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Report overview
The Global "Golf Carts Market" size was valued at US$ 3302.6 Million in 2024 and is projected to reach US$ 4553.77 Million by 2030, at a CAGR of 5.5% during the forecast period 2024-2030.
Golf carts are vehicles that are usually used to transport golfers and their equipment around golf courses. The golf cart industry is a global one that includes the production, marketing, and maintenance of these vehicles. Beyond golf courses, residential communities, resorts, and commercial locations are increasingly using these small, motorised vehicles for short-distance transportation, especially in areas where low-speed vehicles are preferred.
The sector has experienced consistent growth in recent years as a result of growing consumer demand for electric cars, which is being fuelled by government policies that encourage the use of environmentally friendly transportation options. Technology advancements in batteries, such lithium-ion batteries, have increased the popularity of electric golf carts. Their usage in a variety of non-golfing industries, including as airports, campuses, and hospitals, is another factor driving the market's growth. The trend towards electric-powered carts is a significant one, driven by the need to comply with regulations regarding emissions reduction and the rise in environmental consciousness. In comparison to gas-powered competitors, electric carts are preferred for their quieter operation, lower emissions, and cheaper fuel, which makes them perfect for environmentally beneficial applications across a range of industries. Major manufacturers are now placing more emphasis on sustainable solutions as a result of this.
The global Golf Carts market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Golf Carts market presents opportunities for various stakeholders, including Golf Courses, Tourist Attraction. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Golf Carts market. Additionally, the growing consumer demand present avenues for market expansion.
Electric Golf cart to hold the highest market share: By Product Type
In terms of product type, the gold cart industry has been segmented as electric golf cart, gasoline golf cart and Solar Golf cart.
In the global golf cart market, electric golf carts have the largest market share. Many factors, such as rising environmental consciousness and legislative requirements to cut carbon emissions, are responsible for this supremacy. When compared to their gasoline-powered counterparts, electric carts are preferred because of their quieter operation, cheaper operating costs, and zero emissions. For this reason, they are perfect for usage in environmentally sensitive regions including residential communities, golf courses, and resorts. Furthermore, improvements in lithium-ion battery technology have increased the performance, range, and charging efficiency of electric carts, which has increased their acceptance even further. The transition to electric transportation is being supported by governments and institutions worldwide, in line with the objectives of global sustainability. Electric golf carts are the industry leader due to their vast appeal and versatility, even though gasoline and solar-powered carts have their specialist markets.
Golf Courses to hold the highest market share: By Application
In terms of application the golf cart industry has been segmented as Golf Courses, Tourist Attraction, Residential, Campus and Others.
In the golf cart industry globally, golf courses have the largest market share. This is so because golf carts are a crucial component of the game of golf since they were first made to carry players and their gear around expansive golf courses. Due to the large number of golf courses worldwide and the regular usage of carts by players, especially in places like North America and Europe where golf is highly popular, golf courses continue to be the principal market for these vehicles despite their diversification of applications. In order to maintain demand, golf courses also frequently modify and replace their fleets. Furthermore, the need for new, contemporary fleets is still being driven by the expansion of high-end golf tourism as well as the number of courses in developing economies. Due to their long-standing relationship with the product and ongoing need for effective, low-maintenance transportation solutions, golf courses continue to account for the largest portion of worldwide sales, despite the growth of other applications like as tourist destinations, residential communities, and campuses.
The globally golf cart industry's regional study identifies unique market dynamics and trends. Due in significant part to a high concentration of golf courses and a strong golf-related culture, North America leads the industry. The demand for electric carts in the area and the expanding movement towards environmentally friendly transportation encourage further market expansion. On the other hand, the Asia-Pacific region is witnessing notable expansion due to factors such as accelerated urbanisation, growing disposable incomes, and a rise in investments in tourism and leisure amenities. Golf cart demand is surging in countries like China and India, not just for residential but also for commercial and golf course applications.
With a focus on sustainability and electric mobility, especially in nations like the UK and Germany, Europe also offers a robust market. Golf cart use at upscale resorts and gated communities is starting to pick up steam throughout the Middle East and Africa, although at a slower pace. Overall, the golf cart market is changing globally, with North America still leading the way, but the Asia-Pacific region has room to grow.
The golf cart market is made up of a wide variety of suppliers and manufacturers that compete in various important markets, such as utility vehicles, electric carts, and conventional gas-powered carts. Market leaders including Club Car, Suzhou Eagle Electric Vehicle Manufacturing, and Yamaha control the majority of the market by relying on their innovation, quality, and reputation as brands.
Product diversification, wherein businesses provide customised alternatives, improved technology (such as GPS and Bluetooth connectivity), and greater battery economy, are some of the variables that impact the competitive environment. Furthermore, the demand for electric models has increased due to the rise in environmentally friendly transportation, which has forced manufacturers to make investments in sustainable technologies
Market trends point to an increasing focus on leisure time, especially in residential areas and tourism, which opens doors for new businesses and specialised players. The distribution channels that influence market reach and customer involvement are diverse and comprise a blend of direct sales, dealerships, and internet platforms. Pricing tactics are also very important because value offerings and financing alternatives are becoming more and more competitive. Generally, in order to be competitive in this fast-paced market, businesses need to adjust to changing consumer preferences and regulatory requirements.
