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Golf Cart Market, by Component, End Users, Product Type, Seating Capacity, and by Geography
The increasing urbanization and industrialization in emerging economies have fueled the market for golf cart
Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This in turn, has increased the demand for internal transportation to carry goods and people, subsequently fueling demand for golf carts. Increasing demand for customized products by end users, related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.
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Increasing demand for electric golf carts fuels growth of the global golf cart market
On the basis of product type, the global golf cart market is segmented into electric golf carts and gasoline golf carts. The electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Increasing demand for pollution-free vehicles, surging prices of fuels, coupled with low costs associated with maintenance of electric carts are creating a conducive environment for growth of the segment.
Electric golf carts are powered by lead-acid batteries that enables the increase in its weight-to-performance ratio. Lithium golf cart batteries are half the size of a traditional lead-acid battery, and two-thirds of the battery weight, which enables the golf cart to reach higher speeds with less energy and can transport more weight.
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North America holds a dominant position in the global golf cart market
On the basis of geography, the global golf cart market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. According to Coherent Market Insights, North America held a dominant position in the global golf cart market in 2016 and is projected to retain its dominance throughout the forecast period. High popularity of golf sport in this region has resulted in the establishment of a large number of golf clubs, in turn increasing the demand for golf carts in the region. The U.S. and Canada are the major countries driving growth of the golf cart market in North America. Asia Pacific holds the second largest position in the golf cart market. Increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments are fueling growth of the market in the region. China, Japan, Australia, and India are the major countries driving growth of the market for golf cart in Asia Pacific.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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