What Transformation Has the Golf Cart Market Undergone?
The golf cart market has seen considerable growth due to a variety of factors.
• In recent times, the golf cart market has witnessed robust growth. The market value is projected to increase from $1.72 billion in 2024 to $1.81 billion in 2025, marking a compounded annual growth rate (CAGR) of 5.3%.
The historic surge in the market is due to factors such as the solid economic expansion in developing markets, the growing fascination with golf courses, heightened industrialization, and a drive towards sustainable energy solutions.
How Will The Golf Cart Market Size Evolve In The Foreseeable Future?
The golf cart market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the golf cart market is anticipated to witness robust growth, reaching a worth of $2.3 billion in 2029, with an annual compound growth rate of 6.1%.
This growth during the forecast period is believed to be driven by factors such as high-speed urbanization, augmented government backing, the surge in the elderly population, and an expansion in both domestic and international tourism sectors. Significant trends during the forecasted timeline are expected to be strategic alliances and collaborations between market competitors, an intensified interest in electric golf carts, and a focus on creating customizable golf carts.
What Are the Critical Driver Fuelling the Golf Cart Market's Growth?
The golf cart market is projected to expand due to an increase in their usage in the tourism sector. Tourism involves commercially prompted travel. Tourists often use golf carts to visit various attractions such as hotels, amusement parks, zoos, and museums, as they offer convenience, cost-effectiveness, and are eco-friendly. Consequently, an upswing in the usage of golf carts in the tourism industry is anticipated to drive the demand for the golf cart market. Golf carts are a popular mode of transport among tourists. To illustrate, the Office of National Statistics in the UK reported that in November 2023, visits from foreign tourists to the UK surged from 2.8 million in May 2022 to 3 million in June 2022. Tourists spent a collective sum of $3.42 billion (£2.7 billion) during their UK visits. Thus, the golf cart market is gaining impetus from the trend of using golf carts in the tourism realm.
What Are The Core Segments Of The Globa Golf Cart Market?
The golf cart market covered in this report is segmented –
1) By Product Type: Push-Pull Golf Cart, Gasoline Golf Cart, Electric Golf Cart, Solar Powered Golf Cart
2) By Operation: Manual, Powered
3) By Ownership: Rented, Fully Owned
4) By Application: Golf Course Use, Personal Use, Commercial Use
Subsegments:
1) By Push-Pull Golf Cart: Manual Push Carts, Pull Carts
2) By Gasoline Golf Cart: Standard Gasoline Golf Carts, High-Performance Gasoline Golf Carts
3) By Electric Golf Cart: Standard Electric Golf Carts, High-Speed Electric Golf Carts
4) By Solar Powered Golf Cart: Solar-Assisted Electric Golf Carts, Fully Solar-Powered Golf Carts
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Which Emerging Trends Are Reshaping The Golf Cart Market?
Trends in the golf cart market are seeing an increase in technological developments. Various leading corporations in this sector are inventing novel technologies to maintain their market dominance. For instance, Neuron Energy Pvt Ltd., a company based out of India that offers Electric Vehicle solutions, recently launched their Adler series of electric golf carts in November 2022. This fresh initiative will leverage its latest product to meet the growing needs for personal transportation, cargo, recreational use, and medical aid. The golf carts will operate using lithium-ion batteries provided by Neuron, equipped with a GPRS tracker and remote assistance. The GPRS vehicle tracking system built in these carts, works autonomously in sync with a GPS that logs the geographical data and sends it to the internet.
Who Are the Key Players in the Golf Cart Market?
Major companies operating in the golf cart market include:
• Textron Inc
• Yamaha Motor Co. Ltd
• Club Car LLC
• Marshell Green Power Co. Ltd
• Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
• HDK Electric Vehicle
• JH Global Services Inc
• Dongguan Excar Electric Vehicle Co. Ltd
• STAR EV Corporation
• Xebio Group
• Kandi Technologies Corporation
• Borcart
• HillBilly Australia
• Garia Luxury Golf Car
• Stewart Golf Limited
• Melex
• Icon Golf Cart
• CCE Golf Cars
• Mission Golf Cars
• Inland Hobbs Material Handling
• Ness Turf Equipment
• King of Carts
• LLC
• Nivel Parts
• Motor Appliance Corp
• Golf Cart Parts Company
• Sol Patch International. Inc
• Bugle Forklift Sales & Rentals LTD
• Royal Impex
• Neuron Energy
• First International Specialized Vehicles Trading LLC
• H I C Battery FZCO
• Eazytech
• Royal Elite Valet Parking Company
• Smith Power Equipment
• Golf Car Worx
• Evo Motors
What are the Regional Insights into the Golf Cart Market?
North America was the largest region in the golf cart market in 2024. The regions covered in the golf cart market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
