North America dominated the market. It is estimated to reach an expected value of USD 645 million by 2030 at a CAGR of 2.5%. The global golf cart market size was worth USD 1410 million in 2021 and is projected to reach USD 2000 million by 2030, registering a CAGR of 4% during the forecast period (2022-2030).
New York, United States, June 16, 2022 (GLOBE NEWSWIRE) -- Golf carts are a sort of low-speed vehicle powered by electric motors and designed for use on golf courses to move golfers and their equipment around the system. Increased urbanization and industrialization, a shift toward mall culture, hi-tech and innovative residential and commercial housing projects, and increased use of golf cart vehicles in hotels, hospitality, tourism, and amusement parks will propel the golf cart market forward globally.
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Increase in the Number of Golf Courses and Country Clubs to Drive the Global Golf Cart Market
The United States has the most golf courses in America, with roughly 15,332 systems, Canada with 2,363 methods, Mexico with around 200, Brazil with 75, and Argentina with 319. The golf industry employs almost 2 million people in the United States, and it provides more to charity than any other major sport. In 2018, more than a third of the population of the United States, or 36 per cent of the total population of 107 million people, played, watched or read about golf. In 2020, the National Golf Foundation (NGF) estimated 24.8 million golfers in the United States, up over 2% or 500,000 from 2019, the highest net gain in 17 years. The spike in the number of golf courses is accompanied by an increase in the number of interested people in golf.
This has a direct impact on the rise of golf cart demand. Additionally, the number of country clubs and golf courses in the United States is increasing, albeit at roughly 15%. Moreover, an increase in disposable income leads to increased leisure time and discretionary income. All of these reasons contribute to the golf cart market's expansion.
Technological Advancements in Golf Carts to Provide Opportunities for the Global Golf Cart Market
Automobile manufacturers are concentrating their efforts on developing improved golf carts that emit fewer pollutants and are reasonably inexpensive. Disabled people can now enjoy golf courses and games thanks to new solo rider technology and adaptable golf carts made for single users. Extreme golf carts and solar-powered golf carts are examples of market innovations. The Golf Board, a golf cart inspired by skateboards, is one of the most current breakthroughs in golf cart technology. Front and back gear boxes provide power to all four wheels on the Golf Board. The rider steers the vehicle while standing erect, as though on a skateboard, leaning right or left to turn. According to the manufacturers, the golfing community has highly embraced the Golf Board since it speeds up the game and has up to 75 percent less effect on the turf than regular golf carts. Such advances in golf cart technology are projected to open up several potentials for market expansion for significant competitors.
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By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North America dominated the global market. It is estimated to reach an expected value of USD 645 million by 2030 at a CAGR of 3%. The United States, Canada, and Mexico make up North America. This North America golf cart vehicle market is growing due to an increase in demand for automation and technical improvements in the automobile sector.
Golf carts are a big business in North America, and there are a lot of companies that offer modern electric car solutions. In 2018, North America held a significant proportion of the global golf cart market. This was due to widespread acceptance of advanced electric vehicles and rising consumer demand for fuel-efficient and environmentally-friendly vehicles.
The market in Europe is analyzed across the UK, Germany, France, Russia, and the rest of Europe. It is estimated to reach an expected value of USD 485 million by 2030 at a CAGR of 4%. The market in Europe is analyzed across the UK, Germany, France, Russia, and the rest of Europe. Europe is predicted to witness significant growth in the golf cart market during the forecast period, owing to a rise in demand for electric vehicles and rising applications for low-speed electric vehicles across the region.
The Asia-Pacific is the fastest-growing region. It is estimated to reach an expected value of USD 525 million by 2030 at a CAGR of 6%. The Asia-Pacific market is examined across China, India, Japan, Australia, and the rest. Government regulations, rising urbanization, rising fuel prices, and a surge in the trend toward adopting non-fossil fuel-based vehicles all contribute to the growth of golf carts in developing countries like India, China, and Indonesia, creating lucrative opportunities for the market in this region. The market in Asia-Pacific is growing due to rising vehicle norms and an increase in vehicle population. Furthermore, several technological developments linked to electric vehicles are occurring due to government initiatives, further propelling market expansion.
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The global golf cart market was valued at USD 1410 million in 2021 and is projected to reach USD 2000 million by 2030, registering a CAGR of 4% during the forecast period (2022-2030).
By product type, the electric golf cart segment dominated the global market and is estimated to grow at a CAGR of 4% by 2030 owing to growth in the popularity of golf and the substantial number of upcoming golf facilities in Asia and Africa.
The gasoline golf cart is the second largest segment. The segment is estimated to grow at a CAGR of 3% by 2030 owing to golf carts that run on gasoline and their variants are becoming increasingly popular in emerging economies, commercial places, and utilities like airports, bus stops, universities, and stadiums.
The solar golf cart is the fastest-growing segment. It is estimated to reach an expected value of USD 395 million by 2030 at a CAGR of 6%. Owing to encouragement and investment in the use of renewable energy sources by the government.
By application, the golf course segment dominated the market. It is estimated to reach an expected value of USD 825 million by 2030 at a CAGR of 3.2%. Many golf courses in the area necessitate the use of functional and efficient transit vehicles for convenient travel from one hole to the next while carrying sporting equipment and accessories.
Commercial services are the second-largest segment. It is estimated to reach an expected value of USD 675 million by 2030 at a CAGR of 4%.
Personal services are the fastest-growing segment. It is estimated to reach an expected value of USD 510 million by 2030 at a CAGR of 5%. Integration of intelligent technologies is anticipated to drive the growth of golf carts for personal use.
Global Golf Cart Market: Segmentation
By Product Type
Electric Golf Cart
Solar Golf Cart
Gasoline Golf Cart
Competitive Analysis of the Global Golf Cart Market –
Platinum Equity Aadvisors LLC (Club Car)
Textron Inc. (E Z GO)
Yamaha Motor Co Ltd
Showa Denko (Hitachi Chemicals)
Nordic Group of Companies, Ltd
Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
Xiamen Dalle New Energy Automobile Co., Ltd
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TABLE OF CONTENT
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Golf Cart Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
18.104.22.168 North America
22.214.171.124 Central and South America and the Caribbean
126.96.36.199 The Middle East and Africa
5 Product Type Overview
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Electric Golf Cart
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Solar Golf Cart
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Gasoline Golf Cart
5.4.1 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Golf Course
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Personal Services
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Commercial Services
6.4.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.6 Rest of Central and South America and the Caribbean
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.5 The U.K.
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.8 The Rest Of Middle East
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Garia Inc
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.4 Platinum Equity Aadvisors LLC (Club Car)
8.5 Textron Inc. (E Z GO)
8.6 Yamaha Motor Co Ltd
8.7 Showa Denko (Hitachi Chemicals)
8.8 Maini Group
8.9 Nordic Group of Companies, Ltd
8.10 Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
8.11 Xiamen Dalle New Energy Automobile Co., Ltd
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
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June 2021 - Platinum Equity Advisors, LLC acquired Club Car from Ingersoll Rand. With this acquisition, it will own the Ingersoll Rand Inc., specialty vehicle technologies segment ("Club Car"), including all-electric & other models and related aftermarket parts and services.
January 2021 - Yamaha Motor Co., Ltd. extended its partnership with the national golf course owners association. This strategic partnership will benefit both national golf course owner's association members and Yamaha's customer base by offering incentives on its golf and utility vehicle purchases or leases through the federal golf course owner association's innovative buy marketing purchasing program.
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