Global Golf Cart Market is expected to reach US$ 3,150 Mn by 2026 from US$ 1,650 Mn in 2017 at CAGR of 8.42%.
Golf cart are essentially used to travel short distances, they can also be used in different location for different purposes such as resorts, hotels and retirement villages and others. These carts are also used in airports and shopping malls to carry luggage over short distance or inside a building. The participation rate in golf game is increasing owing to increasing personal disposable income of consumers and as well as changing life style. Rapid growth in population and rise in globalization boost the economy, thus impacting the purchasing power of individuals. This in turn develops the standard of living, nature of expenses, and mode of transportation. These factors lead to innovation of hybrid and electric utility vehicles, so fuelling the demand for golf carts in the market.
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Solar golf carts are increasing at a faster rate as they incur low maintenance cost. Solar golf carts powered by mounting a photovoltaic (PV) or thin film panel on top of the existing roof or using a PV panel as the roof itself. A controller converts the solar/sunâ€™s energy to charge the golf cart’s 36-volt or 48-volt battery bank. Not only does the solar power take the cart off the electric grid, but also increases the driving distance and extends the life of the batteries.
Golf courses segment accounted for over 49.1% value share in 2017. High growth of the segment is mainly attributed to use of golf carts in niche applications for instance short trips in shopping malls, universities, airports and short drives around the town.
Region-wise, the North America golf cart market accounted for a largest value share in 2017 and is expected to retain its dominance in the global golf cart market during the forecast period. The Western Europe golf cart market is projected to represent significantly high incremental opportunity between 2018 and 2026, while the APEJ golf cart market is anticipated to expand at a significant CAGR in terms of volume during the forecast period.
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Key players operating in global golf cart market, aria Inc., Hitachi Chemical Co. Ltd, Ingersoll Rand plc, JH Global Services, Inc., Maini Materials Movement Pvt. Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Tomberlin, Xiamen Dalle Electric Car Co. Ltd., and Yamaha Golf Car Company.
Scope of Global Golf Cart Market
Global Golf Cart Market, by Product
Electric Golf Cart
Gasoline Golf Cart
Solar Golf Cart
Global Golf Cart Market, by Application
Global Golf Cart Market, by Region
Middle East and Africa
Key players operating in Global Golf Cart Market
Hitachi Chemical Co. Ltd
Ingersoll Rand plc.
JH Global Services, Inc.
Maini Materials Movement Pvt. Ltd
Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
Textron Specialized Vehicles Inc.
Xiamen Dalle Electric Car Co. Ltd.
Yamaha Golf Car Company
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