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Golf Cart Market : Global Demand Analysis & Opportunity Outlook 2023

Published On : 09:40 AM, 14th September, 2017 REP-ID-335 Category: Miscellaneous

Global Golf Cart Market Overview

Golf cart are basically used to travel short distances, they can also be used in different location for different purposes such as resorts, hotels and retirement villages and others. These carts are also used in airports and shopping malls to carry luggage over short distance or inside a building. The participation rate in golf game is increasing due to increasing personal disposable income of consumers and as well as changing life style. Golf is considered as a luxurious game; therefore higher personal disposable income ensures that a greater number of people can afford to play golf. Golf carts are available with various fuel inputs such as electric powered golf cart, gasoline powered golf cart and natural powered golf cart. Due to obvious reason of environmental pollution, electric golf cart is anticipated to be in high demand over the forecast period.

The introduction of solar powered golf carts and rising inclination of end-user towards sustainable energy solutions, have propelled the golf carts towards advanced and low maintenance electric golf transformations boosting the demand for electric golf carts. In addition to that, rising international tourism globally is expected to foster the demand for golf electric LSV & carts in airports for luggage and passenger carrying purposes. Golf equipment manufacturers are launching modern and customized golf carts and using advanced technologies, such as computer-aided design and computer-aided manufacturing for developing and modifying their product designs. Manufacturers are increasingly offering solar powered golf carts with high-end accessories, such as golf robots, launch monitors, and remote control capabilities.

Golf Cart market Graph

Moreover, increasing number of golf course globally and rising trend of golf tourism in various developed and developing countries such as U.S., Canada,  U.K., Japan, Australia, UAE, India and China is expected to propel the demand for golf carts in near future.

Market Size and Forecast

The global golf cart market is expected to expand at a CAGR of 6.14% during the forecast period of 2016-2023. The market is expected to witness a robust growth owing to the increasing demand for electric golf cart for various end uses such as hotels, resorts, residential apartments, commercial complex and others. Further, due to heavy demand for eco-friendly product and surging prices of fuel, electric golf cart witness the highest market share of the global golf market.

North America is anticipated to hold the highest market share of 56% in terms of revenue by the end of 2023. The region’s dominance is due to the advancement in technology and rejuvenation of the golf industry in the U.S. Further, in North America, U.S. to remain the most lucrative market for existing and new players looking for business expansion or investment in electric LSV market.

Asia-Pacific is anticipated to be the second largest market, owing to the increasing use of electric golf cart in other end use industry such as residential apartments, airports, malls and others. In Asia-Pacific a highest demand is projected to come from Japan followed by China, Australia & India.

Market Segmentation:

Our in-depth analysis of the global golf cart market includes the following segments:

By Fuel Type

  • Electric Powered
  • Natural Gas Powered
  • Gasoline Powered

By End User

  • Golf Courses
  • Hotels & Resorts
  • Tourist Destinations
  • Airports
  • Residential & Commercials
  • others

By Region

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Benelux, Russia, and  Poland) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand,  & South Korea ) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (GCC, North Africa, & South Africa) Market Size and Y-O-Y Growth Analysis

Growth Drivers and Challenges:

The demand for electric powered golf cart is anticipated to increase in terms of value during the forecast period on the back of low maintenance requirement of solar powered golf carts. These advancements are expected to impact positively on the growth of global golf cart market. Further, the rising trend of golf sports and large scale application of golf carts in hospitality industry is expected to bolster the demand for golf carts during the forecast period. Moreover, Countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanization over the past decade. This swift rise of urbanization and industrialization is expected to boost mall culture, hi-tech and smart housing projects, and amusement and theme parks. All these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts.

Furthermore, rapid expansion of urbanization leads to increase in the number of state of the art residential societies with golf courses across the globe. The rising number of golf courses in developing nations such as India, China is impacting positively on the growth of golf cart market. The urbanization is changing the lifestyle of the population and also raising awareness towards the increasing fuel emissions. The rising disposable income of the population is allowing them to spend more on commuting vehicles such as golf carts.

