CAGR: 6.2%Current Market Size: USD 1.34 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global golf cart market is expected to grow from USD 1.34 billion in 2022 to USD 1.83 billion by 2030, at a CAGR of 4% during the Projection period 2023-2030. The growth of the golf cart market is mainly driven by the increase in urbanization and industrialization.
A golf cart market is a motorized cart used to transport equipment, including golf bags, around a golf course. It might be a car that has been designed specifically with safety and comfort features for golfers, whether it is electric or gas-powered. A previously constructed vehicle for golfers, the golf cart market is now used in many settings for short-distance, 15 mph mobility. All-purpose golf cars are another term for neighborhood electric vehicles. There are two different categories of customized golf cart markets: adaptive and extreme. The market for golf cart markets will expand as more people become aware of the potent golf cart markets as a result of improvements side-by-side. Golf is becoming increasingly popular on a global scale, which has led to a proliferation of golf course constructions in golf resorts, golf-focused real estate complexes, and private clubs. Globally, the need for golf cart markets is anticipated to rise as new golf resorts, exclusive clubs, golf courses, and other amenities open up. A number of factors, such as the growing popularity of golf and the increased urbanization that goes hand in hand with rising disposable income, are driving up demand for golf cart markets. Due to increased golf penetration in these industries and expanding the potential for golf cart market rental services, it is also projected that the need for such vehicles would increase across a variety of enterprises, including hotels, tourism, amusement parks, and others, throughout the Projection period.
Sample Request: - Global Golf Cart Market
Market Dynamics:
Drivers:
It is anticipated that rising urbanization and industrialization would enhance mall culture, theme parks, amusement parks, and smart housing projects, among other things, in a number of growing economies, including South Korea, Brazil, South Africa, China, and India. This has raised the need for internal transportation to move people and goods, which has in turn increased the demand for golf cart markets. Customers' rising demands for items that are specifically tailored to their needs in terms of seating capacity and vehicle aesthetics have created enormous potential for industry competitors.
Restraints:
The batteries are less efficient as a result of the increased need for frequent charging, which is a significant factor negatively affecting the market's growth. The golf cart market motor is another part that requires a lot of care, which drives up the cost of maintenance dramatically. Such elements can have a negative effect on the revenue growth of the electric golf car segment throughout the ensuing ten years.
Opportunities:
Future infrastructure and equipment developments will help the industry as the leisure and tourist sector expands. Additionally, it is anticipated that the market for golf cart markets will increase globally as utility vehicles continue to find usage off of golf courses. Additionally, by addressing difficulties with cost and the environment, contemporary advancements like electrification are growing the golf cart market business. golf cart market dealers now have new prospects because to the popularity of solar-powered vehicles among consumers.
Challenges:
The target market's expansion is anticipated to be constrained by high golf cart market purchase and maintenance costs as well as tight government emission standards and regulations.
Segmentation Analysis:
The global golf cart market has been segmented based on product type, application, ownership, and region.
By Product Type
The product type segment is a Gasoline golf cart market, Solar Powered golf cart market, Push-Pull golf cart market, and Electric golf cart market. The electric golf cart market segment led the largest share of the golf cart market with a market share of around 45% in 2022. A favorable environment for the segment's growth is being created by rising fuel prices, rising fuel demand, and the low maintenance costs of electric carts. Lead-acid batteries used in electric golf cart markets allow for a higher weight-to-performance ratio. Due to their smaller size and lighter weight than conventional lead-acid batteries, lithium golf cart market batteries allow the vehicle to move more weight and accelerate more quickly. For instance, Tonino Lamborghini and Indian golf cart market manufacturer Kinetic Green Energy engaged in a commercial relationship in December 2018 to design and produce premium category electric and solar golf cart markets for the global market.
By Application
The application segment is Personal Use, Golf Courses, Industry Use, and Others. The golf courses segment led the largest share of the golf cart market with a market share of around 36% in 2022. Consumers are becoming more aware of golf as a leisure activity. Golf courses had expanded out among 206 of the world's 251 countries by 2020, representing an 82% global diffusion rate. The number of golf courses and country clubs is also increasing significantly to meet public demand, which is expected to drive up demand for golf cart markets globally. For instance, there are currently 540 new golf course projects either under construction (196) or in various phases of planning (344) around the world. Nearly two-thirds of these newly constructed golf courses are connected to resort complexes, and these projects span 96 different nations. In the Asia-Pacific area, 45% of golf courses are private clubs, compared to 20% of golf courses worldwide which are only open to members.
