Golf Cart Market Size & Share, by Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Powered Golf Cart); Battery Capacity (4V, 6V, 8V, 10V); Application (Golf Course, Residential Services, Commercial Services) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 1216
  • Published Date: Apr 26, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Golf Cart Market size is anticipated 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 of the market 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 and specially-abled populations, which is a great reason behind the increasing trend in this market.

The growing demand for electric vehicles, due to the increasing awareness of vehicular emissions, and government regulations to limit pollution are set to limit the market 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.

Golf Cart Market
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Golf Cart Sector: Growth Drivers and Challenges

Growth Drivers

  • Increase in purchasing power and globalization - The increasing global population in 2020 crossed 7.8 billion, and every year, this population grows by approximately 43 million. This surge in the population increases the opportunities for several industries including the golf cart market. This is expected to increase the demand for compact and eco-friendly vehicles, which occupy small parking spaces. Globalization also helps in organizing the international influence and this has helped to change the outlook of several regions. Globalization has also helped users to expect a better lifestyle, and they have started to spend more to get the best service possible. This drives the surge in the market share.
  • Rising Technological Development - Similar to the transforming automotive & transformation sector, the market is also evolving toward long-lasting, efficient, and eco-friendly solutions. Electrification in such vehicles is primarily driven by the stringent emission norms enforced by the government bodies to achieve carbon neutrality and increasing demand for electric golf carts among the populace owing to the various benefits such as enhanced comfort and technologically advanced features. Further, the surge in demand for this type of car in tourism, hospitality, university, and other sectors is expected to expand the market growth.
  • Government rules towards vehicle emissions - The US, Germany, China, and many other countries have implemented laws and regulations to decrease vehicular emissions while mandating that automobile manufacturers use advanced technologies for the same. California Air Resources Board (CARB), launched a program that includes the guidelines for manufacturers to ensure the production of zero-emission vehicles (ZEVs).  This is positively impacting the golf cart market.


  • High purchasing and maintenance cost- The purchasing cost varies with different types of features the cart includes such as GPS, built-in refrigerators, radios, air conditioners, and many more. Golf carts demand a high maintenance cost which includes- batteries, brake services, rear axle, and more. Due to such high initial cost and maintenance costs as well, the sales of the market can be restricted.
  • Lack of safety features to impede the market growth.
  • Low speed and power is set to restrict the industry’s growth.

Golf Cart Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

USD 1.42 Billion

Forecast Year Market Size (2036)

USD 3.09 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Golf Cart Segmentation

Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Powered Golf Cart)

The electric golf cart market is estimated to gain the largest revenue share of about 48% in the year 2036. The segment growth can be attributed to the reduced battery prices of electric golf carts and the strictly enforced emission regulations by the government act 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 golf cart 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 in market. 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 slated to hold the largest revenue for about USD 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 10V battery capacity golf cart, and is expected to increase in the forecasted period.

Our in-depth analysis of the market includes the following segments:

          Product Type

  • Electric Golf Cart
  • Gasoline Golf Cart
  • Solar Powered Golf Cart

          Battery Capacity

  • 4V
  • 6V
  • 8V
  • 10V


  • Medical
  • Golf Course
  • Commercial Services

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Golf Cart Industry - Regional Synopsis

North America Market Statistics

The Golf Cart market in the North American region is expected to hold the largest with a share of about 42% by the end of 2036. The market growth in the region is also expected on account of increased golfers and rising golf awareness. 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.

The presence of the greatest number of golf courses in the country and the maximum number of golf players can both be strongly attributed to the growth of the regional market. For instance, the National Golf Foundation reports that there are more than 16,000 golf courses in the United States, making up around 40% of all golf courses worldwide. Furthermore, rising disposable income among consumers drives up spending on leisure activities, and the popularity of these sports is projected to contribute to the expansion of the regional market.

APAC Market Analysis

The APAC region will also encounter huge growth for the golf cart market during the forecast period and will hold the second position. This is owing to higher focus on mobility services, urbanization, governmental regulations, and an increase in fuel prices boosts the increasing demand for non-fuel-based vehicles over the fuel-based vehicles. Several technological advancements are also taking place in electrical vehicles, owing to governmental regulations and initiatives, which increase the market demand in this region.

Research Nester
Golf Cart Market Size
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Companies Dominating the Golf Cart Landscape

    • GARIA INC.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Platinum Equity Advisors, LLC.
    • Textron Inc.
    • Yamaha Motor Co., Ltd.
    • Showa Denko (Resonac) 
    • Maini Corporate Pvt Ltd.
    • Nordic Group Limited
    • Kinetic Green Energy & Power Solutions Ltd.
    • Spoleman
    • Polaris Inc

In the News

  • Kinetic Green Energy & Power Solutions Ltd an electric vehicle manufacturer in India had teamed up with Lamborghini to produce more Italian-designed along with India-made golf carts. This project was carried out while focusing on the global market.
  • Textron Inc. made their E-Z-GO Liberty vehicle, which is the first industry vehicle that offers four front-facing seats in a compact golf cart size.

Author Credits:  Saima Khursheed

  • Report ID: 1216
  • Published Date: Apr 26, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of golf carts was over USD 1.42 billion.

The market size for golf carts is projected to cross USD 3.09 billion by the end of 2036 expanding at a CAGR of 6.7% during the forecast period i.e., between 2024-2036.

The major players in the market are Platinum Equity Aadvisors LLC (Club Car), Textron Inc. (E Z GO), Yamaha Motor Co Ltd., Showa Denko (Hitachi Chemicals), Maini Group, Nordic Group of Companies Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Xiamen Dalle New Energy Automobile Co. Ltd., and others.

In terms of product type, the electric golf cart segment is anticipated to account for the largest market share of 48% during 2024-2036.

The North American golf cart sector is poised to hold the highest share of 35% by 2036.
Golf Cart Market Report Scope

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