However, high cost of maintenance of golf carts which are powered by gasoline is believed to dampen the growth of global golf cart market. Moreover, presence of local manufacturers and lack of standards and regulations is leading the manufacturers to produce low-quality golf carts.

Key Players

  • Ingersol Rand PLC
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Hitachi Chemicals
  • Yamaha Motors Co. Ltd
  • Textron

Scope and Contexts

Overview of the Parent Market

Analyst View

Segmentation

The global golf cart market is segmented as follows:

  • By Fuel Type Market Size & Y-O-Y Growth Analysis
  • By End User Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

1.  Executive Summary

2.  Research Methodology

3.  Risk Analysis

3.1. Demand Risk

3.2. Supply Risk

5.  Global Golf Cart Market Size and Forecast, 2016-2023

6.  Market Dynamics & Its Impact Analysis

6.1. Growth Drivers

6.2. Challenges

6.3. Trends

7. Global Golf Cart Market Segmentation Analysis

7.1. Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.1. Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.2. Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.3. Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.1.4. Market Attractiveness By Fuel Type

7.1.5. BPS Analysis By Fuel Type

7.2. Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.1. Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.2. Golf Cart used in Hotels  & Resorts Market Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.3. Golf Cart used in Tourist Destinations  Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.4. Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.5. Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.6. Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.2.7. Market Attractiveness By End-Use Industry

7.2.8. BPS Analysis By End-Use Industry

7.3. By Region Market Size ($ Million), Y-O-Y Growth & Share Analysis (%), 2016-2023

7.3.1. North America Market Size ($ Million), Y-O-Y Growth & Share Analysis (%), 2016-2023

7.3.1.1. By Country

7.3.1.1.1. U.S. Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.1.2. Canada Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.1.3. Market Attractiveness By Country

7.3.1.1.4. BPS Analysis By Country

7.3.1.2. North-America Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.2.1. North-America Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.2.2. North-America  Natural Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.2.3. North-America Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.2.4. Market Attractiveness By Fuel Type

7.3.1.2.5. BPS Analysis By Fuel Type

7.3.1.3.    North-America Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.1. North-America Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.2. North-America Golf Cart used in Hotels & Resorts Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.3. North-America Golf Cart used in Tourist Destinations Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.4. North-America Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.5. North-America Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.6. North-America Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.1.3.7. Market Attractiveness By End-Use Industry

7.3.1.3.8. BPS Analysis By End-Use Industry

7.3.2. Latin America Market Size ($ Million), Y-O-Y Growth & Share Analysis (%), 2016-2023

7.3.2.1. By Country

7.3.2.1.1. Mexico Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.1.2. Brazil Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.1.3. Rest of Latin America Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.1.4. Market Attractiveness By Country

7.3.2.1.5. BPS Analysis By Country

7.3.2.2.    Latin-America Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.2.1. Latin-America Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.2.2. Latin-America Natural Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.2.3. Latin-America Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.2.4. Market Attractiveness By Fuel Type

7.3.2.2.5. BPS Analysis By Fuel Type

7.3.2.3. Latin-America Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.1. Latin-America Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.2. Latin-America Golf Cart used in Hotels & Resorts Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.3. Latin-America Golf Cart used in Tourist Destinations Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.4. Latin-America Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.5. Latin-America Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.6. Latin-America Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.2.3.7. Market Attractiveness By End-Use Industry

7.3.2.3.8. BPS Analysis By End-Use Industry

7.3.3. Europe Market Size ($ Million) & Y-O-Y Growth & Share Analysis, 2016-2023

7.3.3.1. By Country

7.3.3.1.1. U.K. Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.2. Germany Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.3. France Market Size ($ Million) & Y-O-Y Growth Analysis, 2016-2023

