Golf carts are small, light utility vehicles used for transportation on golf courses and in residential/industrial facilities or airport. They are powered by electric motors or gasoline engines and are used to carry golf bags and supplies during a round of golf. Some key features of golf carts include weather-resistant exteriors, rear and front storage compartments, adjustable seats, and easy maneuverability. They help golfers conveniently move around the golf course and reduce fatigue over long distances.

The global golf cart market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand from golf courses is a major driver propelling the Global Golf Cart Market Size. With rising interest in golf as a recreational sport, the number of golf courses worldwide has increased substantially over the past few years. Golf carts help efficiently transport golfers and equipment across golf courses, thereby enhancing the golfing experience. Moreover, golf carts reduce strain on players and allow them to play more rounds in a day.

The growing popularity of golf as a sport mainly among the elderly population is augmenting demand for golf carts. Golf is a low-impact activity suitable for older adults. Golf carts make the game more accessible for seniors by providing convenient transportation around courses. Additionally, enhanced technological features such as GPS systems, Bluetooth connectivity, and USB ports in new golf carts are gaining traction among customers. This is expected to positively influence the golf cart market expansion during the forecast period.

SWOT Analysis

Strength: Golf Cart can be used to commute within large areas like golf courses as an environment-friendly mode of transportation. Their lithium-ion batteries provide high torque and power. They are easily movable and require low maintenance.

Weakness: Golf Carts have limited top speeds and ranges compared to gasoline vehicles. Their lithium-ion batteries are expensive and take time to charge fully. Manufacturing electric golf carts at scale also requires large investments in setting up production facilities.

Opportunity: Rising environmental concerns are driving demand for electric vehicles. More number of golf courses and country clubs are opting for zero emission golf carts. Government incentives and subsidies can boost popularity of electric golf carts in commercial and residential sectors.

Threats: Emergence of affordable small electric vehicles may reduce demand for golf carts. Higher adoption of self-driving vehicles poses threat to traditional golf cart manufacturers. Trade wars and global economic slowdowns impact overall automotive sales.

Key Takeaways

The global Golf Cart market is expected to witness high growth over the forecast period of 2024 to 2031. With rising concerns about carbon emissions, more golf courses as well as private owners are switching to environment-friendly electric golf carts. The global golf cart market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis related content comprises- North America has the highest number of golf courses globally which drives high demand for golf carts in this region. United States contributes to more than 85% of the regional market share. The market in Europe is majorly concentrated in countries like United Kingdom, Germany and France.

Key players related content comprises - Key players operating in the Golf Cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd.

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