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The revenue of Golf Cart Market crossed $1.5 billion in the year 2018 and is predicted to touch 2 billion-dollar mark till 2025, growing at 5.5% between the years 2019 and 2025; as per the research done by Global Market Insights, Inc.Owing to a rise in disposable incomes and the growing demand for convenient short distance travel solution at various institutions, golf cart market is gaining significant momentum worldwide. Golf carts are reliable, compact, versatile, user-friendly and warrant extremely low maintenance, enabling them to address a number of different job requirements. Versatility has been one of the prominent factors endorsing this vehicle category over the years and is expected to bring in substantial business growth to global golf cart industry.
Relative affordability of a golf cart plays a key role in boosting the adoption of these vehicles, bringing in considerable remuneration from avenues that in no way are related to golfing, with applications ranging from farming and hunting to police work and community strolls. After being subject to suitable modifications, golf carts can also be deployed for off-road applications on rough roads, designed to perform like a UTV. Extensive use of these small automobiles for a slew of different purposes will drive golf cart market size substantially.
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Growing demand for low maintenance and economic vehicles for short distances will induce significant growth potential in the golf cart market. The carts have smaller engines and motors that significantly reduces the energy and fuel requirement. The vehicles require smaller turning radius enabling easy parking and superior maneuverability. Further, increasing vehicle application in educational institutions and resorts will boost the industry growth.
Ongoing advancements to enhance vehicle performance and safety will drive the golf cart market growth over the forecast period. The industry participants are installing systems to enhance riding experience and passenger comfort. In 2017, Augusta launched golf cart with "Drive-By-Wire" system and dual braking to control vehicle speed and enhance barking efficiency. Continuous improvement in carrying capacity and vehicle performance will escalate industry size.
Electric and solar powered segment will witness strong growth with zero emission, low operation cost and negligible noise. Ongoing initiatives to support adaption of electric vehicles will drive the vehicle demand. The vehicle manufacturers are reducing battery cost to ensure low cost of ownership. Further, continuous surge in gasoline prices will drive the electric and solar powered golf cart market in next six years.
From a regional perspective, North America is among the world’s biggest golf cart markets. The factors influencing the notable demand for golf carts in the region include its dominant golfing culture. North America, specifically the U.S., has apparently given rise to the notion of golf carts being used for a host of different applications besides the sport. In recent years, it has been observed that people across small American towns are ditching conventional automobiles in favor of golf carts, especially in areas dedicated for elderly people who need an easy means of transportation.
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Europe is slated to emerge as a promising golf cart market contender, supported immensely by the European Golf Course Owners Association’s vision 2020, which aims to find answers to Europe’s dwindling golfing culture and put efforts towards attract more participation to the sport. Ireland, which is home to some 400 golf courses, could stand out as a lucrative customer base. Reports suggest that consumer spending in the Republic of Ireland was approximately €379 million, while the entire island spending was around €540 million on the game back in 2017.
Major golf cart market participants include: Textron, Ingersoll, Yamaha, Hitachi, Garia, Columbia Vehicle, Gdrive, Speedways Electric, Marshall Green, Dongguan Excellence Golf & Sightseeing Car, Tianjin Zhongyi Electric Vehicle, and Autopower. The industry players are enhancing battery capacity to increase application scope. Further, the participants are launching new products and undergoing mergers & acquisition to strengthen their foothold.
Glimpse of Table of Content (ToC)
Chapter 3.Golf Cart Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2025
3.3. Industry ecosystem analysis
3.3.1.Component suppliers
3.3.2.Manufacturers
3.3.3.Profit margin analysis
3.3.4.Distribution channel analysis
3.3.5.Vendor matrix
3.4. Technology landscape
3.5. Regulatory landscape
3.5.1.North America
3.5.2.Europe
3.5.3.Asia Pacific
3.5.4.Latin America
3.5.5.MEA
3.6. Pricing analysis
3.6.1.By region
3.6.1.1.North America
3.6.1.2.Europe
3.6.1.3.Asia Pacific
3.6.1.4.Latin America
3.6.1.5.MEA
3.6.2.Cost structure analysis
3.7. Industry impact forces
3.7.1.Growth drivers, by region
3.7.1.1.North America
3.7.1.2.Europe
3.7.1.3.Asia Pacific
3.7.1.4.Latin America
3.7.1.5.MEA
3.7.2.Industry pitfalls & challenges
3.8. Innovation & sustainability
3.9. Growth potential analysis, 2018
3.10.Competitive landscape, 2018
3.10.1. Top players overview
3.10.2.Key stakeholders
3.10.3.Strategy dashboard
3.11. Porter's analysis
3.12.PESTEL analysis
Chapter 4.Golf Cart Market, By Fuel
4.1. Global golf cart market share by fuel, 2018 & 2025
4.1.1.Gasoline
4.1.1.1.Market estimates and forecast, 2013-2025
4.1.1.2.Market estimates and forecast, by region, 2013-2025
4.1.2.Electric & Solar Powered
4.1.2.1.Market estimates and forecast, 2013-2025
4.1.2.2.Market estimates and forecast, by region, 2013-2025
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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