Market Size of Golf Cart Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.71 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Golf Cart Market Analysis
The Golf Cart Market size is estimated at USD 2.15 billion in the current year and is expected to reach USD 2.84 billion by the end of teh forecast period, growing at a CAGR of 5.71% during the forecast period.
All industries around the world feel the impact of the coronavirus pandemic. The outbreak disrupted the entire value chain of most major industries. Due to the lockdowns imposed, the golf cart market has also been affected due to the pandemic as most people stayed indoors and followed social distancing norms.
The sales of golf carts declined during the pandemic, negatively affecting several markets. Despite the disruption due to the COVID-19 pandemic, public realization of the recreational benefits of golfing has driven the sales of golf carts. The sales have been soaring from the second half of 2020, which is expected to drive the market forward in the forecast period.
During the forecast period, rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts. As the golf carts are low-powered, easy-to-drive vehicles and have a wide range of functions, urban development in savvy private activities is 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.
