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

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.
 

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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.
 

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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

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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.