7.3.3.1.4. Italy Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.5. Spain Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.6. Hungary Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.7. BENELUX Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.8. Russia Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.9. Poland Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.1.10. Market Attractiveness By Country

7.3.3.1.11. BPS Analysis By Country

7.3.3.2. Europe Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.2.1. Europe Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.2.2. Europe Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.2.3. Europe Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.2.4. Market Attractiveness By Fuel Type

7.3.3.2.5. BPS Analysis By Fuel Type

7.3.3.3. Europe Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.1. Europe Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.2. Europe Golf Cart used in Hotels  & Resorts Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.3. Europe Golf Cart used in Tourist Destinations Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.4. Europe Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.5. Europe Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.6. Europe Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.3.3.7. Market Attractiveness By End-Use Industry

7.3.3.3.8. BPS Analysis By End-Use Industry

7.3.4. Asia Pacific Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1. By Country

7.3.4.1.1. India Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.2. China Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.3. Japan Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.4. Singapore Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.5. Australia Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.6. New Zealand Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.7. South Korea Market Size ($) & Y-O-Y Growth Analysis (% Million), 2016-2023

7.3.4.1.8. Market Attractiveness By Country

7.3.4.1.9. BPS Analysis By Country

7.3.4.2.    Asia-Pacific Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.2.1. Asia-Pacific Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.2.2. Asia-Pacific Natural Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.2.3. Asia-Pacific Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.2.4. Market Attractiveness By Fuel Type

7.3.4.2.5. BPS Analysis By Fuel Type

7.3.4.3.    Asia-Pacific Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.1. Asia-Pacific Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.2. Asia-Pacific Golf Cart used in Hotels & Resorts Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.3. Asia-Pacific Golf Cart used in Tourist Destinations  Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.4. Asia-Pacific Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.5. Asia-Pacific Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.6. Asia-Pacific Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.4.3.7. Market Attractiveness By End-Use Industry

7.3.4.3.8. BPS Analysis By End-Use Industry

7.3.5. Middle East & Africa Market Size ($ Million) & Y-O-Y Growth & Share Analysis, 2016-2023

7.3.5.1. By Country

7.3.5.1.1. GCC Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.1.2. North Africa Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.1.3. South Africa Market Size ($ Million) & Y-O-Y Growth Analysis, 2016-2023

7.3.5.1.4. Market Attractiveness By Country

7.3.5.1.5. BPS Analysis By Country

7.3.5.2. Middle East & Africa Golf Cart By Fuel Type Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.2.1. Middle East & Africa Electric Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.2.2. Middle East & Africa Natural Gas Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.2.3. Middle East & Africa Gasoline Powered Golf Cart Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.2.4. Market Attractiveness By Fuel Type

7.3.5.2.5. BPS Analysis By Fuel Type

7.3.5.3. Middle East & Africa Golf Cart By End-use Industry Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.1. Middle East & Africa Golf Cart used in Golf Courses Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.2. Middle East & Africa Golf Cart used in Hotels & Resorts  Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.3. Middle East & Africa Golf Cart used in Tourists Destinations Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.4. Middle East & Africa Golf Cart used in Airports Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.5. Middle East & Africa Golf Cart used in Residential and Commercial Premises Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.6. Middle East & Africa Golf Cart used in Other Institutions Market Size ($ Million) & Y-O-Y Growth Analysis (%), 2016-2023

7.3.5.3.7. Market Attractiveness By End-Use Industry

7.3.5.3.8. BPS Analysis By End-Use Industry

8. Porter’s Five Force Model Analysis

9. Competitive Landscape

9.1 Company Profiles

9.1.1. Ingersol Rand PLC

9.1.2. Key Financials

9.1.3. Recent Developments

9.2.1. Hitachi Chemical

9.2.2. Key Financials

9.2.3. Recent Developments

9.3.1. Yamaha Motors Co. Ltd

9.3.2. Key Financials

9.3.3. Recent Developments

9.3.1. Textron

9.3.2. Key Financials

9.3.3. Recent Developments

 

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