Posted By Coherent Market Insights
Posted on September 15, 2021
United States/WA: The global golf cart market generated a revenue of US$ 3,262.3 million in 2017 and is projected to exhibit a CAGR of 6.3% over the forecast period, reaching US$ 5,590.0 million by 2027.
Report Pages:[167 Pages]
The Competitive Area of the Golf Cart Market is Defined by Key Players Like:- 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
Market Overview
A golf cart or golf vehicle is a vehicle designed mainly to carry around two golfers and their golf equipment on a golf course or off desert trails with little more effort than walking around. This allows the golfer more time to concentrate on the game rather than trying to maintain their balance while running. One of the best parts of golf carts is that their chassis is extremely flexible and lightweight allowing the golfers to carry out their entire game without any difficulty. However, it is the golf carts’ accessories that make all the difference. The golf cart’s bodywork or the entire body of the golf vehicle is essentially made up of many small tubes. These tubes are attached to the bottom part of the golf vehicle and to the frame of the cart.
Market Dynamics-
Technological advancements in electric golf carts are expected to drive growth of the global golf cart market during the forecast period. Key manufacturers in the market are focused on research and development activities, in order to launch advanced golf carts. For instance, in January 2019, Club Car, a manufacturer of small-wheel, zero-emissions electric vehicles, launched its lithium ion-powered golf car TEMPO LI-ION at the BIGGA Turf Management Exhibition (BTME), Harrogate Convention Centre, U.K.
However, high maintenance and service cost of gas-powered golf carts is expected to restrain growth of the global golf cart market during the forecast period.
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COVID-19 Impact Analysis
With the outbreak of the COVID-19 pandemic, the golf course in many countries was closed due to social distancing measures and lockdowns. This has led to a sharp decline in the demand for golf carts. However, with gradually reducing cases, many government authorities have eased the regulations, which has led to the reopening of golf courses. Besides, there is growing interest in golf among the younger population, which could further accelerate the demand for golf carts in the near future.
Key Takeaways
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The global golf cart market is expected to witness significant growth, registering a CAGR of 6.3% during the forecast period. This is owing to rapid urbanization and industrialization. According to the United Nations (UN), by 2050, around 68% of the global population is expected to live in urban areas, increasing from 55% in 2018.
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Among regions, North America is expected to hold the dominant position in the global golf cart market during the forecast period. This is owing to high popularity of golf in the U.S.
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Asia Pacific is expected to register a significant CAGR over the forecast period, owing to increasing adoption of electric golf carts in various verticals including airports, malls, and residential apartments.
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Key players operating in the global golf cart market are Textron Specialized Vehicles Inc., Club Car, LLC, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Garia A/S, Hitachi Chemical Co., Ltd., Marshell Green Power, and Yamaha Golf-Car Company.
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Golf Cart Market, by Fuel Type (Electric Golf Carts Gasoline Golf Carts, and Solar Golf Cart), By Application (Passenger Mover Golf Cart, Turf Maintenance/Utility Golf Cart, and Food and Beverage Golf Cart), by Seating Capacity (Small (2-4 Seater), Medium (6-8 Seater), and Large (Above 8 Seater)), By Use Case (Golf Operations, Personal, and Utility), By End-Use Vertical (Golf/Sports, Education, Government, Industries, Resort, Hotels and Malls, and Airports), and by Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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