The global golf cart market is used for transportation purposes at airports, hotels, industrial facilities and entertainment centers. Golf carts provide convenient, eco-friendly and cost-effective transportation solutions. They run on electric batteries which makes them zero emission vehicles. Golf carts offer advantages like compact size, ease of parking and lower operating costs compared to conventional vehicles. The growing entertainment and tourism industry has boosted the demand for golf carts for transportation in golf courses, theme parks and large events.
The global golf cart market is estimated to be valued at US$ 1.63 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the golf cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd. Major players are focusing on developing innovative golf cart models with advanced features to gain more customers.
The demand for golf carts is increasing due to rising number of golf courses, theme parks, resorts and hotels globally. Golf carts provide eco-friendly transportation for leisure activities and their noise-free operation makes them suitable for indoor or outdoor usage.
New technologies are being adopted in golf carts to enhance performance, safety and driving experience. Advanced lithium-ion batteries provide higher driving range. Features like GPS, Bluetooth connectivity and supplemental speed controls are being integrated into golf carts.
Market Trends
Electric golf carts are becoming popular due to stringent emission regulations on conventional vehicles. Many countries provide subsidies and tax rebates on electric vehicles which is boosting the sales of electric golf carts.
Lightweight golf carts built with composites are gaining traction as they improve fuel efficiency and driving performance. Major players are focusing on developing golf carts with composite body parts to reduce weight.
Market Opportunities
Increasing urbanization and need for convenient short-distance transportation inside large townships, cities and public places will drive the demand for advanced and personalized golf cart models.
Growing online retail channels for golf carts along with rising tourism activities in Asia Pacific and Middle East are expected to open new growth avenues for golf cart manufacturers globally during the forecast period.
Impact of COVID-19 on Golf Cart Market Growth
The COVID-19 pandemic has impacted the growth of the golf cart market. During the lockdown periods imposed across countries, golf courses were shut down in order to curb the spread of the virus. This led to a decline in demand for golf carts from golf courses owners and players. With restrictions in place on recreational activities, the sales of Golf Cart Market Demand reduced significantly. However, as lockdowns eased, golf courses started reopening gradually with proper social distancing measures. This has boosted the demand for golf carts again to maintain distance between players on the courses. The golf cart market is expected to recover fully by 2022 as restrictions are lifted globally and recreational activities are allowed. Golf cart manufacturers need to focus on safety features like sanitization facilities, increased use of plastic body parts for easy cleaning in future golf cart models. Online sales and customization options for golf carts can also help gain traction among individual buyers in the post COVID period.
The United States represents the largest market for golf carts in terms of value. Golf is a popular recreational sport in the country with highest number of golf courses. The growing preference of golf as a leisure activity among baby boomers and working professionals fuels the demand for golf carts. With resumption of golf activities, the US golf cart market is projected to grow at a higher pace in the post COVID period to regain lost sales.
Asia Pacific excluding Japan is expected to be the fastest growing regional market for golf carts. Countries like China and India are witnessing increasing interest in golf owing to initiatives taken by their governments to promote the sport. Rising disposable income levels and growth of eco-tourism also support the expansion of golf courses in various cities across Asia Pacific. This makes it a lucrative regional market for golf cart manufacturers in the future.
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