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Golf Cart Industry Expected to Reach $2.21 Billion by 2029 at 5.4% CAGR
Golf Cart
Golf Cart Market Value Projection: How Much Will the Market Size by 2025?
In the past few years, the golf cart market has been expanding at a consistent rate. The market which was at $1.72 billion in 2024 is projected to rise to $1.79 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. Factors contributing to this growth during the historic period include robust economic development in emergent markets, increasing popularity of golf courses, heightened industrialization, and a surge in eco-friendly energy solutions.
What Will Be the Market Growth Forecat for Golf Cart in 2029?
In the coming years, the golf cart market is projected to witness robust expansion. The market is anticipated to reach $2.21 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.4%. This growth during the forecast period can be linked to swift urbanization, escalating government assistance, a rise in the aging demographic, and the expansion of both international and national tourism sectors. Key trends to look out for during the forecast period encompass strategic alliances and cooperations amongst market participants, heightened emphasis on electric golf carts, and the pursuit of developing customizable golf carts.
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What Are the Core Competitive Drivers in the Golf Cart Industry?
The increasing use of golf carts within the tourism sector is predicted to boost the golf cart market's growth. Tourism entails travel encompassing commercial activities. Tourists frequently turn to golf carts as a mode of transport to explore various tourist spots such as hotels, theme parks, zoos, and museums owing to their comfort, cost-effectiveness, and eco-friendliness. Therefore, as golf cart usage in tourism rises, it escalates demand in the golf cart market. Golf carts have become a preferred transportation method for tourists. For instance, data from the Office of National Statistics in the UK, an official statistics provider, showed that foreign tourist numbers in the UK rose from 2.8 million visits in May 2022 to 3 million visits in June 2022, contributing $3.42 billion (£2.7 billion) to the UK economy. Hence, this increase in golf cart usage within the tourism industry acts as a catalyst for golf cart market growth.
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Which Golf Cart Market Segment Is Projected to See the Fastest 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
Which Trends Are Opening New Opportunities in the Golf Cart Market?
In the golf cart market, technological innovations are emerging as a prominent trend. Large firms in this market are creating cutting-edge tech to maintain their market standing. To exemplify, in November 2022, India's Neuron Energy Pvt Ltd, a firm specializing in Electric Vehicle solutions, unveiled their Adler range of electric golf carts. With their latest project, they aim to fulfill requirements in personal mobility, cargo, recreation, and medical aid. These newly introduced golf carts are propelled by Neuron's lithium-ion batteries with a GPRS tracker and remote assistance included. The GPRS vehicle tracking system operates independently but also syncs with a GPS to log location information and relay this data online.
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Who Are the Leaders 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
Which Regional Golf Cart Markets Offer the Greatest Growth Potential?
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.
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Asia: +44 7882 955267 & +91 8897263534,
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