Golf Cart Market Report

Market Insights

The Golf Cart Market is projected to grow from US$ 1.45 Billion in 2021 to reach US$ 2.05 Billion in 2028 and is likely to grow at a CAGR of 5.12% during the forecast period.

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According to the National Golf Foundation, there is a continuous increase in golf participation with a growth of 6.4% in the past two years. The growing number of golf participation along with the increasing number of golf courses all over the world is likely create enormous demand for golf over the next five years.  

What is Golf Cart?

Golf cart is a type of car used to carry two golfers in general and their golf clubs to move one place to another on a grassy land of golf course. The speed of a typical golf cart is less than 24km/h. 

Golf carts are now coming with three variants, electric or solar powered and gasoline powered. Their wide range of modification options are available in the market which offer variations such as addition of ball cleaners, and cooler trays as per the customer’s demand.

Segments Analysis

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Golf Cart Market Share: By Fuel Type

Based on the fuel type, the market is segmented as gasoline and electric & solar powered. Electric & Solar powered golf cart dominated the market in 2021, and is estimated to maintain its lead during the forecast period, owing to its various benefits, such as noise reduction, zero emission, and low maintenance & operation cost.

Golf Cart Market Share: By Application Type

Based on the application type, the golf cart market is segmented as golf course, commercial service, and others. Golf course is likely to remain the largest application of the market during the forecast period, propelled by presence of large number of golf courses coupled with rising number of golf courses and number active participation in golf across the world.

Golf Cart Market Share: By Region

In terms of regions, North America to maintain its supremacy in the market during the forecast period, with the USA being the key growth engines of the region’s market. The USA constitutes the largest number of golf courses in the world with around 45% of the total courses in the world. Rising number of on-course and off-course play in the country is driving high growth in the country’s golf cart market and ultimately to the region’s and global markets during the forecast period.  

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Segmentation  

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The golf cart market is segmented into the following categories. 

Golf Cart Market Size, Share, & Forecast, by Fuel Type:

• Gasoline Powered (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Electric & Solar Powered (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Golf Cart Market Size, Share, & Forecast, by Application Type:

• Golf Course (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Commercial Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Golf Cart Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major golf cart manufacturers are-

• Ingersoll Rand, Inc.
• Yamaha Motor Company Limited
• Hitachi Chemical Co. Ltd.
• Textron Inc.
• Xiamen Dalle Electric Car Co., Ltd.
• Polaris Inc.
• Lvtong New Energy Electric Vehicle Technology Co., Ltd.
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
• Columbia Vehicle Group Inc.
• Garia A/S

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.