Golf Cart Market Outlook 2032
The global golf cart market size was valued at $1.1 billion in 2022, and is projected to reach $2.1 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Report Key Highlighters:
The report covers a detailed analysis on the golf carts used in automotive industry.
The golf cart market has been analyzed from the year 2022 till the year 2032.
Latest developments have been mentioned in the research study.
Top companies operating in the industry has been profiled in the research study.
The research study includes different segments & regions across which the market has been analyzed.
A golf cart is a type of low-speed vehicle driven by electric motors, which is gas-powered and is specifically envisioned for utilization in golf courses for transportation of golfers and equipment within the course premises. It is also known as non-highway or off-road vehicle with an average speed between 25 and 50 kmph. Increase in urbanization & industrialization, shift toward mall culture, hi-tech & smart residential and commercial housing projects, and rise in utilization of golf cart vehicles in hotels, hospitality, tourism industries, and amusement parks are anticipated to boost growth of the golf cart market globally. Use of golf cart for short trips in educational institutions, such as colleges & universities and in airports are expected to further propel demand for golf carts between 2021 and 2028.
The global golf cart market is segmented on the basis of product type and application and region. On the basis of product type, the market has been categorized into electric golf cart, gasoline golf cart, and solar golf cart. On the basis of application, it is categorized into golf course, personal services, and commercial services. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Growth in number of vehicle sales, urbanization in countries, such as India and China, and rise in usage of golf cart especially in golf courses are anticipated to propel the growth of golf carts market between 2021 and 2028.
The key players analyzed in the golf cart market include Club Car, Cruise Car Inc., JH Global Services, Inc., Marshell Green Power, HDK Electric Vehicles, Nordic Group of Companies, Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Textron Inc., Yamaha Motor Co., Ltd., and Xiamen Dalle New Energy Automobile Co., Ltd.
Growth in population along with increase in globalization and rise in purchasing power
There has been an increase in the global population and presently, global population in 2020 crossed 7.8 billion. Every year, the global population grows approximately by 43 million. This boom in population creates many opportunities for many businesses and is also applicable for the global golf cart market. This is attributed to rise in demand for compact and maneuverable vehicles that occupy small parking space. Globalization on the other hand helps organizations develop international influence and this influence has helped change outlook of different regions. Globalization has helped people to vouch for a different and better lifestyle, it has encouraged people to spend more and get best service possible. This drives the growth of the global golf cart market share.
Stringent government rules and regulations toward vehicle emissions
Governments across the globe have become very strict regarding problem of vehicle emissions, owing to its impact on environment. U.S., Germany, France, and China have implemented government laws and regulations for vehicular emission and have made it mandatory for automobile manufacturers to use advanced technologies to combat high emission levels in vehicles. A Program launched by California Air Resources Board (CARB), includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs). ZEV mandate substantially boosts adoption of electric vehicles. Golf carts are available in two variants, one gasoline powered and other that runs on electricity.
The electric variant is most ecofriendly of the two, however, gasoline powered variety does not produce a lot of unwanted pollution, owing to its downsized engines and low overall power and weight than other vehicles. It can be assumed that these vehicles are quite compliant toward vehicular emission and have a bright future ahead, owing to their quality, which boosts the golf cart market growth.
High initial maintenance and purchasing cost
Golf carts are used as mode of transportation or utility vehicles for campuses by users. Initial cost varies with different types of features required such as radios, built in refrigerators, air conditioning, and GPS. Golf carts require a lot of regular maintenance such as service brakes, rear axle, batteries, and others and incur high cost. Hence, high initial cost as well as maintenance cost restricts growth of the golf cart market.
Technological advancements in golf carts
Automobile companies are focused on production of advanced golf carts that have lower particular emission and are of relatively low cost. New solo rider technology and adaptive golf cart designed for single user allows disabled people to access golf course and games as well. Innovations such as extreme golf carts and solar power golf carts also boost the market growth. One of the most recent developments in golf cart technology is the Golf Board, a golf cart that is inspired by skateboards.
