Golf Cart Market size is set to surpass USD 2 billion by 2027, according to a new research report by Global Market Insights Inc.
The rapid development of hi-tech smart housing projects, theme parks, amusement parks, hotels & resorts, recreational projects, and golf courses across the globe owing to rising industrialization and urbanization is driving the demand for golf carts. The golf carts are used in commercial services and golf courses to carry golfers, golf bags around golf courses, and individuals with a hotel premise, industry, university, and park.
The market demand for golf carts in airports, railway stations, hotels, and theme parks are increasing due to their capability to carry passengers and luggage. Golf carts are compact in size, which are capable of carrying around 4-14 passengers along with luggage during a single trip, reducing the manual workload in hotels, theme parks, and golf courses.
The advancement in technology followed by the demand for electric and solar-powered carts is also boosting the golf cart market growth. For instance, in December 2018, Kinetic Green Energy and Power Solutions, a company based in India that provides battery-operated vehicles, partnered with Tonino Lamborghini SPA to form a joint venture known as Kinetic Green Tonino Lamborghini Private Ltd, to manufacture and design carts, fostering the market expansion.
The changing government regulations to reduce the carbon footprints caused by vehicle emissions are hampering the industry growth. The companies are focusing on development of electric and solar carts that are slower in speed and performance as compared to gasoline-fueled carts, which is considered as a major market challenge for the market progression.
Heavy disruption in the automobile sector led by COVID-19 and strict government regulations across the globe forced manufacturers to halt the production during the first two quarters of 2020. COVID-19 has negatively impacted the supply chain and international trade, affecting the market value. Moreover, the restriction in travel and temporary shutdown had also reduced the golf cart sales significantly. However, the market is experiencing a gradual revival due to lifting up of the lockdown by the government.
Browse key industry insights spread across 190 pages with 255 market data tables & 20 figures & charts from the report, “Golf Cart Market Size, By Fuel Type (Gasoline, Electric, Solar Powered), By Application (Golf Course, Commercial Services), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising demand for golf carts in commercial services is impelling the market revenue
The commercial services segment in the golf cart market accounted for USD 500 million in 2020 led by the usage of these vehicles in commercial services to enhance the leisure period of the customers and reduce manual efforts. The enhancement of the vehicle models is impacting the industry trend positively in the commercial sector.
High requirement for powerful engine golf cart is fueling the gasoline segment
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The golf cart market for gasoline segment is expected to grow during the forecast timeline driven by high demand for powerful engine golf carts from various resorts, golf clubs, and hotels. In 2020, over 65,000 units of gasoline powered golf carts were sold globally. The gas-powered carts are faster in speed and are widely used in large golf courses owing to their long run capability. Several companies including Hawk Carts, Polaris Industries, Inc, Yamaha are involved in the development of gasoline-powered vehicles.
The rising urbanization in APAC region will augment the adoption of golf carts
Asia Pacific golf cart market is projected to witness over 7% growth rate through 2027. The rapid urbanization and industrialization across the region attributed to increasing disposable income, tourism, and government initiatives are impacting the demand for the market positively. The growing number of hotels and restaurants is also contributing to the industry demand.
Industry players are focusing on new product launches, strategic acquisitions, and partnerships to enhance the overall sales and gain a competitive edge over their competitors, boosting the industry expansion. In April 2021, Polaris launched new GEMs all-electric carts to enhance the user experience by implementing various audio and interior features, propelling the market size.
The key companies operating in the golf cart market include Cario, Yamaha, Polaris Industries, Inc, Hawk Carts, Guangdong Marshell Electric Vehicle Co., Ltd., Garia, G H Varley Pty Limited, KT Pan Company Limited, Ltd, STAR EV CORPORATION, HDK Electric Vehicle, Suzhou Eagle Electric Vehicle Manufacturing Co., E-Z-GO, and Club Car.