Golf Cart Market Size to Reach USD 3730.4 Billion by 2032 growing at 23.3% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Golf Cart Market, valued at USD 1.45 Billion in 2022, and is projected to surpass USD 2.48 Billion by 2032, indicating a robust CAGR of 5.8%.

A golf cart is a small vehicle primarily designed to transport golfers and their equipment around a golf course. These carts are typically electric or gas-powered and are equipped with a small platform or seats for passengers, as well as space to carry golf bags and other accessories. While their primary use is on golf courses, golf carts also find applications in various other settings such as retirement communities, resorts, parks, and large industrial facilities where short-distance transportation is needed. Their compact size, quiet operation, and low environmental impact make them popular for leisurely rides in these environments. However, high initial maintenance and purchasing costs have become a restraint for the golf cart market. Furthermore, the rapidly developing hotel and resort industry, and the growing disposable income and availability of golf facilities, have prompted growth in the golf cart market. In subscription models, people subscribe monthly or weekly for a convenient shopping experience. As a consequence, market participants are looking into new advancements in the golf cart market.

Golf Cart Market Value

Golf Cart Market Statistics

  • The worldwide golf cart market is expected to generate USD 1.45 billion in 2022 and grow at a CAGR of about 5.8% from 2023 to 2032
  • North America will account for 70% of the market in 2022
  • Asia-Pacific is expected to rise at a CAGR of 6.4%
  • Electric golf carts dominate the market, accounting for 60% in 2022
  • The golf course sub-segment achieved 54% share in 2022
  • A discernible trend in the golf cart market is shift towards electric golf carts due to their eco-friendliness and lower operating cost compare to other gas-powered carts

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Golf Cart Market Dynamics

Increasing Construction of Golf Courses and Country Clubs Fuels the Golf Cart Market Value

Increasing construction of golf courses and country clubs drives the demand for golf cart market. As these recreational spaces expand globally, particularly in emerging markets, the need for efficient transportation becomes paramount. Golf carts offer not only convenient mobility for players but also contribute to the overall experience of luxury associated with golfing. Moreover, the growing trend of eco-friendly practices has pushed manufacturers to develop electric-powered carts, which help to maintain sustainability goals. This factors underscores the robust growth of the golf cart market.

Technological Advancements in Golf Carts offers significant Golf Cart market opportunity

Technological advancements in golf carts present a market opportunity, revolutionizing the traditional golf cart industry. With features like GPS navigation systems, electric power trains for eco-friendliness, advancements for a smoother ride, and connectivity options for integration with smartphones and other devices, these modern golf carts offer enhanced convenience, comfort, and performance for golfers. Moreover, innovations such as autonomous driving capabilities and self-parking functionality are further driving demand in the market. As golf courses and recreational facilities increasingly provide premium experiences, the adoption of these golf carts is offering market for growth and expansion.

Golf Cart Market Segmentation

The global market for golf cart has been segmented into product type, operation, ownership, application and region.

  • Product type is classified into electric golf cart, gasoline golf cart, and solar golf cart
  • Operation are bifurcated into manual, and powered
  • Ownership are categorized into rented, and fully owned
  • Application is divided into golf course, personal service, and commercial services
  • The golf cart market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Golf Cart Market Regional Outlook

In terms of golf cart market analysis, North America holds a dominant position, driven by a strong culture of golfing and recreational activities. Factors such as increasing disposable income, urbanization, and rising interest in leisure activities fuel this growth. Additionally, there is a rise in electrification in the golf car industry in this region, further boosting demand for the golf cart market. For instance, Columbia announced its partnership with Inventus Power in October 2021 to integrate a lithium battery pack option in Columbia Utilitruck products as of 2022. Furthermore, the growing disposable income and availability of golf facilities in countries like the U.S., China, and Mexico further maintain its dominance in the forecast years.

However, the Asia Pacific region is the fastest-growing in the golf cart market. The growing popularity of golf as a recreational sport and the development of golf courses in the region are further contributing to the demand for golf carts. As a result, manufacturers and industry players are increasingly focusing on expanding their presence and operations in the Asia Pacific market. For instance, over the next four to five years, Kinetic Green, the electric mobility division of the Kinetic & Firodia group, intends to allocate 400 crores towards its electric two-wheeler, three-wheeler, and golf cart lineup.

Golf Cart Market Players

Golf cart companies profiled in the report include Carrieall Car Pvt Ltd, Club Car, LLC, Columbia ParCar Corp, Cruise Car, Inc., E-Z-GO, EverGreen Electrical Vehicles, Garia Luxury Golf Car, GDRIVE Golf Cart, Hitachi Chemical Co., Ltd., Maini Material Movement Pvt. Ltd, Solorider, Toyota Motor Corporation, Volmac Engineering Pvt Ltd, Xiamen Dalle Electric Car Co., Ltd., and Yamaha Golf-Car Company.

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Mr. Frank Wilson

Acumen Research and Consulting

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