Golf Cart Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Russia, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3285
Golf Cart Market size is estimated to witness exponential CAGR from 2019 to 2025 impelled by rising demand for golf sports along with increasing adoption of carts in hospitality industries. Increasing industrialization and urbanization coupled with proliferating of smart homes and commercial housing projects are expected to showcase significant golf carts demand over the study timeframe. Moreover, usage of golf carts for a wide range of industries including airports, colleges & universities, hospitality and tourism industries are positively influencing the golf cart market share.
Industry players are continuously investing in R&D for developing advanced golf carts to gain the competitive edge. For instance, in 2018, Quintero Golf Club in collaboration with Textron Fleet management deployed 90 electric golf carts equipped with a touchscreen tablet. Moreover, the golf cart is also equipped with advanced GPS sensors and tracking devices with the capability of offering game scores, 3D flyovers, and game maps.
Advancements in technology along with the proliferation of smart and advanced radar and LiDAR sensors enabling superior autonomous driving technologies are further expected to boost the golf cart market share globally. For instance, in 2017, Infosys unveiled its driverless golf cart with the usage of lasers and cameras. These golf carts are also capable of being controlled using a smartphone application providing details about the location and functions of the vehicle.
Stringent regulatory norms are enabling industry players to significantly invest in alternative powertrain technologies for improving efficiency and lowering emissions. Industry players are incorporating regenerative braking systems in golf carts to improve vehicle driving range and reduce time associated with vehicle charging. For instance, Yamaha offers its golf cart with regenerative braking technologies along with Genius2 PDA diagnostics, offering customers with significant savings in terms of efficiency and maintenance.
Based on fuel, the golf cart market share can be categorized into gas, electric, and solar powered. The growth in the electric golf carts can be attributed to the benefits offered including no noise, enhanced fuel efficiency along with lower maintenance requirements. Moreover, these carts also comply to the stringent regulatory norms and offer significant savings in operating and maintenance.
Based on application, the golf cart market share can be classified into golf course and commercial. The rising adoption of golf carts for a wide range of industries including airports, hotels, and colleges & universities among others are boosting the market size. Moreover, the increasing adoption of such vehicles for travelling to movie shooting locations along with the availability of a wide range of models at diversified price range further expands the revenue generation over the study timeframe.
North America is expected to account for a significant share in the golf cart industry. This can be attributed to the increasing manufacturing of such vehicles for supporting the growing consumer demand. Moreover, the proliferation of multiple golf and country clubs along with increasing participation in golf sports are further supporting the regional share.
The golf cart market is highly competitive owing to the presence of multiple companies including Gdrive motors, Auto power, Club Car, Columbia Par Car corporation, E-Z go, Yamaha-Golf company, Hitachi Chemical company and Maini Material Movement Pvt. Ltd. Strategic partnerships and joint ventures are among the major strategies adopted by industry players to boost the market share. For instance, in December 2018, Kinetic Green entered into a joint venture with Tonino Lamborghini for manufacturing premium golf carts.
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