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2022
Golf Cart Market

Golf Cart Market

by Product Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart) and Application (Golf Course, Personal Services, and Commercial Services): Global Opportunity Analysis and Industry Forecast, 2021-2028

Report Code: A01769
Pages: 201
Mar 2022 | 34018 Views
Author(s) : Prateek Y , Sonia M
Tables: 93
Charts: 61
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Golf Cart Market Statistics 2028 -

The golf cart market was valued at $1.34 billion in 2020, and is projected to reach $1.79 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028 

The COVID-19 outbreak severely impacted the golf cart industry on a global level. The rapid spread of COVID-19 in the North America, Europe, and Asian economies resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread. Furthermore, the golf courses were being forced to remain closed due to lockdown and social distancing measures, resulting in a sharp drop in the number of rounds played at the beginning of 2020 which resulted in the declining sales of golf carts on a global level. However, the ease of customizability and use of golf carts as slow speed vehicle is foreseen to reinforce the demand of golf carts during the forecast duration.

Golf cart is a type of low-speed vehicle driven by electric motors, which is gas-powered and is specifically envisioned for utilization in golf courses for transportation of golfers and equipment within the course premises. It is also known as non-highway or off-road vehicle with the average speed between 25 and 50 kmph. 

Global-Golf-Cart-Market

Amid COVID-19 pandemic, golf courses were being forced to remain closed due to lockdown and social distancing measures, resulting in sharp drop in number of rounds played at the beginning of 2020, which resulted in decline in sales of golf carts. Furthermore, there is considerable ambiguity surrounding the near future of the game, as there are still some chances of reemergence of COVID-19 across several nations. However, with isolation restrictions and closures easing gradually, golf courses appear as ideal socially distant space for recreation. This, in turn, is expected to lead to a notable surge in interest for the game. In addition, the COVID-19 outbreak severely impacted the automotive sector on a global level, which led to considerable decline in vehicle sales and inconsistency of raw material. 
 

Increase in urbanization & industrialization; shift toward mall culture; hi-tech & smart residential and commercial housing projects; and rise in utilization of golf cart vehicles in hotels, hospitality, tourism industries, and amusement parks are anticipated to boost growth of the golf cart market globally. Use of golf cart for short trips in educational institutions, such as colleges & universities and in airports are expected to further propel demand for golf carts between 2021 and 2028.

The global golf cart market is segmented on the basis of product type and application. By product type, the market has been categorized into electric golf cart, gasoline golf cart, and solar golf cart. On the basis of application, it is categorized into golf course, personal services, and commercial services. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

The key players analyzed in the golf cart market include Garia Inc., Platinum Equity Aadvisors, LLC (Club Car), Textron Inc. (E‑Z‑GO), Yamaha Motor Co., Ltd., Showa Denko (Hitachi Chemicals), Maini Group, Nordic Group of Companies, Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, and Xiamen Dalle New Energy automobile Co., Ltd.

Golf Cart Market
By Product Type

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Solar Golf Carts is projected as the most lucrative segment

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Increase in number of golf courses and country clubs

In America, U.S has the maximum number of golf courses, which counts around 15,332 followed by other countries such as Canada with 2,363 golf courses, Mexico with around 200, Brazil with 75, and Argentina with 319. The golf industry across the U.S. includes nearly 2 million jobs and golf game also contributes more to charity than any other major sports industry. More than one-third that is 36% of the U.S. population, which is over 107 million, have either played, watched, or read about golf in 2018. In 2020, the U.S.NGF (National Golf Foundation) witnessed ~24.8 million golfers in the U.S., representing a rise of nearly 2% or 500,000 compared to 2019, the largest net increase recorded in 17 years. Increase in number of golf courses is supported by rise in number of people, who have inclined interest toward golf. This directly boosts growth in demand for golf carts. In addition, there is an increase, though at a slower rate of around 15, in the number of country clubs and golf courses in the U.S. Further, increase in disposable income leads to rise in expenditure of recreational time and discretionary income of the population. All these factors collectively boost growth of the golf cart market.

Golf Cart Market
By Application

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Personal Services is projected as the most lucrative segment

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Growth in population along with increase in globalization and rise in purchasing power

There has been an increase in the global population and presently, global population in 2020 crossed 7.8 billion. Every year, the global population grows approximately by 43 million. This boom in population creates many opportunities for many businesses and this is also true for the global golf cart market. This is attributed to rise in demand for compact and maneuverable vehicles that occupy small parking space. Globalization on the other hand helps organizations 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, it has encouraged people to spend more and get best service possible. This drives growth of the global golf cart market.

