April 21st, 2022
Research Nester has released a report titled “Golf Cart Market – Global Demand Analysis & Opportunity Outlook 2027″which delivers detailed overview of the global golf cart market in terms of market segmentation by product type, battery capacity, passenger capacity, length, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global golf cart market is segmented by product type into electric, gasoline and solar, out of which, the electric segment is anticipated to hold the largest market share and cross a value of USD 1426.1 million by the end of 2027. The segment held a market share of 46.90% in the year 2018 and is anticipated to grow with the highest CAGR of 7.3% over the forecast period, i.e. 2020-2027. On the other hand, the solar segment is anticipated to grow at a significant CAGR of 7.0% throughout the forecast period.
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The global golf cart market is anticipated to achieve a CAGR of 6.9% throughout the forecast period. Growing opportunities arising from the rising adoption of golf cart from different end user industries, increasing adoption of electric carts and rising demand from several developing regions around the world are some of the factors anticipated to contribute significantly towards the growth of the global golf cart market. The market is further anticipated to garner a value of USD 2935.5 million by the end of 2027 from a value of USD 1610 million in the year 2018 and further achieve an absolute $ opportunity of USD 1096.8 million throughout the forecast period.
Regionally, the global golf cart market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market of North America golf cart, which held a share of 42.65% in the year 2018, is anticipated to hold the largest market share owing to the presence of nations, such as U.S. and Canada, where U.S. held the dominant market share of 56% during 2018. The North America golf cart market is expected to expand by observing the growth rate of 1.54x over the forecast period owing to the rising usage of golf carts in commercial applications as well as for the presence of several key players in the region.
Increasing Use of Golf Carts for Short Distance Travel in the Hospitality and Tourism Industry
Golf carts offer substantial environmental advantages over conventional energy driven vehicles. As such, they are widely being used at airports, golf clubs, hospitals, railway stations, college campuses, sports events and housing projects. On the other hand, manufacturers of golf carts are increasingly producing golf carts in order to suffice the market demand generated from the rising use of golf carts for internal transportation in several industries. Additionally, environmental concerns for vehicular emission, rising stringent norms to curb vehicular pollution, promotional and marketing activities by the user of golf carts and increasing car rental services are some of the factors anticipated to drive the growth of the global golf cart market.
However, concerns for the high price of golf carts as well as for the high maintenance cost associated with golf carts, coupled with factors such as high susceptibility of golf carts to accidents, presence of several unorganized players and poor battery performance of golf carts are some of the factors anticipated to limit the growth of the global golf cart market.
This report also provides the existing competitive scenario of some of the key players of the global golf cart market, which includes company profiling of Textron Inc. (NYSE: TXT), Yamaha Golf-Car Company, AGT Electric Cars, Hitachi Chemical Co., Ltd. (TYO: 4217), Ingersoll Rand, Xiamen Dalle Electric Car, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Autopower, Marshell Green Power, Speedways Electric and Columbia Vehicle Group Inc.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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