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Golf Cart Market Trends

ID: MRFR//6126-HCR | 100 Pages | Author: Swapnil Palwe| July 2024

Global Golf Cart Market Overview

The Golf Cart Market size was valued at USD 1.2 billion in 2021. The golf cart industry is projected to grow from USD 1.3 Billion in 2022 to USD 2.05 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2024 - 2030). The rising number of golf cart rental services and growing preference for custom-made golf carts are the key market drivers enhancing the market growth.

Global Golf Cart Market

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Golf Cart Market Trends

  • Rapid electrification in the golf car industry to boost the market growth

Similar to the transforming automotive & transport sector, the golf car enterprise is also developing toward long-lasting, efficient, and eco-friendly solutions. Electrification in such vehicles is mainly driven by the strict emission norms implemented by the government bodies to achieve carbon neutrality and the growing demand for electric golf carts among the people owing to the several benefits, such as enhanced comfort and technologically advanced features.

Further, most of the available carts for sale are electrically powered. The manufacturer focuses on developing and launching new electric models with improved travel range and battery. capacities will continue continuous electrification in the golf car industry during the forecast period. For instance, in June 2021, E-Z-GO introduced E-Z-GO Liberty, its first golf car with four forward-facing seats in a compact cart.

Additionally, rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts. As golf carts are low-powered, easy-to-drive vehicles with a wide range of functions, urban development in savvy private activities are expected to boost golf cart sales. As the industries are witnessing healthy growth, the golf cart market is also anticipated to register a positive growth rate during the forecast period. Therefore, a medical condition related to cervical spondylosis has recently enhanced the golf cart market CAGR across the globe.

However, the growing popularity of golf carts as a means of internal transportation has increased the adoption of various events such as expos, symposiums, tradeshows, exhibitions, and weddings. However, the need for golf carts in such events is limited to a couple of days or weeks. Thus, most end users prefer rental services in such situations. Event management firms are increasingly opting for golf cart rental to meet their internal transportation needs, which positively impacts the growth of the golf cart market revenue.

Golf Cart Market Segment Insights

Golf Cart Fuel Type Insights

The Golf Cart Market segmentation, based on fuel type, includes gasoline-powered and, electric & solar-powered. The gasoline-powered segment held the majority share of 2021 the Golf Cart Market revenue. The low cost of gasoline varieties compared to their counterparts and the long travel range are the key factors for the segment growth. Additionally, regions lacking battery manufacturing facilities and weak electric charging service networks prefer gasoline cars for low-speed applications. However, electric & solar powered is the fastest-growing category over the forecast period because they are eco-friendly and have negligible operating costs. Electric golf cars are hugely adopted carts worldwide for their various benefits, including low running cost, noiseless operation, enhanced comfort, high speed, and others.

Golf Cart Application Type Insights

The Golf Cart Market data has been bifurcated by application type, including golf courses, commercial services, and others. The commercial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The segment growth is driven by an enhancing application and adoption of such vehicles across several commercial applications, including tourism, colleges & universities, amusement parks, campgrounds, factories, car dealerships, and others. However, the golf course is the fastest-growing category over the forecast period. This car is primarily employed on golf courses to transport golf equipment and golfer. Therefore, the growing number of golf courses worldwide fuels the demand for these carts globally. As per the R&A, in 2020, the total number of golf courses present globally was 38,081. The number is anticipated to increase in upcoming years because new golf courses under development positively impact market growth.

Figure 1 Golf Cart Market by Application Type, 2021 & 2030 (USD Million)

Golf Cart Market by Application Type, 2021 & 2030

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Golf Cart Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America golf cart market accounted for USD 0.53 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The huge number of golf courses present in the US drives the market. For instance, as per the National Golf Foundation, the total number of golf courses in the United States at the end of 2020 was more than 16,100. Further, the US golf cart market held the largest market share, and the Canada golf cart market was the fastest-growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 Golf Cart Market Share By Region 2021 (%)

Golf Cart Market Share By Region 2021

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe golf cart market accounts for the second-largest market share an increasing number of elderly villages & resorts are enhancing the market's growth in the region-additionally, the increasing popularity of golf across developed European countries. Further, the Germany golf cart market held the largest market share, and the UK golf cart market was the fastest-growing market in the European region.

