Fact.MR expects the golf cart market revenue to surge at a CAGR of 6.3% across the 2021-2031 forecast period, reaching US$ 5.4 Bn, as per a recently published study. The growing number of golf enthusiasts will help expand demand for golf carts in the future.
Historical trends suggest that the market expanded at a CAGR of 3.6% from 2016 to 2020. As of 2021, sales of golf carts are expected to reach US$ 2.9 Bn. Demand significantly contracted in H1 2020, amidst the outbreak of COVID-19. Restrictions on outdoor sports, cessation of industrial operations and logistical anomalies all contributed to this downturn.
Fortunately, as the curbs eased, the market is witnessing a gradual resurgence. Sensing new opportunities, manufacturers are intensifying their activities across key regions. In January 2021, Yamaha Golf-Car Company announced the extension of its partnership with the National Golf Course Owners Association (NGCOA). This extension will allow Yamaha to continue building valuable business relationships and position their innovative vehicles as a leader in the golf industry.
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Key Takeaways from the Market Study
- By product, push-pull golf carts to generate high demand, expanding at 5% CAGR
- Electric powered golf carts to gain 34 BPS in value share, spurred by growing efforts to curb fuel emissions
- By ownership, fully-owned golf carts to acquire 73 BPS through 2031
- Sales across the U.S reached US$ 1 Bn in 2020, likely to flourish at a CAGR of 6% until 2031
- Asia to account for 60% of global demand through 2031
- Global golf carts demand likely to add nearly 2x the market value until 2031
“Golf carts will be more readily adopted in the future due to industrialization and urbanization, spurred by surging electric vehicles popularity, says the Fact.MR analyst.
How are Low-Speed Vehicle Tests Spurring R&D in Golf Carts?
A lot of research and development on golf carts is conducted across several regions. One example is the deployment in the Cape Fear region. From fairways to roadways, golf carts are becoming mainstream, offering people a convenient option to travel around town.
Tests are conducted on low-speed vehicles to see if they can share the road with faster vehicles and travel along state-maintained roads. According to various studies, the vehicles have been legally allowed on state-run roads with a 35 mph speed limit. In the region, these vehicles are governed by the same rules as motor vehicles. Hence, manufacturers are accelerating R&D to augment supply.
Country-wise Insights
What is the Demand Outlook for Golf Carts in the U.S.?
Rising disposable incomes and the increased popularity of golf has spurred sales of golf carts in the U.S. Golf carts equipped with batteries and solar power are contributing to market growth, which is resulting in a spike in demand for golf carts.
The increasing number of golf courses in the country is expected to increase the demand for the golf carts market. As per Fact.MR’s projections, the U.S golf carts industry reached US$ 1 Bn as of 2020, expected to grow at a CAGR of 6% until 2031.
Category-wise Insights
How is Demand for Push-Pull Carts Expected to Grow?
A growing awareness of the health, wealth, and fitness benefits of walking is propelling the demand for push-pull carts among golfers. A CAGR of 5% is projected for this segment until 2031.
In golf, push-pull carts occupy a unique place in the market. Foldable and motorized carts are in high demand due to their ease of use and reduction of physical exertion from pulling a lug or moving them around the golf course.
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Competitive Landscape
Strategic collaborations enable golf carts to increase revenue and market share. The implementation of new technologies and equipment allows manufacturers to expand their footprints in the market.
- Indiana-based Primex Plastic designs plastic dividers specifically for golf cart dividers. The firm has designed two models as the Birdie version which extends the length of a normal golf cart seat and the Eagle barrier which extends the way to the golf cart’s dashboard.
- Likewise, Club Car and AYRO, Inc. have partnered to create an electric low-speed logistics and cargo service. Club Car Current is a new vehicle specially designed for campus and urban logistics transportation.
- For instance, Club Car has designed Disney Robot Golf Carts, introduced at Walt Disney World Resort’s Orlando golf courses. Using Bluetooth and GPS technology, the robotic TempoWalkcarts transport clubs around Disney’s golf courses at Palm, Magnolia, and Oak Trail.
- Likewise, Cricket Mini Golf Carts designed a fully suspended electric mini golf cart that is lightweight, portable, easy to own, four-seater, and fun to drive. The cart is eco-friendly, collapsible, and can fit in a motorhome basement.
Key Segments Covered
Product
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
Operation
- Manual Golf Carts
- Powered Golf Carts
Application
- Golf Courses
- Personal Use
- Industry Use
- Other Applications
Ownership
- Rented Golf Carts
- Fully Owned Golf Carts
Key Questions Answered in Report
- Which are the most lucrative golf cart markets?
- Which factors will impact the growth of golf carts?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the golf cart industry?
- What are the winning strategies of stakeholders in the market?
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