Golf Cart Market Share, Size, Trends, Industry Analysis Report, By Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart); By Application; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3108
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global golf cart market was valued at USD 1,436.20 million in 2023 and is expected to grow at a CAGR of 3.5% during the forecast period. The number of country clubs and golf courses is significantly rising to accommodate the public interest and awareness regarding golf among consumers, or players are also increasing as a recreational activity, which in turn, is anticipated to propel the demand and growth of the global market for golf cart in the coming years. In addition, the industry is highly supported by future investments in infrastructure and equipment due to growth in the tourism and leisure sector. Various types of modern developments, like electrification and launches of new golf carts with various new features and capabilities by leading market players, will create lucrative growth opportunities.
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For instance, in November 2021, Kinetic Group announced the launch of its new range of electric golf carts in association with Italy's Tonino Lamborghini. The newly developed coaches will be available in two variants, STRADA and GOLF, designed in Italy and manufactured in India.
The golf cart industry has been evolving towards long-lasting, eco-friendly, and highly efficient solutions like the transforming automotive and transportation sector. The increasing government stringent norms primarily drive the electrification of such vehicles to achieve carbon neutrality and boost the global population's demand for electric golf carts.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the golf cart market. The spread of the lethal coronavirus worldwide has wreaked havoc on almost every industry, including transportation, manufacturing, sports, and others. To get control of the reach of the pandemic, governments of many countries enacted several restrictions like lockdowns, which resulted in the temporary closure of several manufacturing facilities and high supply chain disruptions. The COVID-19 pandemic influenced the automotive market, resulting in a massive drop in vehicle sales and a shortage of raw materials.
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Industry Dynamics
Growth Drivers
The extensive rise in the number of golf courses and country clubs, coupled with the surge in globalization and increasing consumer spending capacity, are key factors that will positively impact the market’s growth over the course of the study period. In recent years, people have vouched for better and improved lifestyles, which have motivated them to spend more on recreational activities and receive the best service available in the market, propelling the market growth. The surging focus of major market players on new product development and strategic collaborations with new market players and start-ups will further extend the profitable opportunities in the global market for golf carts. The growing introduction of new car models to the market also allows various other industry players to improve their business operations.
Report Segmentation
The market is primarily segmented based on product type, application, and region.
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By Product Type |
By Application |
By Region |
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Electric golf cart segment accounted for the highest market share in 2022
The electric golf cart segment accounted for the highest market share in 2022 and is likely to grow considerably during the forecast period. The growth of the segment market is mainly attributed to its higher adoption across the globe because of a wide range of benefits offered by these carts, such as noiseless operation, low running costs, high speed, and enhanced comfort. Moreover, various types that key market players are undertaking to reduce the average cost of electric golf cart batteries and multiple kinds of stringent emission norms imposed by many government bodies are likely to contribute towards the market growth in a positive way.
The gasoline segment registered a robust growth rate over the study period because of the low cost of gasoline-enables carts compared to the other types and their long travel range. In addition, countries that do not have large battery manufacturing facilities & weak EV charging infrastructure would prefer the gasoline gold carts, which propel the growth and demand of the segment market.
Commercial services segment is expected to grow at fastest rate over forecast period
The commercial services segment is anticipated to grow at a significant CAGR over the projected period, which is mainly accelerated by rapid growth in the adoption and expansion of these vehicles across a wide range of commercial applications, including colleges & universities, amusement parks, campgrounds, factories, car dealerships, tourism, and many others. Additionally, the exponential rise in the need and demand for the golf cart with customization features that can meet the requirement of different commercial applications effectively would also likely flourish the segment market growth during the forecast period.
The golf course segment dominated the market in 2022, holding a significant market share. The wide deployment of these types of cars on golf courses across the world for the transportation of golf equipment and golfers, along with the extensive surge in the number of golf courses worldwide and especially in developed countries like the US, Canada, France, and the UK are among the key factors driving the segment growth.
North America region dominated the global market in 2022
The North America region dominated the market in 2022 and is expected to maintain its dominance throughout the forecast period. The regional market's growth can be highly attributable to the presence of a maximum number of golf players and the highest number of golf courses in the United States. For instance, according to National Golf Foundation, over 16,000 golf courses are available in the US, accounting for nearly 40% of the world's golf courses. In addition, a rise in consumer disposable income that lead the increased expenditure on recreational activities and the prevalence of time spent on these types of sports are further likely to fuel the regional market growth.
However, Europe is expected to be the fastest-growing region over the coming years due to the growth in golf tourism and the extensively rising number of elderly villages and resorts in countries like Germany and France. The market is significantly matured in the North and West of Europe and steadily emerging in southeastern and central Europe owing to innovation and technological advancements like electrification and connected mobility.
Competitive Insight
Some of the major players operating in the global market include Club Car, Garia Luxury Golf Car, Toyota Motor, Polaris, GDRIVE Golf Cart, Carrieall Car, Volmac Engineering, Electrical Vehicles, Columbia ParCar, Yamaha Golf-Car, Textron, & Showa Denko.
Recent Developments
- In November 2022, Neuron Energy introduced a new electric golf cart, “Adler,” catering to the demands of freight, leisure, personal travel, and medical assistance. These carts will be powered with the Neuron’s Li-ion batteries that include a GPRS tracker & remote service.
- In December 2022, Saera Electric Auto introduced a new electric “Golf Cart” in India. This new product is an addition to its EVs, and the cabin is mainly designed with a luxurious and spacious interior while improving the overall construction.
Golf Cart Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1,482.88 million |
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Revenue forecast in 2032 |
USD 1,955.68 million |
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CAGR |
3.5% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Product Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Club Car LLC, EverGreen Electrical Vehicles, Columbia ParCar Corporation, Hitachi Chemical Co. Ltd., Garia Luxury Golf Car, Toyota Motor Corporation, Polaris Inc., GDRIVE Golf Cart, Carrieall Car Pvt. Ltd., Volmac Engineering Pvt, Ltd., Xiamen Dalle Electric Car Co. Ltd., Maini Material Movement Pvt. Ltd., Yamaha Golf-Car Company, Textron Inc., and Showa Denko K.K. |
FAQ's
The global golf cart market size is expected to reach USD 1,955.68 million by 2032.
Key players in the golf cart market are Club Car, Garia Luxury Golf Car, Toyota Motor, Polaris, GDRIVE Golf Cart, Carrieall Car, Volmac Engineering, Electrical Vehicles, Columbia ParCar.
North America contribute notably towards the global golf cart market.
The global golf cart market expected to grow at a CAGR of 3.5% during the forecast period.
The golf cart market report covering key segments are product type, application, and region.
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