New York, USA, Thursday, March 24, 2022 11:46:44 AM / Comserve Inc. / — The segment held a market share of 46.90% in 2018 and is expected to grow with the highest CAGR of 7.3 % over the year forecast period i.e. 2020-2027.
Research Nester published a report titled “golf cart market – Global Demand Analysis & Opportunity Outlook 2027” which provides an in-depth overview of the global golf carts market in terms of market segmentation by product type, battery capacity, passenger capacity, length, application and region.
Also, for the in-depth analysis, the report encompasses industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and five force model of Carry.
The global golf cart market is segmented by product type into electric, gasoline and solar, of which the electric segment is expected to hold the largest market share and cross a value of USD 1426.1 million by the end of 2027. The segment held a market share of 46.90% in 2018 and is expected to grow with the highest CAGR of 7.3% over the forecast period, i.e., 2020-2027. On the other hand, the solar segment is expected to grow at a significant CAGR of 7.0% throughout the forecast period.
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The global golf cart market is expected to grow at a CAGR of 6.9% throughout the forecast period. Growing opportunities arising from the growing adoption of golf carts by different end-user industries, growing adoption of electric carts and increasing demand from several developing regions of the world are some of the factors that are expected to contribute significantly. significant to the growth of the global golf cart market. The market is further expected to generate a value of USD 2935.5 million by the end of 2027 from a value of USD 1610 million in 2018 and further reach an absolute dollar opportunity of USD 1096.8 million throughout the forecast period.
Regionally, the global golf cart market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regions, the North America golf cart market, which held a share of 42.65% in 2018, is expected to hold the largest market share due to the presence of nations such as the United States and Canada, where the United States held the dominant position. market share of 56% in 2018. The North American golf cart market is expected to expand observing a growth rate of 1.54x over the forecast period owing to the growing usage of golf carts in the applications commercial as well as the presence of several keys. actors in the region.
Increase in the use of golf carts for short distance travel in the hospitality and tourism industry
Golf carts offer substantial environmental benefits over conventional energy vehicles. As such, they are widely used in airports, golf clubs, hospitals, train stations, college campuses, sporting events, and housing projects. On the other hand, golf cart manufacturers are producing more and more golf carts to meet the market demand generated by the increasing use of golf carts for internal transportation in several industries. Additionally, environmental concerns regarding vehicle emissions, increasing stringent standards to reduce vehicle pollution, promotional and marketing activities by the golf cart user, and increasing car rental services are some of the factors expected to drive the growth of the global golf cart market.
However, concerns about the high price of golf carts as well as the high maintenance costs associated with golf carts, coupled with factors such as the high susceptibility of golf carts to accidents, the presence of multiple unorganized players and poor golf cart battery performance are a few. factors that are expected to limit the growth of the global golf cart market.
This report also provides the existing competitive scenario of some of the major players in the global Golf Carts Market which includes the company profiling of Textron Inc. SMSYamaha Golf-Car Company, AGT Electric Cars, Hitachi Chemical Co., Ltd. 4217Ingersoll Rand, Xiamen Dalle Electric Car, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Autopower, Marshell Green Power, Speedways Electric and Columbia Vehicle Group Inc.
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Profiling contains key business information that encompasses an overview of businesses, products and services, key financials, and recent news and developments. Overall, the report portrays an in-depth overview of the Global Golf Carts Market which will help industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players to opportunity-seeking and other stakeholders to align their market-centric strategies with current and expected developments. trends in the future.
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