Golf Cart Market Size to exceed $2 Bn by 2025
Published Date: June 26, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Golf Cart Market size is estimated to exceed USD 2 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increasing golf projects across the globe will drive the golf cart market growth over the study timeframe. According to the R&A, in 2019, around 100 have active golf projects with over 30% in Asia Pacific. The courses are developing facilities in collaboration with the resorts to attract the consumers. In 2019, over 64% new course projects in the world are linked with resorts development. Ongoing development of supporting facilities will induce significant growth potential in the industry landscape over the forecast timeline.
Shifting preference of tourists towards recreational sports and leisure activities will escalate the golf cart industry size. Growing number of resorts comprising more than 18-hole golf courses are providing potential opportunities for increased participation. Emerging economic destinations offering large accommodation facilities for families and individuals are augmenting the participation thereby supporting the vehicle demand.
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The industry participants are investing heavily in R&D to enhance vehicle performance. The manufacturers are adopting innovative systems to enhance passenger comfort and riding experience. For instance, in November 2017, Augusta Golf & Utility Cars introduced RXV equipped with electric dual-braking systems with brake cable, pads or drums. The vehicle is designed on “Drive-By-Wire” system and ABS brakes to maintain uniform speed easily and braking safety. Ongoing initiatives to enhance vehicle performance will propel golf cart market size over the study timeframe.
Government regulatory such as NHTSA, AARP, and Golf Cart Rules & Regulations Florida provide norms pertaining to vehicle operation. According to Sec. 30-422.7, a golf cart must have efficient brakes, reliable steering apparatus, safe tires, rear view mirrors, safety belts, red reflectorized warning devices in the front and the rear, rear stop lamps meeting the minimum standards of F.S. §316.234(1) and turning signals meeting the minimum standards of F.S. § 316.234(2). Further, NHTSA does not require the vehicles to be equipped with airbags owing to low speed and operation in governed areas.
Browse key industry insights spread across 200 pages with 383 market data tables & 9 figures & charts from the report, “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” in detail along with the table of contents:
Electric and solar power-driven golf cart share is expected to witness significant growth over the forecast time frame owing to low carbon emission and noise pollution. The electric vehicles create negligible sounds and remain economic over their lifespan. These vehicles find application in airports and medical institutes owing to the silent operation. Further, regulatory entities supporting the adoption of ecofriendly vehicles will drive the product demand.
Commercial services hold significant share in the golf cart market owing to its use at facilities to transport goods and passengers over small distance. Facilities such as hotel and resorts employ golfing carts as these require lower maintenance and operating cost. In March 2019, X’Tan Ha partnered with golf cart rental facilities to experience pool and onsite amenities. Rising LSV fleets in the facilities will enhance the segment penetration in next six years.
North America will dominate the market share owing to presence of large number of golf courses. The region is continuously upgrading the facilities to attract the consumers. According to R&A, in 2019, there over 80 golfing courses in planning and around 50 courses under construction. Emergence of government regulations supporting adoption of low carbon emitting vehicles will further boost the industry size.
Europe golf cart market revenue will witness significant growth prospects owing to the increasing participation in golf sports. Healthy economic conditions coupled with rising tourism expenditure are providing potential opportunities for engaging in recreational activities and golf trips. Rising prominence of golf campaigns and clubs offering membership packages are strengthening the global market over the coming years.
The major industry participants in the golf cart market include Yamaha, Garia, Textron Specialized Vehicles Inc., Columbia Vehicles, Golf Carts Australia, Club Car, GDrive, and Golf Carts Australia. The companies are adopting various strategies including joint ventures, mergers and acquisitions, product modifications and geographical expansions to increase their market share. In January 2018, Club Car launched golf car with Tempo Connect to enhance golfing experience.
The market research report for golf cart includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2025, for the following segments:
- By Fuel
- Electric & solar powered
- By Application
- Golf course
- Commercial services
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- New Zealand
- Latin America
- South Africa
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