The global Golf Cart Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Golf carts are small four-wheeled vehicles used to transport golfers and their equipment around a golf course. They are powered by electric motors or gasoline engines and provide eco-friendly transportation options.
Market key trends:
One of the major key trends in the golf cart market is the increasing consumer preference for eco-friendly golf carts powered by sustainable energy sources like electric battery. Battery powered electric golf carts are gaining more popularity as they produce zero emissions and are more economical to operate compared to gasoline variants over their lifespan. Most clubs and courses are also transitioning to electric fleets to reduce their carbon footprint and meet sustainability goals. This shift towards environment-friendly electric personal transportation on golf courses is expected to significantly drive the demand for electric golf carts during the forecast period.
SWOT Analysis
Strength: The golf cart market has innovative product launches for passenger and utility vehicles. Additionally, ongoing customization of golf carts to fulfil variable consumer demands acts as a key strength.
Weakness: Higher maintenance and servicing costs associated with golf carts compared to other utility vehicles. Golf cart batteries also have shorter lifespans.
Opportunity: Growing commercial applications of golf carts in airports, hotels, and theme parks will create new opportunities. They provide eco-friendly transportation and cause less traffic congestion.
Threats: Strict emission norms for gasoline-powered vehicles pose threats. Electric golf carts also face risks due to rising costs of batteries.
Key Takeaways
The global Golf Cart market share is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing popularity and penetration of golf worldwide. Golf participation has increased multi-fold over the past few decades globally.
Regional analysis North America dominates the global golf cart market currently and is expected to continue its dominance over the forecast period. This is attributed to high number of golf courses in countries like the US. Countries in Europe and Asia Pacific are also projected to lucrative growth opportunities with growing interest in golf as a sport.
Key players operating in the Golf Cart market are Club Car, LLC, Yamaha Golf-Car Company., E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd. The market is moderately consolidated with top players such as Club Car, LLC and Yamaha Golf-Car Company accounting for over 45% of the overall market share. The industry players compete on the basis of product differentiation, new product launches, and expansion of manufacturing facilities for a larger market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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