Report Overview

Asia-Pacific Golf Cart Market - Industry Trends & Forecast Report, 2029

Asia-Pacific golf cart market size was estimated at USD 105.21 million in 2022. During the forecast period between 2023 and 2029, Asia-Pacific golf cart market size is projected to grow at a CAGR of 6.29% reaching a value of USD 159.97 million by 2029. Asia-Pacific golf cart market is expected to expand during the forecast period as a result of fiscal and monetary policies, as well as an increase in new constructions, primarily in the real estate and tourism industries, as well as an increase in demand from premium buyers, are expected to provide the regional market with lucrative growth opportunities. Golf carts are gradually gaining popularity in the country, owing primarily to rising demand from high-end consumers. Also, the country is a significant market for low-speed vehicles (LSVs). With India on track to become the world's third-largest economy by 2030, rising incomes and disposable incomes are expected to fuel the purchase of golf carts.

Asia-Pacific Golf Cart Market - Overview

A golf cart, sometimes known as a golf car, is a compact automobile that is used to transport two golfers and their clubs around a golf course. Golf carts come in a variety of configurations and are used to move a small group of people across shorter distances and at a slower speed. A golf cart is a self-propelled vehicle powered by internal combustion engines and electric motors that is primarily used on golf courses to transport players and their equipment. Internal transportation of people and goods is done by battery-operated vehicles (BOVs), which typically go at 25 to 50 km/h.

Growth Drivers

Increased Electrification Accelerates Market Growth

Through the introduction of effective and eco-friendly technologies, the automotive industry is evolving. This is a result of increased electrification of automobiles as a result of stricter pollution standards. Government-imposed tight pollution standards are driving up demand for electric vehicles, which has also increased demand for electric golf cars. Major manufacturers place a strong emphasis on releasing contemporary electric golf vehicles with improved battery capacities and travel range, even if the majority of golf cars now on the market are electrically powered. In the next years, it is expected that these variables will be the primary forces boosting the growth of the Asia-Pacific golf cart market. Electric car prices are falling as technology becomes more popular. The mass production of electric golf cars could increase product demand and favor market growth. Increasing demand for golf cars due to their low speed for tourism purposes is expected to fuel market growth.

Restraints

Declining Golfer Population Could Limit Market Expansion

A research study shows that since 2003, fewer people have been playing golf. The market growth during the forecast period may be hampered by the diminishing number of golfers as a result of the high cost of playing, the game's incompatibility with modern lifestyles, and the game's difficulty.

Impact of COVID-19 on Asia-Pacific Golf Cart Market

The automotive sector was severely damaged by the coronavirus pandemic, which has also limited market expansion. Due to the stringent lockdowns and curfews that were enacted by several countries, the market for the commodity plummeted. Market expansion has been limited by supply chain disruptions and difficulties obtaining raw materials. However, the release of effective vaccines has caused the market to rebound. Due to increased health concerns, golf's popularity is expected to continue to grow and could aid in the market's future growth.

Asia-Pacific Golf Cart Market

Segmental Coverage

Asia-Pacific Golf Cart Market - By Fuel Type

Asia-Pacific golf cart market by fuel type is divided into Gasoline and Electric segments. The electric golf cart segment holds a higher share of the Asia-Pacific golf cart market. Electric golf carts are widely used around the Asia Pacific due to their numerous advantages, such as low operating costs, noiseless operation, increased comfort, and high speed. Also, lower-cost electric golf cart batteries and stringent emission standards enforced by government bodies have a positive impact on segment growth. Due to the fewer moving parts in the cart, the maintenance cost of an electric golf car is almost negligible, driving segment growth.

Asia-Pacific Golf Cart Market - By Seating Capacity

On basis of seating capacity, Asia-Pacific golf cart market is divided into 2–4 Seater, 4–8 Seater, and more than 8 Seater segments. The 4–8 seater segment is expected to rule the market. Customers choose golf carts with 4–8 seats because they can carry a big number of passengers without compromising the speed and comfort of the journey. A 4–8 seater golf cart is better suited for this than others because golfers can comfortably travel and carry their golfing equipment. On average, a game of golf involves 2 to 4 players. These carts have a top speed of 18 mph. This type is also offered with appealing features such an easy-grip steering wheel and a fashionable dashboard, which increases its popularity on golf courses.

Asia-Pacific Golf Cart Market - By Vehicle Speed

On basis of vehicle speed, Asia-Pacific golf cart market is divided into Low-Speed Vehicles and High-Speed Vehicles segments.

Asia-Pacific Golf Cart Market - By End User

Based on end user, the Asia-Pacific golf cart market is divided into Golf Course, Personal Services, and Commercial Services segments. Due to the presence of a high number of golf courses across Asia Pacific, the golf course segment is expected to grow during the forecast period. Also, as golf has grown in popularity in recent years, coaching and investment in the sport have increased. Despite the high costs, professional golfers prefer to play on traditional golf courses.

