Global Golf Cart Market Insights and Forecast to 2028

Golf Cart Market Statistics 2028

The global golf cart market is estimated to be worth US$ 1507.9 million in 2022 and is projected to reach US$ 1853.6 million by 2028 with a CAGR of 3.5% during the forecast period. Key drivers of the golf cart market include the growing awareness of golf and the construction of golf courses in residential buildings, hotels, resorts, etc. Further, the increasing popularity of electric golf carts and technological advancements by key market players will create ample opportunities for the growth of the golf cart market. In addition to it, the rising income level of consumers is also expected to drive the growth during the forecast period.

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Trends Influencing The Global Golf Cart Market
Growing awareness of golf and construction of golf courses

Consumers are increasing participation in golf activities, especially after the pandemic due to preference for a socially distanced sports activity. Golf equipment sales are on the rise and golf carts are being used for reducing the walking around the full course and carrying heavy bags of golfers. On the other hand, an increasing number of golf courses are being redeveloped and constructed for meeting the sudden increase in consumer demand. Residential buildings, hotels, and resorts are building these courses as they are compact, produce no noise pollution, and are easy to maintain. Thus the increasing awareness among consumers and rapid construction of golf courses will drive the growth of the golf cart market during the forecast period.

Increasing popularity of electric golf carts and technological advancements

Electric golf carts are battery-powered automobiles that produce less noise in comparison to gas-powered vehicles. They are less costly, versatile, easy to maintain and produce very few emissions. Moreover, golf carts are embracing tech rapidly such as GPS, sound systems, wifi connectivity options, built-in speakers, touch screen tablets, and low led lights along with lithium-ion batteries for charging the vehicles. Thus the introduction of electric golf carts and ongoing technological advancements by key market players will accelerate the growth of the golf cart market in the coming years.

Golf Cart Market Share Analysis
Based on region, North America is expected to provide lucrative opportunities for growth in the golf cart market share during the forecast period and will hold a share of 50% followed by Asia-Pacific and Europe holding a total share of 40%. North America will grow the fastest due to the growing popularity of golf and the rising construction of golf courses.

Based on product type, the multiple seat golf cart is expected to provide lucrative opportunities for growth in the golf cart market share and will hold 75% market during the forecast period.

Based on application, the golf courses are expected to provide huge opportunities for growth in the golf cart market share in the coming years.

Golf Cart Market Segments
The authors of this research report have explored the key segments: Type and Application. The report offers an in-depth breakdown of type and application segments and their sub-segments. The lucrativeness and growth potential have been looked into by the industry experts in this report. This section of the report also provides sales and revenue forecast data by type and application segments based on sales, price, and revenue for the period 2017-2028. The specialists, to broaden the understanding of the users, have done value chain and raw material analysis in this section.

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Golf Cart Market By Type
Single Seat Golf Cart
Walking Follow-up Golf Cart
Multiple Seat Golf Cart
Entertainment Type Golf Cart

Golf Cart Market By Application
Golf Courses
Tourist Attraction
Residential
Campus
Other

Consequences of Covid-19 Pandemic
The authors of this study have enlightened the readers on the rise and effect of the Covid-19 outbreak on the development. They have investigated the changes brought about in the demand/supply side, consumption, supply chain, and production/manufacturing. The readers will get familiar with the measures that have helped the key players to bring the Golf Cart market back to the pre-covid levels.

Trends & Prospects
In this segment of the report, the specialists have delved into the key growth opportunities that are likely to emerge. This will aid the key players to simplify complex issues related to business and framing future strategies to compete in this competitive environment. This section will certainly assist the players in boldly positioning their business.

Golf Cart Market Production by Region
North America
Europe
Asia-Pacific
South America
Middle East

Golf Cart Market Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE

Competitive Scenario
In this section of the report, the researchers have done a comprehensive analysis of the prominent players operating and the strategies they are focusing on to combat the intense competition. Company profiles and share analysis of the prominent players are also provided in this section. They have also provided reliable sales and revenue data of the manufacturers for the period 2017-2022. With the assistance of this report, key players, stakeholders, and other participants will be able to stay abreast of the recent and upcoming developments in the business, further enabling them to make efficient choices.

Golf Cart Market By Companies
Yamaha Golf Cars
Club Car
Textron (E-Z-Go and Cushman)
Guangdong Lvtong
Suzhou Eagle Electric Vehicle Manufacturing
Garia Inc.
JH Global Services Inc
Marshell Green Power
Xiamen Dalle Electric Car
American Custom Golf Cars
Columbia Vehicle Group Inc
Speedways Electric
GolfBoard
Golf Skate Caddy
Bintelli Electric Vehicles
citEcar Electric Vehicles
AGT Electric Cars

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This release was published on openPR.