Golf Cart Market Size, Share, Growth, and Industry Analysis, By Type (Four-seater Golf Cart, Six-passenger Golf Cart, Others), By Application (Golf Course, Tourist Attractions, Real Estate, Hotels and Resorts, Others), and Regional Forecast to 2032

Updated On: 02 September 2024

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GOLF CART MARKET REPORT OVERVIEW

The global Golf Cart Market Size was USD 2.22 billion in 2023 and is projected to reach USD 5.11 billion by 2032, exhibiting a CAGR of 8.6% during the forecast period.

The Golf Cart industry is expanding with greater market rate, primarily for usage in golf courses, tourist zones, and properties. North American region holds the largest market share due to leads like Yamaha Golf Cars Inc., Textron Inc., and Club Car Inc. The market of the golf carts have the different type of carts such us four seats and six seats. New IT solutions and environmental trends influence market necessities. This report has categorized the market by types, regions and major players to simplify the analysis for the businesses that are interested in investing in the said market and planning for the future.

COVID-19 Impact: Course Closures Reduced Use, Boosted Post-Pandemic Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The restrictions caused by the COVID-19 affected the decline in the quantity of used golf carts as golf courses were temporarily closed or as people socially distanced. Golf courses have been then used as one of the options for safe, allowing to be distanced from others, activities as COVID restrictions started to ease. This change in preference made people go back to golf and due to this, there was a sharp increase in the use of golf carts.

LATEST TRENDS

"Electric Carts and Features Boost Appeal, Expanding Use Beyond Golf"

Current changes that have been observed in Golf Cart market include trying to integrate more feature such as GPS to assist the users in navigation. There is also a shift to the use of electrical golf carts, Over time, they are ecofficient than their gas-guzzling counterparts. Also, there are more clients demanding attractive and individual designs, thus broadening the possibilities of using golf carts not only in golf courses, but in other contexts like resorts, or large territories.

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GOLF CART MARKET SEGMENTATION

By Type

• Four-seater Golf Cart: Designed to accommodate up to four passengers, commonly used for recreational and golf course purposes.
• Six-passenger Golf Cart: Larger carts that can transport up to six passengers, often utilized in tourist attractions and resorts.
• Others: Includes various specialized golf carts that do not fall into the standard categories.

By Application

• Golf Course: Used primarily for transporting golfers and their equipment around the course.
• Tourist Attractions: Golf carts employed in parks, theme parks, and other tourist destinations for convenience and transport.
• Real Estate, Hotels and Resorts: Utilized within properties for guest transport and facility management.
• Others: Encompasses various other uses, such as in industrial or municipal settings.

DRIVING FACTORS

"Rising Golf Popularity Boosts Demand for Golf Carts"

Transfer of people from traditional cycling to modern golf cart is another factor that is contributing to the growth of Golf Cart market growth. Besides, as more people engage themselves in playing golf for leisure or exercise, they require the golf carts. Besides, growth in the number of new golf course and recreational facilities adds to this need hence the need for golf carts to enhance the overall golfing experience.

"Tourism Growth Boosts Cart Demand for Enhanced Guest Mobility"

The need to advance golf cart technology as a product of the increased tourism as well as hospitality business is also a factor. These carts are also employed in resort, hotels, and popular tourist attractions to enable the guests to move easily around. Hilton, their competitors, and several other luxury hotels around the world improve the experience of their guests by providing them this comfortable transportation system in their large spaces.

RESTRAINING FACTOR

"High Costs and Charging Gaps Limit in Cart Market Growth"

Purchasing a golf cart and the upkeep required later are some of the biggest barriers to purchase that a customer is likely to encounter. Also, in some areas, one cannot find charging stations for electric golf carts; thus, they are not as convenient to use. Such factors can act as barriers and reduce the demand and utilization of golf carts in the golfing activities which hinders the market’s expansion.

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GOLF CART MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Technological Advancements"

North America leads the market because of its strong interest in golf and high demand for golf cart market share boosted by investments in real estate and tourism. Europe is also significant due to rising golf tourism and a focus on eco-friendly transport. Asia Pacific is growing fast thanks to increasing golf popularity and economic progress. Latin America and the Middle East & Africa show promise with growing tourism and real estate development.

KEY INDUSTRY PLAYERS

"Leading brands drive market growth with innovative and reliable carts"

Some of the globally recognized manufactures of Golf Cart are Yamaha Golf Cars, Textron (E-Z-Go and Cushman), Club Car, Lvtong and Leroad Special Vehicles. The fact is these companies are very popular to manufacturing golf carts of high qualities. With their service-oriented approach and trusted products they are dominating the market since their products can be found in golf courses, resorts, and real estates.

List of Market Players Profiled

• Textron (E-Z-Go and Cushman) (U.S.)
• Club Car (U.S.)
• GolfBoard (U.S.)
• American Custom Golf Cars (U.S.)
• JH Global Services Inc (U.S.)
• Columbia Vehicle Group Inc (U.S.)

INDUSTRIAL DEVELOPMENT

May 2024, the Golf Cart industry received a lift with Yamaha Golf Cars and Club Car recently rolling out new models of golf carts with touch screen GPS. These are asserted to be more user-friendly and efficient additions to the golf carts. In June 2024, Textron unveiled a line of golf carts that is environment friendly to show the world that the company has been working on the production of better and environmentally friendly models.

REPORT COVERAGE

The report offers a detailed analysis of the Golf Cart market, including market size, forecasts, and segmentation. It examines key players, regional insights, and industry developments, providing valuable information for manufacturers, new entrants, and industry stakeholders. This comprehensive coverage supports strategic business decisions and growth planning in the Golf Cart sector.