The Asia-Pacific golf cart Market is expected to grow at the fastest CAGR from 2024 to 2030. This is due to the growing awareness regarding golf and an increasing number of golfers across emerging countries of the Asia Pacific. An increasing number of golf courses in the Asia Pacific is driving market growth. For instance, As per R&A, in 2020, Japan was the second-largest economy in terms of the number of golf courses. Japan had a total of 3,140 golf courses in 2020. Additionally, the China golf cart market held the largest market share, and the India golf cart market was the fastest-growing market in the Asia-Pacific region.

Golf Cart Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the golf cart market grow even more. Market participants are also taking a range of strategic initiatives to grow their footprint globally, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the golf cart industry must offer cost-effective items to expand and survive in an increasingly competitive and growing market environment.

One of the primary business strategies manufacturers adopt in the global golf cart industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The Golf cart market major player such as Yamaha Golf-Car Company (US), STAR EV (US), Garia A/S (Denmark), and others are working to expand the market demand by investing in research and development activities.

Club Car, LLC manufactures small-wheel, zero-emissions electric vehicles. The Company distributes electric and gasoline golf cars for recreational and off-road utility vehicles for recreational, commercial, and industrial use. Club Car serves customers in the United States. In August 2021, Club Car announced its partnership with ezLocator, the industry leader in daily pin placement management. This new partnership enables golfers to enjoy exact yardages seamlessly through the cloud with the new integration.

Also, Kinetic Green Vehicles is India's leading manufacturer of electric scooters, bikes, e cycles & 3-wheelers, with over lakh happy customers and growing. It is a non-government company, incorporated on 13 June 2011. It's an unlisted public company and is classified as a 'company limited by shares. In October 2021, the electric vehicle manufacturer in India, Kinetic Green Energy & Power Solutions Ltd, teamed up with Lamborghini to produce Italian-designed and India-made golf carts. The project will be carried out focusing on the global market. The company claims the sales of golf carts by 2022.

Key Companies in the Golf Cart market include

  • Yamaha Golf-Car Company (US)

  • STAR EV (US)

  • Garia A/S (Denmark)

  • Bradshaw Electric Vehicles (UK)

  • E-Z-GO (US)

  • Marshell Green Power (China)

  • Spoleman OÜ (Estonia)

  • Polaris Industries Inc. (US)

  • Guangdong Lvtong New Energy Electric Vehicle Technology Co. LTD. (China)

  • Speedways Electric (India)

  • Autopower (India), among others

Golf Cart Industry Developments

June 2022 Club Car acquired Denmark-based Garia A/S, a manufacturer of low-speed electric vehicles for the consumer, utility, and golf markets. Through this acquisition, the company intended to launch new offerings in the golf cart segment, thereby extending its reach across the global market.

August 2021 SoloGolf along with RELION Battery In August 2021, SoloGolf declared its partnership with RELION Battery, one of the major battery manufacturers for golf cars. The partnership will deliver RELION lithium batteries to SoloGolf to power their SoloCart, a single-rider golf car.

June 2021 E-Z-GO, a Textron Specialized Vehicles business, announced its new vehicle, the E-Z-GO Liberty, the industry’s first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint. Powered by a high-performance, zero-maintenance Samsung SDI lithium-ion battery system, the Liberty provides a premium driving experience.

Golf Cart Market Segmentation

Golf Cart Fuel Type Outlook

  • Gasoline Powered

  • Electric & Solar Powered

Golf Cart Application Type Outlook

  • Golf Course

  • Commercial Services

  • Others

Golf Cart Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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