Golf Cart Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart), By Application (Golf, Personal/Residential, Commercial), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
- Published Date: February 2022
- Report ID: BWC22045
- Available Format: PDF
- Page: 188
Report Overview
The global golf cart market is gaining significant traction owing to the rapid urbanization and industrialization and expanding application of golf carts in residential and commercial spaces. Additionally, the launch of the low-cost electric cart by OEMs is also propelling the market forward.
Global Golf Cart Market- Industry Trends & Forecast Report 2028
The global golf cart market was worth USD 2 billion in 2021 and is further projected to reach USD 2.9 billion by the year 2028. The growth of the market can be attributed to rapid urbanization and industrialization and expanding application of golf carts in residential and commercial spaces, such as residential complexes, airports, hotels, etc. Furthermore, the launch of low-cost electric carts by OEMs is anticipated to present lucrative growth opportunities for the market during the forecast period.
Golf Cart – A Brief Overview
A golf cart is a small vehicle that was traditionally designed to run on a golf course exclusively for golfers. These motorized vehicles come in 2, 4, and 6 seaters range and accommodate travelers for short distances at speeds of around less than 15 mph. The California Vehicle Code requires that a golf cart has at least three wheels in contact with the ground, weighs at least 1,300 pounds, and can operate at no more than 15 miles per hour.
Global Golf Cart Market Forecast and Trends
Growth Drivers
Increasing Popularity of Golf
The increasing popularity of golf, especially in first-world regions, such as Europe and North America, is one of the major driving factors for the growth of the golf cart market. According to a report published by the R&A and the European Golf Association in 2021, over 10.6 million players are registered for golf in Europe, which is a positive increase from the 7.9 million registered players in 2016. The growing popularity of golf as a recreational activity and a booster of physical and mental health will positively impact the demand for golf carts during the forecast period.
Development in Battery Technology for Electric Golf Cart
As the demand for electric golf carts increases, OEMs are significantly investing in R & D activities to improve battery technology to increase efficiency and run time. The battery makers are also launching new battery types specifically designed to suit the needs of golf carts. For instance, Trojan Battery Company recently announced the release of the Trojan GC2 48V Lithium-Ion Golf Battery, which offers durable, fast-charging, powerful, and maintenance-free service. Such developments provide lucrative growth opportunities to the global golf cart market.
Restraints
Financial Crises Resulting Impeding Market Growth
The Future of Golf 2020 report found that golf player registrations decreased in 2020. According to the report, the financial crisis is one of the main factors driving registered players to abandon the game. Other market restraints include insufficient power and speed, as well as increased cost of maintenance. Moreover, golf cart usage is restricted by a few regulations. There are certain regulations that are restraining the usage of golf cart. For instance, in order to drive a golf cart, one needs to have a permit, be above a certain age limit, and fulfill several other requirements. All these factors significantly contribute to the declining demand for golf carts.
Impact of COVID-19 on the Global Golf Cart Market
The unprecedented COVID-19 outbreak negatively impacted the growth of the global golf cart market. The increasing number of COVID-19 infection cases prompted the governments of various countries to impose strict lockdowns, which resulted in restrictions on recreational activities, including golf. As a result, the demand for golf carts significantly declined. Furthermore, the use of golf carts also plunged in the commercial spaces due to complete restrictions on the operations, which also incurred huge losses to the manufacturers worldwide.
Global Golf Cart Market - By Product Type
Based on product types, golf cart market is segmented into electric golf carts, gasoline golf carts, and solar golf carts. Due to its lower cost, lack of noise pollution, faster rise, and less maintenance, electric golf carts hold the majority share of the golf cart market. Electric golf carts also contain fewer components and parts, which eliminates the need for frequent replacement, thus saving maintenance costs. However, the solar golf cart segment is anticipated to emerge with the highest CAGR during the forecast period.
Global Golf Cart Market - By Application
Based on applications, the golf cart market is grouped into golf, personal/residential, and commercial. The golf segment accounts for the largest market share owing to the increasing popularity of golf as a recreational activity. According to the data by National Club Golfer, approximately 108 million in the United States engage with golf, with around 2.5 million new players registering in America in 2020 alone. However, the commercial application is also increasingly gaining traction as they are prominently being utilized in a wide range of commercial spaces, such as hospitals, universities, theme parks, warehouses, convention centers, etc.
Global Golf Cart Market - Regional Insights
Geographically, the golf cart market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the golf cart market owing to the high concentration of leading golf cart manufacturers in the region, such as Textron Inc., Polaris Industries, Yamaha Motor Corp USA, Club Car Inc., etc. Furthermore, the high popularity of golf in this region also plays a major role in propelling the growth of the golf cart market. According to a report by CNBC, more than 24.8 million people were likely to play golf in the US in 2020, as published in September 2021.
