USD 1.70 Billion
Golf Cart Market Size, Share, Growth Analysis, By Product(Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart), By Application(Golf Course, Personal Services, and Commercial Services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2186 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|Tables:
63
|Figures:
75
Golf Cart Market Insights
Golf Cart Market size was valued at USD 1.8 billion in 2022 and is poised to grow from USD 1.9 billion in 2023 to USD 3.04 billion by 2031, growing at a CAGR of 6% during the forecast period (2024-2031).
The global golf cart market has witnessed significant growth in recent years due to the increasing popularity of golf and the rising number of golf courses worldwide. The main purpose of the golf cart market is to cater to the transportation needs of golfers and facilitate the smooth functioning of golf courses. Golf carts offer a convenient mode of transportation, allowing golfers to move easily between holes and carry their equipment. Several factors drive the growth of the global golf cart market. The increasing number of golf courses worldwide is a significant driver. As the popularity of golf continues to rise, the demand for golf carts also increases.
The golf cart market also faces certain restraining factors. One such factor is the high initial cost associated with purchasing golf carts, which may deter potential buyers, especially in emerging markets. The golf cart market faces several challenges. One of the key challenges is the competition from alternative modes of transportation within golf courses, such as walking or using pushcarts. Some golfers prefer the traditional approach of walking the course, which reduces the demand for golf carts.
The global golf cart market serves the purpose of providing convenient transportation for golfers and facilitating the smooth functioning of golf courses. The market is driven by factors such as the increasing number of golf courses and the convenience offered by golf carts. challenges such as competition from alternative modes of transportation and sustainability concerns exist. Despite these challenges, opportunities arise from the demand for eco-friendly solutions, expanding golf tourism, and diversification into non-golf applications.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Electric Golf Cart
Fastest Growth
Electric Golf Cart
Growth Rate
6% CAGR
Global Golf Cart Market 2023-2031 ($ Bn)
Country Share for North America Region- 2023 (%)
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Golf Cart Market Segmental Analysis
The global golf cart market is segmented on the basis of product, application, and region. In terms of product, the market is segmented into electric golf cart, gasoline golf cart, and solar golf cart. With respect to categorization by application, the market is segmented into golf course, personal services, and commercial services. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Golf Cart Market Analysis by Product
The electric golf car segment dominated the golf cart market with a significant market share. Electric golf cars are widely adopted globally due to their numerous advantages, including low operating costs, quiet operation, enhanced comfort, high speed, and more. The segment's growth is further boosted by the decreasing cost of electric golf cart batteries and the implementation of strict emission regulations by governments. Moreover, electric golf cars require minimal maintenance due to their fewer moving parts, which contributes to the growth of this segment.
The solar golf cart segment is projected to experience rapid growth, primarily due to its eco-friendly nature and minimal operating costs. As solar technology continues to emerge, this segment is expected to expand globally in the coming years. The gasoline segment is also anticipated to witness significant growth during the forecast period. The lower cost of gasoline variants compared to their electric counterparts and their long travel range are key factors driving the growth of this segment. Regions with limited battery manufacturing facilities and weak electric charging networks prefer gasoline cars for low-speed applications. technological advancements in gasoline models, such as improved connectivity and efficiency, are expected to contribute to the growth of this segment.
Golf Cart Market Analysis by Application
The golf course segment held the largest market share in the golf cart industry, and it is expected to maintain its dominant position from 2024 to 2031. These carts are primarily used on golf courses for transporting golf equipment and players. The growing number of golf courses worldwide is driving the demand for golf carts on a global scale. According to the R&A, there were a total of 41,632 golf courses worldwide in 2023, and this number is expected to increase as new golf courses are being developed.
The commercial services segment is projected to experience significant growth during the forecast period. This growth is fueled by the increasing application and adoption of golf carts in various commercial sectors, including tourism, colleges and universities, amusement parks, campgrounds, factories, car dealerships, and others. Furthermore, the demand for customizable golf carts to meet the specific requirements of different commercial applications will positively impact the growth of this segment. The personal services segment is also expected to witness substantial growth due to the rising adoption of golf carts for personal short-range commuting, particularly in developed regions like Europe and North America.
Global Golf Cart Market Size By Product, 2023(%)
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Golf Cart Market Regional Insights
North America emerged as the dominant region in the global golf cart market, with a market size. This region is expected to maintain its dominance in the years to come. Within North America, the United States contributed the largest market share. The market's growth in this region is primarily driven by the high number of golf courses present in the United States. According to the National Golf Foundation, there were more than 18,400 golf courses in the United States by the end of 2023. Furthermore, the presence of major key players like Yamaha Golf-Car Company and Textron Inc. in the region is anticipated to further boost market growth in the upcoming years.
Europe held the second-largest market share in 2023. The growth of the market in this region is propelled by the development of golf tourism and the increasing number of elderly villages and resorts. Additionally, the sport's growing popularity across developed European countries contributes to the market's expansion. Currently, the golf industry is well-established in the northern and western parts of Europe and steadily progressing into southeastern and central Europe.
