The growing ecological concerns towards increasing fuel emissions are driving people to adopt for solar powered golf carts which is motivating various golf cart manufacturers to introduce solar powered golf carts. Apart from that, the demand for electric powered golf cart is predicted to increase in terms of volume during the forecast period. The high demand for solar and electric powered golf carts is attributed to the low maintenance requirement. These factors are predicted to positively impact the growth of the global golf cart market by expanding at a CAGR of 6.14% over the period 2016-2023. Moreover, modern and customized golf carts with advanced technologies such as computer-aided design and computer-aided manufacturing to modify the overall product designs is predicted to supplement the expansion of the global golf cart market with significant valuation of around USD 4,159.4 Million by the end of 2023 rising its way up from USD 2,740.4 Million during 2016.
The global golf cart market is segmented by end-use industry into golf courses, hotels & resorts, tourist destinations, airports, residential & commercial premises and other institutions, out of which, the golf courses segment accounted for dominant market share of 49.30% owing to the spiked demand for fuel efficient and advanced golf carts. Followed by golf courses, the airports segment held the second highest market size and is believed to continue with its positive growth with CAGR of 7.03% over the period 2016-2023. Further, the growing hospitality sector due to rising tourism industry around the globe is encouraging the hotel industry to provide better services to their guests. This is believed to drive the hotels & resort segment to account for the third highest market share over the forecast period. In addition to that, this segment is believed to observe Y-o-Y growth rate of 4.90% in 2023.
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Growing Demand for Electric Powered Golf Carts to Escalate the Demand for Golf Carts in Future
The global golf cart market is thriving on the back of increasing popularity of solar and electric powered golf carts around the globe.
Low Maintenance Required – The demand for electric powered golf carts is predicted to increase in terms of volume owing to the advancements in the golf cart technology and low maintenance requirement.
Rapid Urbanization – Rapid growth in urbanization is driving the growth of a number of state of the art residential societies with golf courses across the globe.
Rapid Expansion of Hospitality Sector – The positive growth of the tourism industry is driven by the rise of hotels across the globe which is raising the expectations of tourists towards the hotel services and is further encouraging the hotel industry to provide better services to their guests.
Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Golf Cart Market
According to Research Nester, the presence of local manufacturers and lack of standards and regulations is leading the manufacturers to produce low-quality golf carts. In addition to that, high cost of maintenance required by the gasoline powered golf carts is envisioned to hinder the growth of the golf cart market across the globe.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global golf cart market which includes company profiling of Ingersoll Rand PLC, Hitachi Chemical, Yamaha Motors Co. Ltd. and Textron.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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