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Golf Cart Market Expected to Expand at a CAGR of 3.9% Over the Course of The Projected Period 2022-2032 Future Market Insights, Inc.

Wednesday, 21 September 2022 06:50 AM

Future Market Insights, Inc.

The U.S. is anticipated to continue to be one of the golf cart industry's most lucrative markets. Asia Pacific is anticipated to see a striking CAGR during the predicted period. The industry is being pushed by rising golf awareness and an increase in golfers in Asia Pacific's developing nations.

NEWARK, DE / ACCESSWIRE / September 21, 2022 / The golf cart market is anticipated to reach a valuation of US$ 1.34 billion in 2022, according to a recent market analysis by Future Market Insights (FMI). Through 2032, the market is predicted to expand at a CAGR of 3.9%.

Future Market Insights, Inc., Wednesday, September 21, 2022, Press release picture

The need for low-speed vehicles has increased for a number of functions, including short-distance commuting in parks, commercial districts, colleges, and other locations. As a result, the golf cart market is growing.

Moreover, future infrastructure and equipment developments are likely to help the industry as the leisure and tourist sector expands. Demand for golf cart is expected to rise as utility vehicles gain more and more use outside of golf courses.

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After the pandemic, it's expected that restrictions are lifted and market demand can return to its pre-pandemic levels. Additionally, due to its modular architecture and variety of modification options, golf carts can be modified to match the needs of final consumers, enabling the owner to run a lucrative business.

The surge in sales of golf cart in the tourism, hospitality, academic, and other sectors is predicted to hasten the rise of golf cart market share.

A variety of federal and state laws that regulate the use of golf carts take into account a number of various factors, such as road access, passenger capacity, safety, headlights, brakes, and a valid driver's license, which can impede the golf cart market growth.

In North America and Europe, the market is far more developed. Therefore, it is projected that future innovation and technology developments in the European and American golf cart industries, such as electrification, linked mobility, and autonomy, are fueling market expansion.

Key Takeaways

  • The golf cart market is likely to have a CAGR of 3.9% during the forecast period.
  • According to the product type, the electric golf cart holds 80.34% share in 2020 for the golf cart market.
  • North America holds a significant share in the global golf cart market.
  • Based on application, the golf course industry accounted for the largest market share by 2032.
  • The value of the golf cart market is expected to be US$ 2.12 billion by 2032.
  • Europe holds the second position in the golf cart market during the forecast period.

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Competitive Landscape:

The golf cart market is projected to continue rapidly electrifying as manufacturers concentrate on creating and delivering new generation electric models with enhanced travel range and battery capacity during the projection period.

Major Market Players in the golf cart market are Club Car, LLC Yamaha Golf-Car Company, E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd, Xiamen Dalle Electric Car Co., Ltd. Company, Maini Material Movement Pvt. Ltd, Garia Luxury Golf Car, Cruise Car, Inc., Toyota Motor Corporation, Polaris Inc, Solorider, GDRIVE Golf Cart, Carrieall Car Pvt Ltd, and Volmac Engineering Pvt Ltd.

Recent Developments

  • E-Z-GO debuted the E-Z-GO Liberty in June 2021, the company's first golf car with four forward-facing seats in a small cart.
  • The Lamborghini family and Indian EV business Kinetic Green Energy & Power Solutions announced their collaboration to produce products for the international market in October 2021.
  • The Yamaha Golf-Car Company officially became the National Golf Course Owners Association's ("Official Golf Car Partner") "Official Golf Car Partner" in January 2021.

Key Segment

By Product Type:

  • Push-Pull Golf Cart
  • Gasoline Golf Cart
  • Electric Golf Cart
  • Solar Powered Golf Cart

By Operation:

  • Manual
  • Powered

By Application:

  • Golf Courses
  • Personal Use
  • Industry Use
  • Others

By Ownership:

  • Rented
  • Fully Owned

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

TOC continued..!

About FMI - Automotive and Transportation

The Automotive and Transportationdivision of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behaviour.

Have a Look at Related Research Reports of Automotive Domain

Electric Golf Cart Market Trends : offer significant advantages over conventional gasoline or diesel driven golf carts considering the environmental concerns. The main benefits of golf cart include low maintenance, noise free and environmental friendliness and less expensive to operate.

Golf Cart Batteries Market Size : Golf carts are generally battery-operated vehicles, simple in construction and have maximum speed of up to 31 Kmph, making golf carts safe and favorable vehicles to be used at public places such as railway stations, airports and tourist spots apart from golf courses.

CNG and LPG Vehicles Market : is projected to have a slow-paced CAGR of 4.5% during the forecast period. The current valuation of the CNG and LPG vehicles market is US$ 5243.3 million in 2022.

Automotive ECU Market : is anticipated to reach US$ 48,500.0 million in 2022, growing at a 6.1% CAGR during the forecast period. By 2032, the market is anticipated to reach US$ 77,887.0 million.

Automotive Fasteners Market : is estimated to advance at a CAGR of 6% during the forecast period. The current valuation of the automotive fasteners market is US$ 26,342.1 Million. The market is projected to reach US$ 47,174.7 Million by 2032.

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact Us:

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
Enquiries: [email protected]

SOURCE: Future Market Insights, Inc.

Topic:
Company Update
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