Golf Cart Market

Golf Cart Market Outlook and Growth Analysis

The golf cart market revenue is likely to touch US$ 2.9 Billion by 2021, according to Fact. MR. The overall golf cart market is expected to reach US$ 5.4 Billion 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.

Report Attributes	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania MEA
Key Market Segments Covered	Product Operation Application Ownership Region
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.

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.

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.

Country-wise Insights

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.

Category-wise Insights

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.

Competitive Landscape

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.

Key Segments Covered

• Product

  • Push-Pull Golf Carts
  • Gasoline Golf Carts
  • Electric Golf Carts
  • Solar Powered Golf Carts

• Operation

  • Manual
  • Powered

• Application

  • Golf Courses
  • Personal Use
  • Industry Use
  • Other Applications

• Ownership

  • Rented Golf Carts
  • Fully Owned Golf Carts