Golf Cart Market Size to Surpass US$ 5.76 billion by 2033, at 5.4% CAGR

The global golf cart market is expected to be worth US$ 3.4 billion in 2023 and US$ 5.76 billion by 2033. During the projected period (2023-2033), global demand for golf carts is expected to grow at a CAGR of 5.4%. This is due to expanding interest in golf as a sport and leisure activity, as well as a growing trend towards eco-friendly transportation alternatives in hotels, amusement parks, and other venues, as well as the growing popularity of retirement communities and resorts.

The golf cart market, once primarily associated with golf courses, has evolved into a versatile and burgeoning industry with applications spanning leisure, transportation, and commercial sectors. In this article, we will delve into the insights of the golf cart market, exploring its growth trajectory, uncovering opportunities, analyzing demand-supply trends, highlighting notable developments, and tracing the intricate value chain that fuels this market's expansion.

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Golf Cart Market Growth

The golf cart market has witnessed significant growth in recent years, driven by various factors. While golf courses remain a prominent user of golf carts, these vehicles have found their way into numerous other settings. In the leisure sector, golf carts are utilized for recreational purposes in resorts, gated communities, and retirement villages. Additionally, the commercial sector employs golf carts for tasks such as transportation within large facilities, logistics in warehouses, and patrolling in security operations. With the growing emphasis on sustainability and eco-friendliness, electric golf carts have gained popularity, contributing to the market's expansion. Furthermore, the increasing urbanization and expansion of transportation in urban areas have led to a surge in the use of golf carts for short-distance commuting.

Golf Cart Market Opportunities

Starting a golf cart business can prove advantageous for startups, depending on factors like competition, market demand, and innovation. The increasing demand for golf carts across various industries opens doors for newcomers to offer innovative, customized solutions. Niche markets, such as eco-friendly, extreme, and solo rider golf carts, remain underserved and provide potential entry points for new players. For instance, Carteav, an Israeli startup, is developing autonomous driving systems for low-speed vehicles in specific locations, offering opportunities in markets like hotels, hospitals, campuses, and airports.

Golf Cart Market Demand

Golf cart research and development efforts are gaining momentum in regions like the Cape Fear area in the southeastern United States. These carts are being deployed not only on golf courses but also on public roads, offering a convenient transportation option. Tests are underway to assess their safety and compatibility with faster vehicles on state-maintained roads. Manufacturers are focusing on producing eco-friendly and cost-effective golf carts, including adaptive and solar-powered models. Innovations like the Golf Board, which resembles a skateboard, are gaining popularity for their efficiency and reduced impact on turf. Customized golf carts with various features are in high demand, serving both recreational and practical purposes in transportation and tourism sectors.

Key Companies Profiled In This Report

Golf-Car Company
Cario
Garia
Club Car
Guangdong Marshell Electric Vehicle Co., Ltd.
E-Z-GO
Polaris Industries Inc.
Hawk Carts
STAR EV CORPORATION
G H Varley Pty Limited
KT Pan Company Limited
Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
HDK Electric Vehicle

The United States is expected to witness a 4.8% CAGR growth in golf cart sales. The country's rich golfing culture, with over 17,000 courses and hosting major championships, plays a significant role in this market. Notably, DSG Global, Inc., a major player in electric vehicles and golf carts, launched its innovative Shelby Golf Cart series during the PGA Show in Orlando, Florida, in January 2022. This event highlights the importance of the golf industry in the U.S. and the introduction of new product lines by key market players.

Golf Cart Market Notable Developments

The golf cart market has witnessed notable developments, reflecting its adaptation to changing consumer needs and technological advancements. One significant development is the increasing use of lithium-ion batteries in electric golf carts, offering longer range and improved performance compared to traditional lead-acid batteries. Moreover, innovations in design and materials have resulted in more ergonomic and comfortable golf cart models. The integration of smart features, such as GPS navigation and entertainment systems, has enhanced the user experience. Additionally, the market has seen advancements in safety features, making golf carts safer for both passengers and pedestrians.

Competitive Landscape

In the competitive landscape of golf cart manufacturing, companies are expanding their market presence and product offerings through strategic partnerships with both local and global entities. Their goal is to attract a broader consumer base and solidify their positions on the global stage.

Key industry players are also focusing on innovation, introducing advanced golf carts that are compact, lightweight, and equipped with enhanced storage capabilities. Companies like Sun Mountain and Motocaddy are gaining market share by incorporating features like folding locks and push-pull carts designed for rugged terrains.

In a notable move in April 2022, Club Car announced the signing of a binding agreement to acquire Garia A/S from the Lars Larsen Group. Garia A/S is a Danish manufacturer known for producing low-speed electric vehicles for utility and golf applications. This acquisition further underscores the industry's commitment to growth and expansion.

Key Segments of Golf Cart Industry Research

By Product Type:
Push-pull
Gasoline
Electric
Solar-powered

By Operation:
Manual
Powered

By Application:
Golf Courses
Personal Use
Industrial Use

By Ownership:
Rented
Fully-owned

By Region:
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

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The golf cart market has evolved beyond its traditional role on golf courses, expanding into diverse sectors and applications. Its growth is driven by factors such as sustainability, urbanization, and technological advancements. Opportunities abound in leisure, commercial, and transportation sectors, as well as in customization and eco-friendly alternatives. Notable developments in technology, design, and safety continue to shape the market's landscape. The intricate value chain ensures the seamless production, distribution, and utilization of golf carts across various industries and settings, underscoring their importance in modern transportation and recreation.

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This release was published on openPR.