Global Golf Cart Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
“Global Golf Cart Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global golf cart market report has been segmented as per product type, application, and region.
Global Golf Cart Market: Overview
A golf cart is a low-speed, gas-powered vehicle which is mainly used in golf courses for the transportation of golf equipment and golfers within golf premises. A golf cart is known as off-road or non-highway vehicle coupled with speed between 25–50 km ph. In addition, a golf cart is usually used to travel short distances and it is widely used in several commercial places such as airports, hotel and resorts, theme parties, exhibition centers, office- factory visits, parks, multi-residential complexes, railway stations, and others for different purposes.
Global Golf Cart Market: Dynamics
Increasing industrialization and urbanization in developed and developing countries resulting in growing demand for golf cart across the globe is primary factor projected to drive growth of the global golf cart market. In addition, increasing number of golf courses in regions and growing popularity of electric golf cart, solar golf cart, and gasoline golf cart especially in emerging economies. This is a key factor projected to fuel the target market growth during the forecast period.
Rising adoption of a golf cart in locations such as theme parties, multi-residential complexes, airports, office- factory visits, and others for short distances traveling, passenger and luggage carrying, and other purposes and increasing preference for solar-powered golf cart across the globe. These are some factors projected to boost growth of the global golf cart market over the forecast period. In addition, increasing demand for electric golf cart in various countries due to its benefits associated with it such as zero polluting, more economical, affordable, easy to maneuver and others is another factor projected to fuel growth of the global market.
Increasing launching of customized golf carts coupled with advanced technologies and rising introduction of solar-powered golf carts associated with high-end accessories including launch monitors, remote control capabilities, golf robots, and others by major Golf equipment manufacturers. These are expected to create potential revenue opportunities for key players operating in global golf cart market over the forecast period.
However, high golf cart purchasing and maintenance cost and strict government rules and regulations towards the vehicle emission are major factors expected to restraint growth of the target market.
Global Golf Cart Market: Segment Analysis
Increasing adoption of a solar golf cart in regions due to its advantages associated with it such as low maintenance cost, less emission, extended battery life, and others. This is primary factor rising the revenue growth of the solar golf cart segment among the product type segments.
Among the application, the golf course segment is projected to register highest growth in the global golf cart market, owing to increasing demand for golf as a sport especially in developing countries and growing popularity of golf across the globe.
Global Golf Cart Market: Region Analysis
The North America golf cart market accounts highest revenue share contribution and is expected to dominate the global market over the forecast period. The high presence of golf equipment manufacturers and high demand for golf courses in countries in the region. The market in the Asia Pacific and Europe are projected to witness significant growth in the target market, owing to rapid urbanization and rising demand for solar golf cart and electric golf cart in countries in these regions. The market in Latin America and Middle East & Africa are forecasted to register steady growth in terms of revenue, owing to increasing popularity of different types of golf cart coupled with advanced features among individuals in countries in these regions.
Global Golf Cart Market Segmentation:
Segmentation by Product Type:
- Gasoline Golf Cart
- Electric Golf Cart
- Solar Golf Cart
Segmentation by Application:
- Golf Course
- Personal Services
- Commercial Services
- Hotel & Resorts
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Hitachi Chemical Company, Ltd.
- Ingersoll-Rand Plc
- Textron Inc.
- Tomberlin Automotive Group, Inc.
- Yamaha Motor Co., Ltd.
- Maini Materials Movement Private Limited
- JH Global Services, Inc.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
- KC Golf Cart Company LLC
- Ruff & Tuff Golf Carts LLC
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