Solar Golf Cart Market - Next Big Thing | Prominent Companies: Garia Inc., Hitachi Chemical Co. Ltd, Ingersoll Rand plc, JH Global Services

Solar Golf Cart Market Outlook 2021-2027: The solar golf cart refers to a low-speed motorized vehicle that is primarily used for the transportation of golfers and equipment within the premises of a golf course. It usually runs on a gasoline engine, solar power or electric motor and is available in a wide variety of sizes and passenger capacities. The golf cart is a type of low-speed vehicle driven by electric motors, which is gas-powered or is specifically envisioned for the utilization in golf courses for transportation of golfers and the equipment within the course premises. It is also known as a non-highway or off-road vehicle with an average speed between 25 and 50 kmph. The rapid growth in the tourism and hospitality industry along with rise in demand for custom-designed golf carts such as speed-modified golf carts and personal golf carts have significantly resulted in the growth of the golf cart market.

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COVID-19 scenario analysis:
• Solar energy has experienced spectacular growth over the past two decades. But the crisis caused by the COVID-19 could considerably disrupt this momentum.
• Public places have been completely shut during the lockdown in almost every country around the world to contaminate the spread of coronavirus.
• Due to the ban in operations during lockdown which has caused a significant financial loss and it is predicted that when services resume, demand may not return due to the norms of social distancing and passenger perceived risk of traveling.
• The famous public places have several challenges to face after the lockdown such as crew management, social distancing, handling crowds, and others, which will impact their profitability.
• The Covid-19 induced lockdown and additional safety measures such as social distancing which has put an additional financial burden on the bus operators which may risk the long-term sustainability of the sector.

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Top impacting factors: Solar Golf Cart Market Scenario Analysis, Trends, Drivers and Impact Analysis

Some of the factors that boost the market growth include increase in urbanization and industrialization in emerging economies and growth in population along with an increase in globalization. However, the high initial maintenance and purchasing cost, low power, and speed are anticipated to hamper the growth of the market. Furthermore, technological advancement for golf carts and a reduction in the cost of fuel cells and batteries are expected to offer lucrative opportunities for the market during the forecast period.

The solar golf cart market trends are as follows:

Increase in urbanization and industrialization in emerging economies

Increase in urbanization and industrialization in various emerging economies are expected to boost mall culture, theme parks, amusement parks, and smart housing projects. This, in turn, has increased the demand for internal transportation to carry goods and people, subsequently fueling the demand for golf carts. Increase in demand for customized products by end-users, related to seating capacity and vehicle aesthetics have provided immense opportunities for market players which further boost the growth of the solar golf market during the forecast period.

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Growth in population along with an increase in globalization

The world population is growing at a very high rate, which makes way for many opportunities for many businesses and this is also true for the global golf cart market. This is owing to the demand for compact and maneuverable vehicles that occupy small parking spaces. Globalization on the other hand helps organizations develop international influence and this influence has helped change the outlook of different countries and regions. It has helped people to vouch for a different and better lifestyle, it has encouraged the people to spend more and get the best service possible.

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Key benefits of the report:
• This study presents the analytical depiction of the solar golf cart market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the solar golf cart market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the solar golf cart market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed solar golf cart market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the solar golf cart market research report:
• What are the leading market players active in the solar golf cart market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

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