Global Golf Cart Market, By Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart), By Application (Golf, Personal/Residential, Commercial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa
Description
Global Golf Cart Market, By Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart), By Application (Golf, Personal/Residential, Commercial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Global Golf Cart Market to Surpass USD 2.9 Billion by 2028
The global golf cart market is growing at a high CAGR because of the increasing number of golf courses in countries to promote physical sports as a recreational activity. Additionally, golf carts are being increasingly used for short-distance transportation in commercial facilities, which is driving market growth…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global golf cart market was worth USD 2 billion in 2021. The data yielded by the study projects the annual revenues of the market to reach USD 2.9 billion by the end of 2028. The growth of the market is attributed to the increasing number of golf courses in countries to promote this sport as a recreational activity. Furthermore, golf courses are attracting both private and public investment, which is directly influencing its popularity, and driving the overall market growth. Furthermore, expanding the application of golf carts in commercial facilities, such as at airports or hotels, as an effective transportation for short-distance travel, is also emerging as a major factor driving the market growth. Yet, the financial crisis facing the market participants is one of the major hindrances for its growth.
Rising Demand for Electric Golf Carts Driving the Market Growth
Electric golf carts are gaining huge popularity among golf players as well as their commercial users, owing to the benefits it offers over other types. Electric golf carts are able to travel up to 30 or 40 miles on one charge, depending on the model. Golf carts are usually used for just 5 to 10 miles per day on golf courses, which makes electric carts more efficient. Furthermore, electric golf carts are also noise-free, and vibration-free, which acts as a favorable factor for market growth.
Increasing Number of Golf Courses Propelling the Growth of the Golf Cart Market
The number of golf courses around the world is gradually increasing at a high rate. According to a report published in Golf Monthly 2019, there are around 40,000 golf courses in the world, 78% of which is highly concentrated in only 10 countries. The USA has around 16,752 golf courses, which is 43% of the total share while Europe has around 8,940 golf courses, which is 23% of the world’s total. With the increasing popularity of golf, private players are significantly investing in making new golf courses, which is anticipated to fuel the demand for golf carts during the forecast period.
Global Golf Cart Market - By Application
Based on applications, the global golf cart market is grouped into golf, personal/residential, and commercial segments. The golf segment accounts for the largest market share owing to the increasing popularity of golf as a recreational activity. As reported by National Club Golfer, around 108 million Americans engage in golf, with around 2.5 million new players registering in America in 2020 alone. However, the commercial application is also increasingly gaining traction as golf carts are prominently utilized in a wide range of commercial spaces, such as hospitals, universities, theme parks, warehouses, convention centers, etc.
Global Golf Cart Market - Regional Insights
Geographically, the global golf cart market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the golf cart market due to the growing demand for golf courses and the presence of several manufacturers in the region. However, Europe is also growing at a substantial rate. Among all the European countries, Sweden has a very strong potential for golf. According to Swedish Golf Online, around 6% of all Swedes play golf, which is the highest in Europe. The low cost of golf in this country is the major factor driving the market growth. Most clubs charge around 30 to 40 euros, and rarely above 60 euros.
Impact of COVID-19 on the Golf Cart Market
The growth of the golf cart market plunged after the sudden COVID-19 pandemic outbreak. The lockdown restrictions caused the temporary closure of the golf clubs as a recreational activity, which directly resulted in the downfall in the demand for golf carts. Furthermore, the golf cart market also had to face severe challenges during the COVID-19 period owing to slow demand for the residential and commercial end-users. The operations of several end-users including airports, hotels, theme parks, warehouses, etc., were halted due to lockdown, which also hindered the golf cart market growth.
Golf Cart Market- Competitive Landscape
The leading players in the golf cart market are Club Car, Textron Inc., Yamaha Motor Co., Ltd., Cushman, Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Cruise Car Inc., JH Global Services Inc., Columbia ParCar Corp., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, Garia Inc., HDK Electric Vehicles, Textron Specialized Vehicles Inc., Club Car LLC, Xiamen Dalle New Energy automobile Co., Ltd., Atul Auto Limited, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Hawk Carts, and other prominent players.
