Golf Cart Market: Global Industry Trends and Regional Forecast to 2027
The golf cart market is set to grow from its current market value of more than USD 1.5 billion to over USD 2 billion. Over the years, the popularity of golf has increased immensely, which, in turn, has created a positive impetus on the overall golf cart industry. Despite being an expensive sport, participation in golf activities is increasing due to growing disposable income. In fact, a report published by National Golf Foundation stated that traditional golf participation has recorded a rise of 10% during the year 2019.
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The growth can be attributed to a rapid increase in the construction of golf courses across the world. In 2019, 534 golf courses were constructed worldwide, according to the Royal and Ancient Golf Club. Looking at these numbers, it would be safe to state that, the adoption of golf carts will witness a massive hike in the coming years.
Golf carts are used for carrying golf players and their equipment from one place to another across the huge golf field. These carts are available in a variety of formats including 2, 4, and 6 seaters. That apart, golf carts have gained massive acclamation in hotels, resorts, and large residential areas.
On that note, golf cart market will witness a rise in demand across Europe as they are being considered as a cost-effective travel option. In addition to that, they also provide comfortable rides and convenience, further fueling their adoption in the region. There is also a rise in number of registered golfers in European countries like the UK, Spain, Portugal, and Ireland.
Speaking of which, the product demand has taken a massive leap, encouraging manufacturers to advent innovative products. Prominent golf cart manufacturers are constantly investing a huge amount in technological advancement and R&D activities, to develop a highly efficient golf cart with high power. Recently, a golf cart manufacturing company Club Car introduced its new golf cart with a 4.7 KWH lithium-ion-powered motor. The company states that this vehicle can climb on hilly areas with the help of its 375-amp motor controller.
With increasing awareness towards the environment, the penetration of solar-powered golf carts has increased. These carts provide high fuel efficiency with zero carbon emission and hence have minimum environmental impact. Along with that, solar-powered carts require low maintenance and zero fuel expense, which reduces the whole vehicle operating cost. The aforementioned factors will play a pivotal role in expanding solar-powered golf cart market revenue.
However, the COVID-19 pandemic hampered the development of the golf cart market. The shortage of raw materials and labor, as well as trade barriers across the world, slowed business growth in 2020. Several well-known suppliers, including Yamaha Golf-Car Company and Club Car, had to halt their production temporarily. Furthermore, the golf cart industry was disrupted by the closing of golf courses and hotels & resorts due to the imposed lockdown.
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Some Point from Table of Contents:
Chapter 5 Golf Cart Market, By Fuel Type
5.1 Key trends, by fuel type
5.2 Gas
5.2.1 Market estimates and forecast, 2017 – 2027
5.3 Electric
5.3.1 Market estimates and forecast, 2017 – 2027
5.4 Solar-powered
5.4.1 Market estimates and forecast, 2017 – 2027
Chapter 6 Golf Cart Market, By Application
6.1 Key trends, by application
6.2 Golf courses
6.2.1 Market estimates and forecast, 2017 – 2027
6.3 Commercial services
6.3.1 Market estimates and forecast, 2017 – 2027
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