Press release
What's Driving the Golf Cart Market Growth? Ingersoll Rand, PLC., Yamaha Golf-Car Company, Hitachi Chemical Co. Ltd, Columbia Vehicle Group Inc., Garia, GDrive, Speedways Electric, Volmac Engg.Private Limited, Marshell Green Power, Dongguan Excellence Gol
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Europe has been estimated to experience substantial growth owing to the expanding tourism expenditure. Golfing arenas are being established in resorts and other commercial facilities to gain more participants. Furthermore, expansion in membership packages from clubs is predicted to enhance golf cart industry outlook.
Growing disposable incomes and expanding demand for convenient short distance travel solution at several institutions will lead golf cart market share to gain substantial momentum globally. As per the NGF, more than 400 golfing facilities has been started between 2014-2018. The facility owners have been offering supplies to support golf cart industry growth. A latest research report by Global Market Insights, Inc. has projected that golf cart market size is going to exceed a valuation of $2 billion through 2025.
Government bodies such as NHTSA and AARP have implemented guidelines to organize the vehicle operation, contributing to the growth of golf cart market share. Local regulatory bodies have been authorizing operations of low speed vehicles (LSV) to decrease emissions and adhere to environmental norms.
For example, in 2018, Florida has reportedly allowed low speed vehicles to operate on streets if the vehicle is equipped with head lamps, identification number, parking brakes, rear-view mirror, windshield, and seat belts. Emerging directives which allow vehicle usage are anticipated to enhance golf cart industry trends over 2018-2025.
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Electric and solar powered segment is likely to experience robust growth with low operation cost, negligible noise, and zero emission. Present initiatives to promote adoption of electric vehicles are going to fuel golf cart market share. Automakers have been cutting down the costs of battery to ensure low cost of ownership. Also, continuously escalating gasoline prices will offer impetus to the electric and solar powered golf cart market by 2025.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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