Global Golf Cart Market Forecast 2022-2030
The global golf cart market is set to project a CAGR of 5.78% during the forecast years of 2022 to 2030. The market growth is mainly ascribed to the rise in golf tourism, the increasing number of golf courses, as well as government regulations regarding vehicular emissions.
Golf carts are characterized as low-speed vehicles (LSVs) that mainly utilize an electric motor or an ICE. These carts are used to move golfers as well as their gear around a golf course. Moreover, their top speed is less than 45 kilometers per hour.
While the demand for golf carts is increasing, golf courses are anticipated to grow in size, thus necessitating their upkeep, as well. Due to the accelerating number of golf courses, there is an increased requirement to maintain mobility owing to the broad area. This aspect further supports the overall sale of golf carts.
In this regard, as per the National Golf Foundation, in 2020, there were 24.8 million golfers in the United States, indicating an increase of 500,000 and 2% compared to the previous year. Furthermore, the net rise is at its highest level in 17 years. Countries such as India, Vietnam, Thailand, and China are also witnessing a surge in gold courses owing to the rising popularity of the sport as well as golf tourism. As a result, the growing number of golf courses plays an essential role in augmenting the global golf cart market.
The global golf cart market growth assessment comprises the evaluation of North America, Europe, Asia-Pacific, and Rest of World. The Asia-Pacific is set to grow with the highest CAGR during the forecasted years. The market growth of the region is ascribed to fiscal and monetary policies, the increase in demand from premium buyers, and the rising tourism industry.
The global golf cart market is witnessing intense rivalry between players in order to capture newer geographical regions, including the Asia-Pacific. Hence, the threat of rivalry is high.
Some of the key companies operating in the market are Garia, HDK Electric Vehicle, Club Car, etc.
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