Press release
U.S. Golf Cart Market is projected to expand steadily at a CAGR of 4.3% to reach a market valuation of US$ 1.23 Bn by the end of 2032
U.S. Golf Cart Market
Over the next few years, manufacturers spending on research related to the advancements in golf carts and the implementation of automation are likely to increase, which is anticipated to drive demand for golf carts in the country. The advent of golf cart rentals has also had a positive impact on market growth. Golf cart rentals are widely used at trade fairs, exhibitions, and other events for cost-effective internal transport.
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Key Takeaways from Market Study
By seating capacity, medium (6-8) seat golf carts are anticipated to witness prominent demand growth at 4.2% CAGR by value during the forecast period of 2022 to 2032.
By end user, golf clubs are anticipated to dominate the market and account for 26% market share.
By product type, the electric golf carts segment is projected to lead the U.S. market and create an absolute dollar opportunity of US$ 239.43 Mn over the decade.
In terms of region, golf cart sales in the Southern United States are estimated to exhibit a CAGR of 3.7%.
"Increasing demand from sectors such as tourism, hospitality, private clubs, etc., coupled with the rising quest for a luxury lifestyle, will drive U.S. market growth over the coming years,"Â says a Persistence Market Research analyst.
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Competitive Landscape
Leading manufacturers of golf cart in the U.S. include Club Car, LLC, E-Z-GO, Yamaha Motor Corporation, Polaris Industries, Textron Inc, Garia Golf Carts, Cruise Car Inc, STAR EV Corporation, Tomberlin U.S.A, Spartan-EV, ICON Electric Vehicles, and HDk Golf Carts.
To gain a competitive advantage in the industry, key manufacturers are developing innovative golf carts. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their market footprint.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the U.S. golf cart market that provides industry analysis of 2017-2021 and opportunity assessment for 2022-2032.
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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