Golf Cart Market Size, Share, Industry & Opportunities 2031
Golf Cart Market Size, Share, Industry & Opportunities 2031
Segments - Global Golf Cart Market by Types (Push-pull Golf Carts, Electric Golf Carts, Gasoline Golf Carts, and Solar Golf Carts), Applications (Golf Course, Personal/Residential Services, and Commercial Services), Passenger Capacities (2-Seater, 4-Seater, 6-Seater, and 8-Seater), Operations (Manual and Powered), Ownerships (Rented and Fully Owned), and Regions (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CG-3259
| 4.4 Rating
| 70 Reviews
| 198 Pages
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Report Description
The global golf cart market size was USD 1.54 Billion in 2022 and is likely to reach USD 2.12 Billion by 2031, expanding at a CAGR of 3.6% during the forecast period, 2023–2031. Golf carts are small motorized vehicles used to carry golfers and their equipment.
These carts were originally designed for 2 passengers; however, rise in the number of people playing golf has encouraged golf carts manufacturers to make these carts to carry 8 passengers at a time. These carts are used for travelling around the golf course or on desert trail. Gasoline golf carts were utilized in the past; however, electric carts and solar golf carts are being currently used.
Golf Cart Market Trends, Drivers, Restraints and Opportunities
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Rise in urbanization and increasing per capita income are major factors responsible fueling this market.
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Surge in the international and national tourism industry is anticipated to propel the demand for golf carts.
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Growing demand for tech savvy and luxury products is increasing the preference for golf carts, thus driving the market.
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COVID-19 has impeded the market, as people had to stay at home and were following social distancing norms.
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High price of golf carts and lack of safety features are constraining the market.
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Technological advancements and launch of these carts with superior features and stylish designs are creating opportunities in the market.
Scope of Golf Cart Market Report
The report on the golf cart market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes |
Details |
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Report Title |
Global Golf Cart Market - Industry Analysis, Size, Share, Growth, Trends And Forecast |
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Base Year |
2022 |
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Historic Data |
2016 & 2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Push-pull Golf Carts, Electric Golf Carts, Gasoline Golf Carts, and Solar Golf Carts), Applications (Golf Course, Personal/Residential Services, and Commercial Services), Passenger Capacities (2-Seater, 4-Seater, 6-Seater, and 8-Seater), Operations (Manual and Powered), Ownerships (Rented and Fully Owned) |
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Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
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Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
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Key Players Covered in the Report |
Yamaha Golf-Car Company; Club Car LLC; Textron Inc; HDK Electric Vehicles; GuangDong Lvtong New Energy Electric Vehicle Technology Co.; LTD; |
Golf Cart Market Segment Insights
Electric segment to gain traction
Based on type, the golf cart market is segregated to push-pull, gasoline, electric, and solar. The electric segment dominates the global market due to their better efficiency and feasibility than gasoline golf carts. Additionally, electric golf carts make less noise and do not emit carbon, make them sustainable for the environment. Moreover, electric golf carts accelerate quickly and are available in stylish and tech savvy models that attract golfers. The demand for solar golf carts is anticipated to increase, as it reduces battery charging costs; however, inconvenience caused in the absence of sunlight limits the segment growth.
Golf course segment to expand
On the basis of applications, the market is fragmented into golf course, personal/residential services, and commercial services. The golf course segment is expected to expand during the forecast period due to the presence of a large number of golf courses worldwide. Additionally, coaching of and investments in this sport have increased, as golf is gaining popularity in the past few years. Moreover, professional golfers prefer to play golf on a traditional golf course despite its high costs.
6-seater segment to dominate the market
In terms of passenger capacity, the global market is segmented into 2-seater,4-seater,6-seater and 8-seaters. 6-seater golf carts are preferred by consumer, as they can accommodate a large group of participants without reducing the speed and quality of the ride. On an average, a game of golf is played by 1 to 4 players, a 6-seater golf cart is more suitable for this as compared to others, as golfers can comfortably travel and carry their golfing equipment. These carts offer a speed range up to 18 mph. Additionally, this model is available with attractive features such as easy grip steering wheel and stylish dash board, thus increasing their adoption at golf courses.
Powered golf carts segment hold significant market share
Based on operation type, the market is bifurcated into manual and powered. Powered golf carts usually on electrically charged batteries of different voltages ranging from 4V to 12V. Solar energy generated golf carts are also available in the market. They provide 45 to 90 minutes of full-power run time. Demand for powered golf carts is growing owing to the increase in disposable income and technological advancements. Furthermore, powered golf carts are speedy and easy to drive on hills and trails.
