Golf Cart Market

Golf Cart Market

Growth Factors of Golf Cart Market

The golf cart market size was valued at USD 1.88 billion in 2023, and the market is now projected to grow from USD 2.00 billion in 2024 to USD 3.29 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period of 2024-2032.

The golf cart market is projected to witness stable growth motivated by factors such as urbanization, the improvement of smart cities, growing demand for viable transportation solutions, and technological progressions in electric flexibility. Shut down of the golf courses, resorts, clubs, and others due to government-enforced lockdown during the pandemic has adversely affected the market progression.

Electric golf cars are marginally costly related to their complements though, progressively decreasing battery prices due to bulk making and progressive cutting-edge manufacturing technologies have declined the complete cost of electric variants. Moreover, new development in lithium-ion batteries has upgraded their storing capacities resulting in an enhanced travel choice for electric variants. Therefore, growing fondness for electric models among the operators is projected to fuel the golf cart market growth.

Related to the transforming automotive & transportation sector, the golf car industry is also growing toward enduring, effective, and sustainable solutions. Electrification in such vehicles is mainly motivated by the severe emission norms imposed by the government bodies to attain carbon impartiality and growing demand for electric golf carts among the population due to the numerous aids such as boosted comfort and technologically progressive features. Companies are extremely motivated on financing in designing and emerging autonomous or driverless variations to grab initial proceeds development prospects in developed economies.

Comprehensive Analysis of Golf Cart Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by application. Based on the product type, the market is segmented into an electric, gasoline, and solar. Based on the application, this market is segmented into the golf course, personal services, and commercial services.

Asia Pacific region is dominating the golf cart market share due to rising awareness regarding golf and a growing number of golfers. Additionally, growing demand for these cars will likely enhance the market progression in forthcoming years.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Yamaha Golf-Car Company (Georgia, U.S.), Textron Inc. (Rhode Island, U.S.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. (Suzhou, China), CLUB CAR (Georgia, U.S.), Cruise Car, Inc. (Florida, U.S.), Garia, Inc. (Texas, U.S.), JH Global Services, Inc. (South Carolina, U.S.), SHOWA DENKO K.K. (Tokyo, Japan), Columbia Vehicle Group Inc. (Wisconsin, U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In November 2023, Yamaha Motor Europe N.V. presented its 2024 line-up of lightweight vehicles, which embraces golf cars, light utility vehicles, and personal transport vehicles. Lithium-ion battery power dominates the 2024 offering, providing high-performance, maintenance-free, and cobalt-free units from the prominent creator Roypow.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.4% over 2024 to 2032

Unit Value (USD Billion)

Segmentation By Product Type

- Electric

- Gasoline

- Solar

By Application

- Golf Course

- Personal Services

- Commercial Services

By Geography

- North America (By Product Type and By Application)

• U.S. (By Product Type)
• Canada (By Product Type)
• Mexico (By Product Type)

- Europe (By Product Type and By Application)

• U.K. (By Product Type)
• Germany (By Product Type)
• France (By Product Type)
• Rest of Europe (By Product Type)

- Asia-Pacific (By Product Type and By Application)

• China (By Product Type)
• India (By Product Type)
• Japan (By Product Type)
• South Korea (By Product Type)
• Rest of Asia Pacific (By Product Type)

- Rest of World ( By Product Type and By Application )


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