Global Golf Cart Market Set to Reach $2 Billion in 2027, Driven by Urbanization and Tourism Industry Growth - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Oct. 6, 2023 /PRNewswire/ -- As per The Business Research Company's Golf Cart Global Market Report 2023, the global golf cart market is on a steady growth trajectory. With an expected compound annual growth rate (CAGR) of 6.7%, the market is projected to increase from $1.54 billion in 2022 to $1.64 billion in 2023. Furthermore, the golf cart market is anticipated to reach $2.04 billion by 2027 at a CAGR of 5.6%.

Key Drivers of Market Growth

Several factors are contributing to the expansion of the golf cart market. Rapid urbanization, increased government support, a growing aging population, and the burgeoning international and national tourism industries are at the forefront of this growth. These elements are propelling the market to new heights, making golf carts an indispensable mode of transportation in various sectors.

Learn More On The Golf Cart Market Report – https://www.thebusinessresearchcompany.com/report/golf-cart-global-market-report 

Market Segmentation

The global golf cart market is segmented based on key factors:

1. Product Type:

• Push-Pull Golf Cart
• Gasoline Golf Cart
• Electric Golf Cart
• Solar Powered Golf Cart

2. Operation:

• Manual
• Powered

3. Ownership:

• Rented
• Fully Owned

4. Application:

• Golf Courses
• Personal Use
• Industry Use
• Other Applications

Powered Segment Shows Strong Growth Potential

Within the market, the powered segment is forecasted to exhibit the highest growth potential, with an estimated gain of $476.7 million in global annual sales by 2027.

Market Fragmentation and Key Players

The golf cart market is characterized by its fragmentation, with numerous players operating across different geographies. The top ten competitors held a combined golf carts industry market share of 28.3% in 2022. Notable players include Textron Inc (9.0% market share), Yamaha Motor Co., Ltd (6.0% market share), Club Car LLC, Marshell Green Power Co. Ltd., Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., HDK Electric Vehicle, JH Global Services Inc., Dongguan Excar Electric Vehicle Co., Ltd, and STAR EV Corporation.

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Shift Towards Environmentally Friendly Options

In response to environmental concerns, golf cart manufacturers are increasingly focusing on battery-powered electric golf carts to meet emission standards and align with the environmental aspirations of golf clubs. An example of this trend is the May 2023 launch of an electric golf cart by Germany-based automaker Mansory. This cart boasts a 10.24-kilowatt-hour lithium-ion battery pack, providing a range of over 50 miles (80 km) on a single charge and producing 10.7 horsepower (8 kilowatts). Remarkably, it is permitted to drive on public roads in both the United States and Europe.

North America Leads the Market

In 2022, North America emerged as the largest region in the golf cart market, with a total worth of $707.9 million. The North American golf cart market is bolstered by urbanization, a significant number of golf players, and the abundance of golf courses. Notably, around 78% of the world's total golf courses are located in countries including the US, Japan, Canada, England, Australia, Germany, France, the Republic of Korea, Sweden, and Scotland. The United States alone accounts for 42% of the world's total golf courses.

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