Golf carts are utilized for easy mobility on golf courses. They provide easy transportation of golfers as well as their golfing equipment on vast golf courses. The increasing number of golf courses is augmenting demand for golf carts. A growing consumer preference for green and eco-friendly electric golf carts is propelling growth of the market.
The global Golf Cart Market is estimated to be valued at US$ 1.63 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing consumer preference for electric golf carts is one of the major trends being witnessed in the Global Golf Cart Market Size. Electric golf carts are eco-friendly as they do not emit harmful gases such as carbon monoxide, unlike gasoline-powered golf carts. They are also cheaper to operate as the energy costs of charging a battery are lower than continuously refueling with gasoline. These advantages have been fueling adoption of electric golf carts among consumers and golf course owners. Various golf cart manufacturers are also launching innovative electric golf cart models with extended battery range and faster charging capabilities to meet the increasing demand. This shift towards environment-friendly electric vehicles is poised to define the future growth trajectory of the global golf cart market over the forecast period.
SWOT Analysis
Strength: Golf carts provide eco-friendly and emission-free transportation for golf courses which is a major strength. They cause minimal disturbance to the natural environment of golf courses.
Weakness: High initial investment is required for purchasing golf carts which can be a challenge for some golf courses. Heavy battery carts require frequent charging and maintenance.
Opportunity: Increasing popularity of golf amongst young people and rising number of golf tournaments provide significant growth opportunities. Development of lithium-ion battery powered golf carts with longer run times opens new prospects.
Threats: Fluctuations in raw material prices can impact the total cost of ownership of golf carts. Growing popularity of other outdoor recreational activities is a threat.
Key Takeaways
The global golf cart market is expected to witness high growth. The global Golf Cart Market is estimated to be valued at US$ 1.63 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regional analysis comprises- North America currently dominates the global golf cart market and is expected to maintain its dominance over the forecast period. Asia Pacific region is anticipated to be the fastest growing regional market led by strong growth in countries like India, Japan and China. Key players operating in the golf cart market are focusing on developing advanced lithium-ion battery driven golf carts with increased run time and additional features to solidify their position.
Key players operating in the golf cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd. Leading players are focusing on developing advanced lithium-ion battery driven golf carts with added features to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
