Global Golf Cart Market Highlights Over 2020 - 2030
The global golf cart market is estimated to garner a revenue of USD 2664.1 Million by the end of 2030, by growing at a CAGR of 5.65% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 1548.4 Million. The growth of the market can primarily be attributed to the growing popularity of golf as a sport around the globe, along with the increasing number of golf facilities worldwide, which in turn, is driving the demand for golf carts. Moreover, increasing demand for golf carts from other end-use industries, such as advertising, as well as the increasing application of golf carts in railway stations, airports and other public conveyance places to support the geriatric population as well as the disabled population are also expected to contribute to the market growth.
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The demand for gold cart is also anticipated to grow on account of the increasing preferences for electric vehicles, backed by the growing awareness for vehicular emission, as well as for the stringent government norms to limit the pollution. According to the statistics by the International Energy Agency (IEA), the electric car stock worldwide touched 4.79 Million in the year 2019, up from 0.40 Million in the year 2014.
On the other hand, the rapid growth observed in the hospitality and tourism industry is also expected to drive the demand for golf carts in the coming years.
Global Golf Cart Market Regional Synopsis
Regionally, the global golf cart market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1403.20 Million by the end of 2030, up from a revenue of USD 862.6 Million in the year 2020. One of the major factors anticipated to drive the growth of the market in the region is the growing popularity of golf as a sport in countries, such as the United States. According to the statistics by the National Golf Foundation, 101 Million people played golf, watched the sport or read about it in the United States in the year 2020. Besides this, the statistics also stated that in the same year, golfers played an average of 20 rounds. The market in the region is further segmented by country into the United States and Canada. Out of these, the market in the United States is anticipated to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 5.11% during the forecast period. On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 7.19% during the forecast period and further attain a revenue of USD 426.0 Million by the end of 2030. The market in the region us further segmented by country into India, China, Japan, South Korea, Australia, and the Rest of the Asia Pacific. Out of these, the market in China is projected to garner the largest revenue of USD 171.5 Million by the end of 2030.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, 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).
Growth Drivers and Challenges Impacting the Growth of the Global Golf Cart Market
- Growing Demand for Golf Carts from Different End-Use Industries
- Rising Popularity of Golf as a Sport
- High Price of Golf Carts
- Lack of Safety Features
Global Golf Cart Market Segmentation Synopsis
The global golf cart market is segmented by product type into electric, gasoline, and solar golf cart. Out of these, the electric golf cart segment is anticipated to hold the largest market revenue of USD 1596.4 Million by the end of 2030, up from a revenue of USD 932.9 Million in the year 2020. The market is further segmented by battery capacity into 4V, 6V, 8V, and 12V. Out of these, the 8V segment is projected to hold the largest revenue of USD 965.3 Million by the end of 2030 and also grow with the highest CAGR of 6.69% during the forecast period. The market is also segmented by application into golf course, residential service, and commercial services. Out of these, the commercial services segment registered the largest revenue of USD 602.5 Million in the year 2020, and is further predicted to touch USD 1147.5 Million by the end of 2030. By passenger capacity, the market is further segmented into 2-, 4-, 6-, and 8-seater, and others. Out of these, the 4-seater segment is anticipated to hold the largest revenue of USD 893.3 Million by the end of 2030.
Top Featured Companies Dominating The Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global golf cart market that are included in our report are Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., JH Global Services, Inc., Cruise Car, Inc., Garia A/S, Hitachi, Ltd., Textron Inc., Yamaha Motor Co., Ltd., AGT Electric Cars, Columbia Vehicle Group Inc., Dongguan Excar Electric Vehicle Co., Ltd., and others.