Global Golf Cart Market Is Estimated To Witness High Growth Owing...

Global Golf Cart Market Is Estimated To Witness High Growth Owing To Increasing Golf Tourism And Growing Urbanization

Posted 2023-09-28 10:30:14

The Golf Cart Market is estimated to be valued at US$ 3,262.3 million in 2017 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Golf Cart market refers to the market for small vehicles designed to carry golfers and their equipment around the golf course. These carts provide a convenient and efficient mode of transportation, offering comfort and ease to golfers. They are also used in other applications such as resorts, hotels, airports, and residential complexes. The demand for golf carts is increasing due to the growing popularity of golf tourism and the rise in urbanization. These factors are driving the market growth globally.

Market Dynamics:
The growing popularity of golf tourism and the increasing number of golf courses worldwide are the major drivers for the growth of the golf cart market. Golf tourism, fueled by the rising disposable income of individuals and increasing leisure activities, has led to an increase in the number of golf courses. Additionally, the growing trend of urbanization and the development of residential complexes with integrated golf courses are further propelling the demand for golf carts. This, in turn, is driving the market growth.

SWOT Analysis:

Strength:
The Golf Cart Market Demand exhibits strong potential for growth, with a projected CAGR of 6.3% from 2019 to 2027. The market size was valued at US$ 3,262.3 million in 2017, indicating a substantial market demand. The increasing popularity of golf as a sport, coupled with the rising trend of golf tourism, is driving the demand for golf carts.

Weakness:
One of the weaknesses in the golf cart market is the limited range of usage. Golf carts are primarily used on golf courses, and their usage is restricted within a specific area. Moreover, the high cost associated with the purchase and maintenance of golf carts poses a challenge in terms of affordability for potential buyers.

Opportunity:
The golf cart market offers significant opportunities for growth. Firstly, there is a potential market for electric golf carts due to increasing environmental concerns and the push towards sustainable transportation. Secondly, the tourism industry presents a favorable opportunity, as golf carts are increasingly being used in resorts, hotels, and recreational facilities for transportation purposes.

Threats:
There are certain threats that the golf cart market faces. Firstly, the availability of alternative modes of transportation, such as bicycles and electric scooters, may pose a threat to the demand for golf carts. Secondly, regulations regarding the use of golf carts, particularly in public areas, could limit their usage and hinder market growth.

Key Takeaways:

The global golf cart market is expected to witness high growth, exhibiting a CAGR of 6.3% over the forecast period, due to increasing popularity of golf and golf tourism. In terms of regional analysis, North America is the fastest-growing and dominating region due to the presence of a large number of golf courses and resorts. Key players operating in the golf cart market include Autopower (India), Club Car, LLC, Columbia Vehicle Group Inc., E-Z-GO, Garia A/S, Hitachi Chemical Co., Ltd., INGERSOLL-RAND PLC, Marshell Green Power, Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Xiamen Dalle Electric Car Co., Ltd, and Yamaha Golf-Car Company. These key players contribute significantly to the market through their product offerings and technological advancements.