Market Research Report
Golf Cart Market Size By Fuel Type (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Golf Cart Market Size By Fuel Type (Gas, Electric, Solar Powered), By Application (Golf Courses, Commercial Services), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: May 14, 2021
Global Market Insights Inc.
Content info: 190 Pages
Delivery time: 2-3 business days
The golf cart market is likely to gain substantial growth momentum by 2027 owing to an escalating demand for zero-emission electric golf carts, increasing construction of golf courses across the globe, and the various upcoming technical innovations in battery technology. A golf cart is a gas-powered or an electric vehicle mainly used to transport golfers as well as their equipment all across the course during the play.
Specifically designed to meet the needs of the golfers, the carts also provide a higher number of specialized comfort and safety features. Apart from golf course, these small vehicles are also found on the grounds of various businesses with expansive campuses. The uses of golf carts are countless and the cost of these per unit is very affordable.
The golf cart market is segmented in terms of fuel type, application, and regional landscape.
With respect to type, the golf cart market is classified into solar-powered, electric and gasoline. In 2020, the electric golf cart segment held a market share of over 55% and is expected to showcase a strong growth outlook over the coming time period. The segment growth is ascribed to increasing consumer preference for zero-emission and eco-friendly golf vehicles.
Electric golf carts also cost much less, both for purchasing as well as maintaining, and recharging the battery is also quite affordable in comparison to buying gasoline ones. Moreover, used electric golf carts are often more inexpensive than fossil-fuel powered carts, and usually there are a greater number of them available on the market.
In terms of speed, electric golf carts are often faster than gasoline golf carts. Since electric carts produce no noise and fumes, these are much more preferred than other counterparts.
In terms of application, the market for golf cart is categorized into commercial services and golf courses. Here, the golf courses segment is expected to grow significantly over the coming years owing to the increasing construction of golf courses across the globe.
These golf courses have a long association with coastal places. In the past couple of years golf tourism in Spain has tremendously increased in popularity as well as the number of golf courses has also grown at a rapid pace.
On the regional front, the Latin America golf cart market is estimated to witness more than 2.5% CAGR over the projected time period. The expanding travel & tourism industry in the region will drive the regional growth.
However, like many other industries, the tourism industry has also been severely impacted by the COVID-19 pandemic. But, with ongoing vaccination drives and government initiatives across the globe to control the spread of virus, the situation is likely to improve in coming years.