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Golf cart market is equipment designed for the transportation of golfers within the course premises. It is a gas powered, low speed vehicle which is driven by the electric motors and with an average speed of 25-50 kmph. In concern towards the raising environmental issues, this golf cart vehicle is environmentally friendly and pollution free vehicles.
The golf cart market is currently accounted for USD 1621.3 million and is expected to reach USD 2584.5 million by 2023 & CAGR 7.3%. The increasing globalization has raised the demand of the market. Golf cart vehicles are utilized in hotels, hospitality and amusements parks and colleges & University.
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Benefits of the Golf cart-
(1) Golf cart is technologically advanced equipment which are used for short trips in educational institutes like colleges & Universities.
(2) It needs not be registered or insure with PID and PDL coverage can be used by person with age group of 14 or above.
(3) They are flexible, cold resistance, durability which provides smooth cruising & mobility.
(4) The golf can be a lifelong pastime so having a golf cart vehicle reduces the physical burden as working on golf course 18 holes can be challenging for some players.
The golf market is segmented on the basis of product type and by application. On the basis of product, it can be divided into Push-Pull golf cart, Gasoline golf cart, electric golf cart and Solar powered Golf cart. On the basis of application, it is further divided into Golf courses, personal use, industry use, rental services and others. The golf cart market is one of the fastest growing markets and particularly used for industrial purposes.
The golf cart market is mainly diversified into five regions Asia- Pacific, Europe, North America, and Australia and United Kingdom. In the past few years North America is predicted to hold the highest market share and thus generating highest revenue. The second largest market of the golf cart market is Asia- Pacific due to increasing use of electric golf cart in residential apartments, airports malls and others. In Asia pacific region the highest revenue is generated by Japan followed by China, Australia and India.
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The major players in the market are Club Car, LLC, EverGreen Electrical Vehicles, E-Z-GO, Columbia ParCar Corp, Yamaha Golf-Car Company, Xiamen Dalle Electric Car Co. Ltd. Hitachi Chemical Co. Ltd., Maini Material Movement Pvt. Ltd., Garia Luxury Golf Car, Cruise Car, Inc. and Other Major & Niche Key Players. Each and every company is working on their research and development to generate product that can meet customers demand. Recently, India Yamaha motors pvt. Ltd. has announced its renewed scooter line up now enabled with unified braking system along with additional feature like maintenance free battery.