The market is highly fragmented due to the presence of several multinational and regional industry participants. The companies are significantly investing in research and development activities to introduce innovative features into their products. They are also establishing partnerships with startups to expand their offerings. Furthermore, several automobile OEMs are also entering the market, making it further concentrated. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
Global Golf Cart Market to Surpass USD 2.9 Billion by 2028
The global golf cart market is growing at a high CAGR because of the increasing number of golf courses in countries to promote physical sports as a recreational activity. Additionally, golf carts are being increasingly used for short-distance transportation in commercial facilities, which is driving market growth…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global golf cart market was worth USD 2 billion in 2021. The data yielded by the study projects the annual revenues of the market to reach USD 2.9 billion by the end of 2028. The growth of the market is attributed to the increasing number of golf courses in countries to promote this sport as a recreational activity. Furthermore, golf courses are attracting both private and public investment, which is directly influencing its popularity, and driving the overall market growth. Furthermore, expanding the application of golf carts in commercial facilities, such as at airports or hotels, as an effective transportation for short-distance travel, is also emerging as a major factor driving the market growth. Yet, the financial crisis facing the market participants is one of the major hindrances for its growth.
Rising Demand for Electric Golf Carts Driving the Market Growth
Electric golf carts are gaining huge popularity among golf players as well as their commercial users, owing to the benefits it offers over other types. Electric golf carts are able to travel up to 30 or 40 miles on one charge, depending on the model. Golf carts are usually used for just 5 to 10 miles per day on golf courses, which makes electric carts more efficient. Furthermore, electric golf carts are also noise-free, and vibration-free, which acts as a favorable factor for market growth.
Increasing Number of Golf Courses Propelling the Growth of the Golf Cart Market
The number of golf courses around the world is gradually increasing at a high rate. According to a report published in Golf Monthly 2019, there are around 40,000 golf courses in the world, 78% of which is highly concentrated in only 10 countries. The USA has around 16,752 golf courses, which is 43% of the total share while Europe has around 8,940 golf courses, which is 23% of the world’s total. With the increasing popularity of golf, private players are significantly investing in making new golf courses, which is anticipated to fuel the demand for golf carts during the forecast period.
Global Golf Cart Market - By Application
Based on applications, the global golf cart market is grouped into golf, personal/residential, and commercial segments. The golf segment accounts for the largest market share owing to the increasing popularity of golf as a recreational activity. As reported by National Club Golfer, around 108 million Americans engage in golf, with around 2.5 million new players registering in America in 2020 alone. However, the commercial application is also increasingly gaining traction as golf carts are prominently utilized in a wide range of commercial spaces, such as hospitals, universities, theme parks, warehouses, convention centers, etc.
Global Golf Cart Market - Regional Insights
Geographically, the global golf cart market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the golf cart market due to the growing demand for golf courses and the presence of several manufacturers in the region. However, Europe is also growing at a substantial rate. Among all the European countries, Sweden has a very strong potential for golf. According to Swedish Golf Online, around 6% of all Swedes play golf, which is the highest in Europe. The low cost of golf in this country is the major factor driving the market growth. Most clubs charge around 30 to 40 euros, and rarely above 60 euros.
Impact of COVID-19 on the Golf Cart Market
The growth of the golf cart market plunged after the sudden COVID-19 pandemic outbreak. The lockdown restrictions caused the temporary closure of the golf clubs as a recreational activity, which directly resulted in the downfall in the demand for golf carts. Furthermore, the golf cart market also had to face severe challenges during the COVID-19 period owing to slow demand for the residential and commercial end-users. The operations of several end-users including airports, hotels, theme parks, warehouses, etc., were halted due to lockdown, which also hindered the golf cart market growth.
Golf Cart Market- Competitive Landscape
The leading players in the golf cart market are Club Car, Textron Inc., Yamaha Motor Co., Ltd., Cushman, Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Cruise Car Inc., JH Global Services Inc., Columbia ParCar Corp., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, Garia Inc., HDK Electric Vehicles, Textron Specialized Vehicles Inc., Club Car LLC, Xiamen Dalle New Energy automobile Co., Ltd., Atul Auto Limited, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Hawk Carts, and other prominent players.
