The latest research study “Golf Cart Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global golf cart market size reached US$ 1.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2027, exhibiting a CAGR of 5.7% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
A golf cart is a small-sized mechanized vehicle that is used to convey golfers and their equipment around a golf course. Also known as a golf buggy, it is either powered by an electric motor, solar power or gasoline engine. Extremely easy to operate, the average speed of the cart ranges from 25kmph to 50 kmph. It is usually built low to the ground for depressing the center of gravity, which offers stability and allows it to be driven even over uneven terrain. These carts are widely employed to minimize the workload of caddies while providing an overall enjoyable experience to the passengers. Apart from this, they are also used at numerous public places, including airports, hotels, shopping malls and railway stations, where the use of cars is impractical.
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List of Major Key Players:
The major players in the market are Club Car, LLC (Ingersoll Rand Inc.), Columbia Vehicle Group, Inc., E-z-go (Textron Inc.), Garia A/S, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd, MARSHELL GREEN POWER CO.,LTD., Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, and Tomberlin Electric Golf Carts (Columbia Vehicle Group, Inc.).
Global Golf Cart Industry Trends and Drivers:
The global market is primarily driven by the growing participation in golf as a luxury sport, coupled with an increase in the number of golf courses and membership-only country clubs. Along with this, golf carts are now being modified by accommodating advertisement boards and banners that are used for several promotional and marketing activities across golf courses, airports and resorts.
The market is further driven by the growing adoption of electric golf carts on the global level. These carts are widely replacing their gasoline-driven counterparts as they are characterized by zero carbon emissions and complete elimination of noise. Solar-powered carts are also gaining traction in the market on account of the adoption of eco-friendly variants powered by renewable energy sources.
The growing preference for golf cart rental services for cost-effective internal transportation at various events, such as exhibitions, tradeshows, expos and symposiums, is providing a further boost to the market growth. Some of the other factors driving the growth of the market include the launch of GPS-enabled golf carts, rapid growth in the hospitality sector and numerous advancements in engine efficiency to reduce greenhouse gas (GHG) emissions.
Key Market Segmentation:
- On the basis of the product type, the market has been divided into electric, gasoline and solar golf carts.
- On the basis of the application, the market has been classified into golf courses, personal services and commercial services.
- Based on the seating capacity, the market has been segmented into small (2-4 seater), medium (6-8 seater) and large (above 8 seats).
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
|Golf Cart Market Report Scope|
|Market size value in 2021||US$ 1.9 Billion|
|Market forecast in 2027||US$ 2.6 Billion|
|Growth Rate||CAGR of 5.7% from 2022 to 2027|
|Base year for estimation||2021|
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