On the basis of fuel required, the market can be segmented into following segments:-
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
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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.
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:-
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
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.