The size of golf cart market was registered at USD 1.5 billion in the year 2020 and is anticipated to cross USD 2 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 4.5%.

Escalating participation of youth and adults in golf activities along with the introduction of highly advanced golf carts having four-wheel drive systems could generate new growth strides in golf cart market. There is surging popularity of golf and rising disposable income in the Asia Pacific and North America regions which is supporting overall industry expansion.

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Electric golf carts are witnessing technological advancements like high power and maximum range. Huge investments in R&D by companies to create very efficient golf cart motors and batteries are fueling product demand, as is the production of gasoline powered, low-noise golf carts. Golf cart manufacturers are launching new models consisting of various features and price ranges to meet the demands of different consumers. Golf cart companies are also focusing on expanding business operations. In 2019, Yamaha Golf-Car Company announced its plans to expand two of its territories in the U.S, in order to improve service capabilities and grow sales across the area.

The travel and tourism sector is growing at a rapid pace. The number of golf courses is increasing, hence adding to market growth. Golf carts are commonly used in resorts and hotels owing to their large passenger carrying capacity, less noise, and easy maneuverability, features which are likely to boost product demand. However, emergence of COVID-19 pandemic has drastically impacted the tourism sector, further influencing the golf cart market.

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.

The Europe golf cart market may expand significantly owing to the convenience, comfortable ride, and low-cost travel options provided by these vehicles. Golf carts that come with large passenger-carrying capacity are in demand across hotels, residential apartments, resorts, and clubs throughout the region.

Countries like Spain, Ireland, the UK, and Portugal are witnessing growing number of registered golfers, boosting regional product demand. In 2021, global provider of mission-critical flow creation and industrial solutions, Ingersoll Rand Inc., announced the agreement to sell its specialty vehicle technologies segment, Club Car, to Platinum Equity for their expertise, focus, and interest in the automotive sector and mobility trends.

Moreover, the major players are also targeting a huge customer segment through the expansion of their dealership in untouched market spaces to expand their footprints. Industry players are also developing low-noise fuel-powered golf carts engines to create a decent product portfolio with an array of features and various price ranges.

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.

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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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