Golf cart is a gas-powered, low-speed vehicle driven by electric motors, which is utilization in golf courses for transportation of golfers and the equipment within the course premises. It is also known as non-highway or off-road vehicle with the average speed between 25‐50 km ph.
Increase in urbanization & industrialization; hi-tech & smart residential & commercial housing projects; and rise in utilization of golf cart vehicles in hotels, hospitality, tourism industries, and amusement parks are anticipated to fuel the growth of the global golf cart market. Moreover, the usage of golf carts for short trips in educational institutions, such as colleges & universities, and in airports is expected to propel their demand.
The key players operating in the golf cart market include Garia Inc., Hitachi Chemical Co. Ltd, Ingersoll Rand plc, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Tomberlin, Xiamen Dalle Electric Car Co. Ltd., and Yamaha Golf Car Company.
The global golf cart market is segmented based on product type, application, and geography. On the basis of product type, the market is categorized into electric golf cart, gasoline, and solar. By application, it is classified into golf course, personal services, and commercial services. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Growth in number of vehicle sales, urbanization in countries, such as India and China, and rise in usage of golf cart, especially in golf courses are anticipated to boost the growth of golf carts market from 2017 to 2023.
Growth in Population along with Increase in Globalization and Rise in Purchasing Power
Rapid growth in population and increase in globalization boost the economy, thus impacting the purchasing power of individuals. This in turn improves the standard of living, nature of expenses, and mode of transportation. These factors lead to innovation of hybrid and electric utility vehicles, thus fueling the demand for golf carts in the market.
Stringent Government Regulations towards Vehicle Emission
Rise in number of petrol/diesel-based vehicles has led to increase in global warming and other environment-related issues. Thus, increase in concern towards the environment fuels the adoption of gas, electric, or solar golf carts.
High Initial Maintenance and Purchasing Cost
The initial cost for a new golf cart is high, and regular investment on maintenance, which restricts the adoption of golf carts, thereby hampering the market growth.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the golf cart market.
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2016 and 2023.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global golf cart market.
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