Golf cart doubled to US$5.4 billion by 2031;

ROCKVILLE, Md., Feb. 21 2022 (GLOBE NEWSWIRE) — Fact.MR expects golf cart market revenue to grow at a CAGR of 6.3% over the forecast period 2021-2031, reaching $5.4 billion, according to a recently published study. The growing number of golf enthusiasts will help increase the demand for golf carts in the future.

Historical trends suggest that the market grew at a CAGR of 3.6% from 2016 to 2020. As of 2021, golf cart sales are expected to reach US$2.9 billion. Demand contracted significantly in the first half of 2020 amid the COVID-19 outbreak. Restrictions on outdoor sports, shutdown of industrial activities and logistical anomalies all contributed to this slowdown.

Fortunately, as the brakes ease, the market is experiencing a gradual resurgence. Sensing new opportunities, manufacturers are stepping up their activities in key regions. In January 2021, Yamaha Golf-Car Company announced the extension of its partnership with the National Golf Course Owners Association (NGCOA). This expansion will allow Yamaha to continue to build valuable business relationships and position its innovative vehicles as a leader in the golf industry.

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How does low-speed vehicle testing drive R&D in golf carts?
A lot of golf cart research and development is carried out in several regions. An example is the deployment in the Cape Fear region. From fairways to roads, golf carts are becoming commonplace, giving people a convenient option for getting around town.

Tests are performed on low-speed vehicles to see if they can share the road with faster vehicles and operate on state-maintained roads. According to various studies, vehicles have been legally allowed on public roads with a speed limit of 35 mph. In the region, these vehicles are governed by the same rules as motor vehicles. Therefore, manufacturers are accelerating R&D to increase supply.

Key Segments Covered
Product

  • Push Pull Golf Carts
  • Gas-powered golf carts
  • Electric golf carts
  • Solar Powered Golf Carts

Transaction

  • Manual golf carts
  • Motorized golf carts

Application

  • Golf carts for golf courses
  • Golf carts for personal use
  • Golf carts for industrial use
  • Golf carts for other applications

The possession

  • Rented golf carts
  • Owned golf carts

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Key insights from market research

  • By product, push-pull golf carts drive strong demand, expanding at 5% CAGR
  • Electric golf carts will gain 34 BPS in value share, boosted by growing efforts to reduce fuel emissions
  • Per ownership, wholly owned golf carts will acquire 73 BPS through 2031
  • Sales in the United States reached US$1 billion in 2020, and are expected to thrive at a CAGR of 6% through 2031
  • Asia will account for 60% of global demand by 2031
  • Global demand for golf carts expected to add nearly twice market value through 2031

Laboratory Automation Market Regional Analysis
Rising disposable incomes and the growing popularity of golf have boosted golf cart sales in the United States. Golf carts equipped with batteries and solar power are contributing to the growth of the market, which is leading to an increase in the demand for golf carts.

The growing number of golf courses in the country is expected to increase the demand for the golf cart market. According to Fact.MR projections, the US golf cart industry reached US$1 billion in 2020, and is expected to grow at a CAGR of 6% through 2031.

Competitive landscape
Major players holding a large share of the market are focusing on expanding their customer base.

For example, Club Car designed the Disney Robot Golf Carts, introduced at Walt Disney World Resort’s Orlando golf courses. Using Bluetooth and GPS technology, TempoWalkcarts robots transport clubs around golf courses from Disney to Palm, Magnolia and Oak Trail.

Likewise, Cricket Mini Golf Carts has designed a fully suspended electric mini golf cart that is lightweight, portable, easy to own, seats four and is fun to drive. The cart is eco-friendly, foldable, and can fit in an RV basement.

Profiled Key Companies

  • Golf-Car Company
  • Cario
  • garia
  • Club car
  • Guangdong Marshal Electric Vehicle Co., Ltd.
  • EZ-GO
  • Polaris Industries Inc.
  • Falcon carts
  • STAR EV CORPORATION
  • GH Varley Pty Limited
  • KT Pan Company Limited
  • Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
  • HDK electric vehicle.

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