September 07, 2022 06:45 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global golf cart market size is anticipated to hit USD 2.55 billion by 2028 and exhibit a CAGR of 6.0% during the forecast period. The swift electrification in the industry coupled with rising new golf course development is projected to boost the market growth. Fortune Business Insights has presented this information in its report titled “Golf Cart Market, 2021-2028”. The market size stood at USD 1.62 billion in 2020 and USD 1.69 billion in 2021.
Additionally, decreasing costs of electric golf cars are predicted to favour the market growth in the coming years.
April 2021: Club Car by Ingersoll Rand was acquired by Platinum Equity for USD 1 billion.
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North America to Hold the Lion’s Share
North America is projected to dominate the global golf cart market share in the coming years. The U.S. constitutes the highest market share and is driven by a vast presence of golf courses in the region. Moreover, key players, including Textron Inc., Yamaha Golf-Car Company, and others present in the region are expected to complement the region’s growth.
Europe is predicted to rank second in the global market. The rising number of elderly resorts and villages and the growing golf tourism are projected to boost the region’s market growth.
Asia Pacific is anticipated to acquire substantial growth in the coming years due to the growing golf popularity and rising numbers of golfers.
The rest of the world is expected to register sluggish growth due to a weak golf industry.
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Rising Electrification to Boost Market Growth
The automotive industry is evolving by launching eco-friendly and efficient solutions. This is happening due to the rising electrification of vehicles in the wake of stringent emission norms. The introduction of strict norms on emissions implemented by governments is propelling the demand for electric vehicles, and this has also boosted the demand for electric golf cars. Though most golf cars available currently are electrically powered, major manufacturers emphasize launching modern electric golf cars with enhanced battery capacities and travel range. These factors are expected to be the key factors driving the global golf cart market growth in the coming years.
Due to increasing adoption of electric cars, their prices are declining as well. The mass production of electric golf cars is likely to result in an increased demand for the product and favor market growth.
The rising demand for golf cars due to its low speed for tourism purposes is also anticipated to fuel the market growth.
Lastly, the development of new golf courses is likely to create lucrative growth for the market.
However, the reducing number of golf players around the world may hamper the market growth.
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Travel Restrictions to Negatively Affect Market Development
The coronavirus pandemic has significantly disrupted the automotive industry and hampered the market growth. The demand for the product shot down due to strict curfews and lockdowns implemented by several nations. The hindrances in raw material availability and supply chain disruptions have hampered market growth. However, the market is recovering due to the introduction of efficacious vaccines. The growing popularity of golf is likely to bolster due to rising health concerns and help the market expand in the forthcoming years.
Key Players Emphasize Collaborations and Partnerships to Capture Growth
The market is fairly fragmented and comprises international and regional players competing neck-to-neck. They adopt partnerships and collaborations, among other strategies, to acquire growth. For instance, Yamaha Golf-Car Company announced the extension of its partnership in January 2021 with the National Golf Course Owners Association (NGCOA).
Companies Profiled in the Golf Cart Market Research Report:
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1. Who has the best Golf Cart?
Yamaha Golf-Car Company, Textron Inc., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., CLUB CAR, Cruise Car Inc., Garia Inc., JH Global Services Inc., SHOWDA DENKO K.K., Columbia Vehicle Group Inc.
2. How big is the Golf Cart market?
Fortune Business Insights says that the global market size was USD 1.69 Billion in 2021 and is projected to reach USD 2.55 Billion by 2028.
3. Which region held the highest share in the market?
North America Golf Cart Market Size, 2020
4.1 Porter’s Five Forces Analysis
4.4 Distribution of Golf Cart Market - In Value
5. Global Golf Cart Market Analysis, Insights and Forecast, 2017-2028
5.2. Market Analysis, Insights and Forecast – By Product Type
5.3. Market Analysis, Insights and Forecast – By Application
5.4. Market Analysis, Insights and Forecast – By Region
6. North America Golf Cart Market Analysis, Insights and Forecast, 2017-2028
6.2. Market Analysis, Insights and Forecast – By Product Type
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Country
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