Golf Cart and Buggy Market Size to Reach Revenues of over USD 4 Billion by 2026 - Arizton

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Jan 21, 2021, 10:00 ET

CHICAGO, Jan. 21, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global golf cart and buggy market report.

The golf cart and buggy market is expected to grow at a CAGR of 4.6% during the period 2020−2026.

Key Highlights Offered in the Report:

The global golf cart and buggy market would realize an absolute growth of around 31% between 2020 to 2026 with incremental revenue growth of over USD 1 billion.
Increasing demand for eco-friendly mode of mobility and technological development in electric utility vehicles is driving the market for electric golf cart and buggy which is expected to grow at a CAGR of approximately 5% in terms of revenue with incremental growth of over USD 663 million during forecast period.
Registering a high growth CAGR of around 5% in terms of unit shipment, the global market for golf cart and buggy used in hospitality industry is expected to witness incremental growth of over 53 thousand units between 2020-2026.
Rise in new construction of golf courses and resuming golf tournament across the world is driving the market for one-to-four-seater golf cart growing at a CAGR of around 4% and 5% for revenue and unit shipment respectively, during forecast period.
Rising use of golf carts and buggy at public places and hospitality spaces is expected to increase the demand of transportation golf cart and buggy from USD 1.6 billion in 2020 to USD 2.2 billion in 2026.
North America contributes majority share in global golf cart and buggy market with approximately 39% in 2020 and is likely to growth at a CAGR of over 4% during forecast period in terms of revenue.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by fuel, application, end-user, seating capacity, and geography
Competitive Landscape – 4 key vendors and 16 other vendors

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Golf Cart and Buggy Market – Segmentation

In terms of volume, electric golf carts are expected to observe the highest growth during the forecast period. Stringency in emission regulations and an increase in sustainability practices are expected to boost the growth of electric equipment. North America is projected to generate an incremental growth of over 41 thousand units during the forecast period.
One-seater segment is witnessing growth due to low maintenance cost and increasing awareness of eco-friendly vehicles. These carts are witnessing demand from ace golfers. With one-seater carts offering similar advantages as traditional buggies, they are expected to observe high application.
The increased user participation in golfing activities and the high government spending to promote sports at grassroots are leading to the rapid expansion of golf courses across the world, thereby increasing the adoption of carts and buggies. Moreover, the rise in investment, coupled with the shift in the participation trend among players plays a vital role in boosting the market for golf carts.

Golf Cart and Buggy Market by Fuel

Electric
Gasoline
Others

Golf Cart and Buggy Market by End-user

Golf Course
Hospitality & Travel
Public & Others
Industry & Warehouse

Golf Cart and Buggy Market by Application

Transport
Utility
Medical
Food Service
Safety & Security

Golf Cart and Buggy Market by Seating Capacity

1-4 Seater
Above 5 Seater

Golf Cart and Buggy Market – Dynamics

Sound reinforcement equipment, including microphones, along with associated pro AV systems and solutions are the heart and soul of the live music industry globally. The world has been witnessing a spurt in the growth of live music concerts and events. The major reason behind this growth is the revenue generation for artists that see live music concerts as a primary source of their income. An increasing corporate sponsorship for music tours, venues, and events is also contributing to the market growth. Events and concerts not only help to boost the market growth but also contribute significantly to the economy

Key Drivers and Trends fueling Market Growth:

Growth in Convergence of Pro AV and IoT
Emergence of Networked Audio Technology
Increased Demand from Corporate, Government, and Educational Institutions
Increased Number of Sporting Events and Tournaments

Golf Cart and Buggy Market – Geography

Europe is the most lucrative region for golf cart with the largest number of golf courses and growing tourist destination across the region. The market in Europe is expected to maintain steady growth during the forecast period. The recent trade tensions between the EU and the US, and the already existing fear of Brexit, certainly creates anticipations among vendors. However, signs of positivity are reflected across countries such as Sweden, France, and Germany, which is expected to draw the attention of several vendors. Sweden had more than 400 golf courses as of 2018 along with more than 470 facilities, thereby providing significant growth opportunities for the game to grow in the country. One of the key factors that have consistently driven golf in the country is growing in the number of golfers since 2014. It has been one of the leading countries in terms of growth in the number of registered golfers over the last five years.

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Golf Cart and Buggy Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Spain

APAC

China
Japan
South Korea
Australia

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Saudi Arabia
UAE
South Africa

Major Vendors

Textron
Yamaha Golf-Car Company
Club Car
Garia

Other Major Vendors

Autopower
Columbia Vehicle
JH Global Services
Hitachi
Evergreen Electric
Maini Group
Marshell Green Power
Speedways Electric
Xiamen Dalle Electric Car Co. Ltd.
Suzhou Eagle Electric
Hawk Carts
Central Missouri Golf Carts LLC
KC Golf Cart Company
Volmac Engg. Pvt. Ltd.
Prevalence
Tianjin Zhongyi Electric Vehicle Co., Ltd.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence