They come equipped with seating arrangements for two to four players and their golfing equipment. Golf carts offer convenient transport around golf courses for players with limited mobility or those wishing to save time and energy.
The global Golf Cart Market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The Global Golf Cart Market Size is experiencing steady growth driven by increasing participation in golf for recreational activities rather than just professional sports. More people are taking up golf as a fun sport and pastime activity during weekends or family outings. This has boosted the demand for convenient transport facilities like golf carts around golf courses. With rising disposable incomes, customers are willing to spend more on upgraded golf cart models offering amenities like GPS navigation, Bluetooth connectivity and higher seating capacity. Golf equipment manufacturers are also promoting golf as a mainstream recreational activity which is increasing the scope of golf carts globally over the forecast period.
Segment Analysis
The global golf cart market is dominated by the electric golf cart sub-segment. Electric golf carts have gained popularity over gasoline-powered golf carts as they produce zero emissions and are more economical to maintain in the long run. Most of the golf courses and resorts are preferring electric golf carts to reduce their carbon footprint.
Key Takeaways
The global golf cart market is expected to witness high growth over the forecast period of 2024 to 2031. The global Golf Cart Market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region holds a significant share in the global golf cart market and is expected to grow at a high CAGR through 2031. Countries like China, India, Japan, and South Korea are witnessing significant growth in golf participation and golf courses development. For instance, according to The R&A, the number of golf facilities in China increased from 85 in 2007 to over 400 in 2020. Growing middle-class population and rise in disposable income levels in emerging countries of Asia is boosting the golf industry and golf cart sales.
Key players
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.
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