The global golf cart market was valued at US$ 3,262.3 million in 2017 and is projected to exhibit a CAGR of 6.3% during the forecast period (2019–2027), reaching US$ 5,590.0 million by 2027. Growing urbanization and industrialization are driving demand for golf carts, this in turn fueling growth of the global golf cart market. However, high initial costs associated with golf carts act as a major roadblock to the growth of the market. Additionally, lack of infrastructure for charging points of golf carts in emerging economies also hinders growth of the golf cart market.
Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This in turn, has increased the demand for internal transportation to carry goods and people, subsequently fueling demand for golf carts. Increasing demand for customized products by end users, related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.
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The increasing deployment of golf carts across a number of facility centers in the Asia pacific region is driving the growth of the global golf cart market. According to analysis by Coherent Market Insights in 2018, the Asia pacific region has more than 2,000 golf facilities which is positively impacting the market growth for golf cart. Moreover, continual developments made in terms of manufacturing of golf carts are opening major opportunities for the golf carts market players.
According to the data from Automobile Industry in 2019, the deployment of golf carts is highly expected across various spaces, airports being one of the most prominent ones. Owing to this, airports would contribute to the worldwide growth of golf carts market.
Furthermore, growing urbanization and industrialization have increased the demand for internal transportation to carry goods and people. For instance, in 2018, in India, Pune Airport authorities have obtained three golf carts to transport passengers outside the terminal.
Global Golf Cart Market, By Fuel Type:
Electric Golf Carts
Gasoline Golf Carts
Solar Golf Cart
Global Golf Cart Market, By Application:
Passenger Mover Golf Cart
Turf Maintenance/Utility Golf Cart
Food and Beverage Golf Cart
Global Golf Cart Market, By Seating Capacity
Small (2-4 Seater)
Medium (6-8 Seater)
Large (Above 8 Seater)
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Key companies covered as a part of this study 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
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