Golf Cart Market Outlook by Global Industry Size, Share, Demand Analysis, Trends, Technology, Future Opportunity Evaluation, 2020-2027

Research Nester has released a report titled Golf Cart Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

Golf carts are widely used in the hospitality and tourism industry, especially in airports, golf clubs, hospitals, railway stations, college campuses, sports events and housing projects on account of the substantial environmental advantages of the vehicle over conventional energy driven vehicles. It is also wide used for internal transportation in several industries, and hence golf cart manufacturers are increasingly raising their production to suffice the market demand. Moreover, the vehicle is also used widely for promotional and marketing activities. Additionally, factors such as increasing car rental services, environmental concerns for vehicular emission and rising stringent norms to curb vehicular pollution are some of the factors anticipated to drive the growth of the global golf cart market.

The global golf cart market is anticipated to achieve a CAGR of 6.9% throughout the forecast period, i.e. 2020-2027. The market, which held a value of USD 1610 million in the year 2018, is thriving on account of the rising demand for golf carts from several developing regions around the world, rising adoption of golf cart from different end user industries and increasing adoption of electric carts. Additionally, the global golf cart market is anticipated to garner a value of USD 2935.5 million by the end of 2027 and further achieve an absolute $ opportunity of USD 1096.8 million throughout the forecast period.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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The global golf cart market is segmented by product type into electric, gasoline and solar. Among these segments, the electric segment held a market share of 46.90% in the year 2018 and is anticipated to cross a value of USD 1426.1 million by the end of 2027. Additionally, the segment is also anticipated to grow with the highest CAGR of 7.3% over the forecast period. Further, the solar segment is anticipated to grow at a significant CAGR of 7.0% throughout the forecast period.

Geographically, the global golf cart market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America, which held the largest market share of around 42.65% in the year 2018, is primarily driven by U.S. and Canada, where U.S. held the dominant market share of 56% during 2018. Factors such as rising usage of golf carts in commercial applications as well as for the presence of several key players in the region are anticipated to drive the growth of the North America golf cart market. Moreover, the market in the region is expected to expand by observing the growth rate of 1.54x over the forecast period.

However, concerns regarding high maintenance cost associated with golf carts, high product cost, presence of several unorganized players, poor battery performance and high susceptibility of golf carts to accidents are some of the factors estimated to act as a barrier to the growth of the global golf cart market.

The Final Report will cover the impact analysis of COVID-19 on this industry

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This report also studies existing competitive scenario of some of the key players of the global golf cart market, which includes profiling of Textron Inc. (NYSE: TXT), Yamaha Golf-Car Company, AGT Electric Cars, Hitachi Chemical Co., Ltd. (TYO: 4217), Ingersoll Rand, Xiamen Dalle Electric Car, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Autopower, Marshell Green Power, Speedways Electric and Columbia Vehicle Group Inc.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled Golf Cart Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall golf cart industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global golf cart market in the near future.

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