Golf Cart Market Size

Golf Cart Market Size

Golf Cart market size was valued at USD 2.5 billion in 2023 and is estimated to register a CAGR of over 7.5% between 2024 and 2032, driven by the growing construction of golf courses across the globe.

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In recent years, young adults have also engaged in golfing activities, accelerating the rapid growth of golf courses globally. Countries in North America and Europe have witnessed the construction & development of modern golf courses and clubs to meet the growing consumer demand. Each new golf course creates an immediate need for a fleet of golf carts. The size of the fleet is determined by the course's layout, size, and estimated number of golfers.

More golf courses often result in more people playing golf. As the number of players increases, so does the demand for golf carts. Modern golf courses typically extend beyond the greens and fairways. They may also include restaurants, pro shops, event venues, and practice facilities spread out across a broad area, making golf carts even more useful for golfers to move effectively & comfortably.

Increasing participation in recreational activities is a significant growth factor for the market. Golf is becoming increasingly popular, particularly among young people and families. This growing interest translates into more potential golf cart buyers. According to R&A, over 76% of the golf courses in the U.S. are public facilities, which charge golfers for each round played. This has encouraged the participation of young golfers in the sport.

The increasing disposable income and privatization of golf clubs are boosting participation in golf as a leisure sport, driving the demand for golf cart fleets. Golf is becoming increasingly popular as a social sport with individuals playing for enjoyment and socializing with friends & coworkers. Carts can help with this by allowing groups to stay together during the game and communicate between shots.

The high maintenance & service costs of gas-powered golf carts are a major challenge faced by the golf cart market, potentially slowing down its growth. Gas-powered golf cart exhausts contain dangerous airborne toxins including nitrogen oxides, carbon monoxide, ozone, aldehydes, and persistent polyclinic aromatic hydrocarbons that degrade the air quality.

Government regulations mandate that gas-powered golf carts be frequently serviced and properly maintained to limit the emission of such harmful gases, which adds to the maintenance & service costs. Gas-powered carts require routine maintenance such as oil changes, spark plug replacements, air filter cleaning, and belt adjustments. These routine servicing accumulate over time, raising the total operational expense of running a gas-powered golf cart fleet for golf courses or individual owners.