Golf Cart Market - Historic Data (2019-2024), Global Trends 2025, Growth Forecasts 2037
Golf Cart Market in 2025 is evaluated at USD 2.05 billion. The global market size was over USD 1.95 billion in 2024 and is estimated to grow at a CAGR of over 6.3%, surpassing USD 4.31 billion by 2037. North America is expected to generate USD 1.81 billion by 2037, fueled by increased golfers and rising golf awareness.
The market growth is impelled by increasing number of golf facilities, increasing the demand for golf carts from several end-use industries such as tourism, airports, public conveyance, and advertisements. Moreover, growing advancements in electric vehicles, along with devlopment of smart cities will boost the market growth.
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.
Challenges
- 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
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.3% |
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Base Year Market Size (2024) |
USD 1.95 billion |
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Forecast Year Market Size (2037) |
USD 4.31 billion |
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Regional Scope |
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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 revenue share of 48% by 2037. The segment growth can be attributed to 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.
The gasoline golf cart is the second largest segment as their variants gained popularity due to 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 lucrative golf cart market share by 2037. As the number of golf courses has increased, the number of active participants has also increased all over the globe. Moreover, the commercial segment is estimated to increase at a great rate. In addition to this, the customizable option of the golf carts plays a huge role in the increase of the market.
Battery Capacity (4V, 6V, 8V, 10V)
The 8V segment is slated to hold largest revenue by the end of the forecasted period. 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.
Our in-depth analysis of the 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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Customize this ReportGolf Cart Industry - Regional Synopsis
North America Market Statistics
The Golf Cart market in the North America region is expected to hold 42% share by the end of 2037. The market growth in the region is driven by 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 regional market growth. 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 popularity of these sports will contribute to the expansion of the market.
APAC Market Analysis
The APAC region will encounter huge growth for the golf cart market during the forecast period. 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, fueling the market demand.
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 18, 2025
- Report Format: PDF, PPT
