PUBLISHER: Inkwood Research | PRODUCT CODE: 1105455
PUBLISHER: Inkwood Research | PRODUCT CODE: 1105455
The North America golf cart market is projected to register a CAGR of 5.74% across the forecasted years of 2022 to 2030. The region's market growth is reinforced by the presence of numerous resorts, hotels, parks, and recreational areas requiring golf carts for ferrying, the increasing number of golf courses, as well as the rising participation in golf sporting events.
The North America golf cart market growth evaluation entails the study of Canada and the United States. A total number of 2,298 registered golf courses are present in Canada. While 230 of these courses are privately owned, as of May 2021, the rest are publicly operated. Moreover, golf courses are being rapidly incorporated into the country's real estate market, as well. Aligning with this, residential real estate sales in Canada equated to 486,800 in 2019, indicating a rise of 6.2% over the previous year. As the real estate market for golf courses expands, especially in regions such as Toronto, the demand for one- to four-seater golf carts for transportation within the estate is expected to increase, as well.
On the other hand, an increasing number of old infrastructures are being re-developed in Canada. This factor creates lucrative opportunities for the demand as well as the adoption of golf carts in the country. Golf carts are also anticipated to have a significant market for mobility within larger airports as they undergo reconstruction. Therefore, the abovementioned factors are vital for the North America golf cart market growth.
Some of the top companies operating in the market are: E-Z-Go, Club Car, Yamaha Golf-Car Company, etc.