Golf Cart Market 2023-2032; Growth Forecast & Industry Share Report

Golf Cart Market is projected to cross USD 3 Bn by 2032. In November 2021, Arcis Golf inked a deal to provide operating and management services for a luxury golf resort community, Kilada Country Club, Golf & Residences, in Southern Greece. These golf club operators are also adopting international expansion as a growth strategy. Such initiatives are anticipated to result in a surge in golf participation across the globe, creating a strong demand for golf carts.

In addition, the strong presence of public golf courses across developed nations is promoting industry development. As per the Royal & Ancient Golf Club, more than 76% of golf courses are public facilities in the United States. Factors such as these are likely to encourage young golfers to participate in the sport, further influencing golf cart market trends.

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Electric fuel segment is projected to account for a considerable share of the golf cart market over 2023-2032. Government administrations, including that of the U.S., have committed to the long-term strategy of reaching net-zero carbon emissions by 2050. This has led to a shift in preference from gas-powered products to more eco-friendly alternatives including electric golf carts.

Over the last decade, the number of golf courses converting to electric carts has also risen substantially. Electric golf cart market expansion can also be attributed to durability, ease of use and maintenance, low initial and operational costs, and other key benefits offered by these vehicles.

Electric-powered carts also have fewer moving parts than their gas counterparts, resulting in greater resale or trade-in value. The advancement in vehicle features, such as the inclusion of regenerative braking, is expected to further augment product demand over the estimated timeline.

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From a regional frame of reference, Europe golf cart industry is slated to depict over 5% CAGR through 2032. This is on account of the growing awareness of the convenience, comfortable ride, and comparatively low-cost travel options associated with these vehicles.

The region is also amplifying the production of golf carts with a high passenger carrying capacity. These factors are anticipated to lead to the widespread adoption of these carts in hotels, clubs, resorts, and residential apartments, strengthening the regional market outlook.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Golf cart industry 3600 snapshots, 2018-2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023 - 2032

2.3    Regional trends

2.4    Fuel type trends

2.5    Applciation trends

Chapter 3   Golf Cart Industry Insights

3.1    Introduction

3.2    COVID-19 impact

3.2.1    Global impact

3.2.2    Impact by region

3.2.2.1   North America

3.2.2.2   Europe

3.2.2.3   Asia Pacific

3.2.2.4   Latin America

3.2.2.5   MEA

3.3    Russia-Ukraine war impact

3.4    Golf cart industry ecosystem analysis

3.4.1    Component suppliers

3.4.2    Technology providers

3.4.3    Manufacturers

3.4.4    End use landscape

3.4.5    Distribution channel analysis

3.4.6    Vendor matrix

3.5    Profit margin analysis

3.6    Technology & innovation landscape

3.6.1    Autonomous golf carts

3.6.2    Continuously Variable Transmission (CVT)

3.6.3    Electronic Fuel Injection (EFI)

3.6.4    Innovations in battery technologies

3.7    Patent landscape

3.8    Key initiative & news

3.9    Regulatory landscape

3.9.1    International

3.9.2    North America

3.9.3    Europe

3.9.4    Asia Pacific

3.9.5    Latin America

3.9.6    MEA

3.10    Industry impact forces

3.10.1    Growth drivers

3.10.1.1    Growing construction of golf courses across the globe

3.10.1.2    Increasing participation in recreational activities in North America & Europe

3.10.1.3    Rapidly developing hotel & resorts industry in Asia Pacific & Latin America

3.10.1.4    Advancements in technology for electric golf carts

3.10.1.5    Rising disposable income and availability of off-course golf facility

3.10.2    Industry pitfalls & challenges

3.10.2.1    High maintenance & service cost of gas-powered golf carts

3.11    Investment portfolio

3.12    Growth potential analysis

3.13    Porter’s analysis

3.13.1    Threat of new entrant

3.13.2    Bargaining power of supplier

3.13.3    Bargaining power of buyer

3.13.4    Threat of substitution

3.13.5    Competitive rivalry

3.14    PESTEL analysis

3.14.1    Political

3.14.2    Economical

3.14.3    Social

3.14.4    Technological

3.14.5    Legal

3.14.6    Environmental

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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