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Automotive & Transportation

Golf Cart Market : Global Demand, Growth Analysis & Opportunity Outlook 2023

  • Report ID: 201

Global Golf Cart Market Overview button

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 changing life style of consumers. Golf is considered as a luxurious game; therefore higher personal disposable income ensures that a greater number of people can afford to play golf.

Market Size & Forecast

In 2013, global golf cart market was valued at USD 1.8 billion, the market is anticipated to reach 3.3 billion by 2023 witnessing a compound annual growth rate of 6.7% owing to the increasing demand for electric golf cart for various end use such as hotels, resorts, residential apartments, commercial complex etc. Due to heavy demand of eco-friendly product and surging prices of fuel, electric golf cart market accounted for 50% market share to the global golf market in 2015

North America is anticipated to hold the highest market share of 40% to the global golf cart market by the end of 2023. The region's dominance is due to advancement in technology and rejuvenation of the golf industry in U.S. and Canada. 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

                                  Golf Cart Market Demand & Revenue Opportunity .

Golf carts are available with various fuel inputs such as electric golf cart and diesel 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 global golf car market has suffered a decline over the past decades owing to its dependency on golf courses and a limited number of golf players; however the significant use of golf cart in other end use industry application has propelled the demand for golf carts globally.

Demand Analysis By Market Segmentation

By Product

On the basis of fuel required, the market can be segmented into following segments:-

  • Electric golf cart
  • Gas powered golf cart
  • Diesel powered golf cart

By End Use Industry

Earlier golf carts are only used in golf courses but now-a-days golf cart found its application in different industries, On the basis of end use industry the market can be segmented into following categories:-

  • Golf Courses
  • Parks
  • Hotels
  • Tourist destinations
  • Residential and commercial premises
  • Airports
  • Institutions

By Region

Global Golf Cart Market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Electric golf cart is the most popular product due to its wide range of application in different sectors such as mall, hotels, resorts etc. this has increased the demand for golf cart in various end use applications, further boosting the global golf cart market. Technological innovation associated with golf cart such as introduction of solar powered golf cart, development of more efficient and long lasting batteries for electric golf cart has fuelled the demand of eco-friendly golf carts across the globe.

Increasing personal disposable income coupled with rising number of sports events such as Olympics, Asian games, common wealth games are anticipated to be the major factors that will incline the player’s behaviour towards the game and this will further boost the demand of golf cart over the forecast period. Since golf is a luxurious game, a small fraction of peoples can afford the spending of the game and lack of proper infrastructure to support the golf industry is a  major factor that will restrain the market growth across the globe.      

Key Players

  • Ingersoll Rand, Inc.
  • Club Car, Inc.
  • Yamaha Golf Car Company
  • Evergreen Electric Vehicles
  • Tesla Motors. Inc.
  • Cushman
  • HDK Electric Vehicles
  • E-Z-GO
  • Sanyo
  • Hitachi
  • E-Way

 

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