The golf cart market was valued at $1,947. 47 million in 2021, and it is expected to reach 2,688 USD. 92 million by 2027 growing at a CAGR of 5.71% over the forecast period (2022-2027).
New York, Feb. 18. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Golf Cart Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06179123/?utm_source=GNW
The impact of the coronavirus pandemic is being felt by all industries around the world. The epidemic has disrupted the entire value chain of most major industries. Due to the imposed shutdowns, the golf cart market was also affected by the pandemic as most people stayed indoors and followed social distancing norms.
Golf cart sales declined during the pandemic, which negatively affected several markets but was the driving force behind market growth. Despite the disruptions due to the COVID-19 pandemic, public awareness of the recreational benefits of golf has boosted golf cart sales. The sales surged from the second half of the year 2020, which is expected to drive the market forward over the forecast period.
During the forecast period, rapid urbanization, rising per capita income, and growing international and domestic tourism industries are expected to drive the demand for golf carts. Since golf carts are low-powered, easy-to-drive vehicles with a wide range of functions, urban development incentivized by savvy private activities is expected to boost golf cart sales. While the above-mentioned industries are witnessing healthy growth, the golf cart market is also expected to witness a positive growth rate during the forecast period.
Main market trends
Increase in golf spectators and golf courses
The awareness of golf is increasing day by day and consumer interest in recreational activities. In 2020, there were 38,081 golf courses, spread across 206 of the world’s 251 countries, indicating an 82% spread rate of the sport globally.
To cater to the interest of the public, the number of golf courses and country clubs are also increasing at a noticeable rate which, in turn, is expected to propel the demand for golf carts globally. For example,
There are 540 new golf course projects in various stages of planning (344) or active construction (196) worldwide. These developments span 96 countries and of these emerging golf courses, almost two-thirds are associated with resort developments.
In the Asia-Pacific region, 45% of golf courses are private clubs, compared to 20% defined as members-only worldwide. This highlights a functional affinity between golf, tourism and economic development. An increase in the number of golf courses is also supported by the increase in the number of people, who have an inclined interest in golf, which is also likely to drive the demand for golf carts during the forecast period. For example,
In 2020, the US National Golf Foundation recorded 24.8 million golfers in the country, representing an increase of nearly 2% from 2019, with the highest net record in 17 years. This directly increases the demand for golf carts.
In addition, increasing population and urbanization i.e. high-tech and smart residential and commercial housing projects, increased use of golf carts in hotels, hospitality, tourism, amusement parks, etc. are likely to support the growth of the market studied. during the forecast period.
North America Could Dominate the Golf Cart Market
North America is expected to dominate the golf cart market over the forecast period. The region has prominent market players, such as Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (EZ-GO).
The United States holds a special place for the sport, as it boasts over 17,000 courses, hosts three of the four major men’s championships, and boasts many of the best players in the sport. These golf courses constituted more than 42% of the golf courses in the world. The United States has seen a steady number of golf driving range businesses as of 2019. For example, in 2020, 57,465 golf driving ranges were registered in the United States. This number is expected to reach an all-time high by 2021, creating huge market potential and demand for golf carts across the country.
Additionally, Mexico is proving to be a fruitful market for golf cart manufacturers for other applications. Several vacation companies in the country offer various services, including tours in electric golf carts. For example, Sayulita Life.com is a tour service provider that rents regularly maintained and safe electric golf carts for passenger travel to tour the city for short or long durations as per customer specifications.
The European region is striving for significant growth in the coming years, although it has had its ups and downs in the past. EGCOA and its members, such as national golf course owner associations, golf federations and industry suppliers, have developed VISION 2020 to inspire their members and the European golf industry to take good strategic decisions for their facilities or associations.
The golf cart market is fragmented due to the presence of several regional players. For example, major players include Yamaha Golf-Car Company, Club Car LLC, Textron Inc, HDK Electric Vehicles, GuangDong Lvtong New Energy Electric Vehicle Technology Co., LTD and others. With extremely new applications such as short-distance tourism and electric mobility, these companies are offering new models that meet these applications with cutting-edge technologies.
In October 2021, Columbia announced its partnership with Inventus Power, a global leader in the design and manufacture of advanced battery systems. The partnership aims to integrate a lithium battery option into Columbia Utilitruck products, starting in 2022.
In March 2020, Cruise Car entered into a contract to provide the US Department of Homeland Security with a fleet of 19 custom-built van carts equipped with oversized motors and batteries that allow speeds of 25 mph with the added torque and ranges extended driving. The vehicles were built and delivered to DHS distribution facilities in Georgia and New Mexico.
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