Golf Cart Market 2018-2025 : Promising Growth Opportunities With Global Key Companies- Club Car, LLC, Columbia ParCar Corp, Cruise Car, Inc, EverGreen Electrical Vehicles, E-Z-GO, Garia Luxury Golf Car, Hitachi Chemical Co.,

The global golf cart market was valued at US$ 3,262.3 million in 2016 and is projected to exhibit a CAGR of 5.95% during the forecast period (2017–2025), reaching US$ 5,590.0 million by 2025. Growing urbanization and industrialization are some of the factors driving growth of the global golf cart market. However, high initial costs associated with golf carts is major factor hindering growth of the market. Moreover, lack of infrastructure for charging points of golf carts in emerging economies hinders growth of the golf cart market.

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Market Dynamics

Increasing demand for electric golf carts is a key factor driving growth of the golf cart market. Increasing demand for pollution-free vehicles, surging prices of fuels, and low maintenance cost of electric golf carts have contributed to the rapid growth of the electric golf cart segment. Furthermore, growing urbanization and industrialization have increased the demand for internal transportation to carry goods and people. This in turn, fuels demand for golf carts, thus driving growth of the golf cart market.

Market Taxonomy

This report segments the global golf cart market on the basis of component, end users, product type, seating capacity, and geography. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely, North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.

Key Takeaways of the Golf Cart Market:

The global golf cart market is estimated to expand at a CAGR of 5.95% during the forecast period

The global golf cart market generated revenue of US$ 3,262.3 million in 2016 and is projected to reach US$ 5,590.0 million by 2025
Among product type, the electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period.

Among seating capacity, the medium (6-8) size segment holds a dominant position in the market and is projected to retain its dominance throughout the forecast period.

Among end users, the private segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period

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 in this region contributes to its leading position in the global market.

In North America, the U.S. held a dominant position in 2016 and remains a lucrative market for new players

Asia Pacific is estimated to expand at a significant CAGR over the forecast period, owing to increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments

China, Japan, Australia, and India are the major countries driving growth of the golf cart market in Asia Pacific. Growing urbanization and industrialization are boosting smart house projects, mall culture, and theme parks, among others, in turn increasing the demand for golf cart vehicles

Some of the major players involved in the global golf cart market are Club Car, LLC, Columbia ParCar Corp, Cruise Car, Inc., EverGreen Electrical Vehicles, E-Z-GO, Garia Luxury Golf Car, Hitachi Chemical Co., Ltd., Maini Material Movement Pvt. Ltd., Xiamen Dalle Electric Car Co., Ltd., and Yamaha Golf-Car Company.

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