Golf Cart market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Golf Cart market: Overview and Definition
The golf cart market refers to the industry involved in the production and distribution of vehicles designed for use on golf courses, as well as other low-speed applications such as transportation around resorts, campuses, and neighborhoods. Golf carts are typically small, electric or gas-powered vehicles that can carry two to eight passengers and their golf bags, and can travel at speeds up to 25 miles per hour.
The golf cart market includes a range of products, from traditional golf carts to more advanced models with features such as GPS navigation, sound systems, and luxury seating. These carts can be customized with a variety of accessories, such as rain covers, storage compartments, and beverage holders.
The golf cart market is driven by the popularity of golf as a recreational activity and the growing demand for eco-friendly transportation options. Golf carts are a convenient and efficient way for golfers to move around the course, and can also be used for a variety of other applications such as transportation around resorts, campuses, and retirement communities.
The market for golf carts is also influenced by the trends towards sustainability and smart technology, which are driving the development of more efficient and advanced models with features such as regenerative braking and remote monitoring capabilities. However, the market may face challenges such as the competition from other low-speed vehicles, the need for infrastructure to support the use of golf carts, and regulatory restrictions on their use on public roads.
The golf cart is a lightweight vehicle used for short distance transportation. It is also known as non-highway or off-road vehicle with an average speed between 25 to 20 km ph. The major applications of golf cart market are segmented into golf courses, personal use, industrial use, rental services, and others.
Growth Drivers and Restraints
The golf cart finds a range of applications in our lives. The golf cart has been used in a different location for different purposes such as universities, airports, shopping malls, hospitals, tourism, and others. These carts are used in airports and shopping malls to carry luggage over a short distance. These applications are positively influencing the growth of golf cart market. Moreover, the tourism and hospitality sectors are majority growing market in the golf cart industry. This sector creates a new opportunity for sales of golf cart across the globe.
Additionally, the increased personal income of consumers and changing lifestyle are key factors which are increasing the participation rate in the golf game. Moreover, the rising number of golf courses globally and increasing trend of golf tourism in developing countries such as Australia, Japan, China, Canada, and India are projected to propel the demand for golf carts in near future. Furthermore, in terms of golf cart product, they are segmented into solar, electric and gasoline. Among them, the electric golf cart is growing at the fastest rate as they incur low maintenance cost. This factor is believed to raise demand for electric golf cart in the coming years.
Additionally, the increase in urbanization and industrialization for hi-tech and smart residential projects such as theme park, hospitality, hotels, rental services, resorts, and others are expected to drive the demand for internal transportation to carry people and goods. These are the major factor resulting in a rising demand for golf cart market across all regions. Region-wise, North America is the strongest region for the golf cart market. As advancements in technology and rejuvenation of the golf industry are getting stronger with time in North America. Moreover, the new players are looking for business expansion and ready to invest significantly in electric LSV vehicle as compared to other countries. This factor is projected to drive the growth of the North America golf cart market in coming years. However, the high cost of maintenance of golf carts is believed to hinder the growth of golf cart market. Moreover, the rise in the number of local manufactures of the golf cart is affecting the revenue of organized players in the market leading to a barrier for the golf cart market.
Segmentation
The research offers a comprehensive analysis of golf cart market with respect to following sub-markets:
By Product Type
- Electric Golf Cart
- Solar Golf Cart
- Gasoline Golf Cart
By Application
- Golf Course
- Personal Services
- Commercial Services
- Others
By Geography
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Competitive landscape
The report profiles various major market players such as,
- GARIA Incorporation
- Ingersoll Rand
- JH Global Services Incorporation
- Maini Materials Movement Pvt. Ltd
- Suzhou Eagle Electric Vehicle Corporation.
- Textron Specialized Vehicles Incorporation
- Yamaha Golf Car
- Tomberlin
- Hitachi Chemicals
- Xiamen Dalle Electric Car Corporation.
- Other Prominent Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as technology information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities. The study also provides company’s positioning and market share in golf cart market.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the golf cart market by the following segments:
- By Product Type
- By Application
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Golf Cart Market Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 18th February 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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