The global golf cart market was worth US$ 2.9 billion in 2021. Global golf cart sales are expected to grow at a CAGR of 6.3% during the anticipated period. By the end of 2031, it is estimated that the market would have a total value of US$5.4 billion.
An increase in their use in industrial, residential, and golf course applications is driving the global market. Golfers and their equipment are transported about a golf course in golf buggies and golf carts, which are compact cars or carts. Originally, these carts were designed to carry just two golfers and their equipment.
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Companies Profiled
- Golf Car Company
- Cario
- Garia
- Club Car
- Guangdong Marshell Electric Vehicle Co., Ltd.
- E-Z-GO
- Polaris Industries Inc.
- Hawk Carts
- STAR EV CORPORATION
- G H Varley Pty Limited
- KT Pan Company Limited
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
- HDK Electric Vehicle
Key Takeaways from the Global Golf Cart Market:
- Based on product, the push-pull golf cart segment is likely to expand at 5% CAGR through 2031.
- Based on operation, powdered golf cart demand will surge at 5% CAGR over the next ten years.
- The USA golf cart market is forecast to progress at a CAGR of 6% during the forecast period.
- Asia golf cart market is set to generate 60% of global revenue during the projection period.
- Europe golf cart industry will exhibit a CAGR of 6.1% between 2021 and 2031.
Growth Drivers:
- Increasing number of golf courses globally will bolster golf cart sales
- Growing popularity of customized golf carts is likely to stimulate market development
- Surging demand for electric golf carts will boost the global market over the next decade
- Rising usage of golf carts in parks, hotels, airports, universities, etc. will create new growth prospects
Competitive Landscape:
Leading golf cart manufacturers are expanding their product portfolios to attract more customers and strengthen their position in the global market. They are also forming strategic alliances and partnerships with domestic and international players to expand their presence.
For instance,
- In January 2021, golf vehicle manufacturer Yamaha Golf Car Company renewed its prevailing partnership with (NGCOA) National Golf Course Owners Association as an official golf cart partner.
- In August 2021, SoloGolf partnered with a leading manufacturer of golf car batteries, RELiON Battery.
More Valuable Insights on Golf Cart Market
In the latest study, Fact.MR offers a detailed study on global golf cart market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of golf carts through detailed segmentation as follows:
Product:
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
Operation:
- Manual
- Powdered
Application:
- Golf Courses
- Personal Use
- Industry Use
- Other Applications
Ownership:
- Rented Golf Carts
- Fully owned Golf Carts
Key Questions Covered in the Golf Cart Market Report
- What will be the demand outlook for the golf cart market during the forecast period?
- What are the challenges faced in the golf cart market?
- Which operation will lead to growth in the golf cart market from 2021 to 2031?
- What is the projected market valuation of the golf cart market in 2031?
- What are the factors driving the golf cart market from 2021 to 2031?
- Which application will generate the maximum revenue in the golf cart market?
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