Golf Cart Market Size By Fuel (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), Industry Analysis Report & Forecast, 2023 – 2032

Golf Cart Market Size

Golf Cart Market size surpassed USD 1.5 billion in 2022 and is anticipated to grow at a CAGR of 5% from 2023 to 2032 attributed to the increasing construction of golf courses globally.
 

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Golf has gained increased popularity, especially among people aged 40 and above. Also, young adults are engaging in golfing activities to spend their leisure time. North American and European countries are witnessing the construction & development of modern golf courses & clubs to meet the growing consumer demand.
 

Government regulations mandate that gas-powered golf carts be frequently serviced and maintained to limit the emission of such harmful gases, adding to the maintenance & service costs. The overall operating costs of gas-powered golf carts have increased due to recurring servicing costs, restricting their golf cart market growth by 2032.

Golf Cart Market Analysis

The electric golf cart industry held the highest share in 2022 and is expected to exhibit more than 6% growth rate through 2032.The segment expansion is credited to the rising consumer awareness about the increasing pollution. The quiet operations of electric golf carts cause less disturbance to golfers and local wildlife. Also, high prices of gasoline and declining industry prices of electric golf carts are encouraging consumers to buy these golf carts.
 

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The golf course application dominated golf cart market share of 60.02% and recorded USD 1 billion in revenue. The increasing adoption of golf carts to carry both players and equipment to reduce the efforts of walking around the course is boosting industry growth. Golf courses & clubs worldwide are improving their golf cart fleets to enhance the experience of members. The growing consumer participation in golf activities owing to the proliferation of golf courses globally along with increasing personal disposable income is driving business expansion.
 

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The Europe golf cart industry crossed USD 200 million in 2022 and is projected to witness 7% gains between 2023 and 2032. The regional development is backed by the growing deployment of golf carts at airports, hotels, and resorts for transporting passengers & staff from one location to another. Also, the rising number of golf courses & facilities in Europe will increase the demand for golf carts.
 

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Golf Cart Market Share

The major companies in the golf cart business scenario include:

• Polaris Industries Inc
•  Club Car
•  HDK Electric Vehicle
•  KT Pan Company Limited
•  Yamaha Golf -Car Company
•  Garia and Hawk Carts.

The market is also witnessing the entry of new players. For instance, in November 2022, Neuron Energy launched Adler, an electric golf cart range, and marked its entry into the market. The new ventures cater to personal travel, leisure, and freight. The company’s golf carts are powered by Neuron’s lithium-ion batteries equipped with a GPRS tracker and remote assistance.

This market research report on golf cart includes in-depth coverage of the industry with estimates & forecast in terms of revenue and shipments in (USD Million and Units) from 2018 to 2032, for the following segments:

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Market, By Fuel

• Gas
• Electric
• Solar -powered

Market, By Application

• Golf courses
• Commercial services

The above information is provided on a regional and country basis for the following:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Spain
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Indonesia
• Thailand
• Australia
• New Zealand

Latin America

• Brazil
• Mexico

MEA

• Saudi Arabia
• UAE
• South Africa