Global Golf Cart Market to Grow with a CAGR of 5.65% during 2022-2030 and attain a Revenue of USD 2664.1 Million by 2030; Market to Witness Growth Owing to Growing Popularity of Golf as a Sports Activity

Key Companies Covered in the Golf Cart Market Research Report Are Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., JH Global Services, Inc., Cruise Car, Inc., Garia A/S, Hitachi, Ltd., Textron Inc., Yamaha Motor Co., Ltd., AGT Electric Cars, Columbia Vehicle Group Inc., Dongguan Excar Electric Vehicle Co., Ltd., and other key market players.

According to the statistics by the National Golf Foundation, in the year 2020, 36.9 Million Americans aged 6 years and above played golf, both off-course and on-course. Out of these, 12.1 Million people participated in off-course golf activities and 24.8 Million people played in a golf course. On the other hand, the value of imports of golf cars and similar vehicles, according to the statistics by the International Trade Center (ITC), grew from USD 1652259 Thousand in the year 2016 to USD 2418656 Thousand in the year 2019. Moreover, the statistics also stated that the United States of America was the largest importer of these vehicles by registering an import value of USD 1160742 Million in the year 2019.

Research Nester has recently released a report titled "" which is studied for the forecast period of 2021-2030. The report includes detailed insight into the key market indicators, along with a brief analysis of the impact of COVID-19 on the growth of the market. Besides this, the report also contains the latest market trends, growth drivers, and the key opportunities that might drive market growth in the coming years.

The popularity of golf as a sports activity around the globe is increasing at a magnificent pace. As a result, the demand for golf carts in golf facilities is expected to grow at a rapid pace in the coming years. The global golf cart market registered a revenue of USD 1,548.4 Million in the year 2020 and is further expected to touch USD 2664.1 Million by the end of 2030, by growing with a CAGR of 5.65% during the forecast period. Moreover, in the year 2030, the market is anticipated to grow with a Y-o-Y growth rate of 6.85% than its previous year. These vehicles are also largely being used for non-golf activities, such as in airports, railway stations, and others. The surge in airport traffic worldwide is also anticipated to drive the need for opting for green transportation mediums, such as golf carts. According to the statistics by the Airports Council International (ACI), the average annual growth rate for passenger traffic, air cargo, and aircraft movements between the period 2018 and 2040 is expected to be 3.7%, 2.3%, and 2.0% respectively.

One other major factor that is anticipated to drive the demand for golf carts is the increasing urbanization and the development of the hospitality and tourism industry. According to the statistics by the United Nations Conference on Trade and Development (UNCTAD), the share of urban population as a share of the total population in developing economies, transition economies, and developed economies grew from 45.34%, 64.84%, and 78.63% respectively in the year 2009 to 51.11%, 65.43%, and 80.51% respectively in the year 2019. Furthermore, golf carts are also in high demand amongst the advertisement companies, as these vehicles are easy for conversion for various branding activities. Backed by the growing advertising spending around the world, which is expected to cross USD 700 Billion by the end of 2024, the demand for these carts is anticipated to grow significantly amongst the advertising companies, and in turn, drive the market growth. Apart from this, the shift in preferences for electric vehicles, backed by the rising concern for vehicular emissions worldwide, is also expected to contribute to the market growth in the coming years. The global electric car stock, according to the statistics by the International Energy Agency (IEA), touched 4.79 Million in the year 2019, up from 3.27 Million in the year 2018.

Get a Sample Copy of this Report with Graphs and Charts@

The global golf cart market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst the market in these regions, the market in North America garnered the largest revenue of USD 862.6 Million in the year 2020 and is further expected to touch USD 1403.2 Million by the end of 2030, by growing with a CAGR of 5.06% during the forecast period. The market in the region is further expected to mark an absolute $ opportunity of USD 0.5 Billion between 2020 and 2030. On the basis of country, the market in the region is segmented into the United States and Canada, out of which, the market in the United States is expected to garner the largest revenue of USD 745.0 Million by the end of 2021 and further growth with the highest CAGR of 5.11% during the forecast period.

Europe still remains a strong market for golf carts and expected to mark its dominance in near future. The registered golfers in the region grew by 73% in 2021 vs 2019, reaching ~10,618,000 in 2021. Following the past, the highest concentration of golfers remains in western part of the region. England with ~692,600 has the highest number of registered golfers as of 2021 followed by Germany, Sweden, Netherlands, France and others. In 2021, 2,213 golf courses tallied in England, 1054 in Germany, 811 in France, 650 in Sweden, 594 in Scotland, 493 in Spain. This definitely shows the demand for new golf carts and replacement demand in the European market.

