Equipped with internal combustion engines, the golf cart is a self-propelled vehicle driven by electric motors. The rise in popularity of golf around the world has propelled the growth of golf course-related projects at golf resorts, golf-centric real estate developments and private clubs. With the rapid growth of various golf resorts, private clubs, golf courses and others, the demand for golf carts is likely to increase globally. the global golf cart market is expected to grow at a CAGR of XX% over the forecast period, 2018-2025.
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The growth of the manufacturing sector in emerging countries is a factor that could create healthy growth opportunities for the global golf cart market. Also, golf carts emerge as an important part of transportation and internal industries. Furthermore, the growth of the travel and tourism industry adds to the list of key factors that drive large companies to invest in sectors such as hospitality. Increased investment in sectors such as hospitality is expected to further boost the construction of resorts, new hotels and golf courses. Due to these factors, golf carts will see a significant increase in demand in the coming years.
However, the use of golf carts comes with expensive maintenance requirements. Mostly electric golf carts have huge lead-acid batteries that need to be maintained and require frequent recharging. Due to the growing need for frequent recharging, the batteries are less efficient, which is a significant factor that negatively impacts the growth of the market. Another component that requires major maintenance is the engine of the golf cart, due to which the maintenance cost increases significantly. Such factors might negatively impact the growth of the electric golf cart section in terms of revenue over the next decade.
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In terms of revenue, the market will be dominated by the electric golf cart section globally among various product types. The golf course section held 49.0% volume share among different apps in 2015. In terms of revenue and volume, personal usage among different app types will see strong growth over the next ten years. The personal use apps section will grow at a CAGR of XX% over the next decade.
In terms of CAGR and market share, the wholly owned section will be the most attractive among the various ownership types. Growth in this section is mainly attributable to the profitability of rental services offered by golf cart manufacturers. In terms of revenue and volume, the market will be dominated by motorized golf carts among other product types over the next ten years. In terms of market share and CAGR, the segment will remain the most attractive in the global market in the coming years.
Among various regions, APEJ and North America will collectively hold XX% revenue share in the global golf cart market by the end of 2018. Additionally, the North American market will dominate the golf cart market. golf carts over the next decade. Rising demand for golf carts in various end-use applications such as hotels/resorts, industries, airports, and golf courses will propel the market growth in the coming years. Among the various countries in Latin America, Mexico will dominate the golf cart market in terms of revenue over the next decade. While in Western Europe, the implementation of 40,323 golf cart units from 2016 will increase to 63,315 units in the next ten years.
The major players offering services in the global golf cart market are ParCar Corp, EZ-GO, Columbia, Club Car, LLC., Xiamen Dalle Electric Car Co., Yamaha Golf-Car Company, Maini Material Movement Pvt. Ltd., Hitachi Chemical Co., Ltd., Cruise Car Inc. and Garia Luxury Golf Car.
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