Press release
Global Golf Cart Market will multiply at an impressive CAGR of 6.14% by 2023 & Top Key Players Ingersol Rand PLC, Hitachi Chemicals, Yamaha Motors Co. Ltd, Textron, JH Global Services Inc., Tomberlin, Xiamen, Maini Materials Movement Pvt. Ltd. and others.
The golf cart market has been segmented by fuel into electric power, natural gas power and gasoline power. Among these segments, electric power engine accounted for the largest revenue in golf cart market globally and is anticipated to grow with significant pace owing to its low maintenance cost. Further, the initiatives taken by government to reduce pollution is one of the factors that are anticipated to fuel the demand for electric powered golf cart in overall golf cart market over the forecast period.
The Global Golf Cart Market is expected to witness a robust growth by the end of 2023 by expanding at a compound annual growth rate of 6.14% during the period 2016-2023. This can be attributed to growing demand for electric golf carts by various end-users in commercial and residential apartments. Further, with the rising prices of fuel, there is heavy demand for economic and eco-friendly products which is further anticipated to drive the growth of golf cart market by significant revenue by the end of 2023.
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In the regional segment, North America is anticipated to dominate the overall golf cart market by holding the highest market share of 56% over the forecast period which can be attributed to the progression in technology and rejuvenation of the golf industry in the U.S. Further, use of the electric golf cart in end use industries such as residential apartments, airports and malls among other is anticipated to drive the growth of Asia Pacific golf cart market.
Wide Scale Applications in Various Industries
The growth of the market is driven by the increasing demand for golf carts in various segments such as hotels, airports, hospitality, international tourism, commercial complex, retirement villages for luggage and passenger carrying purposes among other applications. Further, changing lifestyle with rapid expansion of urbanization and innovation of customized golf carts with advanced technologies are some of the factors that are expected to benefit the expansion of golf cart market globally. However, presence of local manufacturers, high cost of maintenance combined with lack of standards and regulations regarding golf carts are some of the factors that are anticipated to dampen the growth of the golf cart market over the forecast period.
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The report titled “Golf Cart Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the golf cart market in terms of market segmentation by fuel type, by end user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the golf cart market which includes company profiling of Ingersol Rand PLC, Hitachi Chemicals, Yamaha Motors Co. Ltd, Textron, JH Global Services Inc., Tomberlin, Xiamen, Maini Materials Movement Pvt. Ltd. and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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