On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 7.19% during the forecast period and further attain revenue of USD 426.0 Million by the end of 2030, up from a revenue of USD 214.0 Million in the year 2020. The market in the region is also expected to attain the fastest growth by 2.0X during the forecast period. The market in the region is further segmented by countries into India, China, Japan, South Korea, Australia, and the Rest of the Asia Pacific, out of which, the market in China is projected to garner the largest revenue of USD 171.5 Million by the end of 2030, up from a revenue of USD 79.8 Million in the year 2020. The market in India, on the other hand, is projected to grow with the highest CAGR of 9.18% during the forecast period.

Get a Sample PDF of Golf Cart Market Report@

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The global golf cart market is segmented by product type into electric golf cart, gasoline golf cart, and solar golf cart. Amongst these segments, the electric golf cart segment registered the highest market revenue of USD 932.9 Million in the year 2020 and is further predicted to generate the largest revenue of USD 1596.4 Million by the end of 2030, by growing with a CAGR of 5.59% during the forecast period. Alternatively, the solar golf cart segment is expected to grow with the highest CAGR of 7.30% during the forecast period. In North America, the electric golf cart segment is expected to generate the largest revenue of USD 840.6 Million by the end of 2030, while in the Asia Pacific, the solar golf cart segment is projected to grow with the highest CAGR of 8.92% during the forecast period.

The global golf cart market is also segmented by passenger capacity into 2-, 4-, 6-, and 8-seater, and others, out of which, the 4-seater segment registered the largest revenue of USD 528.4 Million in the year 2020, and is further projected to generate USD 893.3 Million by the end of 2030. Moreover, in North America, the 8-seater segment is expected to grow with the highest CAGR of 6.80% during the forecast period, while in Europe, the 4-seater segment registered the largest revenue of USD 122.0 Million in the year 2020, and is further projected to touch USD 221.7 Million by the end of 2030.

Get a PDF Sample for more detailed market insights@

The global golf cart market is also segmented by battery capacity, and by application.

Global Golf Cart Market, Segmentation by Battery Capacity

- 4V

- 6V

- 8V

- 12V

Global Golf Cart Market, Segmentation by Application

- Golf Course

- Residential Service

- Commercial Services

- Airports

- Railways

- Clubs & Resorts

- Theme Parks

- Others

Some of the prominent industry leaders in the global golf cart market that are included in our report are Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., JH Global Services, Inc., Cruise Car, Inc., Garia A/S, Hitachi, Ltd., Textron Inc., Yamaha Motor Co., Ltd., AGT Electric Cars, Columbia Vehicle Group Inc., Dongguan Excar Electric Vehicle Co., Ltd., and others.

Explore Our Recent Related Reports:

Segmentation by Technology {V2I (Vehicle-to Infrastructure), V2V (Vehicle-to-Vehicle), V2D (Vehicle-to-Device), and Others}; and by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others) - Global Demand Analysis & Opportunity Outlook 2031
Segmentation by Vehicle Type (Passenger Cars, Electric Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others); by Technology {(Firmware Over-The-Air (FOTA), and Software Over-The-Air (SOTA)}; and by Application - Global Demand Analysis & Opportunity Outlook 2030
Segmentation by Deployment (On-Premise, and Cloud); by Function (Customer Service, Data Reports, and Inventory Management); and by Application (Customer Relationship Management, Dealer Tracking, Finance, Inventory, and Sales) - Global Demand Analysis & Opportunity Outlook 2030
Segmentation by Distribution Channel (Online, and Offline); by Application (Head Units, Rear-Seat Entertainment, Rear-Seat Chargers, Laptops, Smartphones, and Others) - Global Demand Analysis & Opportunity Outlook 2030
Segmentation by Propulsion Type (Battery Electric Truck, Hybrid Electric Truck, Plug-in Hybrid Electric Truck, and Fuel Cell Electric Truck); by Range (0-150 Miles, 151-300 Miles, and 300 Miles and Above); and by Application (Distribution Services, Field Service, Long Haul Transportation, and Others) - Global Demand Analysis & Opportunity Outlook 2030

About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

Contact for more Info:
AJ Daniel
Email:
U.S. Phone:
U.K. Phone: 9

For More Update Follow:- | | |