Today, Japan is the world’s second-largest golf market, accounting for a fifth of the global golf business. According to the World Golf Report 2021, a joint research project of the global golf business produced by Golf Datatech and the Yano Research Institute in Japan, the country accounts for 22% of the global golf economy. Only the US market is bigger, accounting for 45%.
While sales of golfing equipment in Japan account for more than US$2bn a year, that figure has remained static for the past decade. Dunlop and Bridgestone are the two leading brands. The World Golf Report found that equipment sales are down 1% in the country over the last five years, while global sales during the same period were up 11%.
In the U.S., there were 9,562 golf courses and country clubs in 2020, with an estimated market value of USD 25.8 billion. The U.S. on-course participation base has grown for six straight years – with a 7.5% increase to 25.6 million.
With increases in play in recent years, American golfers have spent significant money on equipment (golf balls and clubs), apparel, shoes, accessories, and a variety of other golf products including media expenditures. This includes purchases made at retail outlets like PGA Tour Superstore and DICK’S Sporting Goods as well as at other stores and online, with the value to the U.S. economy coming both from retail sales and production.
While the total consumer retail figure is almost $7.7 billion, approximately $2.7 billion of this – sales in on-course golf shops -- is already accounted for in the facility golf operations category. Thus, the total off-course retail figure is $4.9 billion. When including other consumer and commercial products, such as golf carts, maintenance equipment, accessories, kitchen equipment, etc.
Growing Popularity of electric golf cart
Numerous noteworthy trends are transforming the golf cart market and changing its landscape. A noteworthy pattern is the rise in popularity of electric golf carts, which can be attributed to breakthroughs in battery technology and a heightened consciousness of environmental responsibility. With their increased efficiency and faster charge times, these electric models are becoming more and more popular with recreational and golf course users. Furthermore, there is an increase in customisation choices as buyers look for individualised features like improved seating, cutting-edge technology, and distinctive designs. The growth of golf carts into non-traditional areas, like urban transportation and the use of recreational vehicles, especially in gated communities and resorts, is another trend. For manufacturers, this diversification is creating new sources of income. Increasingly, smart technologies are being integrated to improve user experience and operational efficiency. Examples of these technologies include fleet management systems, smartphone connectivity, and GPS navigation.
Moreover, golf carts are being used for recreational purposes and community involvement more frequently as health and wellness gain popularity, broadening their application beyond golf. All things considered, these patterns point to a move towards more adaptable, environmentally responsible, and high-tech golf cart options that serve a wider range of users.
Emphasis on Environmental awareness
The golf cart industry is mostly driven by the increasing focus on environmental sustainability, which is a reflection of a larger social movement in favour of eco-friendly behaviours. Concerns about pollution and climate change are growing, therefore businesses and consumers are actively looking for solutions to lessen their environmental impact. In the golf cart industry, where the switch from gas-powered to electric carts is gaining traction, this trend is especially noticeable. Because they emit no emissions when in use, electric golf carts are a greener option for golf courses and other recreational spaces that aim to protect their natural surroundings and reduce air pollution. Recognising the environmental advantages of electric golf carts, several golf courses are switching their fleets to fulfil consumer demand and support sustainability goals.
Additionally, the efficiency and range of electric golf carts have been greatly increased by the development of cutting-edge battery technology like lithium-ion batteries. With these improvements, problems regarding battery life and charge time are resolved, increasing the viability of electric models for daily usage. In addition, manufacturers are being encouraged to invest in electric models by governmental measures that assist the adoption of electric vehicles, such as tax incentives and grants for sustainable transportation. Because of this, the market for electric golf carts is growing, propelled by a mix of favourable policies, technology advancements, and consumer demand for more environmentally friendly solutions.
High initial cost associated with purchasing electric models compared to traditional gas-powered carts.
The higher initial cost of buying electric golf carts as opposed to conventional gas-powered carts is a major barrier for the sector. Although electric golf carts save money on gasoline and upkeep over time, the initial outlay may put off some customers, especially those who may be more budget conscious or play on lesser courses. Furthermore, a barrier may be the accessibility and availability of charging infrastructure, particularly in places where electric cart usage is less prevalent. Customers may be reluctant to purchase batteries due to concerns about battery lifespan and replacement prices. After a few years, batteries may need to be replaced, which would result in a large increase in cost. The sector also confronts regulatory obstacles because different jurisdictions have varied regulations pertaining to the classification and use of vehicles, which can make market entry and expansion plans more difficult.
Market competition is another restraint, with numerous manufacturers vying for market share, leading to price pressures and potential compromises in product quality. Lastly, economic fluctuations can impact discretionary spending on leisure items like golf carts, making consumers more cautious in their purchasing decisions. These factors collectively pose challenges for growth in the golf cart industry, requiring manufacturers to develop strategies to mitigate these constraints.
The report includes Global & Regional market status and outlook for 2017-2028. Further, the report provides breakdown details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by Types, Product Type, Applications, Fuel Type, Seating. The report also covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price, and Gross Margin 2017-2028 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
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