Golf Cart Market Size By Fuel (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Golf Cart Market Size By Fuel (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

The global golf cart market size is projected to record commendable growth over 2023-2032, owing to the expansion of public luxury golf courses, especially in Europe and North America.

In November 2021, Arcis Golf inked a deal to provide operating and management services for a luxury golf resort community, Kilada Country Club, Golf & Residences, in Southern Greece. These golf club operators are also adopting international expansion as a growth strategy. Such initiatives are anticipated to result in a surge in golf participation across the globe, creating a strong demand for golf carts.

In addition, the strong presence of public golf courses across developed nations is promoting industry development. As per the Royal & Ancient Golf Club, more than 76% of golf courses are public facilities in the United States. Factors such as these are likely to encourage young golfers to participate in the sport, further influencing golf cart market trends.

The golf cart industry is segregated in terms of fuel, application, and regional landscape.

Electric fuel segment is projected to account for a considerable share of the golf cart market over 2023-2032. Government administrations, including that of the U.S., have committed to the long-term strategy of reaching net-zero carbon emissions by 2050. This has led to a shift in preference from gas-powered products to more eco-friendly alternatives including electric golf carts.

Over the last decade, the number of golf courses converting to electric carts has also risen substantially. Electric golf cart market expansion can also be attributed to durability, ease of use and maintenance, low initial and operational costs, and other key benefits offered by these vehicles.

Electric-powered carts also have fewer moving parts than their gas counterparts, resulting in greater resale or trade-in value. The advancement in vehicle features, such as the inclusion of regenerative braking, is expected to further augment product demand over the estimated timeline.

Golf cart industry value from the golf course application segment is expected to depict a substantial growth rate through 2032, given the high investment in recreation and sports. As per statistics from Eurostat, government expenditure on recreation and sports was more than USD 195 in six EU member states including France, Sweden, and Denmark in 2018.

Following the COVID-19 outbreak, golf manufacturers also recorded a drop in sales due to the closure of golf courses. However, many people have been opting for golf as a preferred sport following the gradual recovery in leisure activities post-pandemic. Factors such as these will proliferate the construction of golf courses and subsequently fuel the production of golf carts and accessories.

From a regional frame of reference, Europe golf cart industry is slated to depict over 5% CAGR through 2032. This is on account of the growing awareness of the convenience, comfortable ride, and comparatively low-cost travel options associated with these vehicles.

The region is also amplifying the production of golf carts with a high passenger carrying capacity. These factors are anticipated to lead to the widespread adoption of these carts in hotels, clubs, resorts, and residential apartments, strengthening the regional market outlook.