The golf cart market revenue is likely to touch US$ 2.9 Bn by 2021, according to Fact. MR. The overall golf cart market is expected to reach US$ 5.4 Bn by 2031, expanding nearly 2x.
Demand for electric golf carts is expected to be influenced by the 5 market players, holding 48% of the golf cart market in 2021. Rising demand for fast, electric, and technologically advanced golf carts with eco-friendly components will propel the industry at a CAGR exceeding 6% through 2031.
Key Points Covered in Golf Cart Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Golf Carts and How to Navigate
- Recommendation on Key Winning Strategies
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Golf Carts Revenue Analysis 2016-2020 Vs Future Outlook 2021-2031
According to Fact.MR- a market research and competitive intelligence provider- global market for golf carts has grown at a CAGR of 3.6% from 2016-2020. Extensive utilization for transportation purposes including personal use, golf courses and industry use has accelerated demand in the historical period.
End users are exhibiting preference for custom-built golf carts with additional add-ons to suit user requirements. Using a golf cart or LSVs for short trips helps conserve fuel and achieve transportation economy, another key reason for their uptake.
The combination of these factors leads to ideal conditions for the expansion of golf carts demand around the world. As per the market study, overall demand is expected to surge at a CAGR of 6.3% from 2021 to 2031 to reach US$ 5.3 Bn.
How is the Scramble for Fuel Economy Spurring Golf Carts Demand?
The growing need for golf carts in residential areas, hotels, airports, university campuses, and railway stations has contributed to the increasing demand for golf carts. Since they are electric powered, golf carts emit low noise, offer greater safety, and reduce the likelihood of emissions.
Additionally, rapid industrialization has prompted the development of new technological golf carts for industrial uses. Advancements and technological innovations such as the reduced need for components replacement, faster recharge cycles, and high durability are bolstering demand for golf carts in the global market.
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How are Low-Speed Vehicle Tests Spurring R&D in Golf Carts?
A lot of research and development on golf carts is conducted across several regions. One example is the deployment in the Cape Fear region. From fairways to roadways, golf carts are becoming mainstream, offering people a convenient option to travel around town.
Tests are conducted on low-speed vehicles to see if they can share the road with faster vehicles and travel along state-maintained roads. According to various studies, the vehicles have been legally allowed on state-run roads with a 35 mph speed limit. In the region, these vehicles are governed by the same rules as motor vehicles. Hence, manufacturers are accelerating R&D to augment supply.
What is the Demand Outlook for Golf Carts in the U.S.?
Rising disposable incomes and the increased popularity of golf has spurred sales of golf carts in the U.S. Golf carts equipped with batteries and solar power are contributing to market growth, which is resulting in a spike in demand for golf carts.
The increasing number of golf courses in the country is expected to increase the demand for the golf carts market. As per Fact.MR’s projections, the U.S golf carts industry reached US$ 1 Bn as of 2020, expected to grow at a CAGR of 6% until 2031.
How is the Asian Region Broadening Prospects for Golf Cart Sales?
The Asian region has experienced urbanization that is resulting in urban lifestyles of improved citizens that are creating a need for luxurious lifestyles. India, China, and Japan are considered high potential markets for golf cart sales in Asia.
The need for eco-friendly vehicles in this region is one of the biggest factors influencing electric device sales. With the help of technological innovations in the field of battery management, golf cart manufacturers can improve vehicle range and reduce charging cycles.
The use of golf carts in this region can be attributed to the stringent rules applied by the government on emissions of pollutants in the atmosphere and the rising demand for electric vehicles will surge the market for golf carts. The region is poised to hold around 60% revenue share.
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How is Demand for Push-Pull Carts Expected to Grow?
A growing awareness of the health, wealth, and fitness benefits of walking is propelling the demand for push-pull carts among golfers. A CAGR of 5% is projected for this segment until 2031.
In golf, push-pull carts occupy a unique place in the market. Foldable and motorized carts are in high demand due to their ease of use and reduction of physical exertion from pulling a lug or moving them around the golf course.
Why are Powered Golf Carts Acquiring Traction?
According to Fact.MR, demand for powered golf carts is anticipated to surge at a CAGR of over 5% to reach a substantial valuation by 2031. Heightening demand for automation in industrial and sports settings is primarily accelerating sales for many years.
Demand for electric-powered golf carts is expected to gain significant traction, as end users strive to incorporate more environmentally conducive transportation alternatives.
Major players with a prominent share in the market are focusing on expanding their customer base.
- For instance, Club Car has designed Disney Robot Golf Carts, introduced at Walt Disney World Resort’s Orlando golf courses. Using Bluetooth and GPS technology, the robotic TempoWalkcarts transport clubs around Disney's golf courses at Palm, Magnolia, and Oak Trail.
- Likewise, Cricket Mini Golf Carts designed a fully suspended electric mini golf cart that is lightweight, portable, easy to own, four-seater, and fun to drive. The cart is eco-friendly, collapsible, and can fit in a motorhome basement.
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Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
- Manual Golf Carts
- Powered Golf Carts
- Golf Carts for Golf Courses
- Golf Carts for Personal Use
- Golf Carts for Industry Use
- Golf Carts for Other Applications
- Rented Golf Carts
- Fully Owned Golf Carts
Golf Cart Market- Scope of Report
A recent study by Fact.MR on the golf cart market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering golf carts.
The study also provides the dynamics responsible for influencing the future status of the golf cart market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the golf cart market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of golf carts across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of golf carts during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative golf cart markets?
- Which factors will impact the growth of golf carts?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the golf cart industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for golf carts are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global golf cart market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the golf cart market during the forecast period.
Country-specific valuation on demand for golf carts has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of golf carts, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering golf cart has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the golf cart domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the golf cart industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
By 2021, sales of golf carts are likely to reach US$ 2.9 Bn in value, as per Fact.MR’s recent study
The overall golf cart market is expected to reach US$ 5.4 Bn by 2031, growing at a CAGR of 6.3% for 2021-2031
According to Fact.MR, between 2016 and 2020, golf carts sales expanded at a CAGR of 3.6%
Adoption of new technologies and rising popularity of electric vehicles is trending in the golf cart market
Increasing need to replace fuel powered vehicles with electric vehicles is driving demand for golf carts
The top players such as Club Car LLC, E-Z Go, Yamaha Golf Car Company, Columbia ParCar Corp, and Hitachi Co. Ltd., hold 48% of the overall market share
U.S, China, India, Japan and South Korea are expected to influence future golf carts demand
The U.S golf carts market is expected to expand at a CAGR of 6% over the forecast period
The market for Europe is expected to expand at a CAGR of 6.1% over the forecast period
The Asian market for golf carts is expected to generate 60% of global revenue until 2031
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.