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 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
On the basis of fuel required, the market can be segmented into following segments:-
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:-
Global Golf Cart Market is further classified on the basis of region as follows:
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.
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