Research Nester published a report titled “Golf Cart Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global golf cart market in terms of market segmentation by product type, battery capacity, application, passenger capacity, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global golf cart market is anticipated to grow with a CAGR of 5.65% over the forecast period, i.e., 2021 – 2030. The market is segmented by product type into electric, gasoline, and solar golf cart, out of which, the electric golf cart segment is anticipated to hold the largest market revenue of USD 1596.4 Million by the end of 2030. The segment, which registered the largest revenue of USD 932.9 Million in the year 2020, is also expected to hold the highest market share during the forecast period.
The global golf cart market is estimated to garner a revenue of USD 2664.1 Million by the end of 2030, up from a revenue of USD 1548.4 Million in the year 2020. Surge in the number of golf facilities worldwide, backed by rising popularity of golf as a sport, followed by the rising popularity of golf as a sport around the globe, and the shift in preferences towards electric vehicles are some of the major factors anticipated to drive the market growth.
The global golf cart market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to garner the largest revenue of USD 1403.20 Million by the end of 2030, up from a revenue of USD 862.6 Million in the year 2020. The market in the region is further segmented by country into the United States and Canada, out of which, the market in the United States is anticipated to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 5.11% during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Concern for Vehicular Emission
The global electric car stock grew from 0.40 Million in the year 2014 to 4.79 Million in the year 2019, according to the statistics by the International Energy Agency (IEA).
Backed by the growing concern for vehicular emission worldwide, there is a rising shift towards the adoption of electric vehicles, and in turn, is driving the sales of electric vehicles. With the increasing urbanization and the development of several public conveyance systems, golf carts, which are also driven by an electrical power source, are widely being adopted. These vehicles are known to be less polluting and hence are widely being preferred for serving the public in these public places. Such a factor is anticipated to drive the market growth in the coming years.
However, the high price of golf carts, and the lack of safety features are expected to operate as key restraint to the growth of global golf cart market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global golf cart market which includes company profiling of Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., JH Global Services, Inc., Cruise Car, Inc., Garia A/S, Hitachi, Ltd., Textron Inc., Yamaha Motor Co., Ltd., AGT Electric Cars, Columbia Vehicle Group Inc., Dongguan Excar Electric Vehicle Co., Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.