The United States is expected to continue to be one of the most lucrative markets for the golf cart industry. The Asia-Pacific region is expected to witness an impressive CAGR over the forecast period. The industry is driven by growing awareness of golf and an increase in the number of golfers in developing countries in Asia-Pacific.
NEWARK, DE /ACCESSWIRE/September 21, 2022/ The golf cart market is expected to reach a valuation of US$1.34 billion in 2022, according to recent market analysis by Future Market Insights (IMF). Through 2032, the market is expected to grow at a CAGR of 3.9%.
The need for low-speed vehicles has increased for a number of functions, including short-distance travel through parks, shopping districts, colleges, and other locations. As a result, the golf cart market is growing.
Additionally, future infrastructure and amenities developments are expected to help the industry as the leisure and tourism sector develops. The demand for golf carts is expected to grow as utility vehicles are increasingly used outside of golf courses.
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After the pandemic, it is expected that restrictions will be lifted and market demand may return to pre-pandemic levels. Additionally, with its modular architecture and variety of modification options, golf carts can be modified to meet the needs of end consumers, allowing the owner to run a lucrative business.
Rising sales of golf carts in tourism, hospitality, education and other industries are expected to accelerate the increase in golf cart market share.
A variety of federal and state laws that regulate the use of golf carts consider a number of diverse factors, such as road access, passenger capacity, safety, lights, brakes, and a permit. to be a valid driver, which may hamper the golf cart market. growth.
In North America and Europe, the market is much more developed. Therefore, future developments in innovation and technology in European and American golf cart industries such as electrification, linked mobility, and autonomy are expected to fuel the expansion of the market.
Key points to remember
- The Golf Cart Market is expected to have a CAGR of 3.9% during the forecast period.
- By product type, electric golf cart holds 80.34% share in 2020 for the golf cart market.
- North America holds a major share of the global golf cart market.
- Based on the applications, the golf course industry accounted for the largest market share in 2032.
- The value of the golf cart market is expected to be US$2.12 billion by 2032.
- Europe ranks second in the golf cart market over the forecast period.
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The golf cart market is expected to continue to electrify rapidly, with manufacturers focusing on creating and delivering next-generation electric models with improved range and battery capacity during the projection period.
The major market players in the golf cart market are Club Car, LLC Yamaha Golf-Car Company, EZ-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd, Xiamen Dalle Electric Car Co., Ltd . Company, Maini Hardware Movement Pvt. Ltd, Garia Luxury Golf Car, Cruise Car, Inc., Toyota Motor Corporation, Polaris Inc, Solorider, GDRIVE Golf Cart, Carrieall Car Pvt Ltd and Volmac Engineering Pvt Ltd.
- EZ-GO launched the EZ-GO Liberty in June 2021, the company’s first golf cart with four forward-facing seats in a small cart.
- The Lamborghini family and Indian electric vehicle company Kinetic Green Energy & Power Solutions have announced their collaboration to produce products for the international market in October 2021.
- The Yamaha Golf-Car Company officially became the “Official Golf Car Partner” of the National Golf Course Owners Association (“Official Golf Car Partner”) in January 2021.
By product type:
- push-pull golf cart
- Gas-powered golf cart
- Electric golf cart
- Solar Powered Golf Cart
- Golf course
- Personal use
- Industrial use
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.2. Scenario forecast
The table of contents continues..!
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Electric Golf Cart Market Trends: Offer significant advantages over conventional gasoline or diesel powered golf carts considering environmental concerns. The main advantages of the golf cart are low maintenance, quietness, environmental friendliness and less expensive to use.
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