The market is highly fragmented due to the presence of several multinational and regional industry participants. The companies are significantly investing in research and development activities to introduce innovative features into their products. They are also establishing partnerships with startups to expand their offerings. Furthermore, several automobile OEMs are also entering the market, making it further concentrated. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
Table of Contents
188 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Key Market Segments
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
- 3. Executive Summary
- 4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Increasing Popularity of Golf
- 4.2.1.2. Development in Battery Technology for Electric Golf Cart
- 4.2.2. Market Restraints
- 4.2.2.1. Financial Crises Resulting in Negative Growth
- 4.2.3. Market Challenges
- 4.2.3.1. Negative Impact of the COVID-19 Pandemic Outbreak
- 4.2.4. Market Opportunity
- 4.2.4.1. Rising Demand for Electric Golf Carts
- 4.2.4.2. Increasing Number of Golf Courses
- 4.3. Recent Developments
- 4.4. Porter’s Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
- 5. Global Golf Cart Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Product Type
- 5.2.1.1. Electric Golf Cart
- 5.2.1.2. Gasoline Golf Cart
- 5.2.1.3. Solar Golf Cart
- 5.2.2. By Application
- 5.2.2.1. Golf
- 5.2.2.2. Personal/Residential
- 5.2.2.3. Commercial
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East & Africa
- 6. North America Golf Cart Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2018-2028
- 6.2. Market Share and Forecast
- 6.2.1. By Product Type
- 6.2.2. By Application
- 6.2.3. By Country
- 6.2.3.1. U.S.
- 6.2.3.2. Canada
- 7. Europe Golf Cart Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2018-2028
- 7.2. Market Share and Forecast
- 7.2.1. By Product Type
- 7.2.2. By Application
- 7.2.3. By Country
- 7.2.3.1. Germany
- 7.2.3.2. U.K.
- 7.2.3.3. Russia
- 7.2.3.4. France
- 7.2.3.5. Italy
- 7.2.3.6. Spain
- 7.2.3.7. Rest of Europe
- 8. APAC Golf Cart Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2018-2028
- 8.2. Market Share and Forecast
- 8.2.1. By Product Type
- 8.2.2. By Application
- 8.2.3. By Country
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of APAC
- 9. LATAM Golf Cart Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2018-2028
- 9.2. Market Share and Forecast
- 9.2.1. By Product Type
- 9.2.2. By Application
- 9.2.3. By Country
- 9.2.3.1. Mexico
- 9.2.3.2. Brazil
- 9.2.3.3. Rest of LATAM
- 10. MEA Golf Cart Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2018-2028
- 10.2. Market Share and Forecast
- 10.3. By Product Type
- 10.4. By Application
- 10.5. By Country
- 10.5.1. Saudi Arabia
- 10.5.2. UAE
- 10.5.3. South Africa
- 10.5.4. Rest of MEA
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2021)
- 11.3. Competitive Benchmarking by Operating Parameters
- 12. Impact of COVID-19 on the Global Golf Cart Market
- 13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. Club Car
- 13.2. Textron Inc.
- 13.3. Yamaha Motor Co., Ltd.
- 13.4. Cushman
- 13.5. Dongguan Excellence Golf & Sightseeing Car Co. Ltd
- 13.6. Cruise Car Inc.
- 13.7. JH Global Services Inc.
- 13.8. Columbia ParCar Corp.
- 13.9. Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
- 13.10. Garia Inc.
- 13.11. HDK Electric Vehicles
- 13.12. Textron Specialized Vehicles Inc.
- 13.13. Club Car LLC
- 13.14. Xiamen Dalle New Energy automobile Co., Ltd.
- 13.15. Atul Auto Limited
- 13.16. G H Varley Pty Limited
- 13.17. Guangdong Marshell Electric Vehicle Co., Ltd.
