Ongoing advancements to enhance vehicle performance and safety will drive the golf cart market growth over the forecast period. The industry participants are installing systems to enhance riding experience and passenger comfort. In 2017, Augusta launched golf cart with “Drive-By-Wire” system and dual braking to control vehicle speed and enhance barking efficiency. Continuous improvement in carrying capacity and vehicle performance will escalate industry size.
Government entities including AARP and NHTSA provide guidelines to regulate the vehicle operation. Local regulatory are approving operation of low speed vehicles (LSV) to reduce emissions and meet environmental norms. For instance, In 2018, Florida permitted its operation on streets if equipped with identification number, head lamps, parking brakes, seat belts, rear-view mirror and windshield. Emergence of directives allowing the vehicle usage will enhance golf cart market expansion over the forecast timeline.
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Owing to a rise in disposable incomes and the growing demand for convenient short distance travel solution at various institutions, golf cart market is gaining significant momentum worldwide. Golf carts are reliable, compact, versatile, user-friendly and warrant extremely low maintenance, enabling them to address a number of different job requirements. Versatility has been one of the prominent factors endorsing this vehicle category over the years and is expected to bring in substantial business growth to global golf cart industry.
Relative affordability of a golf cart plays a key role in boosting the adoption of these vehicles, bringing in considerable remuneration from avenues that in no way are related to golfing, with applications ranging from farming and hunting to police work and community strolls. After being subject to suitable modifications, golf carts can also be deployed for off-road applications on rough roads, designed to perform like a UTV. Extensive use of these small automobiles for a slew of different purposes will drive golf cart market size substantially.
Electric and solar powered segment will witness strong growth with zero emission, low operation cost and negligible noise. Ongoing initiatives to support adaption of electric vehicles will drive the vehicle demand. The vehicle manufacturers are reducing battery cost to ensure low cost of ownership. Further, continuous surge in gasoline prices will drive the electric and solar powered golf cart market in next six years.
Golf course leads the industry owing to its adoption to carry golfing equipment and navigate golfers. Continuous increase in golfing nations are expanding the vehicle fleet size. In 2018, Turkmenistan established golfing facility to attract participants. Further, construction of facilities across the globe will enhance the product demand. According to R&A, in 2019, there are around 100 counties with active golf projects. Growth in golfing facilities will boost golf cart market growth over the study timeframe.
Europe is slated to emerge as a promising golf cart market contender, supported immensely by the European Golf Course Owners Association’s vision 2020, which aims to find answers to Europe’s dwindling golfing culture and put efforts towards attract more participation to the sport. Ireland, which is home to some 400 golf courses, could stand out as a lucrative customer base. Reports suggest that consumer spending in the Republic of Ireland was approximately €379 million, while the entire island spending was around €540 million on the game back in 2017.
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North America led by the U.S. dominates the industry size with vast presence of supporting facilities. Over 50% of the courses are in the region. Further, over 25% of the under-development courses are in the U.S.
Major golf cart market participants include: Textron, Ingersoll, Yamaha, Hitachi, Garia, Columbia Vehicle, Gdrive, Speedways Electric, Marshall Green, Dongguan Excellence Golf & Sightseeing Car, Tianjin Zhongyi Electric Vehicle, and Autopower. The industry players are enhancing battery capacity to increase application scope. Further, the participants are launching new products and undergoing mergers & acquisition to strengthen their foothold.
Glimpse of Table of Content (ToC)
Chapter 3.Golf Cart Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2025
3.3. Industry ecosystem analysis
3.3.3.Profit margin analysis
3.3.4.Distribution channel analysis
3.4. Technology landscape
3.5. Regulatory landscape
3.6. Pricing analysis
3.6.2.Cost structure analysis
3.7. Industry impact forces
3.7.1.Growth drivers, by region
3.7.2.Industry pitfalls & challenges
3.8. Innovation & sustainability
3.9. Growth potential analysis, 2018
3.10.Competitive landscape, 2018
3.10.1. Top players overview
3.11. Porter’s analysis
Chapter 4.Golf Cart Market, By Fuel
4.1. Global golf cart market share by fuel, 2018 & 2025
188.8.131.52.Market estimates and forecast, 2013-2025
184.108.40.206.Market estimates and forecast, by region, 2013-2025
4.1.2.Electric & Solar Powered
220.127.116.11.Market estimates and forecast, 2013-2025
18.104.22.168.Market estimates and forecast, by region, 2013-2025
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