The Golf Board is driven by front and back gear boxes providing power to all four wheels. A rider controls the vehicle in an upright position as if riding a skateboard, leaning right or left to make turns. The Golf Board has been well received by the golfing community as it speeds up the game and according to manufacturers has up to 75% less impact on turf than traditional golf carts. Such advancements for golf carts are expected to create numerous opportunities for key players for the market expansion.
Key Developments in Golf Cart Industry:
- In June 2023, Textron Inc. through its subsidiary E-Z-GO launched street-legal Liberty LSV, & updated model of Freedom RXV couples with stylish look with a comfortable ride. The Liberty LSV is the ultimate luxury of industry street-legal vehicle. Its top speed is 25 mph that the meets all National Highway Traffic Safety Administration standards.
- In January 2021, Yamaha Motor Co., Ltd. partnered with the national golf course owner's association to offers incentives on its golf & utility vehicle purchases or leases through the national golf course owner association smart buy marketing purchasing program. Through this strategy Yamaha is expected to continue to build valuable business relationships & position for its innovative vehicles.
- In June 2021, Textron Inc. developed new vehicle, the E-Z-GO Liberty. It is the industry’s firstvehicle to offer four forward-facing seats in a compact, golf-car-sized footprint. It is design and manufactured by E-Z-GO vehicles which are designed and manufactured by Textron Specialized Vehicles Inc., a subsidiary of Textron Inc.
- In September 2020, CLUB CAR partnered with Luxury Carts to manufacture and sales diverse range of high-quality, reliable vehicles including golf car to Middle East by Luxury Carts, a pioneer in Saudi Arabia and the UAE with a strong client base.
- In May 2020, Nordic Group of Companies, Ltd. brand Tomberlin launched E-MERGE GT golf cart. It comes with features 7-inch LCD Dash Display, Backlit Headliner with Rear view Camera, LSV Compliant. It equipped with 5 kw, 17 hp (peak) AC drive motor 450-amp Sevcon AC controller.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the golf cart market analysis from 2022 to 2032 to identify the prevailing golf cart market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the golf cart market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global golf cart market trends, key players, market segments, application areas, and market growth strategies.
Golf Cart Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 2.1 billion |
 Growth Rate | CAGR of 6.5% |
 Forecast period | 2022 - 2032 |
 Report Pages | 210 |
 By Product type |
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 By Application |
|
 By Region |
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 Key Market Players | HDK Electric Vehicles, Maini Corporate Pvt Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Marshell Green Power, Textron Inc., Cruise Car Inc., JH Global Services, Inc., Nordic Group of Companies, Ltd., Yamaha Motor Co., Ltd.,, CLUB CAR |
Analyst Review
Golf cart is a small motorized vehicle used for transportation of golfers around the golf course and also used as off-road vehicle across various locations such as hotels, airports, resorts, and many more areas. The golf cart market is expected to reach $2,591.69 million by 2023, owing to rise in demand for environmental protection and stringent government rules & regulations towards vehicle emission. The different golf cart includes electric, gasoline, or solar powered, which emit less or no air pollutants.
Growth in population, increase in globalization, and rise in purchasing power drive the demand for golf carts. In 2016, North America was the highest contributor, in terms of revenue, in the golf cart market. In addition, electric golf cart has contributed significant revenue to the market, majorly from the U.S. Furthermore, the solar golf cart is anticipated to witness the highest growth rate during the forecast period, due to heavy investment on renewable energy across the developing nations.
Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to increase awareness about golf cart across various countries.
Solar Golf Cart are the upcoming trends of Golf Cart Market in the world
Personal Service is the leading application of Golf Cart Market
North America is the largest regional market for Golf Cart
The global golf cart market was valued at $1,112.0 million in 2022, and is projected to reach $2,065.22 million by 2032, registering a CAGR of 6.5% from 2023 to 2032
The key players analyzed in the golf cart market include Club Car, Cruise Car Inc., JH Global Services, Inc., Marshell Green Power, HDK Electric Vehicles, Nordic Group of Companies, Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Textron Inc., Yamaha Motor Co., Ltd., and Xiamen Dalle New Energy Automobile Co., Ltd.
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