Golf Cart Market

Golf Cart Market Outlook (2023 to 2033)

The global golf cart market is valued at US$ 3.4 billion in 2023 and is expected to reach US$ 5.76 billion by 2033. Worldwide demand for golf carts is forecasted to increase at a CAGR of 5.4% during the forecast period (2023 to 2033). This is attributed to increasing interest in golf as a sport and recreational activity; growing trend towards eco-friendly transportation options in hotels, amusement parks, and more; and rising popularity of retirement communities and resorts.

A golf cart is a low-speed vehicle that is powered by either electric motors, solar or gasoline engines. It is designed specifically for use on golf courses, providing transportation for golfers and their equipment around the course. Golf carts are also known as non-highway or off-road vehicles, with an average speed range of 25 to 50 kilometers per hour.

Use of golf carts is no longer limited to golf courses, as their popularity has increased in various other areas due to the increase in urbanization and industrialization. These areas include tourism spots, airports, sports, hotels, weddings, railways, amusement parks, and security & patrolling, as well as cargo transport for light equipment.

Light-duty electric vehicles were primarily used in specific settings such as golf courses or amusement parks. With growing awareness of the benefits of golf carts, they are now being utilized for a wide range of purposes beyond their original scope. Push-pull, gasoline, electric, and solar-powered are some of the types of golf carts.

• Electric golf cart sales are expected to progress at a CAGR of 5.5% from 2023 to 2033.

Electric golf carts are becoming increasingly popular due to their significant advantages over traditional gasoline or diesel-powered golf carts, particularly in terms of environmental concerns. Benefits of electric golf carts include lower maintenance requirements, noise-free operation, environmental friendliness, and more cost-effective operation.

Some of the main factors driving demand for electric golf carts is their capability to eliminate the emission of ozone-forming toxins, greenhouse gases, and noise pollution. These environmental advantages are expected to be a major factor in fueling the demand for electric golf carts.

• Neuro Energy, an EV battery manufacturer based in Mumbai (India), entered the electric golf cart market in November 2022 with the launch of its Adler product line. According to the company, this new line of electric golf carts is expected to cater to a variety of needs, including personal travel, freight, leisure, and medical assistance.

Report Attributes	Details
Golf Cart Market Size (2023E)	US$ 3.4 Billion
Forecasted Market Value (2033F)	US$ 5.76 Billion
Global Market Growth Rate (2023 to 2033)	5.4% CAGR
United Kingdom Market Growth Rate (2023 to 2033)	5.9% CAGR
United States Market Growth Rate (2023 to 2033)	4.8% CAGR
Canada Market Growth Rate (2023 to 2033)	6% CAGR
Japan Market Growth Rate (2023 to 2033)	4.4% CAGR
Australia Market Growth Rate (2023 to 2033)	3.3% CAGR
Key Companies Profiled	Golf-Car Company Cario Garia Club Car Guangdong Marshell Electric Vehicle Co., Ltd. E-Z-GO Polaris Industries Inc. Hawk Carts STAR EV CORPORATION G H Varley Pty Limited KT Pan Company Limited Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. HDK Electric Vehicle

What is the Demand Outlook for Golf Carts Across the Globe?

“Increasing Research in Golf Carts to Meet Rising Demand for Safe and Convenient Low-Speed Vehicles on Roads”

Golf carts are the subject of a significant amount of research and development in various regions, such as in the Cape Fear south-eastern area of the United States where they are being deployed for use both on the golf course and on public roads. This is providing people with a convenient option for traveling around town.

Tests are being conducted on low-speed vehicles to determine whether they can safely share the road with faster vehicles and travel along state-maintained roads. Studies have shown that these vehicles are legally allowed on state-run roads with a 35 mph speed limit, and they are governed by the same rules as motor vehicles in the region. Manufacturers are ramping up their research and development efforts to increase the supply of golf carts.

“Increasing Focus of Automobile Manufacturers on Producing Golf Carts with Lower Gas Emissions”

Golf carts are gaining popularity and are becoming an important mode of transportation within various industries. Automobile firms are focused on developing cutting-edge golf carts with lower gas emissions and relatively low costs. Innovations such as adaptive golf carts and solo rider technology designed for single users are enabling disabled people to access golf courses and games.

Other innovations such as extreme golf carts and solar power golf carts are also contributing to market growth.

• The Golf Board, a golf cart designed with skateboards in mind, is one of the most recent developments in golf cart technology. The front and rear gearboxes of the Golf Board power all four wheels, allowing the user to steer the vehicle while standing up, similar to a skateboard, by leaning left or right to perform spins.

According to several golf cart manufacturers, the golfing community has embraced the Golf Board because it speeds up play and has up to 75% less of an impact on the turf than conventional golf carts. It is anticipated that these developments will open up a wide range of prospects for golf cart producers during the forecast period.

“Significantly Increasing Demand for Customized Golf Carts”

Customized golf carts are becoming increasingly popular, with a large base of customers favoring personalized designs. Demand for customized golf carts body has led to the development of features such as all-weather enclosures, stereo systems, air conditioning, fiberglass builds, and lift kits, among others.

