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Golf Cart Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Golf Cart Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to strong economic growth in emerging markets, the rise in popularity of golf courses, the increase in industrialization and rise in sustainable energy solutions.
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%. The growth in the forecast period can be attributed to the rapid urbanization, the rising government support, the increasing aging population and growing international and national tourism industries. Major trends in the forecast period include strategic partnerships and collaborations among market players, increased focus on electric golf carts and focus on development of customizable golf carts.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Sealed Air Corp, Amcor Plc, The Smurfit Kappa Group plc, Berry Global Inc, Sonoco Products Company, Crown Holdings, Cascades Inc., Winpak Ltd, Mondi Plc, Bollore Group, Alhamd Exports, WH Group Limited, Farm Suzanne Pvt Ltd, Mirha Exports Pvt. Ltd, Al Aali Exports Pvt. Ltd, Razee Impex, Oakdale Meat Co, Yunnan Shennong Meat Food Co Ltd, Zoneco Group, Dalian Hanwei Enterprise Group, Charoen Pokphand Group, SP Group, Ajamco Group, Toppan, ArtPlast Polska Sp. z o.o, Siba International, Doyoo Group, LINPAC Packaging SEALPAC UK & Partners, Multivac UK, PACCOR Packaging GmbH, SIG Combibloc Group, CoCopac Limited, Frigorco Pampeano, Solidus Solutions, ULMA Packaging, Supervac Maschinenbau GmbH, Krehalon, BRF S. A, Noelma, Zeus Petruzalek, Coveris Holdings S.A, La Cooperativa Trento Chaqueña, IGC Engineering Ltd, Compañía Avicola, Atlantis-Pak, LAICOM S.R.L, JBS Foods, Schoeller Allibert AB, Valley Meats, Foster Farms, Conagra Brands Inc, Tyson Fresh Meats Inc, Smithfield Foods Inc, Bemis Company Inc, Berry Plastic Group Inc, National Beef Packing Co LLC, Cargill Inc, Diamond Meat Processing LLC, Ponapack, Qatar Meat Production Company LLC, Amber Packaging Industries LLC, Al Bayader International, Egyptian Meat Processing Co, Kenya Meat Processors Ltd, Quality Meat Packers, Nile union meat company, Gilgal Meat Mart Limited, Irvin & Johnson Ltd, Rainbow Farms Pty Ltd, Astral Foods Ltd, Coveris Rigid Turkey Ambalaj A. S
Golf Cart Market 2024 Key Insights:
• 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%.
• Tourism-Driven Surge In Golf Cart Utilization Fueling Market Growth
• Innovative Technological Advancements Propel Evolution In The Golf Cart Market
• North America was the largest region in the golf cart market in 2023
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