Golf Cart Market Size
| Study Period: | 2018-2028 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 5.71 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Golf Cart Market Analysis
The Golf Cart Market was valued at USD 2,037.211 million and is expected to reach USD 2,842.71 million, registering a CAGR of 5.71% over the forecast period.
All industries were impacted globally due to the COVID-19 pandemic, disrupting the entire value chain of most major industries. Due to the lockdowns imposed, the golf cart market was also affected as most people stayed indoors and followed social distancing norms. However, as lockdown measures were revoked across a majority of countries around the world in the second half of 2020, the number of people involved in recreational activities, including the number of golf participants, increased. For instance, for the year 2021, the number of participants in golf in the United States was 25.1 million, which was higher than 24.3 million in 2019.
Considering the growth opportunities in the market, major players are involved in mergers and acquisitions and building strategic partnerships to overcome the impact of the pandemic. For instance,
- In April 2022, Club Car announced the signing of a definitive agreement to acquire Garia A/S ("Garia"), a Denmark-based manufacturer of low-speed electric vehicles for the utility, consumer, and golf markets, from Lars Larsen Group.
Over the long term, rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts. As golf carts are low-powered, easy-to-drive vehicles with a wide range of functions, urban development in savvy private activities is also expected to boost golf cart sales. As the industries mentioned above are witnessing healthy growth, the golf cart market is also anticipated to register a positive growth rate during the forecast period.
However, there are 38,081 golf courses in operation worldwide, with 80% of them concentrated in ten countries. By continent, North America accounts for around 50% of the courses, with the United States accounting for around 42%. Europe comes in second with 23%, followed by Asia (17%), Oceania (5%), and Africa and South America (2%).
Increasing technological innovations have made life more comfortable and convenient. Golf carts are becoming more popular as a mode of public transportation and are becoming an important part of industries for internal transportation. Electric golf carts are becoming increasingly popular. Electric golf carts are not only suitable for use in traditional golf courses, but they are also suitable for everyday use. Therefore companies are taking the initiative and developing electric golf carts. For instance,
- In November 2022, Neuro Energy, a Mumbai-based EV battery manufacturer, launched the Adler electric golf cart line, marking its entry into the segment. With its new product, the company stated that it will cater to personal travel, freight, leisure, and medical assistance demands.
Electric golf cart demand is said to be driven by growing environmental awareness and the use of electric vehicles in developed countries such as the United States and Canada. In the coming years, the tourism industry in GCC countries will increase demand for electric golf carts.
Golf Cart Industry Segmentation
A golf cart is a small motorized vehicle used to transport golfers and their equipment around the course.
The Golf Cart Market is segmented by Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart), Application Type (Golf, Personal/Residential, and Commercial), and Geography(North America (United States, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Brazil, Saudi Arabia, United Arab Emirates, and Other Countries). The report offers market size and forecasts in terms of value (USD million) for all the above segments.
| By Type | |
| Electric Golf Cart | |
| Gasoline Golf Cart | |
| Solar Golf Cart |
| By Application Type | |
| Golf | |
| Personal/Residential | |
| Commercial |
| By Geography | |||||||
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Golf Cart Market Trends
Increasing Golf Spectators and Golf Courses
Golf carts are becoming increasingly popular due to changing lifestyles and a growing preference for sustainable energy solutions, which is one of the primary factors driving growth. While increasing patronage of golfing activities remains a primary growth driver, the golf cart market has expanded into other sectors such as hotels, wedding events, amusement parks, tourism destinations, airports, stadiums, security & patrolling, and cargo transport.
The industry has seen more than 2 million newcomers for eight consecutive years between 2012 and 2019, with the last two years exceeding 3 million. Prior to the pandemic-boosted totals of 2020 and 2021, the previous high was 2.4 million in 2000. In 2021, 3.1 million juniors played golf on a course, following a 24% increase in 2020 that was the largest since 1997. This segment continues to be more diverse than the general golf population.
To accommodate public interest, the number of golf courses and country clubs is also rising at a notable rate, which, in turn, is anticipated to propel the demand for golf carts globally. For example, there are 540 new golf course projects in various stages of planning (344) or active construction (196) worldwide. These developments span 96 countries, and almost two-thirds of these emerging golf courses are associated with resort developments.
Across the Asia-Pacific region, 45% of golf courses are private clubs, compared to 20% defined as membership-only worldwide. This highlights a functional affinity between golf, tourism, and economic development. An increase in the number of golf courses is also supported by a rise in the number of people interested in golf, which is also likely to push demand for golf carts during the forecast period. For instance,
- In September 2022, Kinetic Green, the Kinetic & Firodia group's electric mobility arm, planned to invest 400 crores in its electric two-wheeler, three-wheeler, and golf cart range over the next four to five years.
In 2020, US National Golf Foundation witnessed 24.8 million golfers in the country, representing a rise of nearly 2% compared to 2019. This directly increased demand for golf carts. Moreover, rising population and urbanization, i.e., hi-tech and smart residential and commercial housing projects, and the rise in utilization of golf carts in hotels, hospitality, tourism, amusement parks, etc., are likely to support the growth of the market studied during the forecast period.
