Golf Cart Market: Powered Golf Carts Product Type Segment Anticipated to Dominate the Global Market Both in Terms of Value and Volume: Global Industry Analysis and Opportunity Assessment, 2016-2026
- REP-GB-230
- 2016-12-06
- 209 Pages
- Format:
- Category: Automotive & Transportation
Golf cart is a self-propelled vehicle driven by electric motors and internal combustion engines specifically intended for use on golf courses for transporting golfers and their equipment. Push-pull type golf carts are used to carry golf equipment and accessories dedicated for golf courses. Push-pull golf carts are manual golf carts that are run with the help of a simple push or pull mechanism. Other types of golf carts include electric, gasoline and solar powered golf carts, run with the help of batteries, gasoline engine and solar powered motors respectively, which are used for internal transportation of man and material, with an average speed of 25–50 kmph. According to the source of power, both electric and manual push-pull golf carts are covered in the scope of our research.
Global consumption of golf carts was pegged at 182,380 units in 2015. The global golf cart market is estimated to be valued at US$ 1,115.0 Mn by 2016 end and is expected to reach US$ 2,080.0 Mn by the end of 2026, expanding at a CAGR of 6.4% over the forecast period. The global golf cart market is anticipated to represent incremental opportunity of US$ 964.9 Mn between 2016 and 2026. In terms of volume, the global golf carts market is estimated to reach 189,920 units by 2016 end and is anticipated to increase to 301,188 units by 2026, exhibiting a CAGR of 4.7% over the forecast period.
A swift rise of urbanisation and industrialisation is driving revenue growth of the global golf cart market
Countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanisation over the past decade. This swift rise of urbanisation and industrialisation is expected to boost mall culture, hi-tech and smart housing projects, and amusement and theme parks. All these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. Also, growth in the golf course projects in North America, Asia, and Europe leads to high demand for golf carts. The development of tourism and hospitality industry and ease of operation supports the growth of the global golf cart market. The demand for customisation by the end users in relation to vehicle aesthetics and seating capacity has increased. To leverage this opportunity, manufacturers are expanding their offerings and providing customised solutions according to end-use applications. Hotels & resorts, rental services, and amusement parks are some of the major end users with high demand for customisation.
The solar powdered golf cart segment of the global golf cart market is anticipated to grow at a faster rate due to low maintenance cost
On the basis of product type, the global golf cart market can be segmented into push-pull golf cart, gasoline golf cart, electric golf cart and solar powered golf cart. Electric golf cart segment accounted for 81.1% volume share in 2015. Solar powered golf carts are growing at a faster rate as they incur low maintenance cost.
On the basis of application, the global golf cart market can be segmented into golf courses, personal use, industry use, rental services and others. Golf courses segment accounted for over 49.1% value share in 2015. High growth of the segment is mainly attributed to use of golf carts in niche applications such as short trips in shopping malls, universities, airports and short drives around the town.
North America is expected to remain the dominant regional market over the forecast period
On the basis of geography, the global golf cart market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. The North America golf cart market accounted for a value share of 41.7% in 2015 and is projected to retain its dominance in the global golf cart market over the forecast period. The Western Europe golf cart market is expected to represent significantly high incremental opportunity between 2016 and 2026, while the APEJ golf cart market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of golf carts in Japan is expected to represent a total incremental opportunity of US$ 58.9 Mn between 2016 and 2026.
Leading market players dominating the global golf cart market
Some of the leading market players in the global golf cart market include 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 and Cruise Car, Inc.
Future Market Insights in its report titled “Golf Cart Market: Global Industry Analysis and Opportunity Assessment, 2016–2026” offers detailed insights and in-depth research on the global golf cart market over a 10-year forecast period 2016 – 2026. The report covers the important factors driving the growth of the global golf cart market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the global golf cart market and other insights across various key segments.
The report identifies the drivers and restraints affecting the growth of the global golf cart market. Changing trends are also analysed and incorporated in the report to equip the client with exhaustive information about the market resulting in better decision making. Macroeconomic factors that directly and indirectly affect the growth of the global golf cart market are also incorporated in the report.
Global golf cart market segmentation
To understand and assess opportunities in the global golf cart market, we have divided the report into three sections based on market segmentation as under:
|
By Product Type |
By Operation |
By Application |
By Ownership |
By Region |
|---|---|---|---|---|
|
|
|
|
|
The market value for all segments is taken in US$ Mn and the market volume is also identified in units for all the segments.
A section of the report highlights country-wise golf cart demand. It provides a market outlook for 2016–2026 and sets the forecast within the context of the global golf cart market, including the new technological developments as well as product offerings for niche applications in the global golf cart market.
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. The report provides details market share analysis of the golf cart market on the basis of key manufacturers. Detailed profiles of manufacturers are also included within the scope of the report to evaluate strategies, key offerings and recent developments in the global golf cart market.
Our research methodology
Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and average market volume is deduced and reconfirmed prior to incorporating in the report. The price of golf cart is deduced basis the product type, where the average price of each golf cart type is inferred across all the seven assessed regions. The market value of the global golf cart market is thus calculated from the data provided by the average selling price and market volume.
For the 10-year forecast of the global golf cart market, various macroeconomic factors and changing trends have been observed, giving an idea about the future of the market. Other important factors considered to arrive at market forecast are the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the market.
In the compilation of the report, the forecasts is conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated presenting the client with crystal clear insights and future opportunities as far as the global golf cart market is concerned.
Analyst Speak
What we have observed here is that these days golf carts are not only used on golf courses but they are also used for internal transportation in regions such as North America and Europe. In fact, they are legally permitted for internal use in these two regions and are called “Neighbourhood Electric Vehicles” that are operated on battery.
Increasing penetration of golf carts in private events, educational institutions and 18-holes golf courses is also driving the growth of the global golf cart market. Educational institutions have large campuses and it is not easy to commute from one place to another. Golf carts are proving beneficial to meet these needs. Similarly, there is an increasing trend of using golf carts in Indian weddings for the convenience of invitees.