Global Golf Cart Market Set to Reach $2 Billion in 2027, Driven by Urbanization and Tourism Industry Growth - By The Business Research Company

Key Drivers of Market Growth Key Drivers of Market Growth Several factors are contributing to the expansion of thegolf cart market. Rapid urbanization, increased government support, a growing aging population, and the burgeoning international and national tourism industries are at the forefront of this growth. These elements are propelling the market to new heights, making golf carts an indispensable mode of transportation in various sectors. Learn More On The Golf Cart Market...

LONDON, 06/10/2023 (informazione.news - comunicati stampa - industria)

Several factors are contributing to the expansion of the golf cart market. Rapid urbanization, increased government support, a growing aging population, and the burgeoning international and national tourism industries are at the forefront of this growth. These elements are propelling the market to new heights, making golf carts an indispensable mode of transportation in various sectors.

 

The global golf cart market is segmented based on key factors:

Within the market, the powered segment is forecasted to exhibit the highest growth potential, with an estimated gain of $476.7 million in global annual sales by 2027.

The golf cart market is characterized by its fragmentation, with numerous players operating across different geographies. The top ten competitors held a combined golf carts industry market share of 28.3% in 2022. Notable players include Textron Inc (9.0% market share), Yamaha Motor Co., Ltd (6.0% market share), Club Car LLC, Marshell Green Power Co. Ltd., Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., HDK Electric Vehicle, JH Global Services Inc., Dongguan Excar Electric Vehicle Co., Ltd, and STAR EV Corporation.

 

In response to environmental concerns, golf cart manufacturers are increasingly focusing on battery-powered electric golf carts to meet emission standards and align with the environmental aspirations of golf clubs. An example of this trend is the May 2023 launch of an electric golf cart by Germany -based automaker Mansory. This cart boasts a 10.24-kilowatt-hour lithium-ion battery pack, providing a range of over 50 miles (80 km) on a single charge and producing 10.7 horsepower (8 kilowatts). Remarkably, it is permitted to drive on public roads in both the United States and Europe .

In 2022, North America emerged as the largest region in the golf cart market, with a total worth of $707.9 million . The North American golf cart market is bolstered by urbanization, a significant number of golf players, and the abundance of golf courses. Notably, around 78% of the world's total golf courses are located in countries including the US, Japan , Canada , England , Australia , Germany , France , the Republic of Korea, Sweden , and Scotland . The United States alone accounts for 42% of the world's total golf courses.

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