Growth in number of vehicle sales, urbanization in countries, such as India and China, and rise in usage of golf cart especially in golf courses drive the growth of the global Golf Cart market.
PORTLAND, Ore., Nov. 27, 2023 /PRNewswire/ — Allied Market Research published a report, 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″. According to the report, the global golf cart market size was valued at $1,112.0 million in 2022 and is projected to reach $2,065.22 million by 2032, registering a CAGR of 6.5% from 2023 to 2032.
Prime determinants of growth
Rise in population, coupled with increase in purchasing power, stringent government rules & regulations toward vehicle emission and increase in number of golf courses and country clubs supplements the growth of the market across the globe. However, high initial maintenance and purchasing cost, low power and speed, and short overall drive range hamper the market growth to a certain extent.
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The continuous growth in global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists in the past few years, which is expected to drive demand for electric and solar golf cart across the globe, further supplementing growth of the market. Moreover, increase in fuel prices at international level, growth in pollution, and traffic congestion, especially in urban areas have increased acceptance of golf cart to be used as recreational vehicles across the globe. In addition, relatively higher running and maintenance cost of gasoline golf cart leads to a shift in preference for electric golf cart for shorter transits, which, in turn, is expected to boost the market growth during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$1,112.0 Million |
|
Market Size In 2032 |
$2,065.22 Million |
|
CAGR |
6.5 % |
|
No. Of Pages in Report |
200 |
|
Segments Covered |
Product Type, Application and Region. |
|
Drivers |
Growth In Population Along with Increase in Globalization and Rise in Purchasing Power Stringent Government Rules and Regulations Toward Vehicle Emissions Increase In the Number of Golf Courses and Country Clubs Growth In Inclination Toward Solar Powered Golf Carts |
|
Opportunities |
Technological Advancements in Golf Carts Reduction In Cost of Fuel Cells and Batteries |
|
Restraints |
High Initial Maintenance and Purchasing Cost Low Power and Speed Low Overall Drive Range |
The Electric Golf Cart segment to maintain its leadership status throughout the forecast period
On the basis of product type, the electric golf cart segment held the highest market share in 2022, accounting half of the global Golf Cart market revenue, and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, solar golf cart segment is projected to hold a suitable CAGR of 7.8% during the forecast period.
Key Highlights of the Report:
- A comprehensive analysis of golf carts within the automotive industry is presented.
- The report spans the period from 2022 to 2032, providing an in-depth examination of the golf cart market.
- The latest advancements are highlighted in the research study.
- Leading companies in the industry are profiled to offer valuable insights.
- The market analysis encompasses various segments and regions, providing a thorough understanding of the market landscape.
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The golf course segment to maintain its leadership status throughout the forecast period
On the basis of application, the golf course segment held the highest market share in 2022, accounting for nearly two-fifths of the global golf cart market, and is projected to grow at a CAGR of 6.0% during the forecast period. Meanwhile, personal service segment is projected to hold a suitable CAGR of 7.3% during the forecast period.
North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global golf cart market revenue. However, Asia-Pacific is expected to dominate the market during the forecast period with a growth rate of 8.2% during the forecast period.
Leading Market Players: –
- Club Car
- Cruise Car Inc.
- JH Global Services, Inc.
- Marshell Green Power
- HDK Electric Vehicles
- Nordic Group of Companies, Ltd.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd
- Textron Inc.
- Yamaha Motor Co., Ltd.
- Xiamen Dalle New Energy Automobile Co., Ltd.
The report provides a detailed analysis of these key players in the global golf cart market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/2099
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