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Global Golf Cart Market Report 2024 - Growth, Trends, Analysis, Forecast 2033
As per the report, the golf cart market size has grown strongly in recent years. It will grow from $1.64 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The golf cart market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Tourism-Driven Surge In Golf Cart Utilization Fueling Market Growth
A rise in the utilization of golf carts in tourism is expected to propel the growth of the golf cart market going forward. Tourism refers to travel that includes a commercial activity. Golf carts are frequently employed by tourists as a means of transportation for visiting a variety of tourist attractions, including hotels, theme parks, zoos, and museums, due to their comfort, affordability, and environmental friendliness. Hence, the rise in the utilization of golf carts in tourism will increase the demand for the golf cart market. golf carts are a well-liked form of transportation for tourists. For instance, in February 2023, according to the most recent data from the Travel and Tourism Satellite Account (TTSA) of the U.S. Bureau of Economic Analysis, the travel and tourism industry increased 64.4 percent in 2021 after declining 50.7 percent in 2020 as measured by the real output of goods and services sold directly to tourists. (BEA). Therefore, the rise in the utilization of golf carts in tourism is driving the growth of the golf cart market.
Innovative Technological Advancements Propel Evolution In The Golf Cart Market
Technological advancements are a key trend gaining popularity in the golf cart market. Major companies operating in the golf cart market are developing innovative technologies to sustain their position in the market. For instance, in November 2022, Neuron Energy Pvt Ltd, an India-based provider of Electric Vehicle solutions, debuted the Adler line of electric golf carts. The newest endeavor will use its new product to meet the demand for personal travel, freight, leisure, and medical help. The lithium-ion batteries from Neuron, which have a GPRS tracker and remote help, will power the golf carts where the GPRS vehicle tracking system functions independently in conjunction with a GPS which records the location data and transmits that data to the internet.
The golf cart market covered in this report is segmented -
1) By Product Type: Push-Pull Golf Cart, Gasoline Golf Cart, Electric Golf Cart, Solar Powered Golf Cart
2) By Operation: Manual, Powered
3) By Ownership: Rented, Fully Owned
4) By Application: Golf Course Use, Personal Use, Commercial Use
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Major companies operating in the golf cart market report are Textron Inc, Yamaha Motor Co., Ltd, Club Car LLC, Marshell Green Power Co. Ltd, Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, HDK Electric Vehicle, JH Global Services Inc, Dongguan Excar Electric Vehicle Co., Ltd, STAR EV Corporation, Xebio Group, Kandi Technolgies Corporation, Borcart, HillBilly Australia, Garia Luxury Golf Car, Stewart Golf Limited, EZ-GO, Melex, Icon Golf Cart, CCE Golf Cars, Mission Golf Cars, Inland Hobbs Material Handling, Ness Turf Equipment, King of Carts , LLC, Nivel Parts, Motor Appliance Corp, Golf Cart Parts Company, Sol Patch International, Inc, Bugle Forklift Sales & Rentals LTD, Royal Impex, Neuron Energy, First International Specialized Vehicles Trading LLC, H I C Battery FZCO, Eazytech, Royal Elite Valet Parking Company, Smith Power Equipment, Golf Car Worx, Evo Motors
Contents of the report:
1. Executive Summary
2. Golf Cart Market Report Structure
3. Golf Cart Market Trends And Strategies
4. Golf Cart Market - Macro Economic Scenario
5. Golf Cart Market Size And Growth
…..
27. Golf Cart Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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