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, 2019-2026," the global golf cart market size was valued at $1.62 billion in 2018, and is projected to reach $2.25 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Presently, the U.S. dominates the market, followed by Canada and Mexico in North America. However, Canada is expected to grow at a higher CAGR during the forecast period. In addition, in 2018, China led the market in the Asia-Pacific region followed by Australia, Japan, India, and rest of Asia-Pacific countries.
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 expand the growth of the golf cart market globally. The usage of golf cart for short trips in educational institutions, such as colleges & universities and in airports are expected to propel the demand for golf cart during the forecasted period.
Automobile companies are focused upon the production of advanced golf carts that have lower particular emission and are of relatively low cost. The new Solo Rider technology and the adaptive golf cart designed for a single user allows disabled people to access the golf course and the game as well. Innovations such as extreme golf carts and solar power golf carts also boosts the golf cart market. One of the most recent developments in the golf cart technology is the Golf Board, a golf cart that is inspired by the skateboard. The Golf Board is driven by front and back gear boxes providing power to all four wheels. The rider controls the vehicle in an upright position as if riding skateboard, leaning right or left to make turns. The Golf Board has been well received by the golfing community as it speeds up the game and according to the manufacturers has up to 75% less impact on turf than traditional golf carts.
The golf carts are vouched for their compact size and high maneuverability but these two come at the sacrifice of power and speed. The engines of this vehicle are optimized to run on low speeds and create less pollutants, and are best suited in places where low speed locomotion is required but might not be very popular with market, which favors power and speed.
The distance covered by a regular vehicle on a full tank far outclasses the distance covered by golf carts be it the electric variant or the gas powered one.
With advancement in technology and better operations, the prices of fuel cells have gone down. The price of batteries has gone down by 80% in the last 6 years. Therefore, it is an opportunity for the automobile industry.
Key findings of the Golf Cart Market:
- By application, the golf courses segment generated the highest revenue in the golf cart analysis in 2018.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period while considering golf cart market growth.
- Africa leads the market in the LAMEA region.
- The leading companies listed in the golf cart market report expects high revenue from golf cart market returns.
The key players profiled in the golf cart market share include 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.