By Ownership
The ownership segment is Fully Owned and Rented. The rented segment led the largest share of the golf cart market with a market share of around 60% in 2022. The market for golf cart market ownership is expanding quickly. Public awareness of the use of golf cart market rentals has increased along with the global growth of car rental services, especially during special occasions like weddings and trade exhibitions. Customers in these circumstances, however, just need a golf cart market for a limited time, such as a few days or weeks. Due to end users' preference for rental services, the market share of the rental golf cart market category is increasing.
Global Golf Cart Market- Sales Analysis.
The sale of the golf cart market expanded at a CAGR of 2.9% from 2016 to 2022.
The expansion of projects related to the golf course in golf resorts, golf-focused real estate developments, and private clubs has been facilitated by the quick change in consumer perception and the growing awareness and popularity of golf globally. For family trips, hunting, gardening, and of course, golfing, golf cart markets have become standard. Electric golf cart markets are becoming more and more popular since they offer improved speed, more features, and green power use. The golf cart market is expanding its offerings through new technical developments that boost productivity, cut pollution, and allow for vehicle customization for particular locations like golf courses, hotels, and real estate.
The demand for golf cart markets is anticipated to increase as they are used for quick excursions at educational facilities including colleges and universities and airports. The demand for golf courses is being driven by an increase in global investments in their development. Additionally, it is projected that expanding consumer golf activity engagement will propel market revenue. The market demand for golf cart markets is being driven by the continually falling prices of electric golf cart markets. The development of golf cars with maximum range, performance, and fewer charge cycles is made possible by technological advances in battery management. Golf cars are predicted to be in extremely high demand once they are made street-legal.
Thus, owing to the aforementioned factors, the global golf cart market is expected to grow at a CAGR of 4% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the golf cart market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the golf cart market and held a 38% share of the market revenue in 2022.
Global Golf Cart Market - Country Analysis:
Germany’s golf cart market size was valued at USD 0.103 billion in 2022 and is expected to reach USD 0.142 billion by 2030, at a CAGR of 4.1% from 2023 to 2030.
To encourage its members and the German golf industry to make wise, strategic decisions for their facilities or organizations, EGCOA and its members, including the National Golf Course Owners' Associations, golf federations, and industry suppliers, created VISION 2020.
China’s golf cart market size was valued at USD 0.104 billion in 2022 and is expected to reach USD 0.147 billion by 2030, at a CAGR of 4.5% from 2023 to 2030.
The rise of golf cart market vehicles in hotels, the hospitality, tourism, and amusement park industries, as well as increased urbanization and industrialization, a shift toward mall culture, and high-tech and smart residential and commercial housing projects, are all predicted to fuel the growth of the golf cart market in the region.
India’s golf cart market size was valued at USD 0.08 billion in 2022 and is expected to reach USD 0.11 billion by 2030, at a CAGR of 4.4% from 2023 to 2030. The demand for golf cart markets will be boosted by the growing use of them in airports and on business trips. The golf cart market will be driven by the growing use of golf cart markets in educational facilities including colleges and scientific museums. For instance, In October 2021, Lamborghini partnered with Indian electric vehicle maker Kinetic Green Energy & Power Solutions Ltd to create golf cart markets with Italian design and manufacturing. The project will be carried out with a global market as its primary focus. By 2022, the business predicts sales of golf cart markets.
Key Industry Players Analysis:
To increase their market position in the global golf cart market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
4% |
Market Size |
1.34 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Application, By Ownership, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
EverGreen Electrical Vehicles, Yamaha Golf-Car Company., Xiamen Dalle Electric Car Co., Ltd. Company, Garia Luxury Golf Car., Columbia ParCar Corp, Hitachi Chemical Co., Ltd., Toyota Motor Corporation, Maini Material Movement Pvt. Ltd, GDRIVE golf cart market, Cruise Car, Inc., Carrieall Car Pvt Ltd, Polaris Inc, Solorider, and Volmac Engineering Pvt Ltd. |
By Product Type |
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By Application |
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By Ownership |
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Regional scope |
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Scope of the Report
Global Golf Cart Market By Product Type:
Global Golf Cart Market By Application:
Global Golf Cart Market By Ownership:
Global Golf Cart Market By Region:
Global golf cart market was valued USD 1.34 billion in 2022
The golf cart market is projected to have a CAGR of 4%.
