Golf Cart Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2031
Increasing urbanization and inclination towards the environment friendly options are key factors driving market of golf cart. As per a Future Market Insights (FMI) analysis, the global golf cart market is estimated to be valued at ~US$ 2.59 Bn in 2021, expanding at a CAGR of ~4.3% during the forecast period from 2021 to 2031. While the COVID-19 outbreak hampered sales to an extent, the market is likely to recover 2021 onwards.
With the rising focus on renewable energy, the demand for
solar-powered and electric vehicles is increasing. The trend also is visible in
the golf cart market. According to FMI, electric golf carts are expected to
account for over 87% of sales in 2021. Driven by changing preferences of
consumers, some of the leading manufacturers are focusing on developing
technologically advanced intelligent braking system for golf carts. This is
indicating towards the potential launch of driverless golf carts.
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The research report analyzes demand trends within the global
golf cart market. The global market estimation and growth projection are based
on factors such as rapid urbanization, automotive industry development,
COVID-19 crisis impact, increasing per capita income, and growth in the
international and national tourism industries. As per FMI’s research scope, the
global golf cart market has been studied and segmented on the basis of product
type, operation, application, ownership and region. The global golf cart market
report also details global golf cart cost analysis, and market presence of
leading manufacturers.
Key Takeaways of Global Golf Cart Market Study
- After
registering negative growth in 2020, golf cart sales is expected to pick
up 2021 onwards
- The
U.S. market will prove excessively lucrative, accounting for dominant
78.3% sales in 2021
- After
deceleration in sales, the U.K. market will exhibit recovery, registering
2.6% Y-o-Y growth in 2021
- Other
than U.K., Germany and France will emerge as key markets within Europe
- China
will continue dominating East Asia market, followed by Japan and South
Korea
“Driven by increasing focus on reducing emissions
and the rising demand for energy-efficient mobility solutions, golf cart manufacturers
are expected to focusing on the production of solar powered and electric golf
carts. With this trend unlikely to slow down in the near future, the market
will continue gaining impetus through the forecast period,” says FMI
analyst.
Global golf cart market is expected to be an opportunistic
market in the forecast period due to growing golf sports infrastructure and its
applications in various sectors. As this low speed and compact vehicles have
numerous applications, starting from their primary application in golf courses
to their applications in sports events, airports, resorts, hospitals,
warehouses, railway stations, universities, and housing projects, their demand
is expected to rise considerably in the coming years.
For instance, Club Car, LLC Club car, a leading company in
golf cart market, has introduced its lithium ion-powered golf cart technology
in 2019. Such efforts by leading players are expected to bode well for the
market.
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Scope of the Report
Attribute |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
USD Million for value and Units for Volume |
Key Regions Covered |
North America, Latin America, Europe, East Asia, South
Asia & Pacific, Middle East & Africa |
Key Countries Covered |
US, Canada, Germany, U.K., France, Italy, Spain, Russia,
Poland China, Japan, South Korea, India, ANZ, GCC Countries, Turkey, South
Africa. |
Key Segments Covered |
By Product Type, By Operation Type, By Application, By
Ownership |
Key Companies Profiled |
|
Report Coverage |
Market Forecast, brand share analysis, competition
intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth
Initiatives |
Customization & Pricing |
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Key Questions Answered in the Report
- Which
is the most lucrative market for golf cart?
East Asia currently leads the global market for gold cart,
accounting for over half of sales registered. Within East Asia, China has
emerged dominant.
- Which
are the top-selling golf carts?
Electric golf cart is the top selling product in the market.
The rising focus on sustainability and demand for technologies that will help
in reducing carbon footprint globally will continue aiding electric golf cart
sales.
- Which
is the key application of golf carts?
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