Allied Market Research
Loading...
Cart
0

Golf Cart Market Expected to Reach $1.79 Billion by 2028—Allied Market Research

 

Report Code : A01769

quote by product type, the electric golf cart segment is estimated to dominate the market, in terms of revenue. Whereas, the solar golf cart segment is expected to grow by witnessing highest CAGR during the forecast period. In addition, the golf course segment dominated the global golf cart market in 2020. Region-wise, North America is estimated to be the highest revenue contributor and is expected to maintain its dominance during the forecast period quote

Prateek Yadav
Lead Analyst, Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “golf cart market by product type and application: global opportunity analysis and industry forecast, 2021–2028”, 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.

Presently, North America dominates the market, followed by Europe, Asia-Pacific, and LAMEA. In North America, U.S. dominated the golf cart market in 2020, and is expected to maintain its dominance during the forecast period. Key factors that drive growth are rise in population, coupled with increase in purchasing power, stringent government rules and regulations toward vehicle emission, and increase in number of golf courses and country clubs. However, high initial maintenance and purchasing cost, low power and speed, and short overall drive range hamper the market growth to a certain extent.

Continuously growing global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists from past few years, which is expected to drive demand for electric and solar golf cart across the globe; which supplements growth of the market. Furthermore, increase in fuel prices at international level, growing pollution, and traffic congestion, especially in urban areas have further increased acceptance of golf cart as a recreational vehicle across the globe. In addition, relatively higher running and maintenance cost of gasoline golf cart leads to shift in preference for electric golf cart for shorter transits, which, in turn, boosts the market growth during the forecast period.

In America, the 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. In addition, around 36% of the U.S. population, which is over 107 million, who 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 as 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 population. All these factors collectively boost growth of the golf cart market. 

Governments across the globe has become very strict regarding problems of vehicle emission due to its impact on environment. U.S., Germany, France, and China have implemented government laws and regulations for vehicular emission and have made it mandatory for automobile manufacturers to use advanced technologies to combat high emission levels in vehicles. Program launched by California Air Resources Board (CARB), also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs). The ZEV mandate substantially boosts adoption of electric vehicles. Golf carts are available in two variants, one being gasoline powered and other that runs on electricity. 

Electric variant is the most ecofriendly out of the two but the gasoline powered variety itself does not produce a lot of unwanted pollution, owing to its downsized engines and low overall power and weight than other vehicles. These vehicles are quite compliant toward vehicular emission and has a bright future ahead, owing to their quality. This holds especially true for electric golf carts, which boosts the market growth. 

As per the study conducted by the Aarhus University in Denmark in 2020, a 50-cart fleet of golf buggies could help reduce energy consumption from grid if each electric vehicle includes a 250 W panel. Based on their techno-economic analysis which considered the use of solar powered buggies at the Los Naranjos Golf Club in Marbella, southern Spain – the return on investment could be achieved within five years. Annual savings of €15,607 would be possible with an upfront investment of €75,000, the researchers added. Furthermore, with effective integration of technology and workflow by prominent players in the industry is expected to contribute toward reinforcing adoption of solar powered golf carts in the future. For instance, in October 2020, India’s Kinetic Green Vehicles announced to launch a new range of solar and electric-powered golf carts, designed Lamborghini, as part of its joint venture inked by Tonino Lamborghini and Kinetic Green in 2018. Under this agreement, Lamborghini handles designing part of the vehicle. Furthermore, the production part is handled by Kinetic Green with manufacturing facility in India.

COVID-19 impact analysis:

  • Amid lockdown, shutdown of various manufacturing facilities and shipping delays has made getting new golf cart and replacements parts a challenge. Furthermore, low inventory, considerable demand, and higher prices for parts have resulted in rise in price of golf carts significantly.
  • Due to the COVID-19 pandemic, the golf cart market has witnessed low sales volume demand.
  • Due to the imposed lockdown, golf cart manufacturing units across the globe have halted their production, which has affected demand for golf cart across the globe.

Key Findings Of The Study

  • In 2020, by product type, the electric golf cart segment generated the highest revenue.
  • In 2020, by application, the golf course segment was the highest revenue contributor.
  • In 2020, region-wise, North America contributed the highest revenue, followed by Europe, Asia-Pacific, and LAMEA.
  • Key players identified across the value chain of this report include Garia Inc., Platinum Equity Aadvisors, LLC (Club Car), Textron Inc. (E‑Z‑GO), Showa Denko (Hitachi Chemicals), Maini Group, Yamaha Motor Co., Ltd., Nordic Group of Companies, Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, and Xiamen Dalle New Energy automobile Co., Ltd.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote 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 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,084 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Golf Cart Market"
Purchase Enquiry