It is anticipated that rising urbanization and industrialization would enhance mall culture, theme parks, amusement parks, and smart housing projects, among other things, in a number of growing economies, including South Korea, Brazil, South Africa, China, and India. This has raised the need for internal transportation to move people and goods, which has in turn increased the demand for golf cart markets. Customers' rising demands for items that are specifically tailored to their needs in terms of seating capacity and vehicle aesthetics have created enormous potential for industry competitors.
Leading market players active in the global golf cart market are Garia, Cario, Polaris Industries, Hawk Carts, Suzhou Eagle Electric Vehicle Manufacturing Co., Yamaha, KT Pan Company Limited, Guangdong Marshell Electric Vehicle Co., HDK Electric Vehicle, and Textron Specialized Vehicles among other.
Political Factors- Entering high-tax nations will have a direct impact on the golf cart market's profitability. Exports are hampered by high taxes, which also affect international trade. The market for golf cart can participate in calls with low taxes and benefit from significant revenues that can be utilised to finance R&D projects. The organisation may also look into the tax laws that are pertinent to the business in order to understand the priorities and interests of the host government in rising industries. High trade barriers might exacerbate the current economic situation by harming exports and relationships with international trading partners. Furthermore, if the government of the country under scrutiny does not take seriously its obligation to protect the intellectual property rights of commercial enterprises.
Economical Factors- The GDP growth rate will determine if the golf cart market can achieve its long-term growth goals. A high GDP also suggests that consumers have higher purchasing power for the products being supplied. High unemployment is a sign that there is surplus labour available at relatively lower wages. Operating in such a market enables the golf cart market to cut production costs. The corporation should carefully consider the interest rate and how it influences borrowing capacity and investment mindset. The market for golf cart will have greater development potential because to the high interest rate, which will encourage an investment-friendly mentality. Finally, changes in exchange rates may have an effect on both the profitability and international trade.
Social Factor- Changes in demographic patterns, such as population ageing, migration trends, and socioeconomic features, are crucial for global marketplaces like the golf cart markets. With the aid of a research of the demographic factors, the appropriate market segment or sectors with considerable development potential may be chosen by the golf cart market. Additionally, migration affects company and marketing strategy. Understanding how people feel about migration as a whole is important for the golf cart market since it can influence companies' ability to hire foreign management in the host country.
Technological Factors- The golf cart market must carefully examine recent technical advancements if it is to remain competitive. It's important to keep an eye on the 5G's potential to boost productivity by enhancing user experience, speed, and access. These technical developments have the potential to radically change an industry and rewrite the rules for market actors' success. The technology's level of development and maturity in the pertinent industry must also be taken into account. When the golf cart market enters markets where technological development has not yet reached maturity, it might increase its market share by focusing on new technological developments.
Environmental Factors- More people are choosing to use green or eco-friendly products. To win the trust of stakeholders, the golf cart market can embrace the opportunity and execute green business methods. Due to regulatory organisations' emphasis on assuring compatibility with environmental requirements, priorities for product innovation are changing. The promotion of the eco-friendliness of the products in the golf cart market must come before traditional value propositions. The market for golf cart may cause a negative response from the press, environmental protection groups, consumers, and the general public due to its excessive resource use. golf cart market. must examine the nation's unique environmental legislation to find out which resources (such as water, electricity, etc.) are considered to be uncommon or which species are considered to be endangered, whose overuse can pose problems for the organisation.
Legal Factors- The golf cart market is necessary to follow employee/labor health and safety criteria since some countries have strict laws protecting workplace safety. The golf cart market has a moral and ethical obligation to provide a secure working environment for all of its employees. Similar to the above, when developing human resource practises, anti-discrimination laws (such as equal employment opportunity laws) must also be carefully taken into account because discriminatory lawsuits against employers harm an organization's reputation and impair its ability to recruit and retain talent.
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