Over 8 out of 10 Golf Carts Sold Through 2021 to be Electric: New Study

Mar 03,2021 | Automotive

Increasing urbanization and inclination towards the environment friendly options are key factors driving market of golf cart. As per a Future Market Insights (FMI) analysis, the global golf cart market is estimated to be valued at ~US$ 2.59 Bn in 2021, expanding at a CAGR of ~4.3% during the forecast period from 2021 to 2031. While the COVID-19 outbreak hampered sales to an extent, the market is likely to recover 2021 onwards.

Golf Cart Market

A recent market study published by FMI on the golf cart market includes global industry an...

Golf Cart Market

With the rising focus on renewable energy, the demand for solar-powered and electric vehicles is increasing. The trend also is visible in the golf cart market. According to FMI, electric golf carts are expected to account for over 87% of sales in 2021. Driven by changing preferences of consumers, some of the leading manufacturers are focusing on developing technologically advanced intelligent braking system for golf carts. This is indicating towards the potential launch of driverless golf carts.

The research report analyzes demand trends within the global golf cart market. The global market estimation and growth projection are based on factors such as rapid urbanization, automotive industry development, COVID-19 crisis impact, increasing per capita income, and growth in the international and national tourism industries. As per FMI’s research scope, the global golf cart market has been studied and segmented on the basis of product type, operation, application, ownership and region. The global golf cart market report also details global golf cart cost analysis, and market presence of leading manufacturers.

Key Takeaways of Global Golf Cart Market Study

  • After registering negative growth in 2020, golf cart sales is expected to pick up 2021 onwards
  • The U.S. market will prove excessively lucrative, accounting for dominant 78.3% sales in 2021
  • After deceleration in sales, the U.K. market will exhibit recovery, registering 2.6% Y-o-Y growth in 2021
  • Other than U.K., Germany and France will emerge as key markets within Europe
  • China will continue dominating East Asia market, followed by Japan and South Korea

 “Driven by increasing focus on reducing emissions and the rising demand for energy-efficient mobility solutions, golf cart manufacturers are expected to focusing on the production of solar powered and electric golf carts. With this trend unlikely to slow down in the near future, the market will continue gaining impetus through the forecast period,” says FMI analyst.

Global golf cart market is expected to be an opportunistic market in the forecast period due to growing golf sports infrastructure and its applications in various sectors. As this low speed and compact vehicles have numerous applications, starting from their primary application in golf courses to their applications in sports events, airports, resorts, hospitals, warehouses, railway stations, universities, and housing projects, their demand is expected to rise considerably in the coming years.

Who is Winning?

The global golf cart market is consolidated in nature, in which the leading players account for more than one third of overall share. Some of the key players in the market are Club Car LLC, E-Z-Go, Showa Denko, Yamaha Golf-Car Company and Polaris Inc. These companies are focusing on making their golf carts more energy-efficient to gain traction amid increasing competition.

For instance, Club Car, LLC Club car, a leading company in golf cart market, has introduced its lithium ion-powered golf cart technology in 2019. Such efforts by leading players are expected to bode well for the market.

Valuable Insights into Golf Cart Market

A market research report published by Future Market Insights (FMI) on the global golf cart market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of product type into push-pull golf cart, gasoline golf cart, electric golf cart, and solar powered golf cart. In terms of operation, the market has been bifurcated into manual and powered. Based on application, the report covers golf courses, personal use, industry use, and others. In terms of ownership, the market is segmented into rented and fully owned. North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa are the key regions covered in the report.

About the Automotive Division of FMI

The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.