Golf Cart Market By Product Type (Push-Pull Golf Cart, Gasoline Golf Cart, Electric Golf Cart, Solar Powered Golf Cart), Operation (Manual, Powered), Application (Golf Courses, Personal Use, Industry Use), Ownership (Rented, Fully Owned) & Region - Forecast to 2021 - 2031
Golf Cart Market - Analysis, Outlook, Growth, Trends, Forecasts
- March 2021
- 200 pages
Golf Cart Market - About the Report
[200 Pages Report] The popularity of golf cart is increasing by the day due to changing lifestyle and increasing inclination towards sustainable energy solutions which is one of the topmost factors driving growth. While increasing patronage of golfing activities remains a chief growth driver, the golf cart does market not limit itself to the same, but has penetrated into other sectors such as hotels, wedding events, amusement parts, tourism spots, airports, stadium, security & patrolling and cargo transport.
In its latest edition of the report on the global golf cart market, Future Market Insights (FMI), an ESOMAR-certified market research and consulting company, offers insights into key factors affecting the market’s trajectory amid COVID-19. This edition is intended to update stakeholders on the key developments in the golf cart market. It also offers recommendations on how to react to this change. For the purpose, key industry metrics have been discussed at length and their impact on golf cart sales has been analyzed.
How Does the Historical and Future Outlook for Global Golf Cart Market Compare?
Earlier golf cart was specifically envisioned for the utilization in golf courses for transportation of golfers and the equipment within the course premise. As it is a low speed vehicle, a golf cart is preferably used for short distance trips in internal roadways, privately owned spaces, or off road purposes.
With development of the leisure and tourism sector, the industry backed up with subsequent investments in both infrastructure and equipment. The global golf carts market is expected to be gaining impetus as utility vehicles find increasing applications other than their use in golf courses. Also, owing to emerging trends such as electrification the demand for golf carts is expected to soar globally.
Meanwhile, consumer inclination towards sustainable alternatives will create attractive opportunities for solar powered golf carts sales. Despite positive growth outlook, the unprecedented COVID-19 pandemic has caused severe impact on the global economy at various levels wherein tourism, hospitality and recreational sectors have witnessed significant downturn.
The golf cart market growth is also projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020. With a number of end users affected in regions like Europe and South Asia –Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects global golf cart market to grow at 4.3 % CAGR through 2031.
What is the Commercial Potential of Golf Cart?
Golf carts are mostly used in golf courses but with rising urban spaces and customization in their design, the demand from other industries is expected to rise as well. Also, golf carts are used as utility vehicles and mobility tools in small communities, apartments and university campuses, at railway station for carriage movement, and other purposes. With the availability of alternate modes of transportation, golf carts are considered to be a flexible tool which has helped to improve mobility across urban spaces.
Due to its modular design and available customization options, this product can be customized as per end-users requirements which helps to generate a profitable business for the owner.
Moreover, establishing sales and service facilities in emerging countries coupled with long term partnerships with regional distributors also paves the way for the expansion of channel reach.
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What is the Regulatory Impact on Golf Cart Sales?
There are some regulations that are restraining the usage of golf cart. For instance, in order to operate golf carts, one should need a permit, specified age limit, and fulfil various other rules. There are various central and state regulations that are governing their usage considering different factors like safety, headlights, brakes, road access, passenger capacity, and a valid driver’s license.
A valid driver’s license is required in most countries across the world in order to drive a golf cart. This is because growing usage of unpermitted and legally unapproved golf carts created lot of challenges like turn overs and tripping which result in unavailability of golf carts for genuine purposes
Golf Cart Market Country-wise Insights
How big is the Opportunity in the U.S.?
FMI has projected that the U.S. is expected to remain one of the most lucrative markets for golf cart sales. The presence of several leading players such as Club Car, LLC, Yamaha Golf Car Company, E-Z-GO, and others will drive growth in the U.S.
The passenger density is increasing in the U.S. day by day, railway ministry in U.S. is also focusing for high speed train projects which is projected to drive the electric golf cart segment over the forecast period.
How are Planned Infrastructure Developments Assisting Growth in the U.K.?
Remarkable growth registered in the U.K.’s construction activities and infrastructural development is estimated to boost the market for golf cart. The UK automotive industry is a vital part of the UK economy and is responsible for shaping the future of mobility, which is assisting the market growth of electric golf cart. Europe leads the global share of investments in new projects under construction owing to an extensive railway network, which will create significant opportunities for sales in the coming years
What are the Factors Underpinning Growth in China Golf Cart Market?
Growing population and technological advancement in China along with increase in globalization are the major factors contributing towards the market growth. East Asia accounts for more than one half market share due to availability of fleet in China itself, which has proven to create favorable environment for growth. The strong growth in the domestic and inbound tourism of China has led to the expansion of the hotel industry which is supporting to golf cart sales in the nation.
A key point to consider here is that the nation is home to an increasing pool of middle-income population. With their interest towards leisure holidays rising, China’s travel and tourism industry will have enough reasons to celebrate. This will also bolster growth opportunities for golf cart sales in the country.
