Golf Cart Market Size By Fuel (Gasoline, Electric & Solar Powered), By Application (Golf Course, Commercial Services), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Jun 2019  |  Report ID: GMI3285  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 200   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Golf Cart Market size crossed USD 1.5 billion in 2018 and is estimated to exhibit over 5.5% CAGR between 2019 and 2025.
 

Golf Cart Market

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Increasing participation in golf in conjunction with rising number of resorts with golfing facilities will drive the golf cart market revenue over the study timeframe. According to the National Golf Foundation (NGF), in 2018, there are over 500 golf courses under development across the globe. The golfing countries are increasing the supplies to support the proliferation of the sports. As per R&A in 2018, the golf course supplies witnessed significant growth in around 20% of the golfing countries. Expansion of golfing courses and supporting equipment will support the industry proliferation.
 

Rising demand for convenient and economical alternative for travelling short distances will support the market growth over the forecast period. Growing application of the product in hospitality, universities, airport services and tourism industry are further supporting the product demand.
 

Growing industrialization and urbanization in emerging nations will enhance the golf cart market size. The vehicles offer multiple benefits including low noise, low engine emission, easy operation, and manoeuvrability. Availability in multiple seating configurations is driving the vehicle demand. Golf carts are available in various sizes ranging from 2-seater to 14-seater answering to all possible customer segments.
 

Technological innovations such as the upgraded lithium batteries, and advancement in the engine efficiency will boost the market demand. For instance, in December 2018, Yamaha has introduced QuieTech electric fuel injection (EFI) technology to reduce the noise emission and minimise carbon footprint. The advancements in materials and composites will further reduce the overall weight of golfing cars while increasing the flexibility and durability of the material. This will result in increase in fuel and energy efficiency allowing the vehicles to cover more area in single charge.
 

Supportive government regulation and guidelines pertaining to operation of low speed electric vehicles will drive the golf cart industry growth. The government regulations are supporting the electrical vehicle use and providing safety regulations & standards for golf carts.
 

State authorities are approving LSV operation on the streets. In April 2018, Gulf Breeze, Florida approved the operation of golf carts on streets if the vehicles are having head lamps/stop lamps, tail lamps, reflex reflectors, turn signal lamps, parking brakes, rear-view mirrors, seat belts, windshields, and vehicle identification numbers. Emergence of directives, supporting the usage of vehicles on street will support the market value.
 

Golf Cart Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 1.5 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 5.5% 2025 Value Projection: 2 Billion (USD)
Pages: 200 Tables, Charts & Figures: 392
Geographies covered (21): U.S., Canada, Germany, UK, France, Sweden, Spain, Netherlands, Italy, China, India, Japan, Australia, South Korea, Thailand, New Zealand, Brazil, Mexico, Argentina, UAE, South Africa
Segments covered: Fuel, Application and Region
Companies covered (16): Ingersoll Rand, PLC., Yamaha Golf-Car Company, Hitachi Chemical Co. Ltd, Columbia Vehicle Group Inc., Garia, GDrive, Speedways Electric, Volmac Engg.Private Limited, Marshell Green Power, Dongguan Excellence Golf & Sightseeing Car Co. Ltd, Tianjin Zhongyi Electric Vehicle Co. Ltd, Autopower, Prevalence Ltd, Xiamen Dalle Electric Car Co. Ltd, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc.
Growth Drivers:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Market by Fuel

Japan Golf Cart Market By Fuel

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Electric and solar powered golf cart market will experience significant growth over the study timeframe owing to the factors including low maintenance, noiselessness, zero pollution and low operation cost. Rising gasoline prices and ongoing initiatives to reduce the carbon emission are strengthening the segment penetration. Moreover, decreasing electric vehicle battery cost will expand the industry size.
 

Gasoline segments holds substantial share in the global market with its capability to generate higher power and carry heavy loads. Industry participants are introducing new technologies to enhance vehicle performance. For instance, in January 2019, Textron Specialized Vehicles Inc. introduced closed-loop EFI technology that offers improved performance and reduces operational cost. Introduction of vehicles with innovative technologies will drive the industry growth over the study timeframe.
 

Market by Application

Golf course will lead the market size owing to its use to navigate golfers and carry the equipment. According to R&A, there are over 38,850 golf courses across the globe. Rise in golfing nations is driving the product demand.
 

Commercial services will experience the strong growth in the industry share owing to its demand for airport services, industrial use, and public transport. Airports are equipping with golf carts to transport passenger and security officers in the designated areas.
 

Market by Region

Asia Pacific Golf Cart Industry By Country

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North America dominates the golf cart market over the study time frame owing to presence of large number of golf courses. According to NGF, in January 2019, there were over 16,500 golf courses in the U.S. The country accounts for over 40% golfing facilities. Supporting government regulation for LSV offering low noise and carbon emission will drive the regional growth. The presence of major golf cart manufacturers including Yamaha, Textron, and Club Care are enhancing the business growth.
 

Asia Pacific will showcase the significant growth in the market owing to the increasing adaption for commercial purposes. The hotel and resorts are employing the carts to transfer luggage and visitors. Presence of major manufacturers such as Yamaha is increasing the product availability. Moreover, rising low cost electric vehicles across the region will further drive the industry size.
 

Competitive Market Share

Major players in the market includes Yamaha Motor Corporation, Golf Carts Australia, Garia, Textron, Club Car, Hitachi Chemical Co. Ltd, Speedways Electric, Gdrive, Columbia Vehicles Xiamen Dalle Electric Car Co., Ltd, and Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. Industry participants are undergoing mergers & acquisitions and investing in R&D to increase vehicle efficiency.
 

Industry Background

Shifting consumer trends towards versatile vehicles serving multiple application will drive the industry growth. Consumers are adopting vehicles for commuting in short distance. NHTSA and AARP are the major regulatory governing the golf cart operations. The regulations pertaining to operability on roads and street varies between countries depending upon the local regulatory framework. Further, government entities are taking initiatives to govern its usage at commercial facilities.
 

Frequently Asked Questions (FAQ) :

The market size of golf cart valued at over USD 1.5 billion in 2018.
The industry share of golf cart is estimated to exhibit around 5.5% CAGR from 2019 to 2025.
Global Market Insights., Inc. estimates that electric and solar powered golf cart market size will register substantial gains owing to increased focus on reducing carbon emissions and noise pollution at public places like hospitals and airports.
The market forecast will be driven by increasing deployment across commercial services including hotels and large resorts due to the low maintenance cost of these vehicles and efficiency in transporting passengers as well as goods over short distances.
Electric or solar power-driven golf cart market trends will be fueled by the standards and regulations set by government and non-profit agencies in the U.S. like AARP, NHTSA and the Golf Cart Rules & Regulations Florida, as well as increased public support for vehicles with low carbon footprint, claims Global Market Insights, Inc.
The Europe market revenue is anticipated to record considerable growth in the coming years due to higher disposable incomes, a robust tourism sector and increasing number of memberships at golf courses and clubs.

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Premium Report Details

  • Published Date: Jun 2019
  • Pages: 200
  • Tables: 383
  • Charts / Figures: 9
  • Companies covered: 16
  • Countries covered: 21

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