- 13.18. Polaris Industries
- 13.19. Hawk Carts
- 13.20. Other Prominent Players
- 14. Key Strategic Recommendations
- List of Figures
- Figure 1: Golf Cart Market Segmentation
- Figure 2: Golf Cart Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2021
- Figure 4: Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 5: Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
- Figure 6: Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 7: Golf Cart Market Share (%), By Region, By Value, 2018-2028
- Figure 8: North America Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 9: North America Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
- Figure 10: North America Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 11: North America Golf Cart Market Share (%), By Country, By Value, 2018-2028
- Figure 12: Europe Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 13: Europe Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
- Figure 14: Europe Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 15: Europe Golf Cart Market Share (%), By Country, By Value, 2018-2028
- Figure 16: Asia-Pacific Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 17: Asia-Pacific Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
- Figure 18: Asia-Pacific Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 19: Asia-Pacific Golf Cart Market Share (%), By Country, By Value, 2018-2028
- Figure 20: Latin America Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 21: Latin America Golf Cart Market Share (%), By Product Type , By Value, 2018-2028
- Figure 22: Latin America Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 23: Latin America Golf Cart Market Share (%), By Country, By Value, 2018-2028
- Figure 24: Middle East & Africa Golf Cart Market Size, By Value (USD Billion), 2018-2028
- Figure 25: Middle East & Africa Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
- Figure 26: Middle East & Africa Golf Cart Market Share (%), By Application, By Value, 2018-2028
- Figure 27: Middle East & Africa Golf Cart Market Share (%), By Region, By Value, 2018-2028
- List of Tables
- Table 1: Golf Cart Market Size, By Product Type, By Value, 2018-2028
- Table 2: Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 3: Golf Cart Market Size, By Region, By Value (USD Billion), 2018-2028
- Table 4: North America Golf Cart Market Size, By Product Type , By Value (USD Billion), 2018-2028
- Table 5: North America Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 6: North America Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 7: Europe Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
- Table 8: Europe Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 9: Europe Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 10: Asia-Pacific Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
- Table 11: Asia-Pacific Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 12: Asia-Pacific Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 13: Latin America Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
- Table 14: Latin America Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 15: Latin America Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 16: The Middle-East & Africa Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
- Table 17: The Middle-East & Africa Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
- Table 18: The Middle-East & Africa Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 19: Club Car Financial Analysis
- Table 20: Club Car Business Overview
- Table 21: Textron Inc. Financial Analysis
- Table 22: Textron Inc. Business Overview
- Table 23: Yamaha Motor Co., Ltd. Corporation Financial Analysis
- Table 24: Yamaha Motor Co., Ltd. Corporation Business Overview
- Table 25: Cushman Financial Analysis
- Table 26: Cushman Business Overview
- Table 27: Dongguan Excellence Golf & Sightseeing Car Co. Ltd Financial Analysis
- Table 28: Dongguan Excellence Golf & Sightseeing Car Co. Ltd Business Overview
- Table 29: Cruise Car Inc. Financial Analysis
- Table 30: Cruise Car Inc. Business Overview
- Table 31: JH Global Services Inc. Financial Analysis
- Table 32: JH Global Services Inc. Business Overview
- Table 33: Columbia ParCar Corp. Financial Analysis
- Table 34: Columbia ParCar Corp. Business Overview
- Table 35: Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd Financial Analysis
- Table 36: Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd Business Overview
- Table 37: Garia Inc. Financial Analysis
- Table 38: Garia Inc. Business Overview
- Table 39: HDK Electric Vehicles Financial Analysis
- Table 40: HDK Electric Vehicles Financial Analysis
- Table 41: Textron Specialized Vehicles Inc. Financial Analysis
- Table 42: Textron Specialized Vehicles Inc. Financial Analysis
- Table 43: Club Car LLC Financial Analysis
- Table 44: Club Car LLC Financial Analysis
- Table 45: Xiamen Dalle New Energy automobile Co., Ltd. Financial Analysis
- Table 46: Xiamen Dalle New Energy automobile Co., Ltd. Financial Analysis
- Table 47: Atul Auto Limited Financial Analysis
- Table 48: Atul Auto Limited Financial Analysis
- Table 49: G H Varley Pty Limited Financial Analysis
- Table 50: G H Varley Pty Limited Financial Analysis
- Table 51: Guangdong Marshell Electric Vehicle Co., Ltd. Financial Analysis
- Table 52: Guangdong Marshell Electric Vehicle Co., Ltd. Financial Analysis
- Table 53: Polaris Industries Financial Analysis
- Table 54: Polaris Industries Financial Analysis
- Table 55: Hawk Carts Financial Analysis
- Table 56: Hawk Carts Financial Analysis
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