Global Golf Cart Market TOC
Golf Cart Market size is poised to reach USD 3.09 Billion by the end of 2036, growing at a CAGR of 6.7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of golf cart was USD 1.42 Billion. The reason behind the growth is impelled by the increasing number of golf facilities, increasing the demand for golf carts from several end-use industries-such as tourism, airports, public conveyance, and advertisements. This industry supports the geriatric population along with the specially-abled population, which acts as a great reason behind the increasing trend in this market.
The growing demand for electric vehicles, due to the increasing awareness of vehicular emission, along with the government regulations to limit pollution is set to limit the market’s growth. According to the report by the International Energy Agency (IEA) 2023, electric vehicles are the key to decarbonizing road transport, which is the sector that accounts for 0ne-sixth of global emissions. The sale was seen to have more than tripled in the last three years from 4% in 2020 to 14% in 2022. This demand and awareness are believed to fuel the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6.7% |
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Base Year Market Size (2023) |
~ USD 1.42 Billion |
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Forecast Year Market Size (2036) |
~ USD 3.09 Billion |
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Regional Scope |
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Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Powered Golf Cart)
The electric golf cart market is estimated to gain a robust revenue share of 48% in the coming years owing to the reduced battery prices of electric golf carts and the strictly enforced emission regulations by the government acts as a positive driver for the electric market sales. Along with this, the electric golf carts consist of fewer moving parts, so the maintenance costs are non-existent, which contributes to the expansion of this particular segment. The gasoline golf cart is the second largest segment as their variants gained popularity due to the space they consume and the cost of it, this increased the demand for this segment, especially in the universities, stadiums, airports, and bus stations. The solar-based cart offers less emissions and this attracts the tax benefits in several countries as well.
Application (Medical, Golf Course, Commercial Services)
The golf course segment is set to garner a notable share shortly and is likely to remain the largest segment in the application of the market. As the number of golf courses has increased, the number of active participants has also increased all over the globe. During the forecasted period, the commercial segment is estimated to increase at a great rate, and in addition to this, the customizable option of the golf carts plays a huge role in the increase of this market in this particular region.
Battery Capacity (4V, 6V, 8V, 10V)
The 8V segment is estimated to hold the largest revenue for about 972 Million by the end of the forecasted period, i.e., 2036. As these product types are budget friendly and can be afforded easily along with this, as the voltage is neither the least nor the highest their power efficiency is the best, due to which 8V battery capacity golf carts are in more demand than of 10V battery capacity golf cart, and is expected to increase in the forecasted period.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Battery Capacity |
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Application |
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North American Market Forecast
Golf Cart market in North America is predicted to account for the largest share of 42% by 2036 impelled by more than 17,000 golf courses in this region. The US had shown a positive growth in the golf cart business in 2021. This industry is on the surge due to the increase in golfers and rising golf awareness. The USA consists of the largest number of golf courses in the world, with approximately 45% of total courses over the globe.
For instance, in the US, more than 57,000 golf driving ranges were registered in 2020, which increased the demand for golf carts in this region.
APAC Market Statistics
The APAC golf cart market is estimated to be the second largest, during the forecast timeframe led by the higher focus on mobility services, urbanization, governmental regulations, and an increase in fuel prices boosts the increasing demand for demand for non-fuel-based vehicles over the fuel-based vehicles. Several technological advancements are also taking place in the electrical vehicles, owing to the governmental regulations and initiatives, which increase the demand for golf carts in this region.
Author Credits: Harshita Srivastava, Saima Khursheed
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