The "Golf Cart Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Golf Cart Market, initially estimated at USD 2.10 billion, is poised to reach USD 2.84 billion by 2028, exhibiting a notable CAGR of 5.71% during the forecast period.
The golf cart market is characterized by fragmentation, attributed to the presence of several regional players. Leading industry participants include Yamaha Golf-Car Company, Club Car LLC, Textron Inc., HDK Electric Vehicles, and Guangdong Lvtong New Energy Electric Vehicle Technology Co. Ltd. These companies have responded to emerging applications like short-distance tourism and electric mobility by introducing innovative models equipped with advanced technologies.
While the pandemic disrupted many markets, including golf carts, the public's growing appreciation for the recreational aspects of golf has fueled golf cart sales. Despite the initial setback caused by COVID-19, sales began to soar in the latter half of 2020, setting the stage for market growth in the forecast period.
Urbanization, rising per capita income, and the flourishing international and national tourism sectors are expected to drive golf cart demand during the forecast period. These low-powered, user-friendly vehicles offer versatility, aligning well with urban development for various private activities. The growth in these aforementioned industries is anticipated to contribute positively to the golf cart market's expansion.
North America Leads the Way in the Golf Cart Market
North America is poised to dominate the golf cart market throughout the forecast period. The region boasts major market players like Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (E-Z-GO).
The United States, in particular, holds a special place in the world of golf, with over 17,000 golf courses, hosting three of the four major men's championships and producing numerous top players. These U.S. golf courses represent more than 42% of the global total. The country saw a consistent rise in golf driving ranges businesses in 2021, with a record-breaking number of 57,465 registered as of 2020. This surge in golf-related activities creates substantial market potential and demand for golf carts. Moreover, players in the industry are introducing new product lines to meet this demand.
Mexico is emerging as a lucrative market for golf cart manufacturers, driven by diverse applications. Numerous vacation companies in the country offer services such as tours conducted on electric golf carts. For instance, Sayulita Life.com provides electric golf carts for safe and customized town tours, catering to short or extended durations, as per customer preferences.
Growing Golf Spectatorship and Golf Course Expansion
The rising popularity of golf carts can be attributed to changing lifestyles and a growing preference for sustainable energy solutions. While increased participation in golf remains a primary growth driver, golf carts have diversified into various sectors, including hotels, weddings, amusement parks, tourism destinations, airports, stadiums, security and patrolling, and cargo transport.
The industry has seen a consistent influx of over 2 million newcomers each year from 2012 to 2019, with 2020 and 2021 witnessing an even more substantial surge, surpassing 3 million. In 2021, a remarkable 3.1 million juniors engaged in golfing on courses, following a 24% increase in 2020, the most significant rise since 1997. This segment showcases a greater diversity compared to the general golfing population.
The proliferation of golf courses and country clubs is aligning with the growing public interest in golf, thereby driving global golf cart demand. Globally, there are 540 golf course projects at various planning stages (344) or under active construction (196). These projects span 96 countries, with a significant portion linked to resort developments.
Across the Asia-Pacific region, 45% of golf courses are private clubs, in contrast to the 20% membership-only designation worldwide. This underscores the functional synergy between golf, tourism, and economic development. The escalating number of golf courses correlates with a rising interest in golf, further propelling golf cart demand in the forecast period.
- Yamaha Golf-Car Company
- Cruise Car Inc.
- Columbia ParCar Corp.
- Garia Inc.
- Club Car LLC
- Textron Specialized Vehicles Inc.
- HDK Electric Vehicles
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
- JH Global Services Inc.
- Dongguan Excellence Golf & Sightseeing Car Co. Ltd
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Electric Golf Cart
5.1.2 Gasoline Golf Cart
5.1.3 Solar Golf Cart
5.2 By Application Type
5.3 By Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/eztcfz
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