A new Fact.MR report reveals that the global golf cart market will surpass a valuation of US$ 4.4 Bn towards the end of 2028, with a promising CAGR projected over 2019 – 2028. Increasing preference for golf carts as a safer commute at airports, railway stations, and tourist spots would push golf cart sales 1.6X during the course of forecast period.
“Besides soaring popularity of golf, improving accessibility of golf courses contributes significantly to the growth of market. With increasing golf course projects at real estate developments, private clubs, and resorts, the market will be on a healthy upswing,” concludes the Fact.MR study.
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Key Takeaways of the Global Golf Cart Market Study
- Adoption of golf carts for usage at golf courses will remain higher than that for commercial and industrial application.
- Fully owned golf carts hold a major revenue share in market, with a solid hike in sales projected through 2028.
- Electrically powered golf carts will remain preferred throughout the period of projection.
- Solar powered golf carts remain in demand, on the back of zero pollution, noiselessness, and low maintenance and operational costs.
- With more than 55% of the global market share, Asia Pacific excluding Japan (APEJ) remains the key market for golf cart manufacturers.
Key Drivers: Golf Cart Market
- Increasing per capita spending on luxury products continues to bode well for the golf cart market.
- Reduced costs of batteries and fuel cells remain the significant factors in favor of market expansion.
- Low power consumption and the resultant high energy efficiency continue to promote adoption of golf carts.
- The zero emission vehicle (ZEV) mandate will continue to provide a strong impetus to sales of electric golf carts.
- Surge in preference for economical and convenient utility vehicle alternatives to travel short distances assists market growth.
- Advent of engine efficiency technologies and high frequency of lithium battery upgrade launches significantly bolsters the demand.
- The expanding application base of golf carts beyond airports, hospitality, and tourism will augur well for market growth.
Key Impediments: Golf Cart Market
- High initial capital investment and expensive maintenance of golf carts continue to impede their adoption to a large extent.
- Low speed and low overall drive range remain the longstanding challenges to widespread penetration of golf carts.
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Competition Landscape of the Global Golf Cart Market
The global golf cart market represents a highly competitive landscape. Market leaders are eying opportunities in APEJ, which would be the leading regional market throughout the forecast period, and is projected to enjoy a notable absolute $ opportunity of over a billion-dollar by 2029 end. India, China, and Republic of Korea are particularly witnessing a surge in sales of luxury consumer goods such as golf carts, which signals a lucrative opportunity for investors in golf cart market. Companies maintain their strategic focus on new product launches with innovative features. Key market players are perceiving electric golf carts as an attractive segment, on the back of their relatively high speed and superior energy efficiency. Market participants are thus most likely to dedicate hefty investments to electric golf carts. The report covers some of the prominent players in market, including, but not limited to, Club Car and Yamaha Golf Car Company.
About the Report
This 170-page study offers in-depth commentary on the golf cart market. The study provides compelling insights on the golf cart market on the basis of product (push-pull golf cart, gasoline golf cart, electric golf cart, solar powered golf cart), operation (manual, powered), application (golf courses, personal use, industry use, others), and ownership (rented, fully owned) across seven key regions, including North America, Latin America, Western Europe, Eastern Europe, APEJ, MEA, and Japan.
Press Release- https://www.factmr.com/media-release/1317/global-golf-cart-market