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Go Kart Market Size, Insights, Outlook, Overview By 2024-2033
Go Kart Market Size
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According to The Business Research Company's, The go kart market size has grown strongly in recent years. It will grow from $112.37 billion in 2023 to $118.78 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to leisure and entertainment demand, amusement park integration, motor sports influence, diy enthusiasts.
The go kart market size is expected to see steady growth in the next few years. It will grow to $143.62 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to accessibility and expansion, rising interest in motorsports, environmental concerns, youth engagement and education. Major trends in the forecast period include technological advancements, electric go-karts, augmented reality (ar) integration, customization and personalization, safety and accessibility, professional training centers.
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Market Drivers and Trends:
The increase in recreational activity is expected to propel the growth of the go-kart market going forward. A recreational activity refers to an enjoyable and leisurely pursuit or pastime that individuals engage in for relaxation, entertainment, and personal satisfaction. Go-karts are commonly used in recreational activities as entertainment and leisure, providing an exciting and adrenaline-pumping experience for people of various ages and skill levels. For instance, in March 2023, according to the Sports & Fitness Industry Association (SFIA), a US-based sports association, more than 76% of all Americans, or 236.9 million people, participated in at least one activity during the 2022 calendar year in the United States, a 1.9% increase from 2021. Additionally, more Americans participated in at least one sport, fitness exercise, or outdoor recreation activity in 2022 compared to five previous years. Therefore, an increase in recreational activity drives the go-kart market.
Product innovations are a key trend gaining popularity in the go-kart market. Major companies operating in the go-kart market are developing innovative products to sustain their position in the market. For instance, in June 2023, Razor LLC, a US-based electric vehicle manufacturing company, launched the Ground Force Elite electric go-kart. This innovative go-kart is designed for teens and adults and features several upgrades over the company's previous electric go-karts. It includes a 36-volt electric motor, a padded bucket seat, a forward and reverse drive switch, a hand-operated rear disc brake, and a maximum weight capacity. Overall, the Razor Ground Force Elite electric go-kart is an excellent option for teens and adults looking for a fun and exciting way to get around. It is easy to operate, safe, and has a long range.
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Major Key Players of the Market:
Yamaha Motor Co. Ltd., Briggs & Stratton LLC, Comer Industries, Lotus Cars Ltd., Sodikart S.A.S., Praga Co., Birel ART S.r.l., CRG S.p.A., The IAME, Tony Kart S.r.l., Mach1 Kart, OTL Italia s.r.l., BMS Motorsports Inc., DuroMax Power Equipment, Kosmic Kart, Wildkart Factory, Energy Corse S.r.l., Top Kart USA Inc., Comet Kart Sales, CKR Go Kart, Racing LLC, Dr Racing Kart S.r.l., Vemme Kart, Parolin Racing Kart S.r.l., Righetti Ridolfi S.r.l., AMV Kart Components, Vega Karts S.r.l., TAOTAO Go Karts
Go Kart Market 2024 Key Insights:
• The go kart market size is expected to see steady growth in the next few years. It will grow to $143.62 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Surge In Recreational Activity Fuels Growth In Go-Kart Market
• Cutting-Edge Electric Go-Kart Redefining Innovation In The Market
• North America was the largest region in the go-kart market in 2023
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
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Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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