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Golf Cart Market Segmentation by Product Type (Electric, Gasoline, and Solar); by Battery Capacity (4V, 6V, 8V, and 12V); by Application (Golf Course, Residential Services, and Commercial Services); and by Passenger Capacity (2-, 4-, 6-, and 8-seater, and Others) – Global Demand Analysis & Opportunity Outlook 2020-2030

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         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.

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.

Golf Cart Market Graph

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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. 

Electric Car Stock Graph

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

Growth Drivers

  • Growing Demand for Golf Carts from Different End-Use Industries
  • Rising Popularity of Golf as a Sport

Challenges

  • 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.

Key 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.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

Global Golf Cart Market TOC

  1. Market Definition
    1. Definition
    2. Market Segmentation
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Executive Summary – Global Golf Cart Market
  5. Industry Value Chain Analysis
    1. Raw Material Procurement
    2. Manufacturers
    3. Distributors
    4. End-Users
  6. Market Dynamics
    1. Market Drivers
    2. Market Trends
  7. Key Market Opportunities
  8. Major Roadblocks for the Market Growth
  9. Regulatory and Standards Landscape
  10. Impact of COVID-19 on the Global Golf Cart Market (2020-2030)
    1. Impact on the Overall Market
    2. Impact on the Supply and Demand Chain
    3. Impact on Key Manufacturers
    4. Impact on the End-Use Industries
    5. Impact on the Pricing
  11. Average Pricing Analysis
  12. Competitive Landscape
    1. Market Share Analysis, 2020
    2. Company Profiles
      1. Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
      2. JH Global Services, Inc.
      3. Cruise Car, Inc.
      4. Garia A/S
      5. Hitachi, Ltd.
      6. Textron Inc.
      7. Yamaha Motor Co., Ltd.
      8. AGT Electric Cars
      9. Columbia Vehicle Group Inc.
      10. Dongguan Excar Electric Vehicle Co., Ltd.
  13. Comparative Analysis
  14. Global Golf Cart Market 2020-2030
    1. Market Overview
    2. By Value (USD Million)
  15. Global Golf Cart Market – Segmentation Analysis 2020-2030
    1. Product Type
      1. Electric Golf Cart, 2020-2030F (USD Million)
      2. Gasoline Golf Cart, 2020-2030F (USD Million)
      3. Solar Golf Cart, 2020-2030F (USD Million)
    2. Battery Capacity
      1. 4V, 2020-2030F (USD Million)
      2. 6V, 2020-2030F (USD Million)
      3. 8V, 2020-2030F (USD Million)
      4. 12V, 2020-2030F (USD Million)
    3. Passenger Capacity
      1. 2-Seater, 2020-2030F (USD Million)
      2. 4-Seater, 2020-2030F (USD Million)
      3. 6-Seater, 2020-2030F (USD Million)
      4. 8-Seater, 2020-2030F (USD Million)
      5. Others, 2020-2030F (USD Million)
    4. Application
      1. Golf Course, 2020-2030F (USD Million)
      2. Residential Service, 2020-2030F (USD Million)
      3. Commercial Services, 2020-2030F (USD Million)
        1. Airports, 2020-2030F (USD Million)
        2. Railways, 2020-2030F (USD Million)
        3. Clubs & Resorts, 2020-2030F (USD Million)
        4. Theme Parks, 2020-2030F (USD Million)
        5. Others, 2020-2030F (USD Million)
    5. Region
      1. North America Golf Cart Market, 2020-2030F (USD Million)
      2. Europe Golf Cart Market, 2020-2030F (USD Million)
      3. Asia Pacific Golf Cart Market, 2020-2030F (USD Million)
      4. Latin America Golf Cart Market, 2020-2030F (USD Million)
      5. Middle East & Africa Golf Cart Market, 2020-2030F (USD Million)
  16. North America Golf Cart Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Product Type
        1. Electric Golf Cart, 2020-2030F (USD Million)
        2. Gasoline Golf Cart, 2020-2030F (USD Million)
        3. Solar Golf Cart, 2020-2030F (USD Million)
      2. Battery Capacity
        1. 4V, 2020-2030F (USD Million)
        2. 6V, 2020-2030F (USD Million)
        3. 8V, 2020-2030F (USD Million)
        4. 12V, 2020-2030F (USD Million)
      3. Passenger Capacity
        1. 2-Seater, 2020-2030F (USD Million)
        2. 4-Seater, 2020-2030F (USD Million)
        3. 6-Seater, 2020-2030F (USD Million)
        4. 8-Seater, 2020-2030F (USD Million)
        5. Others, 2020-2030F (USD Million)
      4. Application
        1. Golf Course, 2020-2030F (USD Million)
        2. Residential Service, 2020-2030F (USD Million)
        3. Commercial Services, 2020-2030F (USD Million)
          1. Airports, 2020-2030F (USD Million)
          2. Railways, 2020-2030F (USD Million)
          3. Clubs & Resorts, 2020-2030F (USD Million)
          4. Theme Parks, 2020-2030F (USD Million)
          5. Others, 2020-2030F (USD Million)
      5. Country
        1. United States
        2. Canada
  17. Europe Golf Cart Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Product Type
      2. Battery Capacity
      3. Passenger Capacity
      4. Application
      5. Country
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Russia
        7. Netherlands
        8. Rest of Europe
  18. Asia Pacific Golf Cart Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Product Type
      2. Battery Capacity
      3. Passenger Capacity
      4. Application
      5. Country
        1. India
        2. China
        3. Japan
        4. South Korea
        5. Australia
        6. Rest of Asia Pacific
  19. Latin America Golf Cart Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Product Type
      2. Battery Capacity
      3. Passenger Capacity
      4. Application
      5. Country
        1. Brazil
        2. Argentina
        3. Mexico
        4. Rest of Latin America
  20. Middle East & Africa Golf Cart Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Product Type
      2. Battery Capacity
      3. Passenger Capacity
      4. Application
      5. Country
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa

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