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. 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.
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Key Takeaways of Golf Cart Market
“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
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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.
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More Valuable Insights on the Golf Cart Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global golf cart market, presenting historical demand data (2013-2018) and forecast statistics for the period of 2019-2028. The study divulges essential insights on the golf cart market on the basis of product, operation, application and ownership across six major regions.
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