Golf Cart Market is Moving Fast! | Major Key Companies are Ingersoll Rand, Hitachi Chemical Advanced Therapeutics Solutions, LLC, Textron Specialized Vehicles, Garia

Increasing tourism is also significantly contributing to expand golf cart market size. Golf carts also find applications in beaches, luxury resorts, farmhouses, airport terminals, etc. Several resorts intend to offer in-resort golf cart rental services for customer convenience. Resorts also dedicate a huge area to golf courses for customer engagement to increase their visitor base. As of 2019, over 64% new course projects in the world are linked with resort development and are expected to influence golf cart industry outlook.

With the budding interest of people of all age groups in golf, there has been a major upsurge in the number of golf facilities in resorts worldwide. Out of a record base of around 100 active golf projects worldwide, over 30 percent exist in the Asia Pacific. Toward 2018 end, Resort Condominiums International (RCI) announced that it has been planning a 30 percent increase in resorts in India by the end of 2020, which will contribute to accelerating golf cart market share.

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Besides substantial impact of resorts, airports also play a vital role to promote the golf cart market growth. The rising need to transport passengers, move heavy luggage, and allow staff to move from one complex to another quickly and efficiently enhance the use of low-speed utility vehicles will impel product demand.

Owing to a rise in disposable incomes and the growing demand for convenient short distance travel solution at various institutions, golf cart market is gaining significant momentum worldwide. Golf carts are reliable, compact, versatile, user-friendly and warrant extremely low maintenance, enabling them to address a number of different job requirements. Versatility has been one of the prominent factors endorsing this vehicle category over the years and is expected to bring in substantial business growth to global golf cart industry.

Relative affordability of a golf cart plays a key role in boosting the adoption of these vehicles, bringing in considerable remuneration from avenues that in no way are related to golfing, with applications ranging from farming and hunting to police work and community strolls. After being subject to suitable modifications, golf carts can also be deployed for off-road applications on rough roads, designed to perform like a UTV. Extensive use of these small automobiles for a slew of different purposes will drive golf cart market size substantially.

Europe is slated to emerge as a promising golf cart market contender, supported immensely by the European Golf Course Owners Association's vision 2020, which aims to find answers to Europe's dwindling golfing culture and put efforts towards attract more participation to the sport. Ireland, which is home to some 400 golf courses, could stand out as a lucrative customer base. Reports suggest that consumer spending in the Republic of Ireland was approximately EUR379 million, while the entire island spending was around EUR540 million on the game back in 2017.

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Asia Pacific is also expected to emerge as a prominent market player over the forecast timeframe, with growing purchasing power and popularity of the sport expected to foster industry growth. Apparently, out of over 100 new golf projects currently under several stages of design, construction and development, 30% are present in Asia. Considering the sport's rising acceptance in the region and the number of projects currently under development, APAC golf cart market share is slated to witness sizable demand.

The projected resurgence of golfing as a sport and golf cart's ability in addressing transport challenges in an array of other applications can be expected to expedite golf cart industry landscape. Competitive hierarchy of the industry is comprised of key players like Columbia Vehicles, Club Car, GDrive, Textron and Yamaha.

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