Golf Cart Market: Global Industry Analysis and Forecast (2023-2029)

Golf Cart market was valued at US$ 1.58 Bn. in 2022. Golf Cart Market size is estimated to grow at a CAGR of 4.37 % over the forecast period.
Global Golf Cart Market Overview:
A golf cart is a type of small vehicle which is used to carry two golfers, especially those who are physically challenged because golf courses are really wide in size. These carts are also used to carry golfer’s clubs and some of their gear. Golf carts are inexpensive to operate in short bursts because they are powered by gas or electricity. Golf carts powered by batteries are convenient to operate because they may be powered by electricity. The average distance a golf cart can travel before needing a full charge is 20 miles. This provides hours and hours of use in a small compound.

To know about the Research Methodology:-Request Free Sample Report

The report explores the Golf Cart Market's segments (Product Type, Application). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Golf Cart Market’s drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Golf Cart Market's contemporary competitive scenario.
Golf Cart Market Dynamics:
Increasing demand for the golf course in luxury hotels and the hospitality industry

The growth of golf carts related to golf courses in golf resorts, golf-focused real estate developments, and private clubs has been facilitated by the quick change in consumer perception and the growing awareness and popularity of golf globally. For family trips, hunting, gardening, and of course, golfing, golf carts have become standard. Electric golf carts are becoming more and more popular since they offer improved speed, more features, and green power use. The golf cart industry is expanding its offerings thanks to new technical developments that boost productivity, cut pollution, and allow for vehicle customization for particular locations like golf courses, hotels, and real estate.

The rise of golf cart vehicles in hotels, the hospitality, tourism, and amusement park industries, as well as increased urbanization and industrialization, a shift toward mall culture, and high-tech and smart residential and commercial housing projects, are all predicted to propel the growth of the golf cart market globally. The demand for golf carts is anticipated to increase as they are used for quick excursions at educational facilities including colleges and universities and airports. The demand for golf courses is being driven by an increase in global investments in their development.

Technical advancement in the electric golf cart

The market demand for golf carts is being driven by the continually falling prices of electric golf carts. The development of golf cars with maximum range, performance, and fewer charge cycles is made possible by technological advances in battery management. Golf cars are predicted to be in extremely high demand once they are made street legal. More golf carts will be needed on the market as a result of economic expansion, as well as expanding golf courses and country clubs around the world. The demand for golf carts is being fueled by the expanding advancements that have resulted in the production of hybrid, electric, and rechargeable golf carts that don't emit dangerous gases.

Rising popularity in different sector

The growing number of consumers in golf activity participation will propel market revenue. The demand for golf carts will be boosted by the growing use of them in airports and on business trips. The golf cart market will be driven by the growing use of golf carts in educational facilities including colleges and scientific museums. Increasing the use of golf carts for short-distance indoor and outdoor activities and for transporting passengers' belongings in hotels and other upscale public spaces would undoubtedly boost the golf cart market's profitability.

Golf Cart Market Restrain:

The use of golf carts involves high maintenance needs. However, because these vehicles have lack of stability, they are more prone to accidents.
Large lead-acid batteries that require regular charging and maintenance are primarily to blame for electric golf carts. The batteries are less efficient as a result of the increased need for frequent charging, which is a significant factor negatively affecting the market's growth.
The golf cart motor is another part that requires a lot of care, which drives up the cost of maintenance dramatically. Such elements can have a negative effect on the revenue growth of the electric golf car segment throughout the ensuing ten years.
The target market's growth is anticipated to be constrained by high golf cart purchase and maintenance costs as well as tight government emission standards and regulations.

Golf Cart Market Opportunities:

Improved golf carts that release fewer pollutants and are fairly priced are the main focus of automotive manufacturers.
Modern solo rider technology and adjustable golf carts designed for single users, disabled persons can now enjoy golf courses and sporting events.
One of the most recent innovations in golf cart technology is the Golf Board, a golf cart that was inspired by skateboards. All four wheels of the Golf Board are powered by front and back gear boxes. Leaning right or left to turn, the user controls the vehicle while standing upright as though on a skateboard.
The golfing community welcomed the Golf Board to a great extent since it speeds up play and damages turf up to 75% less than conventional golf carts, according to the producers. Significant competitors are expected to have many new opportunities for market expansion as a result of these technological developments in golf carts.

Golf Cart Market Challenges:

The need for frequent service and repair for gas-powered golf automobiles is the main market element impeding the industry's growth. These cars need frequent tune-ups, oil changes, and filter replacements. Additionally, the market growth is hampered by the noise that gas-powered golf carts make compared to electric carts.

COVID - 19 Impact on Golf Cart Market

The coronavirus pandemic has an impact on all industries worldwide. The outbreak affected every step of the value chain in the majority of significant sectors. The golf cart industry has also been impacted by the epidemic due to the lockdowns implemented since most people stayed home and adhered to social segregation rules.

