Global Golf Carts and Aftermarket Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Golf Carts and Aftermarket Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Golf Carts and Aftermarket market refers to the companies that manufacture Golf Carts and the companies that supply Golf Carts parts and accessories. Golf Carts are a small form of transportation commonly found on golf courses. Golf Carts have the characteristics of small size, slow speed, low horsepower, etc., and only a few simple control operations such as forward and turn.

Market Overview:

The latest research study on the global Golf Carts and Aftermarket market finds that the global Golf Carts and Aftermarket market reached a value of USD 1619.21 million in 2022. It’s expected that the market will achieve USD 2338.8 million by 2028, exhibiting a CAGR of 6.32% during the forecast period.

Influence of COVID-19 Outbreak on Golf Carts and Aftermarket Industry Development

Since the outbreak began, 6.36 million people have died globally, and the toll continues to rise. At present, the global economy continues to recover, but due to supply chain disruptions, the uncertainty of the epidemic has increased, the uncertainty of global economic recovery has increased, and the recovery momentum has weakened. It's the worst global recession in decades, despite huge efforts by governments to fight it, backed by fiscal and monetary policy. But in the longer term, a severe recession triggered by the pandemic is expected to lead to a prolonged downturn in the economy by reducing investment. The recession could get worse if the COVID-19 outbreak continues, if restrictions on liquidity are extended or reintroduced, or if economic activity is disrupted for a prolonged period. Businesses may struggle to service debt, increased risk aversion could lead to higher borrowing costs, and bankruptcies and defaults could lead to financial crises in many countries.

The outbreak has had a complex impact on the Golf Carts and Aftermarket industry. First of all, Golf Carts belongs to the automobile manufacturing industry. The products require many parts and accessories, many raw materials, and a long industrial chain. For example, the raw materials include metal materials, electronic components, glass materials, plastic materials, and the like. Therefore, for the industry, the outbreak has had an impact on the production plans of companies in the Golf Carts and Aftermarket industry. Due to the COVID-19 epidemic, the production and operation of metal materials, electronic components, glass materials, plastic materials and other production enterprises have been affected, and the production of raw materials has been restricted. This could lead to disruptions in the supply of raw materials to the Golf Carts and Aftermarket industry, thereby affecting the company's production plans. On the other hand, affected by the new crown pneumonia epidemic, in order to prevent the further spread of the epidemic, the government issued travel restrictions and related isolation policies, which reduced the management efficiency of enterprises in the industry and affected the company's production plan.

The second is the downstream analysis of Golf Carts and Aftermarket industry. At present, unfavorable factors such as the global economic downturn and the global outbreak of COVID-19 have led to reduced market demand for Golf Carts. Golf Carts are a small form of transportation commonly found on golf courses. In addition, Golf Carts are also used in indoor gymnasiums, exhibition halls, tourist attractions and other places, as a means of transportation for administrators. However, due to the epidemic, people have been restricted, and various crowded places have been suspended. As a result, there is less demand for Golf Carts in these areas. As a result, fewer Golf Carts are sold. And the sales volume of the product has decreased, so the aftermarket market of the product will also be affected, and the demand for aftermarket products of various parts and accessories has also decreased. At the same time, due to the impact of the epidemic, Golf Carts customers may delay plans to upgrade, update, and repair parts and accessories.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Textron Inc. (E-Z-GO) is one of the major players operating in the Golf Carts and Aftermarket market, holding a share of 14.04% in 2022.

E-Z-GO has become a world leader in transportation and a leading global manufacturer of golf carts, utility vehicles and personal transportation. Today, E-Z-GO vehicles are designed and built by Textron Specialty Vehicles, a division of Textron Corporation that also produces commercial and industrial utility vehicles, recreational side-by-side UTVs and Ground support equipment. Working alongside its sister Textron Specialty Vehicle brands (Arctic Cat®, Jacobsen®, Cushman® and Textron GSE), E-Z-GO leads the industries they serve.

The Yamaha Golf Car Company produces some of the most well-designed and high-quality golf, utility and specialty vehicles in the industry. Yamaha Golf Car Company's sales and marketing headquarters are located in Kennesaw, Georgia. The company's Drive²™ QuieTech EFI and PowerTech AC models come standard with Independent Rear Suspension (IRS) for the most comfortable ride on the golf cart.

Segmentation Overview:

Among different product types, Golf Cart segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Golf Courses segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Golf Carts and Aftermarket market covered in Chapter 3:

Hawk Carts
Massimo
Advanced EV
Tomberlin
Textron Inc. (E-Z-GO)
Marshell
HDK Electric Vehicles
Bringo Electric Vehicles
Cruise Car Inc.
Cricket Mini Golf Carts
HiSun
Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
Royal
JH Global Services, Inc.
EV Titan
Cario
KT Pan Company Limited
Bintelli
ICON
Hansecart GmbH & Co. KG
Lvtong
Autopower
Maini Group
Club Car LLC
Evolution Electric Vehicles
Garia
EMC Electric vehicles
Lion Golf Cars
Trojan-EV
Speedways Electric
Yamaha Golf Car Company
Haike Vehicle Co.
Shenzhen LEON Heavy Industry Technology Co., Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the Golf Carts and Aftermarket market from 2018 to 2029 is primarily split into:

Golf Cart
Aftermarket (P&A)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Golf Carts and Aftermarket market from 2018 to 2029 covers:

Golf Courses
Public Spaces
Tourism
Private Use
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)