Electric Golf Carts Is Fastest Growing Segment Fueling The Growth Of The Global Golf Cart Market

 

Golf Cart Market 


The global Golf Cart Market is estimated to be valued at US$ 1.41 Bn or Billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Golf carts are small vehicles used to transport golfers and their equipment around a golf course. They are usually powered by electric motors or gasoline engines. Golf carts allow for convenient transportation between holes while reducing walking for golfers.

Market key trends:
One of the major trends in the golf cart market is the growing adoption of electric golf carts. Environment consciousness and high fuel efficiency of electric golf carts as compared to gasoline-powered golf carts are major factors driving this trend. Electric golf carts produce zero emissions and are very economical to maintain over their life cycle compared to gasoline variants. The quiet operation and low noise of electric golf carts also make them more favorable across golf courses.
Segment Analysis
The global golf cart market is segmented by product into electric golf carts and gasoline golf carts. The electric golf cart segment dominates the market and accounts for around 60% share due to low maintenance costs and zero emissions compared to gasoline variants. Golf courses widely prefer electric golf carts over traditional gasoline carts as they reduce environmental footprint and offer better playability.

Key Takeaways
The global golf cart market demand is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing number of golf courses globally.

Regional analysis
North America dominates the global golf cart market with over 35% share due to presence of large number of golf courses in US and Canada. Europe is the second largest market for golf carts followed by Asia Pacific. China has emerged as a fast growing country in Asia Pacific due to rising influx of expatriate golfers and rapid growth of golf tourism.

Key players
Key players operating in the golf cart market are Club Car, LLC, Yamaha Golf-Car Company., E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd. Club Car dominates with over 30% market share due to wide product portfolio and global sales network. Yamaha Golf-Car Company holds the second position with focus on fleet management systems and telematics services for golf courses.

Get more insights on this topic: https://www.newswirestats.com/golf-cart-market-industry-insights-trendsgolf-cart-market-2023-2030/

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