Global Golf Cart Market to Surpass USD 2.9 Billion by 2028
The global golf cart market is growing at a high CAGR because of the increasing number of golf courses in countries to promote physical sports as a recreational activity. Additionally, golf carts are being increasingly used for short-distance transportation in commercial facilities, which is driving market growth?
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global golf cart market was worth USD 2 billion in 2021. The data yielded by the study projects the annual revenues of the market to reach USD 2.9 billion by the end of 2028. The growth of the market is attributed to the increasing number of golf courses in countries to promote this sport as a recreational activity. Furthermore, golf courses are attracting both private and public investment, which is directly influencing its popularity, and driving the overall market growth. Furthermore, expanding the application of golf carts in commercial facilities, such as at airports or hotels, as an effective transportation for short-distance travel, is also emerging as a major factor driving the market growth. Yet, the financial crisis facing the market participants is one of the major hindrances for its growth.
Rising Demand for Electric Golf Carts Driving the Market Growth
Electric golf carts are gaining huge popularity among golf players as well as their commercial users, owing to the benefits it offers over other types. Electric golf carts are able to travel up to 30 or 40 miles on one charge, depending on the model. Golf carts are usually used for just 5 to 10 miles per day on golf courses, which makes electric carts more efficient. Furthermore, electric golf carts are also noise-free, and vibration-free, which acts as a favorable factor for market growth.
Increasing Number of Golf Courses Propelling the Growth of the Golf Cart Market
The number of golf courses around the world is gradually increasing at a high rate. According to a report published in Golf Monthly 2019, there are around 40,000 golf courses in the world, 78% of which is highly concentrated in only 10 countries. The USA has around 16,752 golf courses, which is 43% of the total share while Europe has around 8,940 golf courses, which is 23% of the world’s total. With the increasing popularity of golf, private players are significantly investing in making new golf courses, which is anticipated to fuel the demand for golf carts during the forecast period.
Global Golf Cart Market - By Application
Based on applications, the global golf cart market is grouped into golf, personal/residential, and commercial segments. The golf segment accounts for the largest market share owing to the increasing popularity of golf as a recreational activity. As reported by National Club Golfer, around 108 million Americans engage in golf, with around 2.5 million new players registering in America in 2020 alone. However, the commercial application is also increasingly gaining traction as golf carts are prominently utilized in a wide range of commercial spaces, such as hospitals, universities, theme parks, warehouses, convention centers, etc.
Global Golf Cart Market - Regional Insights
Geographically, the global golf cart market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the golf cart market due to the growing demand for golf courses and the presence of several manufacturers in the region. However, Europe is also growing at a substantial rate. Among all the European countries, Sweden has a very strong potential for golf. According to Swedish Golf Online, around 6% of all Swedes play golf, which is the highest in Europe. The low cost of golf in this country is the major factor driving the market growth. Most clubs charge around 30 to 40 euros, and rarely above 60 euros.
Impact of COVID-19 on the Golf Cart Market
The growth of the golf cart market plunged after the sudden COVID-19 pandemic outbreak. The lockdown restrictions caused the temporary closure of the golf clubs as a recreational activity, which directly resulted in the downfall in the demand for golf carts. Furthermore, the golf cart market also had to face severe challenges during the COVID-19 period owing to slow demand for the residential and commercial end-users. The operations of several end-users including airports, hotels, theme parks, warehouses, etc., were halted due to lockdown, which also hindered the golf cart market growth.
Golf Cart Market- Competitive Landscape
The leading players in the golf cart market are Club Car, Textron Inc., Yamaha Motor Co., Ltd., Cushman, Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Cruise Car Inc., JH Global Services Inc., Columbia ParCar Corp., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, Garia Inc., HDK Electric Vehicles, Textron Specialized Vehicles Inc., Club Car LLC, Xiamen Dalle New Energy automobile Co., Ltd., Atul Auto Limited, G H Varley Pty Limited, Guangdong Marshell Electric Vehicle Co., Ltd., Polaris Industries, Hawk Carts, and other prominent players.
The market is highly fragmented due to the presence of several multinational and regional industry participants. The companies are significantly investing in research and development activities to introduce innovative features into their products. They are also establishing partnerships with startups to expand their offerings. Furthermore, several automobile OEMs are also entering the market, making it further concentrated. Furthermore, the adoption of competitive strategies, such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global golf cart market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global golf cart market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.