Global golf cart market is expected to reach US$3,150m by 2026 from US$1,650m in 2017 at a CAGR of 8.42%.
Golf carts are basically used for driving short distances, they can also be used in different places for different purposes such as resorts, hotels and retirement villages and others. These trolleys are also used in airports and shopping centers to transport luggage over short distances or inside a building. The participation rate in the game of golf is increasing due to the increase in personal disposable income of consumers and changing lifestyle. Rapid population growth and the rise of globalization stimulate the economy, thus impacting the purchasing power of individuals. This in turn develops the standard of living, the nature of spending and the mode of transportation. These factors are driving the innovation of hybrid and electric utility vehicles, thus fueling the demand for golf carts in the market.
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Solar golf carts are increasing at a faster rate as they come with low maintenance costs. Solar powered golf carts powered by mounting a photovoltaic (PV) or thin-film panel on the existing roof or by using a PV panel as the roof itself. A controller converts solar/solar power to charge the golf cart’s 36-volt or 48-volt battery bank. Not only does solar power remove the cart from the power grid, it also increases driving distance and extends battery life.
The golf course segment accounted for more than 49.1% value share in 2017. The segment’s strong growth is mainly attributed to the use of golf carts in niche applications, e.g. short trips to shopping centers malls, universities, airports and short car trips around town.
Regionally, the North America golf cart market accounted for the largest value share in 2017 and is expected to maintain its dominance in the global golf cart market over the forecast period. The Western Europe golf cart market is expected to represent a significantly high incremental opportunity between 2018 and 2026, while the APEJ golf cart market is expected to grow at a significant CAGR in terms of volume during the forecast period.
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Major players operating in the global golf cart market, aria Inc., Hitachi Chemical Co. Ltd, Ingersoll Rand plc, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Tomberlin, Xiamen Dalle Electric Car Co. Ltd. and Yamaha Golf Car Company.
Scope of the global golf cart market
Global Golf Cart Market, By Product
Electric golf cart
Gas-powered golf cart
Solar golf cart
Global Golf Cart Market, By Application
Global Golf Cart Market, By Region
Middle East and Africa
Key players operating in the global golf cart market
Hitachi Chemical Co.Ltd
Ingersoll Rand plc.
JH Global Services, Inc.
Maini Materials Movement Pvt. ltd
Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
Textron Specialty Vehicles Inc.
Xiamen Dalle Electric Car Co. Ltd.
Yamaha Golf Car Company
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