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Golf Cart Market Size By Fuel (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3285
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Statistics

Golf Cart Market size exceeded USD 1.5 billion in 2022 and is projected to expand at CAGR of over 5% from 2023-2032. Rising number of residential buildings, hotels, and resorts will spur the industry growth.
 

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As versatile off-road vehicles, golf carts are utilized on worksites across commercial and residential spaces. They are emerging as a highly preferred vehicle, considering their compact size, seamless operation and maneuverability, and less noise pollution. This work ATV (all-terrain vehicle) is also essential for businesses owing to its fuel efficiency and excellent mobility on a variety of terrains. The escalating number of hotel chains and residential buildings is creating a favorable growth environment for golf cart developers. Furthermore, seating configurations from 2-seaters to 14-seaters are also expediting the production of golf cart accessories.
 

The high maintenance requirements of gas-powered golf carts, however, may impede market progression to some extent. These carts need regular tune-ups, filter replacements, and oil changes. Compared to electric golf carts, they also create more noise, thus creating a hindrance to market development. Despite these challenges, rapid innovation in battery management technologies and the development of high-capacity batteries will create lucrative opportunities for the industry expansion.
 

Environment friendly product attributes to boost the purchase of solar-powered golf carts

In terms of fuel, the golf cart market from solar-powered segment is poised to exhibit more than 5% growth rate through 2032. Solar-powered golf carts are gaining significant traction on account of advantages including zero environmental impact and high fuel efficiency. These electric battery-driven golf carts, powered by solar energy, can also lower vehicle operating costs. Additionally, they are associated with fewer maintenance costs as compared to gas-powered alternatives, further increasing consumer propensity towards these vehicles.
 

Growing focus on reducing manual work to foster golf cart use in commercial service applications

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In terms of application, the commercial services segment is slated to record nearly USD 1 billion by 2032. Golf cart vehicles are gaining traction in railway stations, airports, public spaces, and other commercial sectors to reduce manual efforts and improve customer experiences in the travel and leisure industry. Over the years, manufacturers have also been introducing new vehicle models for commercial service customers. Initiatives such as these are likely to proliferate the use of golf carts with superior performances to cater to the needs of customers.
 

Expansion of publicly accessible golf courses to amplify industry development in North America

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North America golf cart market size reached around USD 1 billion in 2022, given the expansion of golf courses and the growing number of participants. As per the National Golf Foundation, in 2021, nearly 25.1 million citizens played on a golf course in America. As of December 2021, the U.S. had more than 14,000 off-course golf facilities and 16,000 golf courses. Many of these courses are made publicly accessible, contributing to the development of efficient golf carts across the region.
 

The Middle East and Africa is set to depict over 3% gains between 2023 and 2032 impelled by the rapid industrialization and urbanization. Due to the gradual resumption of big events and the ease in travel restrictions in the wake of the COVID-19 pandemic, the number of hotels has grown significantly across the region. In addition, the high disposable income and the introduction of government initiatives to support tourism are expected to augment the demand for golf carts in commercial service and golf course applications across the region.
 

Strategic acquisition initiatives among industry players to define the competitive landscape

Top companies operating in the golf cart market are Polaris Industries, Inc., Club Car, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., STAR EV CORPORATION, Cario, Ltd., E-Z-GO, Hawk Carts, Garia, KT Pan Company Limited, HDK Electric Vehicle, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, and Yamaha Golf-Car Company. These leaders are targeting to strengthen their foothold in the industry through strategies including mergers and acquisitions.
 

For instance, in June 2022, Club Car acquired Denmark-based Garia A/S, a manufacturer of electric low-speed vehicles for the consumer, utility, and golf markets. Through this acquisition, the company intended to launch new offerings in the golf cart segment, thereby extending its reach across the global market.
 

Impact of COVID-19 pandemic on industry trends

Travel and tourism were among the hard-hit sectors following the COVID-19 outbreak. Based on statistics from the World Travel and Tourism Council, in 2020, the sector witnessed a 51% drop in the Middle East and Africa. These global disruptions may have led to a decline in golf cart demand for touring applications. However, with the steady increase in employment rates, the sector is projected to witness rapid recovery over the forthcoming years, which may assert a positive influence on the industry across the globe.
 

The golf cart market research report 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:

Market Insights, By Fuel

  • Gas
  • Electric
  • Solar -powered

Market Insights, 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

 

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The golf cart industry crossed USD 1.5 billion revenue in 2022 and is anticipated to depict over 5% CAGR through 2032, due to the increasing number of residential buildings, hotels, and resorts.
The solar-powered fuel segment is poised to exhibit over 5% gains between 2023 and 2032, considering the zero environmental impacts and high fuel efficiency of these vehicles.
The North American market value worth over USD 1 billion in 2022, owing to the expansion of golf courses and the growing number of participants.
Polaris Industries, Inc., Club Car, G H Varley Pty Limited, STAR EV CORPORATION, Cario, Ltd., E-Z-GO, Hawk Carts, Garia, KT Pan Company Limited, HDK Electric Vehicle, and Yamaha Golf-Car Company are some of the key participants in the market.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 395
  • Countries covered: 22
  • Pages: 250
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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