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Golf Cart Market Future Growth, Opportunities, Analysis and Forecast 2030
Golf Cart Market
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The global Golf Cart Market accounted for $1.71 billion in 2017 and is expected to garner $2.59 billion by 2023, growing at a CAGR of 7.2% through 2023. Increased urbanization & industrialization in developing countries and the rapid utilization of golf carts across hotels and hospitality businesses are expected to fuel the growth of the global golf cart market.
In 2016, electric golf cart segment dominated the market, in terms of revenue, due to increase in investment on building golf course infrastructure. North America was the highest revenue contributor to the golf cart market in 2016, accounting for around 38.76% share, owing to surge in demand for mobility for short distance across the villages and community areas.
Low torque and speed of golf carts coupled with high initial maintenance and procurement cost hampers the growth of the market. On the contrary, recent technological advancements and plummeting cost of fuel cells & batteries are expected to provide lucrative opportunities for the market players in the future.
The personal services segment is expected to grow at 8.6% CAGR through 2023, as golf carts offer an efficient transport alternative at residential complexes, commercial spaces, utilities, and recreational grounds. However, golf course segment would account for the highest revenue by 2023, contributing about 42.7% of the total market. The report presents detailed analyzes of other applications such as golf course, personal services, and commercial services.
North America is expected to hold the largest share of the market, contributing more than one-third of the total market. The Asia-Pacific market is expected to grow at the fastest CAGR of 8.6% through 2023, owing to rapid urbanization in countries such as India and China and increase in disposable income. The golf cart markets in Europe and LAMEA have also been considered in the scope of the study.
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Key market players in the global golf cart market
The report presents the profiles and strategic developments of key market players including,
* Garia Inc.
* Ingersoll Randplc
* Maini Materials Movement Pvt. Ltd.
* Textron Specialized Vehicles Inc.
* Xiamen Dalle Electric Car Co. Ltd.
* Hitachi Chemical Co. Ltd
* JH Global Services Inc.
* Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
* Tomberlin
* Yamaha Golf-Car Company.
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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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