Golf Cart Market is Expected to Exhibit a CAGR of 5.95% during the Forecast Period 2017-2025

According to the new market research report "Golf Cart Market, by Component (Electric Golf Carts and Gasoline Golf Carts), by End Users (Private and Government), by Product Type (Electric Golf Carts and Gasoline Golf Carts), By Seating Capacity (Small (2-4), Medium (6-8), and Large (10+)), and by Geography - Global Forecast to 2025", Golf carts play a major role in internal transportation. The rapidly growing manufacturing sector in emerging economies is expected to provide immense opportunities for growth of the market. Furthermore, growing golf course projects in golf resorts, increasing golf-centric real estate development, and increasing number of private clubs are fueling growth of the market for golf carts globally. Moreover, increasing demand for electric golf carts and growing urbanization and industrialization also play a major role in the growth of the golf cart market globally.
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Key Takeaways of the Golf Cart Market:

The global golf cart market is estimated to expand at a CAGR of 5.95% during the forecast period
The global golf cart market generated revenue of US$ 3,262.3 million in 2016 and is projected to reach US$ 5,590.0 million by 2025
Among product type, the electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period.
Among seating capacity, the medium (6-8) size segment holds a dominant position in the market and is projected to retain its dominance throughout the forecast period.
Among end users, the private segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period
North America held a dominant position in the global golf cart market in 2016 and is projected to retain its dominance throughout the forecast period. High popularity of golf in this region contributes to its leading position in the global market.
In North America, the U.S. held a dominant position in 2016 and remains a lucrative market for new players
Asia Pacific is estimated to expand at a significant CAGR over the forecast period, owing to increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments
China, Japan, Australia, and India are the major countries driving growth of the golf cart market in Asia Pacific. Growing urbanization and industrialization are boosting smart house projects, mall culture, and theme parks, among others, in turn increasing the demand for golf cart vehicles
Some of the major players involved in the global golf cart market are Club Car, LLC, Columbia ParCar Corp, Cruise Car, Inc., EverGreen Electrical Vehicles, E-Z-GO, Garia Luxury Golf Car, Hitachi Chemical Co., Ltd., Maini Material Movement Pvt. Ltd., Xiamen Dalle Electric Car Co., Ltd., and Yamaha Golf-Car Company.
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This release was published on openPR.