Golf Cart Market to Grow at a CAGR of 6.4% by 2026
Golf carts are emerging as a significant part of industries for internal transportation. Hence, growth of the manufacturing sector in developing countries is expected to create healthy growth opportunities for the global golf cart market. Golf has gained much popularity all over the world. Worldwide growth in the golf course projects in private clubs, golf-centric real estate developments, and golf resorts are some of the factors that are likely to lead to a rise in the global demand for golf carts. A growing travel and tourism industry is a key factor leading to many companies investing in the hospitality sector. This is expected to boost the construction of new hotels, resorts, and golf courses, which in turn is expected to result in high demand for golf carts.
However, the global golf cart market is expected to face certain challenges. Electric golf carts are equipped with a large set of lead-acid batteries. These batteries have numerous maintenance requirements and are relatively less efficient and require frequent recharging. Golf cart motor is another component with high maintenance requirement. These factors escalate significant maintenance costs that are likely to adversely impact the growth of the electric golf cart segment, subsequently restricting revenue growth of the global golf cart market.
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On the basis of product type, the electric golf carts segment is anticipated to continue to dominate the market in terms of value over the forecast period
On the basis of application, the golf course segment is anticipated to dominate the market in terms of value and volume. This segment accounted for 49.0% volume share in 2015
The personal use application segment is anticipated to witness robust growth in terms of value and volume over the forecast period. In terms of volume, the personal use segment is expected to expand at a CAGR of 5.7% over the forecast period
On the basis of ownership, the fully owned segment is expected to be the most attractive in terms of CAGR and market share. The growth of this segment is due to cost effectiveness of rented services provided by golf carts manufacturers
The powered golf carts product type segment is expected to dominate the market both in terms of value and volume throughout the forecast period. The segment is expected to be the most attractive in terms of CAGR and market share
North America and APEJ are estimated to collectively account for 63.4% value share in the global golf cart market by the end of 2016. The North America golf cart market is expected to remain dominant over the forecast period. This growth is due to high demand for golf carts in various end use applications such as golf courses, hotels/resorts, airports and industries. Mexico is expected to hold dominant revenue share in the Latin America golf cart market over the forecast period. Deployment of golf carts in Western Europe is expected to increase to 63,315 units by 2026 end from 40,323 units in 2016.
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The report highlights some of the top companies operating in the global golf cart market such as E-Z-GO, Columbia ParCar Corp, Yamaha Golf-Car Company, Club Car, LLC., EverGreen Electrical Vehicles, 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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