How Will Urbanization Effect Golf Cart Market Growth in India?
India has emerged as one of the highly lucrative markets for golf cart. The ‘Make in India’ campaign is likely to create conducive environment for manufacture of golf carts. The advent of lithium-ion batteries and lithium polymer batteries is expected to bode well for the market. Besides this, expansion of the tourism sector will continue supporting growth in India.
According to the India Brand Equity Foundation, total contribution by the sector to India’s GDP was forecast to increase from US$ 234.03 billion in 2017 to US$ 492.21 billion in 2018. Despite a period of temporary lull amid COVID-19, recovery of economic activities will spur business across the sector, in turn creating lucrative sales opportunities for golf cart manufacturers.
Opportunities in Global golf cart
According to FMI, the growth of the global golf cart market is expected to be driven by the technological advancements in golf carts such as regenerative braking, battery developments, powering technologies, and inclusion of different types of suspension systems aimed to improve the product so that it is fit for use across a plethora of applications. Also, increasing personal use of golf cart as it is considered as an alternative transportation option for local and convenience travel which inclined customers towards personal mobility which is estimated as a new market opportunity for the market of golf cart.
Golf Cart Market Category-wise Insights
What’s The Rental Versus Full Ownership Scenario?
The ownership segment of golf cart market will exhibit high growth. With increasing car rental services globally, awareness regarding the use of golf carts on rental basis also has increased, especially in various events such as expos, symposiums, tradeshows, exhibitions, and weddings. However, in such events customer needs golf cart for limited time like couple of days or weeks, thereby end users are showing preference for rental services which increasing the market share of rental golf cart segment.
How Powered Golf Cart Are Gaining More Popularity?
As compared to manual type of golf cart, powered golf cart is gaining more traction owing to its range of comfort and safety features, which are exactly what consumers now a days are looking for. Powered golf cart sales are expected to pick up in response to the expansion of the automotive industry. According to FMI, powered golf cart will continue accounting for maximum sales through the course of the forecast period.
How is Adaption In Industrial Use Aiding Market Growth?
Golf courses are expected to remain dominant end users. Other than in golf courses, the use of golf carts has been gaining traction in sports events, airports, resorts, golf clubs, golf tourism, hospitals, railway stations, military bases, college campuses, and housing projects. Golf carts are safer, easy to drive, cheaper means of transport, and provide ease of operation. These factors have been aiding their increasing use across various industries.
In modern era, as a mean of public transport, the use of golf cart has been getting popular, as it can be used as a substitute for fossil-fueled passenger vehicles, especially to cover smaller distances. Likewise, golf carts are emerging as a significant part of industries for internal transportation.
As a result, growth of the manufacturing sector, industrial sector, and specifically in developing countries such as China, India, and Brazil is expected to create vigorous growth opportunities for manufacturers of golf carts.
How Solar Golf Cart Remain The Future?
Opting for the sustainable products and growing electrification are driving the market of solar powered golf cart and electric golf cart. Choosing an electric golf cart helps to conserve the environment. Because these cars are in-built with battery assisted technology, they leave significantly lesser carbon footprint. Continuous developments in the field of solar technology and the mass production of solar components have contributed significantly towards increasing sales of solar power-based vehicles, including solar powered golf cart.
Companies operating in the gold cart market are focusing on capacity expansion via product launches. Besides this, they are introducing state-of-the-art technologies to gain competitive advantage. For instance:
- In Jan 2019, the club car, LLC company introduced lithium ion-powered golf cart technology at BIGGA Turf Management Exhibition (BTME), in order to increase flexibility, control and progression.
- Yamaha Golf-Car Company launched its new vehicle featured with new technology at the 2019 PGA Merchandise show, which also includes Yamaha’s Drive2 fleet golf car featuring the QuieTech EFI technology.
Some of the leading companies operating in the market are:
- Club Car, LLC
- Yamaha Golf-Car Company.
- EverGreen Electrical Vehicles
- Columbia ParCar Corp
- Hitachi Chemical Co., Ltd.).
- Xiamen Dalle Electric Car Co., Ltd. Company
- Maini Material Movement Pvt. Ltd
- Garia Luxury Golf Car.
- Cruise Car, Inc.
- Toyota Motor Corporation
- Polaris Inc
- GDRIVE Golf Cart
- Carrieall Car Pvt Ltd
- Volmac Engineering Pvt Ltd
* The list is not extensive and is for representational purposes only. Total competitive intelligence is available in the report with SWOT analysis.
Golf Cart Market Scope of the Report
Historical Data Available for
USD Million for value and Units for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, Poland China, Japan, South Korea, India, ANZ, GCC Countries, Turkey, South Africa.
Key Segments Covered
By Product Type, By Operation Type, By Application, By Ownership
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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Global golf cart Market by Category
- Push-Pull Golf Cart
- Gasoline Golf Cart
- Electric Golf Cart
- Solar Powered Golf Cart
- Golf Courses
- Personal Use
- Industry Use
- Fully Owned
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa