Golf Cart Market expanding at a CAGR of ~4.3% during the forecast period from 2021 to 2031: Future Market Insights
PUNE, INDIA--(Korea Newswire) February 23, 2022 -- Increasing urbanization and inclination towards environment-friendly options are key factors driving the market of golf cart. As per a Future Market Insights (FMI) analysis, the global golf cart market is estimated to be valued at ~US$ 2.59 Bn in 2021, expanding at a CAGR of ~4.3% during the forecast period from 2021 to 2031. While the COVID-19 outbreak hampered sales to an extent, the market is likely to recover 2021 onwards.
With the rising focus on renewable energy, the demand for solar-powered and electric vehicles is increasing. The trend also is visible in the golf cart market. According to FMI, electric golf carts are expected to account for over 87% of sales in 2021. Driven by changing preferences of consumers, some of the leading manufacturers are focusing on developing technologically advanced intelligent braking system for golf carts. This is indicating towards the potential launch of driverless golf carts.
The research report analyzes demand trends within the global golf cart market. The global market estimation and growth projection are based on factors such as rapid urbanization, automotive industry development, COVID-19 crisis impact, increasing per capita income, and growth in the international and national tourism industries. As per FMI’s research scope, the global golf cart market has been studied and segmented on the basis of product type, operation, application, ownership and region. The global golf cart market report also details global golf cart cost analysis, and the market presence of leading manufacturers.
Key Takeaways of Global Golf Cart Market Study
· After registering negative growth in 2020, golf cart sales is expected to pick up 2021 onwards
· The U.S. market will prove excessively lucrative, accounting for dominant 78.3% sales in 2021
· After deceleration in sales, the U.K. market will exhibit recovery, registering 2.6% Y-o-Y growth in 2021
· Other than U.K., Germany, and France will emerge as key markets within Europe
· China will continue dominating the East Asia market, followed by Japan and South Korea
The global golf cart market is expected to be an opportunistic market in the forecast period due to growing golf sports infrastructure and its applications in various sectors. As this low-speed and compact vehicles have numerous applications, starting from their primary application in golf courses to their applications in sports events, airports, resorts, hospitals, warehouses, railway stations, universities, and housing projects, their demand is expected to rise considerably in the coming years.
Who is Winning?
The global golf cart market is consolidated in nature, in which the leading players account for more than one-third of the overall share. Some of the key players in the market are Club Car LLC, E-Z-Go, Showa Denko, Yamaha Golf-Car Company, and Polaris Inc. These companies are focusing on making their golf carts more energy-efficient to gain traction amid increasing competition.
For instance, Club Car, LLC Club car, a leading company in the golf cart market, has introduced its lithium ion-powered golf cart technology in 2019. Such efforts by leading players are expected to bode well for the market.
Valuable Insights into Golf Cart Market
A market research report published by Future Market Insights (FMI) on the global golf cart market includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The report provides valuable insights on the basis of product type into push-pull golf cart, gasoline golf cart, electric golf cart, and solar-powered golf cart. In terms of operation, the market has been bifurcated into manual and powered. Based on application, the report covers golf courses, personal use, industry use, and others. In terms of ownership, the market is segmented into rented and fully owned. North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa are the key regions covered in the report.
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