Global Golf Cart Market - Competitive Landscape
The leading players in the global golf cart market are Club Car, Textron Inc., Yamaha Motor Co., Ltd., Cushman, Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Cruise Car Inc., JH Global Services Inc., Columbia ParCar Corp., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Garia Inc., HDK Electric Vehicles, Textron Specialized Vehicles Inc., Club Car LLC, Xiamen Dalle New Energy Automobile Co., Ltd., Atul Auto Limited, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Hawk Carts, and other prominent players.
The market is highly fragmented due to the presence of several multinational and regional industry participants. The companies significantly invest in research and development activities to introduce innovative features into their products. They are also establishing partnerships with startups to expand their offerings. Moreover, several automobile OEMs are also entering the market to explore growth opportunities. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
Recent Developments
- In November 2021, DSG Global Inc., a Canadian technology company, announced the launch of its new officially licensed range of Shelby golf carts to the global market.
- In October 2021, Lamborghini, the Italian luxury cars manufacturer, announced its joint venture with Indian EV maker Kinetic Green, for the development of golf carts to enter the market.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Product Type, By Application, By Region |
| Key Players | Textron Inc., Yamaha Motor Co., Ltd., Cushman, Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Cruise Car Inc., JH Global Services Inc., Columbia ParCar Corp., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Garia Inc., HDK Electric Vehicles, Textron Specialized Vehicles Inc., Club Car LLC, Xiamen Dalle New Energy automobile Co., Ltd., Atul Auto Limited, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Hawk Carts, and other prominent players. |
By Product Type
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
By Application
- Golf
- Personal/Residential
- Commercial
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
- Research Framework
- Research Objective
- Product Overview
- Key Market Segments
- Research Methodology
- Qualitative Research
- Methodology
- Regional Split of Primary & Secondary Research
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Breakdown of Primary Research Respondents, By Industry Participants
- Market Size Estimation
- Assumptions for the Study
- Market Breakdown & Data Triangulation
- Executive Summary
- Industry Insight and Growth Strategy
- Value Chain Analysis
- DROC Analysis
- Market Drivers
- Increasing Popularity of Golf
- Development in Battery Technology for Electric Golf Cart
- Market Restraints
- Financial Crises Resulting in Negative Growth
- Market Challenges
- Negative Impact of the COVID-19 Pandemic Outbreak
- Market Opportunity
- Rising Demand for Electric Golf Carts
- Increasing Number of Golf Courses
- Market Drivers
- Recent Developments
- Porter’s Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Intensity of Rivalry
- Threat of New Entrants
- Threat of Substitutes
- Global Golf Cart Market Overview
- Market Size & Forecast by Value, 2018-2028
- Market Size and Forecast, By Segment
- By Product Type
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
- By Application
- Golf
- Personal/Residential
- Commercial
- By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
- By Product Type
- North America Golf Cart Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2018-2028
- Market Share and Forecast
- By Product Type
- By Application
- By Country
- U.S.
- Canada
- Market Size and Forecast
- Europe Golf Cart Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2018-2028
- Market Share and Forecast
- By Product Type
- By Application
- By Country
- Germany
- U.K.
- Russia
- France
- Italy
- Spain
- Rest of Europe
- Market Size and Forecast
- APAC Golf Cart Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2018-2028
- Market Share and Forecast
- By Product Type
- By Application
- By Country
- China
- India
- Japan
- South Korea
- Rest of APAC
- Market Size and Forecast
- LATAM Golf Cart Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2018-2028
- Market Share and Forecast
- By Product Type
- By Application
- By Country
- Mexico
- Brazil
- Rest of LATAM
- Market Size and Forecast
- MEA Golf Cart Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2018-2028
- Market Share and Forecast
- By Product Type
- By Application
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- Market Size and Forecast
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis (2021)
- Competitive Benchmarking by Operating Parameters
- Impact of COVID-19 on the Global Golf Cart Market
- Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- Club Car
- Textron Inc.
- Yamaha Motor Co., Ltd.
- Cushman
- Dongguan Excellence Golf & Sightseeing Car Co. Ltd
- Cruise Car Inc.
- JH Global Services Inc.
- Columbia ParCar Corp.
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
- Garia Inc.
- HDK Electric Vehicles
- Textron Specialized Vehicles Inc.
- Club Car LLC
- Xiamen Dalle New Energy automobile Co., Ltd.
- Atul Auto Limited
- G H Varley Pty Limited
- Guangdong Marshell Electric Vehicle Co., Ltd.
