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Golf Cart MarketThe global golf cart market is relying strongly on the intake of the product in various industries. Although, primarily designed for golf clubs, these carts are fast gaining traction in other sectors like the smart city projects, railways, and airports, and others. These cars are low-speed in design but eco-friendly and leaves almost no pressure on the ground owing to which it can be used to transport players from one corner to other in a golf field.
Several factors like cost-efficiency, eco-friendly design, easy handling method, ample space for sports accessories, and others are expected to provide the global golf cart market much traction. The gradual inclusion of electric car is also expanding the market horizon to increase profitability. The golf cart market will surely explore these possibilities.
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Segmentation:
The global golf cart market can be segmented on the basis of type and application. This segmentation allows easy understanding of factors that can impact the market.
Based on the type, the global golf cart market can be segmented into gas power, electric power, and others. The electric power segment is gaining traction due to rise in the intake of eco-friendly measures.
Based on the application, the golf cart market can be segmented into golf club and others. The golf club segment is expected to provide substantial thrust, however, other segments are also expected to show hike in revenue.
Regional Analysis:
North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa are regions that have been included in a region-specific study of the global golf cart market. This study would also include various dynamics that are carrying regional essence and influencing the growth of the regional market.
North America and Europe are two regions to witness strong growth in the intake of these carts. These two regions have well-structured sports industries and golf is quite popular in these regions. Hence, the demand for the cart is growing. Hike in investment capacity has triggered various companies into incorporating these carts in their system. The product is also gaining traction due to the burgeoning number of smart cities where this cart is gaining substantial application.
The APAC region is also getting high traction for the product as golf in the region is becoming popular at a rapid speed. Several clubs are investing money to ensure high intake of this product. Also, the growing number of smart cities is expected to rpovide the golf cart market substantial traction.
Competitors:
Several companies have realized the potential of this global golf cart market. These companies are employing their own strategic plans to initiate better growth for the global market. These companies are Yamaha Motor, Club Car(Ingersoll Rand), Textron(E-Z-Go and Cushman), citEcar Electric Vehicles, AGT Electric Cars, and others.
Industry News:
In August 2019, Envision AESC announced that they would supply lithium-ion batteries to Yamaha for their G30Es-Li V golf carts. Envision AESC is also known as battery provider for Nissan electric cars.
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