The Global Golf Carts Market Size is Worth USD 2.55 Billion by 2028 and Grows at a CAGR of 6.0% During the Forecast Period | Fortune Business Insights
Pune, India, 14 Feb. 2022 (GLOBE NEWSWIRE) — The world golf cart market The size is expected to reach USD 2.55 billion by 2028 and grow at a CAGR of 6.0% during the forecast period. The rapid electrification of the sector coupled with the increasing development of new golf courses is expected to drive the growth of the market. Fortune Business InsightsMT presented this information in its report titled “Golf Cart Market, 2021-2028”. The market size stood at USD 1.62 billion in 2020 and USD 1.69 billion in 2021. Moreover, falling costs of electric golf cars are expected to drive the market growth in the coming years.
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Market Growth Factors:
“Rising electrification to drive market growth:
The automotive industry is evolving by launching ecological and efficient solutions. This is happening due to the increasing electrification of vehicles as a result of strict emission standards.
The introduction of stringent emission standards implemented by governments is propelling the demand for electric vehicles, which has also boosted the demand for electric golf cars.
Although most golf cars available today are electric, major manufacturers are emphasizing the release of modern electric golf cars with improved battery capacities and range. These factors are expected to be major drivers for the growth of the global golf cart market in the coming years.
Due to the increasing adoption of electric cars, their prices are also falling. Mass production of electric golf carts is expected to lead to increased demand for the product and drive market growth.
Rising demand for golf cars owing to its low speed for tourism purposes is also expected to fuel the growth of the market.
Finally, the development of new golf courses is likely to create lucrative growth for the market.
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“North America will have the lion’s share”
North America is expected to dominate the global golf cart market share in the coming years. The United States constitutes the highest market share and is driven by a large presence of golf courses in the region. Additionally, key players including Textron Inc., Yamaha Golf-Car Company and others present in the region are expected to complement the region’s growth.
Europe is expected to rank second in the global market. Growing number of resorts and senior villages and increasing golf tourism are expected to drive the growth of the region’s market.
Asia-Pacific is expected to experience substantial growth in the coming years due to the growing popularity of golf and the growing number of golfers.
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Product type, application and region are researched for the market
On the basis of product type, the market is trifurcated into solar, gasoline, and electric. Based on application, the market is segmented into business services, personal services, and golf courses. Geographically, the market is categorized into Europe, Asia-Pacific, North America, and Rest of the World.
Key players focus on collaborations and partnerships to capture growth
The market is quite fragmented with international and regional players competing head-to-head. They adopt partnerships and collaborations, among other strategies, to acquire growth. For example, Yamaha Golf-Car Company announced the extension of its partnership in January 2021 with the National Golf Course Owners Association (NGCOA).
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List of main market players:
Yamaha Golf-Car Company (Georgia, USA)
Textron Inc. (Rhode Island, USA)
Suzhou Eagle Electric Vehicle Manufacturing Co.Ltd. (Suzhou, China)
CLUB CAR (Georgia, USA)
Cruise Car Inc. (Florida, USA)
Garia Inc. (Texas, USA)
JH Global Services Inc. (South Carolina, USA)
SHOWDA DENKO KK (Tokyo, Japan)
Columbia Vehicle Group Inc. (Wisconsin, USA)
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