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Golf Cart Market worth over $3 Bn by 2032
- Published Date: November 1, 2022
Golf Cart Market size is set to surpass USD 3 billion by 2032, according to a new research report by Global Market Insights Inc.
The report indicates technological improvements in battery management to be a prominent reason driving the increase in golf cart adoption. The prices of electric golf carts continue to decline, owing to the innovation in battery technologies and electric powertrains. This advancement aids manufacturers in designing golf carts with maximum range, performance, and lower charging cycles. Due to the introduction of strict vehicle emission regulations, end-users are making a shift toward electric-powered vehicles. The escalating production of street-legal golf vehicles is also expected to support the growth of golf cart manufacturers.
Pollution reduction targets to influence electric-powered golf cart production
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With respect to fuel, the golf cart market value from electric segment accounted for USD 1 billion in 2022, as a result of the strong awareness about mounting environmental pollution levels. Electric golf carts are associated with zero carbon emissions and reduced noise pollution, making them a preferred alternative over gas-powered golf carts. These vehicles also require less operational and maintenance costs, further encouraging their usage among end users globally.
Rise in tournaments and social events to escalate vehicle use in golf course applications
The golf course application segment in the golf cart market is slated to register more than 5% CAGR through 2032. With an increase in household disposable income, consumers are spending more on recreation, leisure, and sports. Golf carts are designed as a means of carrying heavy equipment and bags around the golf courses. Due to the rise in the number of tournaments, fundraisers, memberships, and golf club social events being conducted, golf carts are becoming a sought-after means of transport for both existing and new customers. The report says that the increasing participation in golf activities will therefore augment vehicle demand worldwide.
Browse key industry insights spread across 250 pages with 369 market data tables & 26 figures & charts from the report, “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”, in detail along with the table of contents:
APAC could become a profitable business destination for golf cart manufacturers
The Asia Pacific region held over 10% share of the golf cart market in 2022, on account of the rising disposable income in India, Australia, China, and other Asian countries. The dislocation and stress in the hospitality industry in wake of the COVID-19 pandemic have unleashed unique investment opportunities, especially in developed nations such as Japan. With the gradual lifting of restrictions, the sector is also in the early stages of a strong turnaround.
In August 2022, Star Asia Group and its affiliates announced a strategic investment in Washington Hotel Corp. and Greens Co., two listed hotel operating companies in Japan. Such initiatives will proliferate the development of golf cart accessories for enhanced mobility across the commercial sector. E-Z GO, Yamaha Golf-Car Company, and other industry participants are also focusing on extending their distribution channels across emerging Asian markets. Furthermore, the high emphasis on product cost reduction and expansion of customer bases will drive golf cart use in the region.
Introduction of new high-performance vehicles to remain a key growth strategy for industry players
Top companies operating in the golf cart market are Polaris Industries, Inc., G H Varley Pty Limited, STAR EV CORPORATION, Cario, Ltd., E-Z-GO, Hawk Carts, Garia, KT Pan Company Limited, HDK Electric Vehicle, and Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, among others. These leaders are focusing on product line extension strategies to reinforce their footprint across the global industry.
Citing an instance, in April 2021, Polaris unveiled its new range of street-legal Gem golf carts. These vehicles were integrated with Rockford Fosgate audio, a panoramic sky roof, new sport tires and rims, 11 bold paint color options, premium upholstery options, and interior glow lighting. The development of high-performance vehicles such as these will enable the company to establish a robust presence in the market.