Golf Cart Market
By Region

2028
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 5.8% during 2021-2028.

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the golf cart market analysis along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall market potential is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current golf cart market size is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the golf cart industry.

Key Market Segment

By Product Type

  • Electric Golf Cart
  • Gasoline Golf Cart
  • Solar Golf Cart

By Application

  • Golf Course
  • Personal Services
  • Commercial Services

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India 
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

KEY PLAYERS

  • Garia Inc.
  • Platinum Equity Aadvisors, LLC (Club Car)
  • Textron Inc. (E‑Z‑GO)
  • Yamaha Motor Co., Ltd.
  • Showa Denko (Hitachi Chemicals)
  • Maini Group
  • Nordic Group of Companies, Ltd.
  • Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd 
  • Xiamen Dalle New Energy automobile Co., Ltd. 
  • Atul Auto Limited

Golf Cart Market Report Highlights

Aspects Details
By Product Type
  • Electric Golf Cart
  • Gasoline Golf Cart
  • Solar Golf Cart
By Application
  • Golf Course
  • Personal Services
  • Commercial Services
By Region
  • North America  (U.S, Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players GARIA, JH GLOBAL SERVICES, INC, MAINI GROUP, NORDIC GROUP OF COMPANIES, LTD, PLATINUM EQUITY AADVISORS, LLC, SHOWA DENKO K.K., SUZHOU EAGLE ELECTRIC VEHICLE MANUFACTURING CO., LTD, TEXTRON INC, XIAMEN DALLE AUTOMOTIVE CO., LTD., YAMAHA MOTOR CO., LTD
 

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In accordance with the insights by CXOs of leading companies, the global golf cart market is projected to witness considerable growth, especially in North America and Europe, owing to adoption of advanced technology along with increase in globalization and rise in purchasing power.

The market is expected to witness a steady growth due to stringent vehicle emission norms and increase in demand for fuel-efficient & low-emission vehicles. The market in developed countries, such as the U.S., Canada, Mexico, and Germany, is projected to report a faster growth rate as compared to developing regions, such as Asia-Pacific and the Middle East, owing to rapid industrialization and high sales of vehicles in developed regions.

Automobile companies focus on production of advanced and low-maintenance electric vehicles, which have low particulate emission. For instance, Marshell Company started offering golf course low speed electric vehicle product named Tomberlin and DG-LSV2. In addition, China’s leading low speed golf cart vehicle manufacturing company Xinxiang Hezon Xinhui Vehicle Co. Ltd., started producing a K & S series and H6 mini electric vehicle in each vehicle type variant. In addition, India aims to produce downsize engines, which cater to the Bharat Stage VI emission norms, as they discharge less pollutants as compared to larger engines. Presence of fuel guzzlers in countries such as Germany, the UK, and France, where Europe has marked presence of golf cart in the automotive industry by producing efficient vehicles, further enhances growth of the golf cart vehicle industry.

Solar golf cart is expected to witness fastest growth in the global golf cart market during the forecast period. Stringent government rules and regulations toward vehicle emission and rise in investment on building golf cart across the globe drive its demand in the market. From growth perspective, Asia-Pacific is expected to witness considerable increase in growth rates during the forecast period

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FREQUENTLY ASKED QUESTIONS?

A. The global golf cart market was valued at $1.35 billion in 2020, and is projected to reach $1.79 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028

A. Amid COVID-19 pandemic, courses were being forced to remain closed due to lockdown and social distancing measures, resulting in a sharp drop in the number of rounds played at the beginning of 2020 which resulted in the declining sales of golf carts. However, as soon as the lockdown lifts and production resumes, golf cart market is foreseen to gain traction again

A. The sample for global golf cart 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.

A. There are certain upcoming trends golf cart market such as Increasing demand for solar golf carts. Furthermore, By considering the social distancing, companies are focusing on selling single-rider golf carts as well

A. The key growth strategies adopted by the golf cart industry players includes product launch, business expansion, collaboration. These strategies opted by various industry players is leading to the growth of the golf cart market as well as the players.

A. The company profiles of the top market players of golf cart 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 golf cart market.

A. North America region is leading the market presently in terms of revenue. However, Asia-Pacific region is expected to provide more business opportunities for the key players operating in the global golf cart market.

A. By product type, solar golf cart segment is expected to gain traction over the forecast period. However, at present electric golf cart segment is the major constributor in the global golf cart market

A. U.S, Canada and UK are the key matured markets growing in the global golf cart market

A. Inclination toward use of solar golf cart, adoption of single user golf carts and use of golf carts as a low-speed vehicle for various short length transits have strong impact on the global golf cart market

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