Competitive Landscape

Asia-Pacific golf cart market is fiercely competitive. Major competitors in the market include Cruise Car Inc., HDK Electric Vehicle, Varley Group, Polaris Industries Inc, Star EV Corporation, Yamaha Golf-Car Company, Thai Summit Group, Karrior Electric Vehicles, Hawk Carts, and Tomberlin. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In January 2021 - The Yamaha Golf-Car Company extended its partnership with the National Gold Course Owners Association (NGCOA) as their "Official Golf Car Partner." The partnership will benefit Yamaha's customer base by offering incentives on Yamaha golf cars and utility vehicle purchases/leases through NGCOA's smart buy marketing purchasing program.

Scope of the Report

By Fuel Type

• Gasoline

• Electric

By Seating Capacity

• 2–4 Seater

• 4–8 Seater

• More than 8 Seater

By Vehicle Speed

• Low-Speed Vehicles

• High-Speed Vehicles

By End User

• Golf Course

• Personal Services

• Commercial Services

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Asia-Pacific Golf Cart Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising construction activities due to rapid urbanization
         2. Growing tourism and hotel industry
         3. Increasing participation in golf across the emerging economies
      2. Restraints
         1. High cost of product and its initial maintenance
         2. Low power and speed
      3. Opportunities
         1. Rising technological advancements in Golf Cart
         2. Reduction in fuel and battery costs
      4. Challenges
         1. Low-quality products offered by local players in the region
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Asia-Pacific Golf Cart Market Overview
   1. Market Size & Forecast, by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Fuel Type
         1. Gasoline
         2. Electric
      2. By Seating Capacity
         1. 2-4 Seater
         2. 4-8 Seater
         3. More than 8 Seater
      3. By Vehicle Speed
         1. Low-Speed Vehicles
         2. High-Speed Vehicles
      4. By End User
         1. Golf Course
         2. Personal Services
         3. Commercial Services
5. Asia Pacific Golf Cart Market
   1. Market Size & Forecast, by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Fuel Type
      2. By Seating Capacity
      3. By Vehicle Speed
      4. By Country
         1. China
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         2. India
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         3. Japan
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         4. South Korea
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         5. Australia & New Zealand
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         6. Indonesia
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         7. Malaysia
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         8. Singapore
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         9. Philippines
            1. By Fuel Type
            2. By Seating Capacity
            3. By Vehicle Speed
            4. By Application
         10. Vietnam
             1. By Fuel Type
             2. By Seating Capacity
             3. By Vehicle Speed
             4. By Application
         11. Rest of Asia Pacific
             1. By Fuel Type
             2. By Seating Capacity
             3. By Vehicle Speed
             4. By Application
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Asia-Pacific Golf Cart Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
7. Impact of Covid-19 on Asia-Pacific Golf Cart Market
8. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Cruise Car Inc.
   2. HDK Electric Vehicle
   3. Varley Group
   4. Polaris Industries Inc
   5. Star EV Corporation
   6. Yamaha Golf-Car Company
   7. Thai Summit Group
   8. Karrior Electric Vehicles
   9. Hawk Carts
   10. Tomberlin
   11. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Asia-Pacific Golf Cart Segmentation

Figure 2       Asia-Pacific Golf Cart Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Asia-Pacific Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 5       Asia-Pacific Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 6       Asia-Pacific Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 7       Asia-Pacific Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 8       Asia-Pacific Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 9       Asia-Pacific Golf Cart Market Share, By Country, By Value, 2019–2029

Figure 10     China Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 11     China Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 12     China Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 13     China Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 14     China Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 15     India Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 16     India Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 17     India Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 18     India Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 19     India Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 20     Japan Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 21     Japan Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 22     Japan Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 23     Japan Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 24     Japan Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 25     South Korea Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 26     South Korea Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 27     South Korea Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 28     South Korea Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 29     South Korea Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 30     Australia & New Zealand Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 31     Australia & New Zealand Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 32     Australia & New Zealand Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 33     Australia & New Zealand Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 34     Australia & New Zealand Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 35     Indonesia Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 36     Indonesia Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 37     Indonesia Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 38     Indonesia Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 39     Indonesia Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 40     Malaysia Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 41     Malaysia Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 42     Malaysia Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 43     Malaysia Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 44     Malaysia Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 45     Singapore Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 46     Singapore Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 47     Singapore Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 48     Singapore Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 49     Singapore Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 50     Philippines Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 51     Philippines Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 52     Philippines Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 53     Philippines Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 54     Philippines Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 55     Vietnam Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 56     Vietnam Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 57     Vietnam Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 58     Vietnam Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 59     Vietnam Golf Cart Market Share, By Application, By Value, 2019–2029

Figure 60     Rest of APAC Golf Cart Market Size, By Value (USD Million), 2019–2029

Figure 61     Rest of APAC Golf Cart Market Share, By Fuel Type, By Value, 2019–2029

Figure 62     Rest of APAC Golf Cart Market Share, By Seating Capacity, By Value, 2019–2029

Figure 63     Rest of APAC Golf Cart Market Share, By Vehicle Speed, By Value, 2019–2029

