Growing Trend of Electric Golf Carts to Drive the Global Golf Cart Market

ashwinicmi

posted on 11 months ago — updated on 2 seconds ago

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The global Golf Cart Market is estimated to be valued at US$ 3,262.3 million in 2017 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Growing Trend of Electric Golf Carts to Drive the Global Golf Cart Market

Market Overview:

The market for golf carts is driven by the increasing popularity of golf as a leisure activity and the need for efficient transportation within golf courses and resorts. Golf carts offer advantages such as ease of transportation, reducing the physical strain on golfers, and promoting a more enjoyable playing experience.

Market Dynamics:

Additionally, the growing trend of electric golf carts is expected to propel market growth, as these carts offer zero emissions, reduced noise levels, and lower maintenance costs compared to traditional gasoline-powered carts.

Market Key Trends:
The key trend driving the global golf cart market is the shift towards electric golf carts. Electric golf carts are gaining traction due to their eco-friendly nature and cost-effectiveness. These carts are equipped with rechargeable batteries that provide a quiet and smooth ride without emitting harmful fumes. Electric golf carts also offer lower maintenance costs and are more energy-efficient compared to traditional gasoline-powered carts. Moreover, the rising awareness regarding environmental sustainability is further fueling the demand for electric golf carts. With advancements in battery technology, the range and performance of electric golf carts have significantly improved, making them a viable and preferred choice for golfers. As a result, golf courses and resorts are increasingly adopting electric golf carts, driving the growth of the global golf cart market.

Segment Analysis:
One of the key segments in the golf cart market is the Electric Golf Cart segment. This segment is dominating the market due to the growing demand for eco-friendly and energy-efficient transportation options. Electric golf carts offer benefits such as lower maintenance costs, reduced noise pollution, and zero emissions, making them a popular choice among golf course operators and individual users.

Another segment that is gaining traction in the market is the Gas-powered Golf Cart segment. While electric golf carts are preferred for their environmental friendliness, gas-powered golf carts are still widely used in areas where charging infrastructure is limited. Additionally, gas-powered golf carts are known for their higher horsepower and longer driving range compared to electric carts, making them suitable for rugged terrains and long-distance travel.

Key Takeaways:

The Golf Cart Market Demand is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing popularity of golf as a recreational sport is driving the demand for golf carts. Furthermore, the rising preference for eco-friendly transportation options is leading to a shift towards electric golf carts.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the golf cart market. This can be attributed to the presence of a large number of golf courses and resorts in the region. In addition, the growing trend of using golf carts for transportation purposes in gated communities, airports, and industrial complexes is further fueling the demand.

Key players operating in the golf cart market include Autopower (India), Club Car, LLC, Columbia Vehicle Group Inc., E-Z-GO, Garia A/S, Hitachi Chemical Co., Ltd., INGERSOLL-RAND PLC, Marshell Green Power, Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Xiamen Dalle Electric Car Co., Ltd, and Yamaha Golf-Car Company. These players are focusing on product innovation, partnerships, and expansions to strengthen their market presence and gain a competitive edge.

In conclusion, the global golf cart market is experiencing growth driven by the increasing popularity of golf, the demand for eco-friendly transportation options, and the presence of key players offering innovative solutions. The market is expected to witness significant growth in the forecast period, with North America emerging as the dominant region.