Go Kart Market Overview
The global go kart market was valued at $104.8 million in 2020, and is projected to reach $154.3 million by 2030, registering a CAGR of 3.9% from 2021 to 2030. Factors such as exponential increase in population along with rapid globalization & rise in purchasing power, increase in the number of race courses & country clubs, and inclination toward solar-powered Go karts drive the growth of the market across the globe. However, factors such as high initial maintenance & purchasing cost and low overall drive range are the factors that hamper the growth of the market across the globe. Conversely, technological advancement in Go karts and reduction in cost of fuel cells & batteries are anticipated to create lucrative opportunities for the expansion of the market across the globe in the near future.
Key Market Trend & Insights
- The electric segment is projected to witness notable growth during the forecast period.
- The racing application segment is expected to grow significantly in the coming years.
- The double seater segment is anticipated to see substantial demand ahead.
- The LAMEA region is forecasted to register the highest CAGR over the analysis
Market Size & Forecast
- 2030 Projected Market Size: USD 154.3 million
- 2020 Market Size: USD 104.8 million
- Compound Annual Growth Rate (CAGR) (2021-2030): 3.9%
Introduction
Go kart is a type of open wheel car or a quadracycle, which is smaller in size & height and at the same time is powerful enough to gain high speed in a shorter time span. It is designed to carry out several sporting & recreational activities by youngsters. Go karts come in all shapes and forms, from motorless models to high-powered racing machines, which are equipped with high-performance engines. In addition, increase in trend to stay fit and rise in need for outdoor sporting events have boosted the demand for Go kart racing
Market Segmentation
The global Go kart market is segmented into type, application, seating capacity, and region. Depending on type, the global market is categorized into electric, gasoline, and others. On the basis of application, it is bifurcated into rental and racing. By seating capacity, it is segregated into single and double seater. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
By Type
Electric is projected as the most lucrative segments
Market Dynamics
Increase in population along with rapid globalization & rise in purchasing power
Every year, the global population grows approximately by 43 million. Presently, increase has been witnessed in the global population. For instance, the global population in 2020 crossed 7.8 billion. This boom in population creates many opportunities for the global Go kart market. This is attributed to rise in demand for compact and maneuverable vehicles that occupy small parking space and are efficient in operation.
By Application
Racing is projected as the most lucrative segments
Globalization on the other hand helps organizations to develop international influence, and this influence has helped change outlook of different regions. Globalization has helped people to vouch for a different and better lifestyle, which has encouraged people to spend more and get best service possible. Go kart. Thus, all these factors are anticipated to contribute toward the growth of the global market.
Increase in number of race courses & country club
U.S. has the maximum number of race courses, which count around 15,332, followed by other countries such as Canada with 2,363 racing courses, Mexico with around 200, Brazil with 75, and Argentina with 319. The racing industry across the U.S. includes nearly 2 million jobs and racing game, thus contributing more to charity than any other major sports industry. According to iplayAmerica, more than 35 million U.S. individuals have participated in go karting in 2020, which is expected to foster the growth of the market. Thus, increase in number of racing courses is supported by rise in number of people who have inclined interest toward Go kart racing.
By Seating Capacity
Double Seater is projected as the most lucrative segments
High initial maintenance & purchasing cost
Go karts are used as sports or utility vehicles for racing by users. Initial cost varies with different types of features such as electric propulsion, strong & durable tires, safety system, and GPS. In addition, Go kart requirement of regular maintenance of Go karts such as service brakes, rear axle, and batteries incurs additional cost. Hence, high initial cost as well as maintenance cost restrict the growth of the Go kart market.
Reduction in cost of fuel cells & batteries
Decline has been witnessed in price of fuel cells with advancements in technology and better operations. Price of batteries has decreased by 80% in last six years. This is a favorable condition for increasing sales of Go karts, which are powered by electricity. Furthermore, while considering onboard storage of energy, hydrogen has an edge over lithium-ion battery, as it is stored in a high-pressure below vehicles, which offers increased mileage. In addition, 1 kg of hydrogen cell is capable of storing 236 times more energy when compared with lithium-ion battery. This is anticipated to create ample opportunities for key players operating in the Go kart market.
By Region
LAMEA would exhibit the highest CAGR of 6.2% during 2021-2030.
Which are the Top Go Kart companies
The following are the leading companies in the market. These players have adopted various strategies to increase their market penetration and strengthen their position in the go kart industry.
- Anderson-CSK
- Birel ART
- BIZ Karts
- CRG
- Margay Racing
- OTL Kart
- Praga Kart
- RiMO Germany
- Sodikart
- TAL-KO Racing
Key Benefits for Stakeholders
- This study presents analytical depiction of the global go kart market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall Go kart market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global go kart market with a detailed impact analysis.
- The current go kart market is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Go Kart Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By SEATING CAPACITY |
|
 By Region |
|
 Key Market Players | OTL ITALIA S.R.L., Margay Racing, LLC., CRG Srl, TAL-KO Racing Ltd, Anderson-CSK, BIZ Karts, Birel ART, SODIKART, RiMO GERMANY GmbH & Co. KG, Praga Export s.r.o |
Analyst Review
The growth of the global go kart market is driven by technological advancements in vehicles and rise in need for advanced go karts for recreational activities & sporting.
In addition, the presence of numerous companies such as Alpha Karting, BIZ Karts, CRG, Kubica Racing Kart, and OTL Kart, which have been operating efficiently toward offering go karts supplements the growth of the market. Moreover, rise in investments on building efficient vehicles and technological advancements in electric vehicle systems are expected to provide lucrative opportunities for growth of the global market in the future.
Factors such as exponential growth in population along with rapid in globalization & rise in purchasing power, increase in the number of race courses & country club, and inclination toward solar powered go karts supplement the growth of the market across the globe. However, factors such as high initial maintenance & purchasing cost and low overall drive range hamper the growth of the market across the globe. Conversely, technological advancement in go karts and reduction in cost of fuel cells & batteries are the factors that create numerous opportunities for the growth of the market across the globe in the near future.
Among the analyzed regions, Europe is the highest revenue contributor, followed by North America, Asia-Pacific, and LAMEA. On the basis of forecast analysis, LAMEA is expected to maintain its lead during the forecast period, owing to increase in for recreational activities by youngsters.
The global Go Kart market was valued at $104.79 million in 2020, and is projected to reach $154.29 million by 2030, registering a CAGR of 3.9% from 2021 to 2030.
Introduction of electric & other powered go karts are the upcoming trends in go-kart industry
The sample for global Go kart market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The introduction of electric go karts has made the go kart business profitable.
The go kart is expected to grow at a CAGR of 3.9% from 2021 to 2030.
The company profiles of the top market players of Go Kart market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the Go Kart market
Increased racing activities along with electric propelled go karts is the new trend in the global go kart market.
Numerous companies make Go Karts and the list of companies can be obtained through the sample of the research study on demand from AMR website.
North America and Europe are the key matured markets growing in the go-kart industry
Continuous product development followed by the introduction of new go karts are the known and unknown adjacencies impacting the go kart market
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