Rise in demand for rented golf carts fuels the segment
On the basis of ownership, the golf cart market is split into rented and fully-owned. The demand for rented golf carts is rising due to their high use on golf courses. Most players do not play golf on a regular basis; therefore, they prefer not invest in them, thus driving the renting segment. Moreover, the fee charged by the golf course entails maintenance, cleaning, and storage charges, thus making it economical for the user and golf course owners. Golf carts can be effortlessly rented for golf tournaments, vacations, and special events such as weddings.
North America market to grow
In terms of regions, the global golf cart market is split into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America is anticipated to dominate the global market, due to the rapid rise in the number of golf courses in this region. Surge in the number of people playing the sport and rise in income are fueling the market in this region.
Segments
Types
- Push-pull Golf Cart
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
Application
- Golf Course
- Personal/Residential Services
- Commercial Services
Passenger Capacities
- 2-Seater
- 4-Seater
- 6-Seater
- 8-Seater
Operations
- Manual
- Powered
Ownerships
- Rented Golf Carts
- Fully Owned Golf Carts
Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
Key Players
- Yamaha Golf-Car Company
- Club Car LLC
- Textron Inc
- HDK Electric Vehicles
- GuangDong Lvtong New Energy Electric Vehicle Technology Co.; LTD
Competitive Landscape
Key players in the golf cart market includes Yamaha Golf-Car Company; Club Car LLC; Textron Inc; HDK Electric Vehicles; GuangDong Lvtong New Energy Electric Vehicle Technology Co.; LTD; and others. These players are engaged in numerous organization development strategies including business collaborations, agreements, mergers & acquisitions, production capacity expansion, product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.
Frequently Asked Questions
The golf cart market size was valued at USD 1.54 billion in 2022.
The rising urbanization and increasing per capita income are major factors that propel market growth.
The golf cart market is expanding at 3.6% during the forecast period.
The golf cart battery market share is expected to grow at 6.51% CAGR during the forecast period.
North America is anticipated to dominate the global market in the coming years.
Key players in the golf cart market include Yamaha Golf-Car Company; Club Car LLc; Textron Inc; HDK Electric Vehicles; GuangDong Lvtong New Energy Electric Vehicle Technology Co.; LTD; and others.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Golf Cart Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Golf Cart Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Golf Cart Market - Supply Chain
4.5. Global Golf Cart Market Forecast
4.5.1. Golf Cart Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Golf Cart Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Golf Cart Market Absolute $ Opportunity
5. Global Golf Cart Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Golf Cart Market Size and Volume Forecast by Types
5.3.1. Push-pull Golf Cart
5.3.2. Electric Golf Cart
5.3.3. Gasoline Golf Cart
5.3.4. Solar Golf Cart
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Golf Cart Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Golf Cart Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Golf Cart Demand Share Forecast, 2019-2026
7. North America Golf Cart Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Golf Cart Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Golf Cart Market Size and Volume Forecast by Types
7.4.1. Push-pull Golf Cart
7.4.2. Electric Golf Cart
7.4.3. Gasoline Golf Cart
7.4.4. Solar Golf Cart
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Golf Cart Demand Share Forecast, 2019-2026
8. Latin America Golf Cart Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Golf Cart Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Golf Cart Market Size and Volume Forecast by Types
8.4.1. Push-pull Golf Cart
8.4.2. Electric Golf Cart
8.4.3. Gasoline Golf Cart
8.4.4. Solar Golf Cart
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Golf Cart Demand Share Forecast, 2019-2026
9. Europe Golf Cart Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Golf Cart Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Golf Cart Market Size and Volume Forecast by Types
9.4.1. Push-pull Golf Cart
9.4.2. Electric Golf Cart
9.4.3. Gasoline Golf Cart
9.4.4. Solar Golf Cart
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Golf Cart Demand Share Forecast, 2019-2026
10. Asia Pacific Golf Cart Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Golf Cart Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Golf Cart Market Size and Volume Forecast by Types
10.4.1. Push-pull Golf Cart
10.4.2. Electric Golf Cart
10.4.3. Gasoline Golf Cart
10.4.4. Solar Golf Cart
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Golf Cart Demand Share Forecast, 2019-2026
11. Middle East & Africa Golf Cart Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Golf Cart Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Golf Cart Market Size and Volume Forecast by Types
11.4.1. Push-pull Golf Cart
11.4.2. Electric Golf Cart
11.4.3. Gasoline Golf Cart
11.4.4. Solar Golf Cart
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Golf Cart Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Golf Cart Market: Market Share Analysis
12.2. Golf Cart Distributors and Customers
12.3. Golf Cart Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Yamaha Golf-Car Company
12.4.2. Club Car LLC
12.4.3. Textron Inc
12.4.4. HDK Electric Vehicles
12.4.5. GuangDong Lvtong New Energy Electric Vehicle Technology Co.; LTD
Methodology
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