- Polaris Industries
- Hawk Carts
- Other Prominent Players
- Key Strategic Recommendations
List of Figures
Figure 1: Golf Cart Market Segmentation
Figure 2: Golf Cart Market Value Chain Analysis,
Figure 3: Company Market Share Analysis, 2021
Figure 4: Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 5: Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
Figure 6: Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 7: Golf Cart Market Share (%), By Region, By Value, 2018-2028
Figure 8: North America Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 9: North America Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
Figure 10: North America Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 11: North America Golf Cart Market Share (%), By Country, By Value, 2018-2028
Figure 12: Europe Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 13: Europe Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
Figure 14: Europe Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 15: Europe Golf Cart Market Share (%), By Country, By Value, 2018-2028
Figure 16: Asia-Pacific Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 17: Asia-Pacific Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
Figure 18: Asia-Pacific Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 19: Asia-Pacific Golf Cart Market Share (%), By Country, By Value, 2018-2028
Figure 20: Latin America Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 21: Latin America Golf Cart Market Share (%), By Product Type , By Value, 2018-2028
Figure 22: Latin America Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 23: Latin America Golf Cart Market Share (%), By Country, By Value, 2018-2028
Figure 24: Middle East & Africa Golf Cart Market Size, By Value (USD Billion), 2018-2028
Figure 25: Middle East & Africa Golf Cart Market Share (%), By Product Type, By Value, 2018-2028
Figure 26: Middle East & Africa Golf Cart Market Share (%), By Application, By Value, 2018-2028
Figure 27: Middle East & Africa Golf Cart Market Share (%), By Region, By Value, 2018-2028
List of Tables
Table 1: Golf Cart Market Size, By Product Type, By Value, 2018-2028
Table 2: Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 3: Golf Cart Market Size, By Region, By Value (USD Billion), 2018-2028
Table 4: North America Golf Cart Market Size, By Product Type , By Value (USD Billion), 2018-2028
Table 5: North America Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 6: North America Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
Table 7: Europe Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
Table 8: Europe Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 9: Europe Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
Table 10: Asia-Pacific Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
Table 11: Asia-Pacific Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 12: Asia-Pacific Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
Table 13: Latin America Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
Table 14: Latin America Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 15: Latin America Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
Table 16: The Middle-East & Africa Golf Cart Market Size, By Product Type, By Value (USD Billion), 2018-2028
Table 17: The Middle-East & Africa Golf Cart Market Size, By Application, By Value (USD Billion), 2018-2028
Table 18: The Middle-East & Africa Golf Cart Market Size, By Country, By Value (USD Billion), 2018-2028
Table 19: Club Car Financial Analysis
Table 20: Club Car Business Overview
Table 21: Textron Inc. Financial Analysis
Table 22: Textron Inc. Business Overview
Table 23: Yamaha Motor Co., Ltd. Corporation Financial Analysis
Table 24: Yamaha Motor Co., Ltd. Corporation Business Overview
Table 25: Cushman Financial Analysis
Table 26: Cushman Business Overview
Table 27: Dongguan Excellence Golf & Sightseeing Car Co. Ltd Financial Analysis
Table 28: Dongguan Excellence Golf & Sightseeing Car Co. Ltd Business Overview
Table 29: Cruise Car Inc. Financial Analysis
Table 30: Cruise Car Inc. Business Overview
Table 31: JH Global Services Inc. Financial Analysis
Table 32: JH Global Services Inc. Business Overview
Table 33: Columbia ParCar Corp. Financial Analysis
Table 34: Columbia ParCar Corp. Business Overview
Table 35: Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd Financial Analysis
Table 36: Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd Business Overview
Table 37: Garia Inc. Financial Analysis
Table 38: Garia Inc. Business Overview
Table 39: HDK Electric Vehicles Financial Analysis
Table 40: HDK Electric Vehicles Financial Analysis
Table 41: Textron Specialized Vehicles Inc. Financial Analysis
Table 42: Textron Specialized Vehicles Inc. Financial Analysis
Table 43: Club Car LLC Financial Analysis
Table 44: Club Car LLC Financial Analysis
Table 45: Xiamen Dalle New Energy automobile Co., Ltd. Financial Analysis
Table 46: Xiamen Dalle New Energy automobile Co., Ltd. Financial Analysis
Table 47: Atul Auto Limited Financial Analysis
Table 48: Atul Auto Limited Financial Analysis
Table 49: G H Varley Pty Limited Financial Analysis
Table 50: G H Varley Pty Limited Financial Analysis
Table 51: Guangdong Marshell Electric Vehicle Co., Ltd. Financial Analysis
Table 52: Guangdong Marshell Electric Vehicle Co., Ltd. Financial Analysis
Table 53: Polaris Industries Financial Analysis
Table 54: Polaris Industries Financial Analysis
Table 55: Hawk Carts Financial Analysis
Table 56: Hawk Carts Financial Analysis
Market Segmentation
By Product Type
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
By Application
- Golf
- Personal/Residential
- Commercial
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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