Golf Cart Market - Size, Share, and, Forecast to 2025

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The global golf cart market generated a revenue of US$ 3,262.3 million in 2016 and is projected to exhibit a CAGR of 5.95% over the forecast period, reaching US$ 5,590.0 million by 2025.

Market Dynamics

Increasing demand for electric golf carts is a key factor driving growth of the golf cart market. Increasing demand for pollution-free vehicles, surging prices of fuels, and low maintenance cost of electric golf carts have contributed to the rapid growth of the electric golf cart segment. Furthermore, growing urbanization and industrialization have increased the demand for internal transportation to carry goods and people. This in turn, fuels demand for golf carts, thus driving growth of the golf cart market.

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Increasing demand for electric golf carts fuels growth of the global golf cart market

On the basis of product type, the global golf cart market is segmented into electric golf carts and gasoline golf carts. The electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Increasing demand for pollution-free vehicles, surging prices of fuels, coupled with low costs associated with maintenance of electric carts are creating a conducive environment for growth of the segment.

Electric golf carts are powered by lead-acid batteries that enables the increase in its weight-to-performance ratio. Lithium golf cart batteries are half the size of a traditional lead-acid battery, and two-thirds of the battery weight, which enables the golf cart to reach higher speeds with less energy and can transport more weight.

The increasing urbanization and industrialization in emerging economies have fueled growth of the golf cart market

Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This is expected to increase demand for golf carts for internal transportation in malls to carry goods and people. Furthermore, increasing demand for customized products related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.

Market Taxonomy

This report segments the global golf cart market on the basis of component, end users, product type, seating capacity, and geography. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely, North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.

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Detailed Segmentation:

• Global Golf Cart Market, By Component:

  • Electric Golf Carts Component

    • Brake Systems

    • Electrical Components

    • Suspension System

    • Wheels and Tires

    • Others

  • Gasoline Golf Carts Component

    • Brake Systems

    • Engine and Related Components

    • Exhaust System

    • Suspension System

    • Wheels and Tires

    • Others

• Global Golf Cart Market, By End Users:

  • Private

    • Golf Clubs

    • Hotels/Resorts

    • Housing Projects

    • Others

  • Government

    • Airports

    • Railways

    • PSUs

    • Others

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About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various reco