Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) — The world Golf cart market size is expected to reach USD 2.55 billion by 2028 and grow at a CAGR of 6.0% during the forecast period. The rapid electrification of the sector coupled with the increasing development of new golf courses is expected to drive the growth of the market. Fortune Business Insights presented this information in its report titled “Golf Cart Market, 2021-2028”. The market size stood at USD 1.62 billion in 2020 and USD 1.69 billion in 2021.
Additionally, falling costs of electric golf cars are expected to drive the market growth in the coming years.
April 2021: Ingersoll Rand’s Club Car was acquired by Platinum Equity for $1 billion.
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Report Scope and Segmentation:
|Forecast Period 2021 to 2028 CAGR||6.0%|
|2028 value projection||$2.55 billion|
|Year of reference||2020|
|Market size in 2021||$1.69 billion|
|Historical data for||2017-2019|
|Number of pages||200|
|Segments Covered||Product type, application and region are researched for the market|
|Growth engines||North America will have the lion’s share|
|Growing electrification to drive market growth|
North America will have the lion’s share
North America is expected to dominate the global golf cart market share in the coming years. The United States constitutes the highest market share and is driven by a large presence of golf courses in the region. Additionally, key players including Textron Inc., Yamaha Golf-Car Company and others present in the region are expected to complement the region’s growth.
Europe is expected to rank second in the global market. Growing number of resorts and senior villages and increasing golf tourism are expected to drive the growth of the region’s market.
Asia-Pacific is expected to experience substantial growth in the coming years due to the growing popularity of golf and the growing number of golfers.
The rest of the world is expected to see sluggish growth due to weakness in the golf industry.
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Growing electrification to drive market growth
The automotive industry is evolving by launching ecological and efficient solutions. This is happening due to the increasing electrification of vehicles as a result of strict emission standards. The introduction of stringent emission standards implemented by governments is propelling the demand for electric vehicles, which has also boosted the demand for electric golf cars. Although most golf cars available today are electric, major manufacturers are emphasizing the release of modern electric golf cars with improved battery capacities and range. These factors are expected to be major drivers for the growth of the global golf cart market in the coming years.
Due to the increasing adoption of electric cars, their prices are also falling. Mass production of electric golf carts is expected to lead to increased demand for the product and drive market growth.
Rising demand for golf cars owing to its low speed for tourism purposes is also expected to fuel the growth of the market.
Finally, the development of new golf courses is likely to create lucrative growth for the market.
However, the reduction in the number of golf players worldwide may hamper the growth of the market.
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Impact of COVID-19-
Travel restrictions negatively affecting market development
The coronavirus pandemic has significantly disrupted the automotive industry and hampered market growth. Demand for the product has plummeted due to strict curfews and lockdowns put in place by several countries. Barriers to the availability of raw materials and disruptions in the supply chain have hampered the growth of the market. However, the market is recovering thanks to the introduction of effective vaccines. The growing popularity of golf is expected to strengthen due to the rising health concerns and help the market grow in the coming years.
Key players focus on collaborations and partnerships to capture growth
The market is quite fragmented with international and regional players competing head-to-head. They adopt partnerships and collaborations, among other strategies, to acquire growth. For example, Yamaha Golf-Car Company announced the extension of its partnership in January 2021 with the National Golf Course Owners Association (NGCOA).
Companies Featured In The Golf Carts Market Research Report:
- Yamaha Golf-Car Company (Georgia, USA)
- Textron Inc. (Rhode Island, USA)
- Suzhou Eagle Electric Vehicle Manufacturing Co.Ltd. (Suzhou, China)
- CLUB CAR (Georgia, USA)
- Cruise Car Inc. (Florida, USA)
- Garia Inc. (Texas, USA)
- JH Global Services Inc. (South Carolina, USA)
- SHOWDA DENKO KK (Tokyo, Japan)
- Columbia Vehicle Group Inc. (Wisconsin, USA)
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FREQUENTLY ASKED QUESTIONS
1. Who has the best golf cart?
Yamaha Golf-Car Company, Textron Inc., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., CLUB CAR, Cruise Car Inc., Garia Inc., JH Global Services Inc., SHOWDA DENKO KK, Columbia Vehicle Group Inc.
2. What is the market size for golf carts?
According to Fortune Business Insights, the global market size was USD 1.69 billion in 2021 and is expected to reach USD 2.55 billion by 2028.
3. Which region had the largest market share?
North America golf cart market size, 2020
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1 Porter’s Five Forces Analysis
4.2 SWOT Analysis
4.3 Technological developments
4.4 Golf Carts Market Breakdown – By Value
4.6 Impact of COVID-19
5. Global Golf Carts Market Analysis, Outlook and Forecast, 2017-2028
5.1. Main results/summary
5.2. Market Analysis, Outlook and Forecast – by Product Type
5.3. Market Analysis, Outlook and Forecast – By Application
5.3.1 Golf course
5.3.2 Personal services
5.3.3 Commercial services
5.4. Market Analysis, Outlook and Forecast – By Region
5.4.1 North America
5.4.4 Rest of the world
6. North America Golf Carts Market Analysis, Outlook and Forecast, 2017-2028
6.1. Main results/summary
6.2. Market Analysis, Outlook and Forecast – By Product Type
6.3. Market Analysis, Outlook and Forecast – By Application
6.3.1 Golf course
6.3.2 Personal Services
5.3.3 Commercial services
6.4. Market Analysis, Outlook and Forecast – by Country
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