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Golf Cart Market Is Valued At US$ 3.4 Billion In 2023

golf-cart-market-forecast-2023-2033

In 2021, the size of the world golf cart market was US$ 2.9 billion. Golf cart sales would probably increase globally throughout the projected period at a CAGR of 6.3%. The total market value is anticipated to reach US$ 5.4 billion by the end of 2031. The global market for golf carts is being driven by an increase in their use in applications such residential, golf courses, and industrial.

Golf buggies and golf carts are small vehicles or carts used to move golfers and their equipment around a golf course. These carts were initially intended to transport just two golfers and their clubs.

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New golf cart models were created over time. These new variations were more technologically advanced and had a capacity for more than two passengers.

Golf cart sales will continue to increase as golf becomes more popular. It’s thought that playing golf can help you unwind and gain some much-needed exercise. Therefore, this game is attracting an increasing number of players. The market will benefit from this.

The growing number of golf courses being built is another important element influencing demand for golf carts. New golf courses are being built by various governments to promote both golf and tourism.

According to the National Golf Foundation (NFG), globally there are over 38,000 golf courses. This number is likely to further increase over the coming years which in turn will create opportunities for golf cart manufacturers.

Booming tourism industry and usage of golf carts for short trips at educational institutions, airports, theme parks, etc will also boost sales.

The increasing popularity of golf carts as a means of transportation in a variety of events such as exhibitions, symposiums, exhibitions, trade fairs, and weddings will bode well for the market. Event management forms are progressively turning to golf cart rentals to meet their transportation needs.

Electrification and automation are emerging as new megatrends in the golf cart industry. As demand for eco-friendly vehicles continues to increase, golf cart manufacturers are increasingly developing electric golf carts.

For instance, in December 2022 a new electric golf art was introduced by Saera Electric Auto Private Limited in the Indian market.

Companies are also focused on investing in the design and development of autonomous or unmanned variants to seize early revenue growth opportunities in industrialized countries. For instance, In August 2017, Infosys launched its first driverless golf car in Bangalore.

Key Takeaways from the Global Golf Cart Market:

  • Based on product, the push-pull golf cart segment is likely to expand at 5% CAGR through 2031.
  • Based on operation, powdered golf cart demand will surge at 5% CAGR over the next ten years.
  • The USA golf cart market is forecast to progress at a CAGR of 6% during the forecast period.
  • Asia golf cart market is set to generate 60% of global revenue during the projection period.
  • Europe golf cart industry will exhibit a CAGR of 6.1% between 2021 and 2031.

Growth Drivers:

  • Increasing number of golf courses globally will bolster golf cart sales
  • Growing popularity of customized golf carts is likely to stimulate market development
  • Surging demand for electric golf carts will boost the global market over the next decade
  • Rising usage of golf carts in parks, hotels, airports, universities, etc. will create new growth prospects

By 2033, the demand for golf carts in the UK is expected to grow at a CAGR of 5.9%, reaching US$ 570.17 million. This may be a result of the burgeoning golf tourist industry and the rise in retirement communities and resorts.

To enhance the experience of golfers and visitors, golf courses are increasing their investment in golf carts. Urban parts of the nation are seeing an increase in the use of golf carts, which are used for transportation in expansive parks, airports and other places of a like kind.

Restraints:

  • High maintenance costs might restrain the golf cart market development during the forecast period.
  • Substandard products offered by local players are negatively impacting the market.

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Golf carts are becoming more and more well-liked and significant forms of transportation in many different fields. Automobile companies are concentrating on creating cutting-edge golf carts that are reasonably inexpensive and emit less gas. Disabled persons now have access to golf courses and video games thanks to innovations like adaptable golf carts and solo rider technology built for single users.

Competitive Landscape:

Leading golf cart manufacturers are expanding their product portfolios to attract more customers and strengthen their position in the global market. They are also forming strategic alliances and partnerships with domestic and international players to expand their presence.

For instance,

  • In January 2021, golf vehicle manufacturer Yamaha Golf Car Company renewed its prevailing partnership with (NGCOA) National Golf Course Owners Association as an official golf cart partner.
  • In August 2021, SoloGolf partnered with a leading manufacturer of golf car batteries, RELiON Battery.

Key Companies Profiled by Fact. MR

  • Golf Car Company
  • Cario
  • Garia
  • Club Car
  • Guangdong Marshell Electric Vehicle Co., Ltd.
  • E-Z-GO
  • Polaris Industries Inc.
  • Hawk Carts
  • STAR EV CORPORATION
  • G H Varley Pty Limited
  • KT Pan Company Limited
  • Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
  • HDK Electric Vehicle

More Valuable Insights on Golf Cart Market

In the latest study, Fact.MR offers a detailed study on global golf cart market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of golf carts through detailed segmentation as follows:

Product:

  • Push-Pull Golf Carts
  • Gasoline Golf Carts
  • Electric Golf Carts
  • Solar Powered Golf Carts

Operation:

  • Manual
  • Powdered

Application:

  • Golf Courses
  • Personal Use
  • Industry Use
  • Other Applications

Ownership:

  • Rented Golf Carts
  • Fully owned Golf Carts

Key Questions Covered in the Golf Cart Market Report

  • What will be the demand outlook for the golf cart market during the forecast period?
  • What are the challenges faced in the golf cart market?
  • Which operation will lead to growth in the golf cart market from 2021 to 2031?
  • What is the projected market valuation of the golf cart market in 2031?
  • What are the factors driving the golf cart market from 2021 to 2031?
  • Which application will generate the maximum revenue in the golf cart market?

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