US golf cart market to reach $1,627.6 million by 2026

PORTLAND, ORAGON, USA, Sept. 7, 2022 / — According to a recent report published by Allied Market Research, titled “America Golf Cart Market by Passenger Capacity, Type, Fuel Type, Application, And Capacity”: Analysis Industry Opportunities and Forecast, 2019-2026, “The United States Golf Carts Market size was valued at $1,191.0 Million in 2018 and is projected to reach $1,627.6 Million by 2026, growing at a CAGR of 3.9% from 2019 to 2026.

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Major companies featured in the US golf cart market include Club Car (Ingersoll-Rand plc.), Garia, Hitachi Chemical Co., Ltd., Star EV (JH Global Services, Inc.), Columbia Vehicle Group Inc. , Evolution Electric Vehicle (HDK electric vehicles), GEM (Polaris Industries Inc.), EZ-GO (Textron Inc.), ICON Electric Vehicles, Yamaha Golf-Car Company, Smart Cart Electric Vehicles and Bintelli Electric Vehicles.

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Automakers are focusing on producing advanced golf carts that have lower particular emissions and are relatively inexpensive. The new Solo Rider technology and adaptive golf cart designed for one user allows people with disabilities to access the golf course and the game as well. Innovations such as extreme golf carts and solar powered golf carts are also driving the growth of the US golf cart industry. One of the most recent developments in golf cart technology is the Golf Board, a skateboard-inspired golf cart. The golf board is driven by forward and reverse gearboxes providing power to all four wheels. The rider controls the vehicle in an upright position as if riding a skateboard, leaning right or left to perform turns. The Golf Board has been well received by the golfing community as it speeds up play and, according to the manufacturers, has up to 75% less impact on turf than traditional golf carts. Such advancements for the golf cart are expected to create a lot of opportunities for the key players in the growth of the US golf cart market.

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There is a decline in the price of fuel cells with the advancement of technology and better operations. The price of batteries has dropped by 80% over the past 6 years. This is the favorable condition for increasing the sales of golf carts that run on electricity. Moreover, while considering on-board energy storage, hydrogen has an advantage over lithium-ion battery because it is stored in high pressure under the vehicle, which provides increased mileage. In addition, 1 kg of hydrogen fuel cell is able to store 236 times more energy compared to the Li-on battery. Therefore, it is an opportunity for the automotive industry followed by the US golf cart market. This creates a lot of opportunities for the major players operating in the US golf cart market.

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Key Findings of the US Golf Carts Market:

Based on the type, the open type generated the highest revenue in the US golf cart market analysis in 2018.
Brazil is expected to show the highest CAGR during the forecast period while taking into account the market growth.
In 2018, electric fuel type led the US golf cart market trends.

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David Correa
Allied Analytics LLP
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