Figure 64     Rest of APAC Golf Cart Market Share, By Application, By Value, 2019–2029

List of Tables

Table 1        Asia-Pacific Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                   

Table 2        Asia-Pacific Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                   

Table 3        Asia-Pacific Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                      

Table 4        Asia-Pacific Golf Cart Market Size, By Application, By Value, 2019–2029                           

Table 5        Asia-Pacific Golf Cart Market Size, By Country, By Value, 2019–2029  

Table 6        China Golf Cart Market Size, By Value (USD Million), 2019–2029                  

Table 7        China Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                  

Table 8        China Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                          

Table 9        China Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                     

Table 10      China Golf Cart Market Size, By Application, By Value, 2019–2029                          

Table 11      India Golf Cart Market Size, By Value (USD Million), 2019–2029                   

Table 12      India Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                   

Table 13      India Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                   

Table 14      India Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                      

Table 15      India Golf Cart Market Size, By Application, By Value, 2019–2029                           

Table 16      Japan Golf Cart Market Size, By Value (USD Million), 2019–2029                  

Table 17      Japan Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                  

Table 18      Japan Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                          

Table 19      Japan Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                     

Table 20      Japan Golf Cart Market Size, By Application, By Value, 2019–2029                          

Table 21      South Korea Golf Cart Market Size, By Value (USD Million), 2019–2029                   

Table 22      South Korea Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                           

Table 23      South Korea Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                        

Table 24      South Korea Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                    

Table 25      South Korea Golf Cart Market Size, By Application, By Value, 2019–2029                         

Table 26      Australia & New Zealand Golf Cart Market Size, By Value (USD Million), 2019–2029                            

Table 27      Australia & New Zealand Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                            

Table 28      Australia & New Zealand Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                    

Table 29      Australia & New Zealand Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                    

Table 30      Australia & New Zealand Golf Cart Market Size, By Application, By Value, 2019–2029                    

Table 31      Indonesia Golf Cart Market Size, By Value (USD Million), 2019–2029                      

Table 32      Indonesia Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                      

Table 33      Indonesia Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                    

Table 34      Indonesia Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                        

Table 35      Indonesia Golf Cart Market Size, By Application, By Value, 2019–2029                    

Table 36      Malaysia Golf Cart Market Size, By Value (USD Million), 2019–2029                        

Table 37      Malaysia Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                        

Table 38      Malaysia Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                      

Table 39      Malaysia Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                          

Table 40      Malaysia Golf Cart Market Size, By Application, By Value, 2019–2029                      

Table 41      Singapore Golf Cart Market Size, By Value (USD Million), 2019–2029                      

Table 42      Singapore Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                     

Table 43      Singapore Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                    

Table 44      Singapore Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                        

Table 45      Singapore Golf Cart Market Size, By Application, By Value, 2019–2029                   

Table 46      Philippines Golf Cart Market Size, By Value (USD Million), 2019–2029                     

Table 47      Philippines Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                     

Table 48      Philippines Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                   

Table 49      Philippines Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                       

Table 50      Philippines Golf Cart Market Size, By Application, By Value, 2019–2029                   

Table 51      Vietnam Golf Cart Market Size, By Value (USD Million), 2019–2029                         

Table 52      Vietnam Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                        

Table 53      Vietnam Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                      

Table 54      Vietnam Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                           

Table 55      Vietnam Golf Cart Market Size, By Application, By Value, 2019–2029                      

Table 56      Rest of APAC Golf Cart Market Size, By Value (USD Million), 2019–2029                           

Table 57      Rest of APAC Golf Cart Market Size, By Fuel Type, By Value, 2019–2029                          

Table 58      Rest of APAC Golf Cart Market Size, By Seating Capacity, By Value, 2019–2029                       

Table 59      Rest of APAC Golf Cart Market Size, By Vehicle Speed, By Value, 2019–2029                    

Table 60      Rest of APAC Golf Cart Market Size, By Application, By Value, 2019–2029

Table 61      Cruise Car Inc. Company Overview

Table 62      Cruise Car Inc. Financial Overview

Table 63      HDK Electric Vehicle Company Overview

Table 64      HDK Electric Vehicle Financial Overview

Table 65      Varley Group Company Overview

Table 66      Varley Group Financial Overview

Table 67      Polaris Industries Inc. Company Overview

Table 68      Polaris Industries Inc. Financial Overview

Table 69      Star EV Corporation Company Overview

Table 70      Star EV Corporation Financial Overview

Table 71      Yamaha Golf-Car Company Overview

Table 72      Yamaha Golf-Car Company Financial Overview

Table 73      Thai Summit Group Company Overview

Table 74      Thai Summit Group Financial Overview

Table 75      Karrior Electric Vehicles Company Overview

Table 76      Karrior Electric Vehicles Financial Overview

Table 77      Hawk Carts Company Overview

Table 78      Hawk Carts Financial Overview

Table 79      Tomberlin Company Overview

Table 80      Tomberlin Financial Overview