The latest research study “Golf Cart Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global golf cart market size reached US$ 1.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2027, exhibiting a CAGR of 5.7% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Golfers and their equipment are transported around a golf course in compact, motorised golf carts. It is also referred to as a golf buggy and is propelled by a gasoline engine, solar panel, or electric motor. The cart is very simple to use and travels at an average speed of 25 to 50 kmph. The majority of them are constructed low to the ground in order to lower their centre of gravity, which provides stability and enables them to be driven through rough terrain. These carts are frequently used to reduce the workload of caddies while ensuring that the passengers have a positive overall experience. In addition to this, they are utilised in a variety of public locations, such as airports, hotels, retail centres, and train stations.
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The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these players include Club Car, LLC (Ingersoll Rand Inc.), Columbia Vehicle Group, Inc., E-z-go (Textron Inc.), Garia A/S, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd, MARSHELL GREEN POWER CO.,LTD., Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, and Tomberlin Electric Golf Carts (Columbia Vehicle Group, Inc.).
Global Golf Cart Industry Trends and Drivers:
Golf is becoming more popular as a luxury activity, and there are more golf courses and exclusive country clubs popping up all over the world as a result. Additionally, golf carts are currently being modified to accommodate billboards and banners that are utilised for a variety of marketing and promotional initiatives on golf courses, airports, and resorts. The market is additionally fueled by the expanding use of electric golf carts on a global scale. These carts are widely replacing their gasoline-driven counterparts as they are characterized by zero carbon emissions and complete elimination of noise. Solar-powered carts are also gaining traction in the market on account of the adoption of eco-friendly variants powered by renewable energy sources. The growing preference for golf cart rental services for cost-effective internal transportation at various events, such as exhibitions, tradeshows, expos and symposiums, is providing a further boost to the market growth. Some of the other factors driving the growth of the market include the launch of GPS-enabled golf carts, rapid growth in the hospitality sector and numerous advancements in engine efficiency to reduce greenhouse gas (GHG) emissions.
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On the basis of the product type, the market has been divided into electric, gasoline and solar golf carts.
On the basis of the application, the market has been classified into golf courses, personal services and commercial services.
Based on the seating capacity, the market has been segmented into small (2-4 seater), medium (6-8 seater) and large (above 8 seats).
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
Golf Cart Market Report Scope
Market size value in 2021
US$ 1.9 Billion
Market forecast in 2027
US$ 2.6 Billion
CAGR of 5.7% from 2022 to 2027
Base year for estimation
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