Electric Golf Cart Opportunity Analysis and Industry Forecast up to 2031

Published : 3 years ago, on 23/08/2021

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Electric Golf Cart market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Electric Golf Cart

The report offers actionable and valuable market insights of Electric Golf Cart. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Electric Golf Cart Market across various industries and regions.

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This newly published and insightful report sheds light on Market Insights of Electric Golf Cart, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Electric Golf Cart Market.

Global golf cart market is projected to grow at a value CAGR of more than 5% between 2019 and 2028, surpassing a valuation of US$ 4.4 Billion by 2028. Electric golf carts are emerging as preferred variants owing to specifications such as simplicity in construction and high speed of up to 30 Km/h.

This is making golf carts safe vehicles to be used at public places such as railway stations, airports, and tourist spots. Golf carts are easy to operate and do not require trained personnel to operate them. Further, golf carts which fall under the category of electric vehicles, have power of less than 250 Watt and maximum speed of 25 Km/h are generally not categorized as motor vehicles.

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Therefore they are not required to be registered which further boosts their demand. Furthermore, manufacturers are customizing golf carts for specific applications such as ambulance cart, trash cart, patrolling cart and food cart which is attracting customers. Leniency in government regulations, increasing functional benefits and modifications in golf carts, has boosted demand for golf carts.

Key Takeaways of Golf Cart Market

• Global golf carts market is expected to grow at a value CAGR of 5.4% and it is anticipated to expand 1.6X from 2019 through 2028.
• Golf carts which are electrically powered will hold the maximum share in terms of value and are projected to gain 34 BPS in value share by the end of forecast period.
• Powered golf carts will grow at a value CAGR of 5.6% and are projected to be valued at more than US$ 4 billion. These will create 19X more value opportunity than manual golf carts by the end of forecast period.
• Use of golf cart on the golf course is expected to remain higher than personal and industrial use and it is anticipated to create an absolute $ opportunity of more than US$ 750 million during the forecast period.
• Fully owned golf carts are set to acquire majority share in the global golf cart market and are expected to grow at a volume CAGR of 5.1%. Fully owned golf carts will gain 73 BPS in market share in terms of value by the end of forecast period.
• Asia Pacific Excluding Japan (APEJ) is projected to lead the global golf cart market with around 55% value share during the forecast period. Further, APEJ is expected to create an absolute $ opportunity of more than US$ 1 billion between 2019 and 2028.

“Global golf cart market is primarily driven by the growing popularity of golf. The market is highly competitive in nature, with industry leaders continuously introducing new golf cart vehicles in order to maintain their hold over the market.” Says Fact.MR’s analyst

Leading Manufacturers Exploring New Markets with Continuous Expansion of their Product Portfolio

Global golf cart market is highly competitive in nature. Leading manufacturers are introducing new products with enhanced properties and entering new geographies in order to expand their reach at new customer bases. For instance, in August 2019, Yamaha Golf Car Company started its distribution of its subsidiaries New England Golf Cars (NEGC) and MA and W&B Golf Carts, Inc. in Maine, New Hampshire and Vermont states of the US. Also, in January 2018, Club Car introduced a new golf cart Tempo Connect designed with automotive styling and Visage Fleet Management & Shark Experience.

Key Segments of the Golf Cart Market

Fact.MR’s study on the golf cart market offers information divided into four key segments-product, operation, application, ownership and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

Product

• Push-Pull Golf Cart
• Gasoline Golf Cart
• Electric Golf Cart
• Solar Powered Golf Cart

Operation

• Manual
• Powered

Application

• Golf Courses
• Personal Use
• Industry Use
• Others

Ownership

• Rented
• Fully Owned

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• MEA
• Japan

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Key Question answered in the survey of Electric Golf Cart market report:

• Sales and Demand of Electric Golf Cart
• Growth of Electric Golf Cart Market
• Market Analysis of Electric Golf Cart
• Market Insights of Electric Golf Cart
• Key Drivers Impacting the Electric Golf Cart market
• Which are the Key drivers impacted by Electric Golf Cart market
• Restraints Shaping Market Growth
• Market Survey of Electric Golf Cart

More Valuable Insights on Electric Golf Cart Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Electric Golf Cart, Sales and Demand of Electric Golf Cart, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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