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The golf cart market is anticipated to grow at a CAGR of ~5% over the forecast period of 2019-2029, mainly driven by the increasing number of golf courses across the globe. Manufacturers are preparing to align with ‘customization’ trends, as golf carts are increasingly being used for promotional and marketing activities and for short distance transportation in airports, hotels, and resorts.The emergence of electric and solar-powered golf carts has significantly benefited the overall market, which is projected to reach ~US$ 4 Bn by the end of 2029.
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Golf Cart Market Study – Key Takeaways
The golf cart market in Asia Pacific excluding Japan (APEJ) is expected to witness significant growth, owing to continued urbanization in the region which has led to surge in the number of airports and shopping malls.
Higher disposable income among consumers in APEJ has also ensured the affordability to play golf which was once considered a luxurious game, thereby potentially raising the demand for golf carts.
Electric golf carts will continue to garner significant traction over conventional gasoline or diesel-driven vehicles, owing to their sustainable attributes.
Growing use of golf carts as a reliable means of internal transportation in exhibitions, weddings, expos, symposiums, and tradeshows is likely to complement the market growth in the years ahead.
Given consideration to limited timeframe of several events where golf carts are used to travel short distances, stakeholders are focusing on providing rental services for customer retention.
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“In response to the growing inclination of today’s affluent consumers towards recreational activities and sports, such as golf, several resorts are including golf course in their recreational offerings. This will remain a prominent booster to the demand for golf carts over the coming years,” says the FMI analyst.
Key Players to Prioritize Custom Designs and Stronger Sales Network
In order to align with ever-changing demands of consumers, key manufacturers are focusing on developing modernized and customized golf carts by incorporating advanced technologies. With a wealth of innovation on the horizon and continuous R&D activities, the golf cart market is set to witness robust growth in the near future. Additionally, to attract a new segment of customers and achieve a stronger global footprint, market stakeholders are focusing on strengthening their distribution networks through collaborations with local and regional players.
In Jan 2019, Club Car LLC introduced lithium ion-powered golf car technology at BIGGA Turf Management Exhibition (BTME), in order to increase flexibility, control, and progression.
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In 2015, the company patented an advanced power connection system for electric vehicle charging.
Demand for golf carts is expected to move on an upward swing in the years ahead with proliferation in golf course projects worldwide. Electric and solar-powered golf carts for personal use are likely to witness higher investments as well as innovations, as preference for sustainable energy solutions continues to intensify among modern-day consumers.
Find More Valuable Insights on Golf Cart Market
The global golf cart market report offers noteworthy insights and analysis for the forecast period of 2019-2029. It also includes macroeconomic factors, regional pricing analysis, market dynamics, and strategies deployed by market players to gain competitive edge. FMI studies the golf cart market on the basis of product (push-pull, gasoline, electric, and solar powered golf carts), operation (manual and powered), application (golf courses, personal use, industrial use, and others), ownership (rental and fully-owned) in seven key regions across the globe.
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