The Global Golf Cart market is majorly driven by Technological advancement in golf cart and rising number of sports events according to our research report “Global Golf Cart Market Outlook 2023”.
Regionally, the golf cart market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North-America is anticipated to witness a significant growth and occupy the largest share of the golf cart market by 2023.
Global golf cart market is anticipated to reach USD 3.3 billion by 2023 witnessing a compound annual growth rate of 6.7% over the forecast period owing to the increasing demand for electric golf cart in other end use applications such as resorts, hotels and retirement villages etc.
North-America is likely to dominate the global golf cart market. U.S and Canada constitutes the largest number of golf course across the globe. North America is anticipated to project a market share of 42% followed by 28% by Asia-Pacific by the end of 2023.
Technological Advancement in Golf Cart: Uplift
Electric golf cart constitutes 50% of the global market in terms of revenue share. Electric golf carts are now commonly used for short distance travel in many end use industries such as mall, airport, residential apartments etc. Introduction of solar powered cart and development of more efficient and long lasting batteries for electric golf cart has fuelled the demand of eco-friendly golf carts across the globe.
Rising Number of Sports Events: Impetus
Rising number of sports events such as Olympics, Common wealth games, Asian games etc. coupled with the increasing personal disposable income will attract golf players to participate in the golf events. This will further boost the demand of golf cart over the forecast period i.e. 2016-2023.
The report titled “Global Golf Cart Market Outlook 2023” delivers detailed overview of the golf car in terms of market segmentation by regions, by product, by end use industry.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the golf cart industry which includes company profiling of Ingersoll Rand, Inc., Yamaha Golf Car Company, Evergreen Electric Vehicles., Tesla Motors. Inc., HDK Electric Vehiclesetc. 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 on 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.
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