Golf Cart Market Size By Fuel Type (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: May 2021  |  Report ID: GMI3285  |  Authors: Preeti Wadhwani, Prasenjit Saha

Report Format: PDF   |   Pages: 190   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Golf Cart Market size exceeded USD 1.5 billion in 2020 and is estimated to grow at over 4.5% CAGR between 2021 and 2027. The growing consumer spending capacity along with rising number of golf courses is supporting the industry expansion.
 

Growing investments in construction & development of golf courses across the globe is driving the market demand. According to the Royal and Ancient Golf Club (R&A), in 2019, there were around 534 golf course projects in advanced planning or in various stages of construction worldwide. This will increase the adoption of golf carts globally. Moreover, the rising consumer participation in golf activities is anticipated to drive the market revenue.
 

Golf Cart Market

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The increasing number of residential buildings and hotels & resorts is supporting the market growth. Golf carts are preferred at such locations owing to their compact size, less noise pollution, and easy operation & maneuverability. However, the availability of golf carts in multiple seating configurations ranging from 2-seaters to 14-seaters is driving the market.
 

The steadily decreasing market prices of electric golf carts are propelling the golf car market demand. The technological advancements in the field of battery management are aiding golf car manufacturers to develop vehicles with maximum range & performance and lower charging cycles. The availability of street legal golf vehicles is expected to create a huge demand for these vehicles.
 

The major market factor hampering the industry growth is the requirement of frequent service & repair for gas-powered golf cars. These vehicles require regular tune-ups, oil changes, and replacement of filters. Also, gas-powered golf carts create more noise than electric carts, challenging the market growth. Established industry players, including Yamaha and Club Car, are focusing on reducing the gas-powered golf cart’s pollution levels and noise.
 

The golf cart market has been negatively impacted owing to the COVID-19 outbreak. The manufacturing of golf cars has been affected due to the shortage of raw materials in ample amounts. Additionally, the unavailability of labors due to stringent lockdown implemented by the government authorities is challenging the market growth.
 

Increasing demand for electric golf carts due to low maintenance and operational cost

Electric golf cart market is projected to witness a CAGR of around 3.5% through 2027. The growing consumer awareness about the rising pollution levels is likely to boost the market growth. Electric-powered golf carts emit zero carbon emission and less noise pollution. Electric vehicles require less maintenance and operational cost, making them a preferred choice over gas-powered vehicles.
 

Companies are introducing vehicles with advanced batteries to improve the vehicle range and performance. For instance, in January 2020, Yamaha introduced Trojan Motive T875-AGM battery option to its golf vehicles. These AGM batteries are manufactured from 98% recyclable materials and have a lesser charging time as compared to standard FLA batteries.
 

The rising fuel prices and product cost of gasoline-powered golf cars have led consumers to opt for electric golf vehicles. Moreover, the steadily declining market prices of electric batteries and motors are anticipated to lower the ownership cost of electric carts, providing a positive market outlook.
 

Growing golf participation and steadily increasing number of golf courses

Global Golf Cart Market

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In 2020, the golf course application segment held more than 55% of the golf cart market share. Golf carts are used by golfers to reduce the efforts of walking around the course while playing the game. Also, these vehicles are able to carry heavy bags of golfers, supporting their rapid adoption.
 

The increasing consumer participation in golf activities is the major factor driving the market expansion. The growing household disposable income levels have led consumers to spend more on sports and recreational activities. According to the National Golf Foundation, in 2020, the total rounds played in the U.S. increased by over 10% as compared to 2019. A significant amount of these rounds has been played by teenagers.
 

Presence of large number of golf courses in North America

North America Golf Cart Market

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The North America golf cart market valued at USD 1 billion in 2020, with over 120,000 units sold. The steadily rising numbers of golf participants and golf courses across the region are attributing to the market demand. According to the R&A, in 2019, there were about 50 golf courses under construction and 80 are in planning phase in North America. Also, as of 2019, the U.S. has 16,500 courses and Canada has more than 2,500 courses. 75% of all these golf courses are publicly accessible, providing significant opportunities to the market.
 

Market players focusing on new product development & partnerships to gain the market share

Major industry players are focusing on enhancing their business operations by introducing new vehicle models to the market. The increasing demand for street legal and luxurious golf carts has led industry participants to develop new models. For instance, in April 2021, Polaris Industries, Inc. announced the launch of its new GEM electric powered premium golf cart. The new vehicle is installed with a panoramic sunroof, interior glow light, and Rockford Fosgate audio. The new model is available with 11 different color options.
 

Key golf cart market players include Yamaha Golf-Car Company, Club Car, E-Z-GO, Cario, Garia, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Inc., Hawk Carts, G H Varley Pty Limited, STAR EV CORPORATION, KT Pan Company Limited, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., and HDK Electric Vehicle.
 

This market research report on golf cart includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2021 to 2027 for the following segments:

Market, By Fuel Type

  • Gas
  • Electric
  • Solar-Powered

Market, By Application

  • Golf Course
  • Commercial Services

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
    • Thailand
    • Indonesia
    • Australia
    • New Zealand
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Frequently Asked Questions (FAQ) :

The golf cart industry size surpassed USD 1.5 billion in 2020 and could grow at a 4.5% CAGR up to 2027.
The adoption of electric golf carts could increase at a CAGR of 3.5% through 2027 due to increasing concerns regarding air pollution.
Golf courses accounted for over 55% revenue share of the golf cart industry in 2020 and will grow owing to their rising adoption by golfers to carry heavy bags.
North America golf cart industry size was valued at USD 1 billion in 2020 and is expanding with the increasing number of golf participants and golf courses.

Premium Report Details

  • Published Date: May 2021
  • Pages: 190
  • Tables: 255
  • Charts / Figures: 20
  • Companies covered: 13
  • Countries covered: 22

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