Global Golf Cart Market Size By Geography, 2023-2031
- Largest
- Fastest
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Golf Cart Market Dynamics
Golf Cart Market Drivers
Sustainability and Environmental Concerns
- The increasing focus on sustainability and environmental regulations acted as a significant driver in the golf cart market. Governments, golf courses, and consumers increasingly emphasized the need for eco-friendly alternatives. Electric golf carts, with their lower emissions and reduced environmental impact, gained traction as a preferred choice. Growing concerns about carbon footprints and the desire to promote green initiatives influenced the shift towards electric models.
Rising Golf Tourism
- The growth of golf tourism acted as a driver for the golf cart market. Popular golf destinations and resorts experienced an influx of tourists, leading to higher demand for golf carts. Countries like Scotland, Ireland, Spain, and the United Arab Emirates witnessed a surge in golf tourism, which subsequently boosted the demand for golf carts in these regions.
Golf Cart Market Restraints
High Initial Cost
- The high initial cost of golf carts remained a significant restraint in the market. The price of golf carts, especially electric models with advanced features, can be relatively expensive for individual consumers and small golf courses. This pricing barrier limited the adoption of golf carts, particularly in price-sensitive markets.
Limited Charging Infrastructure
- The limited availability of electric charging infrastructure was a restraint for the widespread adoption of electric golf carts. While the demand for electric models increased, the lack of charging stations and infrastructure in certain areas restricted the practicality and range of electric carts. The need for a robust charging network remains crucial for the continued growth of electric golf carts.
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Golf Cart Market Competitive Landscape
The global golf cart market is characterized by a competitive landscape with several key players vying for market share. These companies focus on product innovation, strategic partnerships, and expansion strategies to gain a competitive edge in the market. Key players compete based on factors such as product quality, pricing, performance, innovation, and customer service. They engage in strategic collaborations, mergers and acquisitions, and geographic expansions to strengthen their market position. Additionally, manufacturers are investing in the development of advanced technologies such as connectivity, autonomous capabilities, and energy efficiency to stay competitive in the evolving golf cart market.
Top Player’s Company Profiles in Golf Cart Market
- Yamaha Golf-Car Company (Japan)
- Textron Inc. (US)
- Club Car LLC (US)
- Polaris Industries Inc. (US)
- STAR EV (US)
- E-Z-GO (US)
- Columbia Vehicle Group Inc. (US)
- Garia A/S (Denmark)
- Evergreen Electric Vehicles (US)
- Cruise Car Inc. (US)
- Xiamen Dalle Electric Car Co., Ltd. (China)
- Hitachi Chemical Co., Ltd. (Japan)
- Speedways Electric (India)
- Marshell Green Power (China)
- Autocar (United States)
- Ningbo Bestar Co., Ltd. (China)
- Tomberlin (US)
- ClubRunner (Canada)
- Melex Ltd. (Poland)
Golf Cart Market Recent Developments
-
In June 2024, Jimmy Fallon joins TaylorMade & Kith to launch golf cart starting at $35,000. To promote a new line of equipment and one of the most luxurious golf carts to hit the market.
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In January 2024, Yamaha Motor Co., Ltd. Announced that Yamaha Golf-Car Company (YGC), a consolidated subsidiary of the Yamaha Motor Corporation that also sells golf cars in the United States, developed a hydrogen powered engine golf car concept model, the DRIVE H2. The concept model is the first of its kind.
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In January 2024, WiTricity announced its solution for wireless charging on electric golf cars and neighborhood electric vehicles (NEVs) at the Consumer Electronics Show in Las Vegas, Nevada.
Golf Cart Key Market Trends
- Customization and Personalization: Personalization and customization options gained traction in the golf cart market. Manufacturers offered a range of customization options, allowing golfers and golf course operators to tailor the carts according to their preferences. This trend catered to individual style preferences, branding opportunities for golf courses, and added a sense of exclusivity.
- Integration of Smart Features: The integration of smart features and technology continued to be a key trend in the golf cart market. GPS systems, touchscreens, Bluetooth connectivity, and mobile app integration became increasingly common in golf cart models. These features provided golfers with real-time course information, scoring capabilities, and entertainment options, enhancing the overall golfing experience.
Golf Cart Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global golf cart market analysis, the market is driven by factors such as the increasing number of golf courses worldwide, the rise in golf tourism, and the adoption of electric golf carts due to their environmental benefits. The market is segmented based on product types, including electric carts, gasoline carts, and solar-powered carts. The global golf cart market is experiencing growth driven by factors such as the increasing number of golf courses, sustainability concerns, and technological advancements. While challenges exist, the market presents opportunities for manufacturers to cater to the evolving demands of golfers and course operators worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.01 Billion |
| Market size value in 2031 | USD 3.20 Billion |
| Growth Rate | 6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Golf Cart Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Golf Cart Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Golf Cart Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Golf Cart Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Golf Cart Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Golf Cart Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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