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| Golf Cart Market |
The global golf cart market is anticipated to witness significant growth owing to surging popularity of golf sports across both developed and emerging economies. Golf carts provide convenient transportation on golf courses which helps in improving golfing experience and reducing travel time between holes. These vehicles are equipped with features such as weatherproof bodies, comfortable seating, and easy maneuverability which makes them suitable for transportation of golf gear and players on golf courses.
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
of 2024 to 2030.
Surging
construction of golf courses along with rising popularity of golf as a hobby
and recreational activity among middle-aged consumers is a key factor fueling
demand for golf carts. Golf carts provide comfortable transportation and help
in improving overall golfing experience on large golf courses.
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.
Key players are focusing on launching advanced golf carts models equipped with
new features such as GPS navigation, Bluetooth connectivity, USB charging ports
to enhance golfing experience. For instance, in 2023 Yamaha Golf-Car Company
launched YDX-5 gas golf cart with GPS navigation system, USB charging ports.
North America represents the largest market for golf carts currently owing to
high popularity of golf as a sport. However, Asia Pacific is expected to
witness fastest growth in demand for golf carts over the forecast period driven
by increasing investment in developing golf tourism infrastructure in countries
such as China and India. Major golf cart manufacturers are focusing on
expanding their distribution networks in Asia Pacific to tap the high growth
potential.
Market Drivers
Growing popularity of golf as a recreational sport among middle-aged
population: Golf is becoming an increasingly popular sport across both
developing and developed countries. Rising participation in golf tournaments
and hobby golf is fueling demand for convenient transportation in golf courses.
Increasing construction of golf courses globally: Continuous development of
integrated golf resorts, standalone golf courses especially in Asia Pacific is
creating robust demand for maintenance and transportation vehicles such as golf
carts.
Market Restrains
High initial purchase and maintenance cost of specialized golf carts: Premium
golf cart models equipped with latest technologies and customized accessories
come at a high price which might restrict mass adoption.
Presence of substitutes: Presence of alternative modes of transportation such
as electric golf trolleys and push/pull carts in low-budget golf courses pose
competition to golf carts.
Segment Analysis
The Golf
Cart Market Demand is segmented as electric golf carts and gasoline
golf carts. The electric golf cart segment dominates the market and holds
around 60% share. Electric golf carts generate fewer emissions and are more
eco-friendly than gasoline-powered golf carts. Their low maintenance and
negligible fuel costs make them more economical for golf course owners and
users over long term usage.
Global Analysis
The North America region accounts for the largest share in the golf cart market
currently. The presence of large number of golf courses and higher consumption
of golf carts per capita makes USA and Canada the dominating regional markets.
Going forward, the Asia Pacific region is expected to witness the fastest
growth during the forecast period due to increasing popularity of golf sporting
activities and developing infrastructure for golf courses in countries like
China, Japan and others. The rate of golf participation is rising steadily in
Asia Pacific economies which will drive the demand for golf carts.
For more insights, read-https://www.pressreleasebulletin.com/golf-cart-market-trends-size-and-share-analysis/
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