The global Golf Cart market is expected to reach an impressive $2.06 billion by 2032, driven by a 6.5% Compound Annual Growth Rate (CAGR). The growth can be attributed to several factors including the increase in vehicle sales, urbanization in countries like India and China, and the rising usage of golf carts, particularly in golf courses.
A recent report published by Allied Market Research titled “Golf Cart Market by Product Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart), by Application (Golf Course, Personal Service, and Commercial Services): Global Opportunity Analysis and Industry Forecast, 2023-2032” reveals that the global golf cart market was valued at $1,112.0 million in 2022 and is projected to reach $2,065.22 million by 2032.
The rise in population, increase in purchasing power, stringent government rules and regulations towards vehicle emissions, and the growing number of golf courses and country clubs have significantly contributed to the expansion of the market. However, challenges such as high initial maintenance and purchasing costs, low power and speed, and limited overall drive range are expected to hinder the market growth to some extent.
An increasing concern over global carbon emissions has led to a demand for electric and solar-powered golf carts across the globe. This shift has also been influenced by the rise in fuel prices, pollution, and traffic congestion, particularly in urban areas. As a result, there has been an increased acceptance of golf carts as recreational vehicles. The relatively higher running and maintenance cost of gasoline golf carts has also led to a preference for electric golf carts for shorter transits.
The report also highlights that the electric golf cart segment is expected to maintain its leadership status throughout the forecast period. This segment accounted for half of the global Golf Cart market revenue in 2022. Meanwhile, the solar golf cart segment is projected to grow at a suitable CAGR of 7.8% during the forecast period.
In terms of application, the golf course segment held the highest market share in 2022, accounting for nearly two-fifths of the global golf cart market. It is projected to grow at a CAGR of 6.0% during the forecast period. North America is currently leading the market in terms of revenue, but Asia-Pacific is expected to dominate the market with a growth rate of 8.2% during the forecast period.
Key players in the global golf cart market include Club Car, Cruise Car Inc., JH Global Services, Inc., Marshell Green Power, HDK Electric Vehicles, and more. These players have adopted various strategies to increase their market share and maintain dominant positions in different regions.
In conclusion, the global golf cart market is on a rapid upward trajectory, driven by various factors such as urbanization, environmental concerns, and technological advancements. The market is poised for significant growth in the coming years, presenting opportunities for both established companies and new players in the industry.