Market Size of Golf Cart Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.71 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Golf Cart Market Analysis
The Golf Cart Market size is estimated at USD 2.15 billion in the current year and is expected to reach USD 2.84 billion by the end of teh forecast period, growing at a CAGR of 5.71% during the forecast period.
All industries around the world feel the impact of the coronavirus pandemic. The outbreak disrupted the entire value chain of most major industries. Due to the lockdowns imposed, the golf cart market has also been affected due to the pandemic as most people stayed indoors and followed social distancing norms.
The sales of golf carts declined during the pandemic, negatively affecting several markets. Despite the disruption due to the COVID-19 pandemic, public realization of the recreational benefits of golfing has driven the sales of golf carts. The sales have been soaring from the second half of 2020, which is expected to drive the market forward in the forecast period.
During the forecast period, rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts. As the golf carts are low-powered, easy-to-drive vehicles and have a wide range of functions, urban development in savvy private activities is expected to boost golf cart sales. As the industries mentioned above are witnessing healthy growth, the golf cart market is also anticipated to register a positive growth rate during the forecast period.
Golf Cart Industry Segmentation
A golf cart is a small motorized vehicle used to transport golfers and their equipment around the course.
The Golf Cart Market is segmented by Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart), Application Type (Golf, Personal/Residential, and Commercial), and Geography (North America , Europe , Asia-Pacific, and Rest of the World). The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Type | |
| Electric Golf Cart | |
| Gasoline Golf Cart | |
| Solar Golf Cart |
| By Application Type | |
| Golf | |
| Personal/Residential | |
| Commercial |
| By Geography | |||||||
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Golf Cart Market Size Summary
The golf cart market is poised for significant growth over the forecast period, driven by a resurgence in interest following the pandemic's initial impact. The market's expansion is fueled by the increasing popularity of golfing as a recreational activity, alongside the growing adoption of golf carts in diverse sectors such as tourism, hospitality, and urban development. The shift towards sustainable energy solutions and the rise in urbanization and tourism are further propelling demand. The industry's recovery and growth are supported by the expansion of golf courses and country clubs, which are expected to increase the need for golf carts globally. The market is characterized by a fragmented landscape with numerous regional players, each innovating to meet the evolving demands of consumers and industries.
North America is anticipated to lead the golf cart market, bolstered by the presence of major industry players and a robust infrastructure of golf courses. The United States, with its significant number of golf courses and driving ranges, presents a substantial market opportunity. The region's dominance is complemented by strategic partnerships and product innovations aimed at enhancing the golfing experience and expanding the application of golf carts. Meanwhile, emerging markets like Mexico are becoming attractive for golf cart manufacturers, offering new avenues for growth through tourism-related applications. The market's trajectory is marked by technological advancements and collaborations, positioning it for continued expansion in the coming years.
Golf Cart Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Electric Golf Cart
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2.1.2 Gasoline Golf Cart
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2.1.3 Solar Golf Cart
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2.2 By Application Type
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2.2.1 Golf
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2.2.2 Personal/Residential
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2.2.3 Commercial
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Spain
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 Brazil
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2.3.4.2 Saudi Arabia
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2.3.4.3 United Arab Emirates
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2.3.4.4 Other Countries
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Golf Cart Market Size FAQs
What is the current Golf Cart Market size?
The Golf Cart Market is projected to register a CAGR of 5.71% during the forecast period (2024-2029)
Who are the key players in Golf Cart Market?
Yamaha Golf-Car Company, Textron Specialized Vehicles Inc., Club Car LLC, Lvtong New Energy Electric Vehicle Technology Co., LTD and HDK Elecctric Vehicles are the major companies operating in the Golf Cart Market.
