Report Overview

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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Increasing Popularity of Golf
         2. Development in Battery Technology for Electric Golf Cart
      2. Market Restraints
         1. Financial Crises Resulting in Negative Growth
      3. Market Challenges
         1. Negative Impact of the COVID-19 Pandemic Outbreak
      4. Market Opportunity
         1. Rising Demand for Electric Golf Carts
         2. Increasing Number of Golf Courses
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Global Golf Cart Market Overview
   1. Market Size & Forecast by Value, 2018-2028
   2. Market Size and Forecast, By Segment
      1. By Product Type
         1. Electric Golf Cart
         2. Gasoline Golf Cart
         3. Solar Golf Cart
      2. By Application
         1. Golf
         2. Personal/Residential
         3. Commercial
      3. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle East & Africa
6. North America Golf Cart Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
   2. Market Share and Forecast
      1. By Product Type
      2. By Application
      3. By Country
         1. U.S.
         2. Canada
7. Europe Golf Cart Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
   2. Market Share and Forecast
      1. By Product Type
      2. By Application
      3. By Country
         1. Germany
         2. U.K.
         3. Russia
         4. France
         5. Italy
         6. Spain
         7. Rest of Europe
8. APAC Golf Cart Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
   2. Market Share and Forecast
      1. By Product Type
      2. By Application
      3. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of APAC
9. LATAM Golf Cart Market Overview
   1. Market Size and Forecast
      1. By Value (USD Billion), 2018-2028
   2. Market Share and Forecast
      1. By Product Type
      2. By Application
      3. By Country
         1. Mexico
         2. Brazil
         3. Rest of LATAM
10. MEA Golf Cart Market Overview
    1. Market Size and Forecast
       1. By Value (USD Billion), 2018-2028
    2. Market Share and Forecast
    3. By Product Type
    4. By Application
    5. By Country
       1. Saudi Arabia
       2. UAE
       3. South Africa
       4. Rest of MEA
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2021)
    3. Competitive Benchmarking by Operating Parameters
12. Impact of COVID-19 on the Global Golf Cart Market
13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Club Car
    2. Textron Inc.
    3. Yamaha Motor Co., Ltd.
    4. Cushman
    5. Dongguan Excellence Golf & Sightseeing Car Co. Ltd
    6. Cruise Car Inc.
    7. JH Global Services Inc.
    8. Columbia ParCar Corp.
    9. Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
    10. Garia Inc.
    11. HDK Electric Vehicles
    12. Textron Specialized Vehicles Inc.
    13. Club Car LLC
    14. Xiamen Dalle New Energy automobile Co., Ltd.
    15. Atul Auto Limited
    16. G H Varley Pty Limited
    17. Guangdong Marshell Electric Vehicle Co., Ltd.
    18. Polaris Industries
    19. Hawk Carts
    20. Other Prominent Players
14. 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