Golf cart market to reach USD 3 billion by 2032: Global

Selbyville, Delaware, Nov. 02, 2022 (GLOBE NEWSWIRE) —

Golf cart market is expected to register a valuation of USD 3 billion by 2032, according to a new research report by Global Market Insights Inc. Increasing natural grassland capacity and increasing construction of public and private golf courses are key growth drivers, especially in France, Scotland, England and other European markets.

The availability of natural grasslands in these European countries makes them ideal golf destinations, mainly in terms of drainage. Over the years, the household savings rate has also increased in this region. Based on Eurostat data, in the first quarter of 2022 the household saving rate was recorded at 15%, an increase from the 14.1% recorded in the fourth quarter of 2021. ‘expanding middle class, participation in golf activities increase, creating a strong demand for custom golf carts around the world.

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Use in long-range applications to increase gas-powered golf cart production

The gasoline fuel segment accounted for 35% of the golf cart market in 2022, given the growing demand for golf carts with powerful engines at hotels, resorts and golf clubs. Gas-powered golf carts are commonly used at large golf courses, given their long-range and high-speed characteristics. The strong presence of Yamaha, Polaris Industries, Hawk Carts and other companies involved in the development of gasoline-powered vehicles is expected to further increase their use in various long-range applications around the world.

Increased funding for sports infrastructure improvements to improve golf course operations

Based on the application, the golf cart market in the golf course segment is expected to grow over 5% CAGR through 2032. The growing number of people engaging in leisure and recreational activities is the a major contributor to the construction of golf courses. According to the United States Bureau of Labor Statistics, in 2021, people aged 15 and older spent an average of 5.3 hours a day on hobbies and sports. Increased investment to improve sports infrastructure will also stimulate the expansion of golf courses. This, in turn, will promote the deployment of solar, gas and electric golf carts as the preferred means of transportation in golf courses, especially in developed countries.

Introducing Low-Speed ​​EV Policies Supports Electric Golf Cart Manufacturers LATAM

Latin America golf cart market size is expected to reach more than USD 50 million by 2032. The introduction of organizational policies and government support for the design of low-speed electric vehicles are creating lucrative growth opportunities for electric golf cart manufacturers in the region. To meet the demand for fuel-efficient or electric vehicles, regional automakers are also investing substantially in R&D projects. The report states that these trends are likely to fuel the development of fuel-efficient golf carts and create strong prospects for the regional market.

Innovative product launches to become a major growth strategy for industry players

Major participants operating in the golf cart market are EZ-GO, Polaris Industries, Inc., Club Car, GH Varley Pty Limited, STAR EV CORPORATION, Cario, Ltd., Hawk Carts, Garia, KT Pan Company Limited, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd and Yamaha Golf-Car Company. These leaders focus on strategies such as product line expansion to strengthen their business footprint in the global market.

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Partial Table of Contents (ToC) of the report:
Chapter 3 Golf Carts Market Overview
3.1 Presentation
3.2 Impact of COVID-19
3.3 Impact of the Russia–Ukraine War
3.4 Ecosystem Analysis of Golf Carts Industry
3.5 Profit Margin Analysis
3.6 Technology and innovation landscape
3.7 Patent landscape
3.8 Key initiative and news
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Drivers of growth
3.10.1.1 Growing construction of golf courses across the world
3.10.1.2 Increase participation in recreational activities in North America and Europe
3.10.1.3 Rapid Development of Hotel and Resort Industry in Asia Pacific and Latin America
3.10.1.4 Technological Advancements for Electric Golf Carts
3.10.1.5 Increased disposable income and availability of off-course golf facilities
3.10.2 Industry Pitfalls and Challenges
3.10.2.1 High Maintenance and Service Cost of Gasoline Golf Carts
3.11 Investment portfolio
3.12 Growth Potential Analysis
3.13 Porter’s analysis
3.14 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.