Golf Cart Market Projected to Reach US$ 2.12 Billion by 2032, Says FMI

Increasing urbanization and inclination towards the environment friendly options are key factors driving market of golf cart. As per a Future Market Insights (FMI) analysis, It is estimated that the golf cart market would grow from US$1.34 billion in 2022 to US$2.12 billion in 2032. While the COVID-19 outbreak hampered sales to an extent, the market is likely to recover 2021 onwards.

With the rising focus on renewable energy, the demand for solar-powered and electric vehicles is increasing. The trend also is visible in the golf cart market. According to FMI, electric golf carts are expected to account for over 87% of sales in 2021. Driven by changing preferences of consumers, some of the leading manufacturers are focusing on developing technologically advanced intelligent braking system for golf carts. This is indicating towards the potential launch of driverless golf carts.

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The research report analyzes demand trends within the global golf cart market. The global market estimation and growth projection are based on factors such as rapid urbanization, automotive industry development, COVID-19 crisis impact, increasing per capita income, and growth in the international and national tourism industries.

As per FMI’s research scope, the global golf cart market has been studied and segmented on the basis of product type, operation, application, ownership and region. The global golf cart market report also details global golf cart cost analysis, and market presence of leading manufacturers.

Key Takeaways of Global Golf Cart Market Study

  • After registering negative growth in 2020, golf cart sales is expected to pick up 2021 onwards
  • The U.S. market will prove excessively lucrative, accounting for dominant 78.3% sales in 2021
  • After deceleration in sales, the U.K. market will exhibit recovery, registering 2.6% Y-o-Y growth in 2021
  • Other than U.K., Germany and France will emerge as key markets within Europe
  • China will continue dominating East Asia market, followed by Japan and South Korea

 “Driven by increasing focus on reducing emissions and the rising demand for energy-efficient mobility solutions, golf cart manufacturers are expected to focusing on the production of solar powered and electric golf carts. With this trend unlikely to slow down in the near future, the market will continue gaining impetus through the forecast period,” says FMI analyst.

Global golf cart market is expected to be an opportunistic market in the forecast period due to growing golf sports infrastructure and its applications in various sectors. As this low speed and compact vehicles have numerous applications, starting from their primary application in golf courses to their applications in sports events, airports, resorts, hospitals, warehouses, railway stations, universities, and housing projects, their demand is expected to rise considerably in the coming years.

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Major Market Players in the golf cart market are :

Club Car, LLC Yamaha Golf-Car Company, E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd, Xiamen Dalle Electric Car Co., Ltd. Company, Maini Material Movement Pvt. Ltd, Garia Luxury Golf Car, Cruise Car, Inc., Toyota Motor Corporation, Polaris Inc, Solorider, GDRIVE Golf Cart, Carrieall Car Pvt Ltd, and Volmac Engineering Pvt Ltd.

Recent Developments

  • E-Z-GO debuted the E-Z-GO Liberty in June 2021, the company’s first golf car with four forward-facing seats in a small cart.
  • The Lamborghini family and Indian EV business Kinetic Green Energy & Power Solutions announced their collaboration to produce products for the international market in October 2021.
  • The Yamaha Golf-Car Company officially became the National Golf Course Owners Association’s (“Official Golf Car Partner”) “Official Golf Car Partner” in January 2021.

Key Segment

By Product Type:

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

By Operation:

  • Manual
  • Powered

By Application:

  • Golf Courses
  • Personal Use
  • Industry Use
  • Others

By Ownership:

  • Rented
  • Fully Owned