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Golf Cart Market Segmentation By Product Type (Electric, Gasoline and Solar); By Battery Capacity (6V, 8V and 12V); By Passenger Capacity (2 Seater, 4 Seater and 6 Seater); By Length (Less than 8ft, 8.1-9.5ft, 9.6-11ft, 11.1-12.5ft, 12.6-14ft and More than 14ft) and By Application (Residential and Commercial) – Global Industry Demand Analysis and Opportunity Assessment 2018-2027

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Extensive insights into the Growth of Golf Cart Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • May 2018: One of the subsidiaries of Textron Inc., Textron Specialized Vehicles Inc., announced that they have launched new models of E-Z-GO ExpressÔ personal transport vehicles, including a 72-volt AC electric powertrain with improved power, range and performance.

  • June 2019: Yamaha Golf-Car Company announced the launch of five new edgy color lineup, namely Arctic Drift, Mica, Mica (matte), Atomic Flame and Graphite for its range of golf cars.

Market Overview

The growth of the global golf cart market is thriving on the back of the growing opportunities that is arising from the rising adoption of golf cart from different end user industries including airports, resorts, hospitals, stadiums, railways and others, coupled with factors such as the increasing adoption of electric carts on the back of growing stringent norms for the environment and increasing regulation for vehicular emission, and the rising demand from several developing regions around the world. The rapid growth observed in the hospitality and tourism industry is helping significantly for the greater adoption of golf carts for short distance travel in hospitality and tourism industry. On the other hand, growing government initiatives for reducing vehicular emissions is further adding up to the opportunity for the rising demand of golf carts, as most of the golf carts are primarily battery driven.

The global golf cart market reached a value of USD 1610 million in the year 2018 and is expected to garner a value of USD 2935.5 million by the end of 2027 by registering a CAGR of 6.9% across the globe over the forecast period 2020-2027. Further, the worldwide market of golf cart is anticipated to achieve an absolute $ opportunity of USD 1096.8 million throughout the forecast period.

Growth Highlights based on Region during 2018-2027

The global golf cart market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America golf cart is driven by nations such as U.S. and Canada, where U.S. held the dominant market share of 56% during 2018. Increasing usage of golf carts in commercial applications, such as sport clubs, airports, resorts, large private properties and others, coupled with the presence of several key players in the region. Additionally, the market of golf carts in North America, which held a share of 42.65% in the year 2018, is expected to expand by observing the growth rate of 1.54x over the forecast period, which in turn is estimated to have a positive effect on the demand for golf carts in the long run.

Further, U.K., Germany, France, Italy and Spain are some of the prominent countries that are driving the growth of the Europe golf cart market, where U.K. accounted for the largest market share of 31.26% in the year 2018. Increasing inclination of people for sports along with the growing number of sports clubs in the region are some of the factors that are driving the growth of the Europe golf cart market.

golf cart industry

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). CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation Synopsis

By Product Type

The global golf cart market has been segmented on the basis of product type into electric, gasoline and solar. Electric segment with 46.90% share in the year 2018, occupies the largest market of golf carts across the globe. Additionally, the electric segment is anticipated to cross a value of USD 1426.1 million by the end of 2027 by registering the highest CAGR of 7.3% over the forecast period. Further, the solar segment is anticipated to grow at a significant CAGR of 7.0% throughout the forecast period.

Golf cart industry Graph

Market Drivers and Challenges

Growth Indicators

Over the past few years, an increasing use of golf carts has been observed at airports, golf clubs, hospitals, railway stations, college campuses, sports events and housing projects as the golf carts offer substantial environmental advantages over conventional energy driven vehicles. Moreover, golf carts are evolving as a critical part of various industries for internal transportation, which is raising the need of the manufacturers of golf carts to produce a greater number of golf carts in order to suffice the market demand. On the other hand, the government bodies across the globe are increasingly implementing regulations concerning the problem of vehicle emissions and their impact on the environment. Numerous countries, such as Germany, France and China are implementing laws regarding vehicular emissions and are making it compulsory for vehicle manufacturers to combat high emission from vehicles. Golf carts are known to be more environment friendly on the back of its low power consumption, weight and downsized engine. Moreover, utilization of golf carts for promotional and marketing activities by numerous companies, coupled with factors such as increase in car rental services across the globe, increasing use of golf cart by event management firms and the increasing global population are some of the factors anticipated to drive the growth of the global golf cart market.

Barriers

Golf carts are highly priced and often require maintenance which raises the cost of maintenance of the vehicle. On the other hand, this type of vehicles is known to lack stability which makes them more susceptible to accidents. Additionally, presence of unorganized players in the market and the issues observed in the battery performance of golf carts are some of the factors anticipated to hamper the growth of the global golf cart market.

Competitive Landscape

Some of the affluent industry leaders in the global golf cart market are Textron Inc., Yamaha Golf-Car Company, AGT Electric Cars, Hitachi Chemical Co., Ltd., Ingersoll Rand, Xiamen Dalle Electric Car, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Autopower, Marshell Green Power, Speedways Electric and Columbia Vehicle Group Inc.

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