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North America May Dominate the Golf Cart Market
North America is anticipated to dominate the golf cart market over the forecast period. The region has the presence of major market players, such as Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (E-Z-GO).
The United States has a special place for this sport, as it possesses more than 17,000 courses, hosts three of the four men's major championships, and has many of its finest players. These golf courses constituted over 42 % of the golf courses worldwide. The United States witnessed a consistent number of businesses in the golf driving ranges in 2021. For instance, as of 2020, 57,465 golf driving ranges were registered in the United States. This number reached an all-time high by 2021, creating tremendous market potential and demand for golf carts. Moreover, players are also launching new product lines in the market. For instance,
- In January 2022, DSG Global, Inc., an emerging leader in the Electric Vehicle and Golf Cart markets, announced the launch of its disruptive Shelby Golf Cart line at the PGA Show, the year's pinnacle event for the business of golf, which takes place from January 24 to 28 in Orlando, Florida.
Mexico is becoming a profitable market for golf cart manufacturers for other applications. Several vacation companies in the country offer various services, including tours on electric golf carts. For instance, Sayulita Life.com is a tour service provider that rents out electric golf carts that are regularly maintained and are safe for passenger travel for touring across the town for short or long durations, defined as per customer specifications.
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Golf Cart Industry Overview
The golf cart market is fragmented, owing to the presence of several regional players. For instance, major players include Yamaha Golf-Car Company, Club Car LLC, Textron Inc., HDK Electric Vehicles, and Guangdong Lvtong New Energy Electric Vehicle Technology Co. Ltd. With extremely new applications, such as short-distance tourism and electric mobility, coming into the picture, these companies have been offering new models that cater to such applications with advanced technologies.
- In October 2021, Columbia announced its partnership with Inventus Power, a global leader in designing and manufacturing advanced battery systems. The partnership aimed at incorporating a lithium battery pack option in Columbia Utilitruck products from 2022.
Golf Cart Market Leaders
Yamaha Golf-Car Company
Textron Specialized Vehicles Inc.
Club Car LLC
Lvtong New Energy Electric Vehicle Technology Co., LTD
HDK Elecctric Vehicles
*Disclaimer: Major Players sorted in no particular order
Golf Cart Market News
- October 2021- The electric vehicle manufacturer in India, Kinetic Green Energy & Power Solutions Ltd, teamed up with Lamborghini to produce Italian-designed and India-made golf carts. The project will be carried out focusing on the global market. The company claims the sales of golf carts by 2022.
- August 2021- Club Car announced its partnership with ezLocator, the industry leader in daily pin placement management. This new partnership enabled golfers to enjoy exact yardages seamlessly through the cloud with the new integration.
- June 2021- E-Z-GO, a Textron Specialized Vehicles business, announced its new vehicle, the E-Z-GO Liberty, the industry’s first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint. Powered by a high-performance, zero-maintenance Samsung SDI lithium-ion battery system, the Liberty provides a premium driving experience.
Golf Cart Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Electric Golf Cart
5.1.2 Gasoline Golf Cart
5.1.3 Solar Golf Cart
5.2 By Application Type
5.2.1 Golf
5.2.2 Personal/Residential
5.2.3 Commercial
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 Saudi Arabia
5.3.4.3 United Arab Emirates
5.3.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Yamaha Golf-Car Company
6.2.2 Cruise Car Inc.
6.2.3 Columbia ParCar Corp.
6.2.4 Garia Inc.
6.2.5 Club Car LLC
6.2.6 Textron Specialized Vehicles Inc.
6.2.7 HDK Electric Vehicles
6.2.8 Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
6.2.9 JH Global Services Inc.
6.2.10 Dongguan Excellence Golf & Sightseeing Car Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Golf Cart Market Research FAQs
What is the study period of this market?
The Golf Cart Market is studied from 2018 - 2028.
What is the growth rate of Golf Cart Market?
The Golf Cart Market is growing at a CAGR of 5.71% over the next 5 years.
What is Golf Cart Market size in 2018?
The Golf Cart Market is valued at 1947 Million USD in 2018.
What is Golf Cart Market size in 2028?
The Golf Cart Market is valued at 2688 Million USD in 2028.
Which region has highest growth rate in Golf Cart Market?
Asia-Pacific is growing at the highest CAGR over 2021 - 2026.
Which region has largest share in Golf Cart Market?
North America holds highest share in 2022.
Who are the key players in Golf Cart Market?
Yamaha Golf-Car Company, Textron Specialized Vehicles Inc., Club Car LLC, Lvtong New Energy Electric Vehicle Technology Co., LTD, HDK Elecctric Vehicles are the major companies operating in Golf Cart Market.
Golf Cart Industry Report
Statistics for the 2023 Golf Cart market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Golf Cart analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Golf Cart Report Snapshots
