The global golf cart market is anticipated to witness significant growth owing to surging popularity of golf sports across both developed and emerging economies. Golf carts provide convenient transportation on golf courses which helps in improving golfing experience and reducing travel time between holes. These vehicles are equipped with features such as weatherproof bodies, comfortable seating, and easy maneuverability which makes them suitable for transportation of golf gear and players on golf courses.
The global golf cart market is estimated to be valued at US$ 1.63 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period of 2024 to 2030.
Surging construction of golf courses along with rising popularity of golf as a hobby and recreational activity among middle-aged consumers is a key factor fueling demand for golf carts. Golf carts provide comfortable transportation and help in improving overall golfing experience on large golf courses.
Key Takeaways
Key players operating in the golf cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd.
Key players are focusing on launching advanced golf carts models equipped with new features such as GPS navigation, Bluetooth connectivity, USB charging ports to enhance golfing experience. For instance, in 2023 Yamaha Golf-Car Company launched YDX-5 gas golf cart with GPS navigation system, USB charging ports.
North America represents the largest market for golf carts currently owing to high popularity of golf as a sport. However, Asia Pacific is expected to witness fastest growth in demand for golf carts over the forecast period driven by increasing investment in developing golf tourism infrastructure in countries such as China and India. Major golf cart manufacturers are focusing on expanding their distribution networks in Asia Pacific to tap the high growth potential.
Market Drivers
Growing popularity of golf as a recreational sport among middle-aged population: Golf is becoming an increasingly popular sport across both developing and developed countries. Rising participation in golf tournaments and hobby golf is fueling demand for convenient transportation in golf courses.
Increasing construction of golf courses globally: Continuous development of integrated golf resorts, standalone golf courses especially in Asia Pacific is creating robust demand for maintenance and transportation vehicles such as golf carts.
Market Restrains
High initial purchase and maintenance cost of specialized golf carts: Premium golf cart models equipped with latest technologies and customized accessories come at a high price which might restrict mass adoption.
Presence of substitutes: Presence of alternative modes of transportation such as electric golf trolleys and push/pull carts in low-budget golf courses pose competition to golf carts.
Segment Analysis
The Golf Cart Market Demand is segmented as electric golf carts and gasoline golf carts. The electric golf cart segment dominates the market and holds around 60% share. Electric golf carts generate fewer emissions and are more eco-friendly than gasoline-powered golf carts. Their low maintenance and negligible fuel costs make them more economical for golf course owners and users over long term usage.
Global Analysis
The North America region accounts for the largest share in the golf cart market currently. The presence of large number of golf courses and higher consumption of golf carts per capita makes USA and Canada the dominating regional markets. Going forward, the Asia Pacific region is expected to witness the fastest growth during the forecast period due to increasing popularity of golf sporting activities and developing infrastructure for golf courses in countries like China, Japan and others. The rate of golf participation is rising steadily in Asia Pacific economies which will drive the demand for golf carts.
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