Golf carts are typically used for short-distance travels on internal roadways or off-road in privately owned locations, prioritizing the security and protection of walkers and cart passengers. Travel and tourism companies have also recognized the benefits of using golf carts for transportation. It provides an effective way to protect important places such as heritage sites and zoos from pollution. In today's competitive environment, golf carts have become a necessity for packaging manufacturers to meet quality standards and ensure consumer satisfaction.

What are the Hindrances to the Sales Growth of Golf Carts?

“Low Horsepower 7 Speed Limiting Their Adoption”

Golf carts are well known for their compact size and excellent maneuverability. These features come at the cost of power and speed. Golf cart engines are designed to operate at low speeds and generate fewer pollutants, making them suitable for places where slow-speed transportation is necessary, which could limit the popularity of golf carts.

The low horsepower of golf carts makes them less suitable for carrying heavy loads, too many passengers, or driving on steep hills. Sales of golf carts are thus expected to be affected by these factors.

What are the Opportunities for New Entrants in the Market for Golf Carts?

“Startup Companies’ Emphasizing Product Innovation and Design Customization”

The golf cart business can be beneficial for startup companies, depending on various factors such as the level of competition, market demand, and innovation. Demand for golf carts is growing, with a wide range of industries utilizing them for transportation. This could provide opportunities for newcomers to offer innovative solutions and meet the demand for customized and personalized designs that can set them apart from established players.

There are several niche markets within the golf cart industry that are potentially underserved, including eco-friendly golf carts, extreme golf carts, and solo rider technology. New entrants can target these niche marketplaces to gain a foothold in the industry.

• Carteav, an Israeli startup, is creating an autonomous driving system intended for low-speed vehicles in specific locations, such as hotels, hospitals, campuses, airports, and more, rather than private vehicles on highways. The system comprises autonomous vehicles, a passenger summoning system, and a site management system.

Country-wise Analysis

What are the Factors Driving the Sales of Golf Carts in the United States?

“Increasing Number of Golf Driving Ranges and Product Innovations”

Sales of golf carts in the United States are expected to increase at a CAGR of 4.8% during the projected period.

Golf holds a special place in the United States, boasting over 17,000 courses and hosting three of the four major men's championships with some of the finest players in the sport. These golf courses account for over 42% of the total number of golf courses worldwide. Several key market players are also introducing their product lines.

• DSG Global, Inc., a prominent player in the electric vehicle and golf cart markets, unveiled its revolutionary Shelby Golf Cart series during the PGA Show, the most important golf industry event of the year, held in Orlando, Florida in January 2022.

How is Demand for Golf Carts Shaping Up in the United Kingdom?

“Rising Number of Elderly Communities for Golf Enthusiasts”

Demand for golf carts in the United Kingdom is predicted to progress at a CAGR of 5.9% to reach US$ 570.17 million by 2033. This can be due to the growing golf tourism and the increasing number of elderly villages & resorts.

Golf courses are investing more in golf carts to improve the experience of golfers and visitors. Golf carts are becoming more popular in urban areas of the country, where they are used for transportation in large parks, airports, and other similar locations.

What Makes Japan a Profitable Market for Golf Cart Manufacturers?

“Growing Golf Tourism in Japan Fueling Demand for Golf Carts”

The market for golf carts in Japan is expected to advance at a CAGR of 4.4% through 2033.

Japan has more than 2,349 golf courses spread across its over 6,852 islands, including the four main islands of Hokkaido, Shikoku, Honshu, and Kyushu. These courses range from top-rated courses to pitches and putts along the riverside, making Japan a hidden gem for golf enthusiasts in Asia.

Category-wise Analysis

What are the Primary Settings Where Golf Carts are Used?

“Increasing Construction of Golf Courses Worldwide Boosting Demand for Golf Carts”

According to Fact.MR, a market research and competitive intelligence provider, growing popularity of golf across several regions is expected to drive demand for golf carts on golf courses. This demand is anticipated to rise at a CAGR of 5.6% during the forecast period.

The popularity of golf carts is on the rise as people's lifestyles change and sustainable energy solutions become increasingly favored. The growing interest in golfing activities is a significant driver of this trend. To cater to public demand, the number of golf courses and country clubs is increasing rapidly, which is expected to drive the demand for golf carts worldwide.

• According to a Mordor Intelligence report, there are 540 new golf course projects in various stages of planning (344) or active construction (196) across 96 countries. These developments are mainly linked to resort developments, accounting for almost two-thirds of the emerging golf courses.

Competitive Landscape

Golf cart manufacturers are expanding their reach and enhancing their product offerings by forming strategic partnerships with both regional and international players. This approach is aimed at attracting a wider range of consumers and strengthening their position in the global market.

Leading companies in the industry are also prioritizing the launch of new technologically advanced carts that are compact and lightweight, while also offering more extensive storage options.

• Sun Mountain and Motocaddy, among other major players, are expanding their market share by introducing new features, such as folding locks and push-pull golf carts designed for rough terrains.
• In April 2022, Club Car published a statement about the signing of a binding contract to buy Garia A/S from Lars Larsen Group, a Danish producer of low-speed electric automobiles for the utility and golf sectors.

Key Segments of Golf Cart Industry Research

• By Product Type :

  • Push-pull
  • Gasoline
  • Electric
  • Solar-powered

• By Operation :

  • Manual
  • Powered

• By Application :

  • Golf Courses
  • Personal Use
  • Industrial Use

• By Ownership :

  • Rented
  • Fully-owned

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA