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Tourism-Driven Surge In Golf Cart Utilization Fueling Market Growth: A Key Factor Shaping the Future of the Golf Cart Market in 2025
Golf Cart
The anticipated boost in the application of golf carts within the tourism industry is set to fuel the expansion of the golf cart market. Tourism encompasses travel involving business activity, where golf carts are often used by tourists to explore diverse tourist spots, including hotels, theme parks, zoos, and museums. This is attributed to their convenience, cost-effectiveness, and eco-friendliness. Therefore, the escalating use of golf carts in the tourism sector is leading to an increased demand in the golf cart market. Notably, golf carts are a preferred mode of transport among tourists. For instance, the UK's Office of National Statistics reported in November 2023 that foreign tourist visits to the UK escalated from 2.8 million in May 2022 to 3 million in June 2022, resulting in a total expenditure of $3.42 billion (£2.7 billion). Hence, the growing use of golf carts within the tourism sector is contributing to the expansion of the golf cart market.
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What is the projected compound annual growth rate (CAGR) of the golf cart market from 2025 to 2034, and what factors influence it?
The golf cart sector has observed substantial expansion in recent years. Projected to inflate from $1.72 billion in 2024 to $1.81 billion in 2025, the market boasts a compound annual growth rate (CAGR) of 5.3%. This historical progress can be traced back to robust economic development in emerging markets, growing attraction towards golf courses, enhanced industrialization, and escalating adoption of sustainable energy solutions.
In the coming years, the golf cart market is predicted to experience considerable expansion. The forecast suggests a growth to $2.3 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. Factors contributing to this predicted growth during the forecast period include rapid urbanization, augmenting support from governments, an uptick in the aging population, and expansion in both international and national tourism sectors. The forecast period will also witness exceptional trends including enhanced collaborations and strategic partnerships among the market players, increased attention towards electric golf carts, as well as the focus on the creation of customizable golf carts.
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How are the latest trends influencing the growth of the golf cart market?
Cutting-edge technology is becoming a prevalent trend in the golf cart sector. Leading firms in this market are spearheading revolutionary technologies to maintain their market dominance. For example, Neuron Energy Pvt Ltd., a frontrunner in Electric Vehicle solutions based in India, launched the Adler range of electric golf carts in November 2022. This latest venture utilizes its new product to cater to personal transportation, cargo delivery, recreational purposes, and medical assistance. The golf carts will be charged with Neuron's lithium-ion batteries, equipped with a GPRS tracker and remote assistance, that function independently alongside a GPS. This system records location data and sends it to the internet.
What are the major segments of the golf cart market and their role in driving growth?
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
Subsegments:
1) By Push-Pull Golf Cart: Manual Push Carts, Pull Carts
2) By Gasoline Golf Cart: Standard Gasoline Golf Carts, High-Performance Gasoline Golf Carts
3) By Electric Golf Cart: Standard Electric Golf Carts, High-Speed Electric Golf Carts
4) By Solar Powered Golf Cart: Solar-Assisted Electric Golf Carts, Fully Solar-Powered Golf Carts
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Which regions are key players in the growth of the golf cart market?
North America was the largest region in the golf cart market in 2024. The regions covered in the golf cart market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the golf cart market?
Major companies operating in the golf cart market include 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 Technologies Corporation, Borcart, HillBilly Australia, Garia Luxury Golf Car, Stewart Golf Limited, 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
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What Is Covered In The Golf Cart Global Market Report?
• Market Size Forecast: Examine the golf cart market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the golf cart market for a structured understanding.
• Key Players Overview: Analyze major players in the golf cart market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the golf cart market.
• Segment Contributions: Evaluate how different segments drive overall growth in the golf cart market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the golf cart market.
• Industry Challenges: Identify potential risks and obstacles affecting the golf cart market.
• Competitive Landscape: Review strategic developments in the golf cart market, including expansions, agreements, and new product launches.
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