Press release
Global Golf Cart Market expected to increase at a CAGR of 6.4% during 2016-2026
Global consumption of golf carts was pegged at 182,380 units in 2015. The global golf cart market is estimated to be valued at US$ 1,115.0 Mn by 2016 end and is expected to reach US$ 2,080.0 Mn by the end of 2026, expanding at a CAGR of 6.4% over the forecast period. The global golf cart market is anticipated to represent incremental opportunity of US$ 964.9 Mn between 2016 and 2026. In terms of volume, the global golf carts market is estimated to reach 189,920 units by 2016 end and is anticipated to increase to 301,188 units by 2026, exhibiting a CAGR of 4.7% over the forecast period.
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A swift rise of urbanisation and industrialisation is driving revenue growth of the global golf cart market
Countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanisation over the past decade. This swift rise of urbanisation and industrialisation is expected to boost mall culture, hi-tech and smart housing projects, and amusement and theme parks. All these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. Also, growth in the golf course projects in North America, Asia, and Europe leads to high demand for golf carts. The development of tourism and hospitality industry and ease of operation supports the growth of the global golf cart market. The demand for customisation by the end users in relation to vehicle aesthetics and seating capacity has increased. To leverage this opportunity, manufacturers are expanding their offerings and providing customised solutions according to end-use applications. Hotels & resorts, rental services, and amusement parks are some of the major end users with high demand for customisation.
The solar powdered golf cart segment of the global golf cart market is anticipated to grow at a faster rate due to low maintenance cost
On the basis of product type, the global golf cart market can be segmented into push-pull golf cart, gasoline golf cart, electric golf cart and solar powered golf cart. Electric golf cart segment accounted for 81.1% volume share in 2015. Solar powered golf carts are growing at a faster rate as they incur low maintenance cost.
On the basis of application, the global golf cart market can be segmented into golf courses, personal use, industry use, rental services and others. Golf courses segment accounted for over 49.1% value share in 2015. High growth of the segment is mainly attributed to use of golf carts in niche applications such as short trips in shopping malls, universities, airports and short drives around the town.
golf cart market
North America is expected to remain the dominant regional market over the forecast period
On the basis of geography, the global golf cart market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. The North America golf cart market accounted for a value share of 41.7% in 2015 and is projected to retain its dominance in the global golf cart market over the forecast period. The Western Europe golf cart market is expected to represent significantly high incremental opportunity between 2016 and 2026, while the APEJ golf cart market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of golf carts in Japan is expected to represent a total incremental opportunity of US$ 58.9 Mn between 2016 and 2026.
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Leading market players dominating the global golf cart market
Some of the leading market players in the global golf cart market include Club Car, LLC, EverGreen Electrical Vehicles, E-Z-GO, Columbia ParCar Corp, Yamaha Golf-Car Company, Xiamen Dalle Electric Car Co., Ltd, Hitachi Chemical Co., Ltd., Maini Material Movement Pvt. Ltd., Garia Luxury Golf Car and Cruise Car, Inc.
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