha Golf Car Company, Garia Inc, and Tomberlin, Maini Material Movement Pvt Ltd.
Golf Cart Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the golf cart market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of golf cart market, and its segmentation on the basis of product type that includes electric golf cart, gasoline golf cart, and solar golf cart.
Golf Cart Market Report: Industry Coverage
The report analyses the product demands by the golf cart market on the basis of application that include golf course, personal service, and commercial service. The golf cart market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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