According to a new report by Allied Market Research, titled, Golf cart Market by Product type and Application: Global Opportunities Analysis and Industry Forecast, 2017-2023, the golf cart market was valued at $ 1,607.75 million in 2016, and is projected to reach at $ 2,591.69 million by 2023, growing at a CAGR of 7.20% from 2017 to 2023.
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A golf cart is a lightweight motorized vehicle used for the short-distance transportation of golfers around the golf course, and makes it easier for them to carry the required accessories.
In 2016, electric golf cart segment dominated the market, in terms of revenue, due to increase in investment on building golf course infrastructure. North America was the highest revenue contributor to the golf cart market in 2016, accounting for around 38.76% share, owing to surge in demand for mobility for short distance across the villages and community areas.
The report features a competitive scenario of the golf cart market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are Garia Inc., Hitachi Chemical Co. Ltd, Ingersoll Rand plc, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Tomberlin, Xiamen Dalle Electric Car Co. Ltd., and Yamaha Golf Car Company. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Golf Cart Market:
- The electric golf cart segment accounted for the highest share in 2016, growing at a CAGR of 7.80% from 2017 to 2023.
- Golf course segment generated the highest revenue, accounting for $724.88 million in 2016.
- North America is expected to dominate the market, in terms of market share, during the forecast period.