Lockdown and social distance measures compelled golf courses to remain closed, which caused a substantial reduction in the number of rounds played at the start of 2020, which in turn caused a decline in golf cart sales. Furthermore, there is a lot of uncertainty regarding the games near future because COVID-19 could still reappear in a number of other countries. Golf courses, on the other hand, seem like the perfect socially segregated location for recreation as isolation limits and closures increasingly ease. This is then anticipated to cause a noticeable increase in interest in the game. Additionally, the COVID-19 outbreak had a significant negative influence on the automobile industry globally, which resulted in a sharp decrease in vehicle sales and inconsistent raw material supplies.
Golf Cart Market Segment Analysis:
Based on Application, Golf Course segment is dominating the market with highest CAGR during the forecast period. Due to the vast number of golf courses present in the world, the golf course segment is anticipated to grow during the duration of the forecast. Golf has gained popularity over the past few years, which has resulted in more coaching and financial investments in the sport. Furthermore, despite the high prices, professional golfers still like playing on traditional golf courses.



Based on the Product Type, Electric Golf Cart segment is dominating the market with highest CAGR during the forecast period. Because of its higher efficiency and viability compared to gasoline golf carts, the electric sector currently holds a monopoly on the global market. Electric golf carts are environmentally sustainable since they produce less noise and no carbon emission, low operating cost. Electric golf carts have rapid acceleration and it’s fashionable, tech-savvy variants that draw golfers.

Solar golf carts are less expensive to charge batteries, demand is expected to rise; nevertheless, the inconvenience of using them when there is no sunlight restrains the segment's expansion.
Golf Cart Market Regional Insights:
The North America region dominated the market with highest share in 2022. The North America region is expected to witness significant growth at a CAGR of 5.11% through the forecast period.

The rising popularity of golf as a sport in nations like the United States is one of the key variables expected to propel the market's expansion in the area. In the United States, around 100 million individuals will play golf, watch the game, or read about it in 2020, according to statistics provided by the National Golf Foundation. In addition, the results showed that golfers played an average of 20 rounds over the same year. the number of country clubs golf course in the United States is rising. A rise in the population's discretionary income and leisure time spending is a result of increased disposable income. The market for golf carts is growing as a result of all these variables together. The market in the area is further divided into the United States and Canada by country.

In the Asia-Pacific area, Government rules, growing urbanization, escalating fuel costs, and a surge in the adoption of non-fossil fuel-based vehicles are all factors that have contributed to the growth of golf carts in developing nations like India, China, and Indonesia, opening up lucrative opportunities for the market in this area. Due to rising vehicle standards and a rise in vehicle ownership, the market in Asia-Pacific is growing. Government measures are also driving a number of technology advancements related to electric vehicles, which is further fostering market growth.

The objective of the report is to present a comprehensive analysis of the Golf Cart Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Golf Cart Market dynamic, structure by analyzing the market segments and projecting the Golf Cart Market size. Clear representation of competitive analysis of key players by Vehicle Product Type, price, financial position, product portfolio, growth strategies, and regional presence in the Golf Cart Market make the report investor’s guide.
Golf Cart Market Scope: Inquire before buying



Global Golf Cart Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 1.58 Bn.


Forecast Period 2023 to 2029 CAGR:
4.37 %
Market Size in 2029:
US$ 2.14 Bn.


 Segments Covered:
by Product Type
Electric Golf Cart
Gasoline Golf Cart
Solar Golf Cart


by Application
Golf Course
Personal Services
Commercial Services



Golf Cart Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Golf Cart Market Key Players
1. Garia Inc.
2. Platinum Equity Aadvisors, LLC
3. Textron Inc.
4. Yamaha Motor Co., Ltd.
5. Showa Denko
6. Maini Group
7. Nordic Group of Companies, Ltd.
8. Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
9. Xiamen Dalle New Energy automobile Co., Ltd.
10. Atul Auto Limited
11. Club Car, Inc.
12. Polaris Industries, /inc.
13. Mission Golf cars
14. Cruise Car, Inc.
15. Karrior Electric Vehicles, Inc.
16. Diversified Golf Cars, Inc.
17. Giliberti, Inc.
Frequently Asked Questions:

1] What segments are covered in the Global Golf Cart Market report?
Ans. The segments covered in the Golf Cart Market report are based on Product Type, Application.

2] Which region is expected to hold the highest share in the Golf Cart Market?
Ans. North America region is expected to hold the highest share in the Golf Cart Market.

3] What is the market size of the Golf Cart Market by 2029?
Ans. The market size of the Golf Cart Market by 2029 is expected to reach US$ 2.14 Bn.

4] What is the forecast period for the Golf Cart Market?
Ans. The forecast period for the Golf Cart Market is 2022-2029.

5] What was the market size of the Golf Cart Market in 2022?
Ans. The market size of the Golf Cart Market in 2022 was valued at US$ 1.58 Bn.