At 4.12% CAGR, Golf Cart Market is Expected to reach USD 2381.4 Mn by 2027, Says Brandessence Market Research
LONDON, Oct. 22, 2021 /PRNewswire/ -- The golf cart market size reached USD 1795.1 Million in 2020. The market is expected to grow by 4.12% CAGR during 2020-2027, to take the total golf car market size to USD 2381.4 Million by 2027 end.
3 million new players joined Golf in the US in 2020. This is Golf industry's seventh-straight year of recording more than 2 million new players each year. Rising interest in golf, increased accessibility, and benchmark standard set by golf cart in the sport remain key drivers of growth in the golf cart market. Apart from ferrying players at golf courses, golf carts are becoming the signature transport medium at country clubs, colleges, large private properties, small private farms, construction sites, landscaping, and off-road vacation sites like camps.
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Scope of The Report:
Golf carts are also known as a golf buggy, and a golf car. These are small vehicles, designed to carry relatively high-loads and make a quick trip to the desired destination. The standard size of a golf cart is 4 feet wide, and 8 feet long. Golf carts can weigh as much as 410 kg, or 900 pounds. Bigger size golf carts weighing 1,000 pounds or 450 kg are increasingly making their way into the golf cart market. Depending on the requirement, golf carts can be purchased for as little as $3,000, and as high as $20,000. For special purposes like country clubs, posh golf carts with ability to carry many passengers with comfort can be essential. Hence, these golf carts or more accurately, cars cost considerably higher. Furthermore, depending on requirements like type of energy power, and storage facility, the price of golf carts also varies significantly. Additional features like cooler trays, ball cleaners, windshields, upgraded motor, and speed controller also impact pricing. The growing variety in golf carts to meet a wide range of purposes remains a bright prospect for end-consumers, as golf carts has overtaken most other forms of short-distance transports to become the most envious mode of transportation globally.
Growing interest in golf cart has led to significant innovation recently. Thanks to technological innovation, golf carts also remain a new prospect for disabled individuals. New technology like SoloRider enables disabled individuals to stand upright, swing using both hands, and be supported, while providing the ability to swirl around in their seat using its signature technology. The technology is an adaptive version of the classic golf cart designed for a single person use. On the other hand, other technological advancement have enabled the use of golf carts alongside Ultra Terrain Vehicles (UTV). The new golf carts known as the Side by Side vehicles, sometimes include just minor tweaks to enable off-road application, and also major upgrades including full-fledged automobile engines. Some modern golf carts enable a ride similar to a skateboard, with golfer controlling the cart while standing in an upright position.
Golf Cart market: Competitive Analysis
The global golf cart market remains an innovative, and open landscape, thanks to growing innovation like solar powered golf carts, and relatively low manufacturing costs as compared to conventional vehicles. Key players in the market are increasingly seeking opportunities for mergers, and collaborations as technological innovation, cost-effectiveness, and niche expertise remain key to growth. Some key golf cart manufacturers are Platinum Equity Aadvisors, Garia Inc, Yamaha Motor, Textron Inc, Showa Denko, and more.
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Golf Cart market: Key Trends
- Golf cart continues to undergo much advancement, thanks to its increased diverse application. For campus, and university, increasing solar-powered golf carts are making their way into the market. The long-term cost savings, the seasonal use of these golf carts to ferry passengers during admissions, and growing prestige associated with golf cart use continues to drive its application on university campuses.
- Autonomous driving golf carts remain the future frontier on golf courses. Increasing innovation in the field, thanks to autonomous driving carts is taking place. Golf courses are vast landscapes, and golfers also enjoy golf due to the solace that it offers. Furthermore, mishaps like forgetting things like trolley bags, and cart bags, or the right stick can be a common occurrence. The autonomous driving golf carts represent an important service to high-value customers in the near future.
- Increasing power of golf carts has led to new concerns on golf courses, and other commercial application. Powered golf carts are leading to more accidents, and this has led to increased demand for steering control systems. the conventional golf carts were meant for an easy-drive, with most states in countries like United States allowing the drive for 13-year old plus drivers. The increased power of golf carts has led to electronic advancements including decrease in the steady-state error, high stability in voltage, and increased algorithm-based methods for steering.
Golf Cart Market: Regional Analysis
Golf cart market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to hold the highest share of total revenues. The region is home to largest number of golf courses globally, amounting to over 15,000. Furthermore, the growing interest in golf and increased demand for other commercial applications like property maintenance, campus visits, off-road campsites, and others remain key drivers of growth in the region. Advanced Golf Cart In US remains a prospect for furthering prestige for the carts, making them a promising investment for applications like high-end property tours, and university admissions.
The Europe Market of Golf Cart is likely to hold second-highest market share. The market remains a promising prospect, thanks to rising incomes, and growing adoption of electric vehicles in general. The increased goals of sustainability, and increased government incentives are likely to propel sales of electric golf carts in Europe to new heights.
Asia pacific region is expected to register the fastest CAGR for growth during the 2020-2027 period. The increased incomes in the region, growing cost-effective manufacturing, and conventional signature status associated with golf carts remain key drivers in Asia Pacific. The appeal of vintage golf cars for ferrying passengers around a property, country clubs, and for sightseeing remain promising drivers for new product segments in the golf cart market.
Global Golf Cart Market Segmentation:
By Product Type:
- Electric
- Gasoline
- Solar
By Applications:
- Golf clubs
- Airports
- College campuses
- Sport events
- Hospitals
- Housing projects
- Others
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Table of Content
Chapter 1 Global Golf Cart Market: Summary and Quantitative Analysis
Chapter 2 Global Golf Cart Market: Overview And Qualitative Analysis
Chapter 3 Competitive Analysis
Chapter 4 Global Golf Cart Market: By Product Type
Chapter 5 Global Golf Cart Market: By Applications
Chapter 6 North America Golf Cart Market Analysis
Chapter 7 Europe Golf Cart Market Analysis
Chapter 8 Asia Pacific Golf Cart Market Analysis
Chapter 9 Latin America Golf Cart Market Analysis
Chapter 10 Middle East & Africa Golf Cart Market Analysis
Chapter 11 Competitive Analysis
Chapter 12 Market Research Findings & Conclusion
Chapter 13 Research Methodology
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