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Global Golf Cart Market to be Augmented by Growing Demand for Electric Powered Golf Carts with USD 4,159.4 Million by 2023

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The golf cart market is rising on the back of increasing demand for solar and electric powered golf carts around the world which can be attributed to the low maintenance requirement and rising awareness among the population regarding increasing fuel emissions. Further, modern and customized golf carts with advanced technologies combined with growing tourism industry across the globe are believed to supplement the expansion of the golf cart market in upcoming years.

The global golf cart market reached the notable market valuation of USD 2,740.4 Million in 2016 and is further predicted to grow significantly with USD 4,159.4 Million by the end of 2023 by expanding at a CAGR of 6.14% over the period 2016-2023.

In terms of regional segmentation, the global golf cart market is segmented into North America, Europe, Latin America, Asia-Pacific and Middle East & Africa, out of which, North America golf cart market dominated the overall market of golf cart by holding more 58% of the total market share in 2016, where the U.S. accounted for around 78% in 2016 and is further believed to be the largest shareholder behind the dominance of North America during the forecast period. Moreover, Europe is the second highest opportunistic region for golf carts after North America in the near future.

The global golf cart market is segmented into fuel type and end-use industry, out of which, the fuel type segment is further segmented into electric, gas powered and gasoline powered golf carts. Among these segments, the electric golf cart segment held more than 50% of the total market share in 2016 and is believed to expand with its positive growth throughout the forecast period. This can be attributed to the government initiative towards reducing dependency on gasoline powered vehicles.

The Report titled Global Golf Cart Market Outlook: Industry Demand Analysis & Opportunity Assessment 2016-2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

This report also studies existing competitive scenario of some of the key players of the global golf cart market which includes profiling of Ingersol Rand PLC, Hitachi Chemical, Yamaha Motors Co. Ltd. and Textron.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled Global Golf Cart Market Outlook 2023”, analyses the overall golf cart industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global golf cart market in the near future.       

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