NEW JERSEY, USA, March 24, 2022 /EINPresswire.com/ — Description
A new research study “”Golf Carts Market 2022 Analysis by Market Trends (Drivers, Restraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook”” has been added to Coherent Market insight.
The global golf cart market generated a revenue of US$3,262.3 million in 2017 and is expected to grow at a CAGR of 6.3% during the forecast period, reaching US$5,590.0 million. US dollars by 2027.
The Golf Carts Market report is an accumulation of first-hand information, qualitative and quantitative assessments by industry analysts, contributions from industry specialists and industry players across the market chain. value. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and driving factors, and market attractiveness as per various segments. The report further maps the qualitative impact of various market factors across market segments and geographies. The market base year is calculated from 2022 to 2028.
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A golf cart or golf vehicle is a vehicle designed primarily to transport two golfers and their golf equipment around a golf course or off desert trails with a little more effort than walking around. This gives the golfer more time to focus on the game rather than trying to maintain balance while on the stroke. One of the best parts of golf carts is that their chassis is extremely flexible and lightweight, allowing golfers to complete their entire game without any difficulty. However, it is the golf cart accessories that make all the difference. The body of the golf cart or the entire body of the golf vehicle is basically made up of many small tubes. These tubes are attached to the underside of the golf vehicle and to the frame of the cart.
Technological advancements in electric golf carts are expected to drive the growth of the global golf cart market over the forecast period. The major manufacturers in the market are focusing on research and development activities, to launch advanced golf carts. For example, in January 2019, Club Car, a manufacturer of small-wheeled, zero-emission electric vehicles, launched its TEMPO LI-ION lithium-ion golf car at the BIGGA Turf Management Exhibition (BTME), Harrogate Convention Centre, UK.
However, high maintenance and service costs of gasoline-powered golf carts are expected to restrain the growth of the global golf cart market over the forecast period.
Major key players in this market:
• Club Car LLC
• Columbia ParCar Corp.
• Cruise Car Inc.
• EverGreen electric vehicles
• Garia luxury golf car
• Hitachi Chemical Co. Ltd.
• Maini Material Movement Pvt. ltd.
• Xiamen Dalle Electric Car Co. Ltd.
• Yamaha Golf Car Company
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Global Golf Cart Market, By Fuel Type:
• Electric golf carts
• Gas-powered golf carts
• Solar powered golf cart
Global Golf Cart Market, By Application:
• Passenger transport golf cart
• Lawn care/utility golf cart
• a golf cart for food and drinks
Global Golf Cart Market, By Seating Capacity
• Small (2-4 places)
• Medium (6-8 places)
• Large (more than 8 places)
Global Golf Cart Market, By Use Case
• Golf operations
Global Golf Cart Market, By Vertical End Use
• Resorts, hotels and shopping malls
Based on regions, the golf cart market is segmented on the basis of growth opportunities and current trends in these five regions namely Latin America, North America, Asia-Pacific (APAC), Europe, the Middle East and Africa. The report has been drafted after detailed research, thorough study, and considering several factors that are likely to affect regional growth such as economic, political, environmental, technological, and social status of each region. It also provides detailed study about renowned manufacturers, production and revenue of each region along with major influencing factors, vital data and data, which is segmented on both regional and global basis.
The report contains first-hand insights gathered from key players through quantitative and qualitative analysis based on Porter’s Five Forces Model parameters. It sheds light on macroeconomic indicators, parent market trends, and growth drivers. To better understand the market, primary (surveys, interviews, and questionnaires) and secondary (SEC filings, white paper references, and published reports) research was conducted. The data used in the report has undergone a multi-step verification to ensure both the authenticity and the quality of the information provided. Bottom-up and top-down approaches are also used to ensure the credibility of valuations and market segments.
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Key points to remember
• The global golf cart market is expected to witness significant growth, registering a CAGR of 6.3% during the forecast period. This is due to rapid urbanization and industrialization. According to the United Nations (UN), by 2050, around 68% of the world’s population is expected to live in urban areas, up from 55% in 2018.
• Among regions, North America is expected to hold the dominant position in the global golf cart market over the forecast period. This is due to the great popularity of golf in the United States
• Asia-Pacific is expected to register a significant CAGR during the forecast period, owing to the growing adoption of electric golf carts in various verticals including airports, shopping malls and residential apartments.
• Major players operating in the global golf cart market are Textron Specialized Vehicles Inc., Club Car, LLC, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Garia A/S, Hitachi Chemical Co., Ltd., Marshell Green Power and Yamaha Golf-Car Company.
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