According to Inkwood Research, the global golf cart market is expected to progress at a CAGR of 5.68% over the forecast period 2024 to 2032. A golf cart is a gas-powered or electric vehicle used for transporting golfers and their equipment around the course. Specifically designed to meet golfers’ requirements, these carts provide players with unique comfort and safety features.
Owing to the increasing number of golf courses, the need for maintaining mobility across different terrains supports the overall sale of golf carts, globally. The market growth is further attributable to the rise in golf tourism and government regulations associated with vehicular emissions.
A significant aspect of the market’s growth is its adaptation to modern environmental concerns, with an increasing shift towards electric models to reduce emissions. Additionally, technological progressions in golf cart design, like improved battery life and smart features, contribute to their sustained market expansion.
Request a FREE sample of the Golf Cart Market
Golf Cart Market: Sustainable Mobility & Economic Analysis
On account of the detrimental impact on the environment, governments worldwide are highly stringent regarding the problem of pollution. As a consequence, major countries like China, the United States, France, and Germany have implemented official regulations and legislation concerning vehicle emissions.
Automobile manufacturers must adopt cutting-edge technologies to reduce vehicle emissions, leading to an increased focus on renewable and alternative energy sources for powering golf carts. This emphasis sustains their position in the global golf cart market.
• Likewise, key players such as E-Z-Go and Polaris Industries Inc are developing rechargeable golf carts with various customization options.
Get CUSTOMIZED market insights delivered right to your inbox!
Aligning with this, Inkwood Research has categorized golf carts on the basis of vehicle type, primarily as the market continues to evolve in order to meet the growing demands of ecologically conscious consumers –
• Gas Golf Cart –
o Gas-powered golf carts run on combustion engines and are fueled with regular gas, like cars and trucks.
o Inkwood Research’s analysis projected that the gas golf cart segment, under the vehicle type category, dominated the global market in 2023.
o The market for gas-powered golf carts may face challenges in sales and growth if legislation favors environmentally friendly technology. Major cities could potentially prohibit the use of gas-powered automobiles, impacting the demand for gas-powered golf carts.
• Electric Golf Cart –
o Electric golf carts run on electricity as the primary power source. Although golf carts have fewer models compared to other vehicle types, they offer the maneuverability of a gas-powered mower. They also provide the environmental friendliness of an electric cart.
o Electric golf carts ignite and accelerate more rapidly. Besides, they are also cost-effective since recharging batteries is more convenient than refueling the gas.
o In terms of their application, electric motor golf carts are used for general transportation around refineries and other manufacturing industries. This aspect also encourages golf carts’ commercial usage, representing a key end-user in the global market.
• Solar Golf Cart –
o Solar golf carts are powered by mounted photovoltaic (PV) or thin-film panels above the vehicle’s roof, which convert sunlight to charge 48-volt or 36-volt golf cart batteries.
o As per Inkwood Research, the solar golf cart segment is expected to be the fastest-growing vehicle type in the global golf cart market during the forecasted years.
o Lamborghini, an Italian brand and manufacturer of luxury sports vehicles, partnered with Kinetic Green Energy, an India-based golf cart maker, to manufacture solar golf carts.
Stay up-to-date with what’s trending in the Global Golf Cart Market
Golf Cart Market: Electrification in the Automotive Industry
Golf carts, known for their role in golf course transportation, these lightweight utility vehicles have expanded their utility beyond merely shuttling golfers and clubs. Event management firms increasingly hire golf carts for internal transportation, contributing to the growth of the rental business. Additionally, these carts serve as reliable transportation options for hotels, hospitals, and various public events like weddings, exhibitions, and music concerts.
On the other hand, sustainable golf cart transportation proves as an effective way to safeguard prominent places such as UNESCO World Heritage sites that may be vulnerable to pollution. Government regulations compelling users to switch to low-emission vehicles are driving the electrification of the automotive industry. This shift is notably boosting the sales of electric golf carts, leading to increased adoption and usage over the forecast period.
Furthermore, golf carts are used in golf resorts and luxurious and spacious accommodations, thereby positioning golf and recreation as the fastest-growing and dominating end-user in the global market. Moreover, changing customer demands have led to manufacturers focusing on delivering golf cart rental services. Thus, the rise in large events and gatherings further propels the need for rental golf carts, which is set to emerge as a key trend in the market.
As the demand for golf carts rises globally due to increased golfing activities and the growing popularity of golf tourism, the market is inclined to significant development. With advancements in technology leading to more eco-friendly and efficient models, the golf car market is predicted to observe developing growth during the forecast period.
Can’t find what you’re looking for? Talk to an expert NOW!
FAQs:
1. Which is the fastest-growing country in the Asia-Pacific golf cart market?
A: Vietnam is estimated to be the fastest-growing country in the Asia-Pacific golf cart market over the forecast period.
2. What are some of the key restraints faced by the global golf cart market?
A: The global golf car market’s growth is likely to be challenged by the high cost of golf carts and golf memberships.
