Global Golf Cart Market 2024-2030

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    GOLF CART MARKET

     

    KEY FINDINGS

    • Electric golf carts had the highest market share in 2022, with over 85% of golf carts sold were electric.
    • Electric Golf carts can deliver a 30-40% reduction in ownership costs compared with Gas ones. The current surge in fuel prices is only going to further the difference in favor of e-golf carts.
    • The Demand is up by 30% and manufacturers are struggling to keep up, but only about 10% of new golf cart sales go to golfers. The rest are sold to people for short trips on private property.
    • The Government is supportive of the golf industry. It has provided subsidies for the construction of new golf courses and has also made it easier for people to obtain golf memberships. This is helping to drive the growth of the golf cart market.
    • It is expected that the demand from airports, universities and other end user industries may rise during 2023-2030.
    • Before the pandemic, the tourism and hospitality sector was also seen adopting golf carts for their services at an increasing rate.
    • Another significant trend to note is that it is being used for marketing and promotional purposes with banners being attached to these golf carts.
    • China had the largest market share in the year 2022. Australia, Japan and India are some other countries which ranked lower than China. The Asia Pacific market may have the highest CAGR between 2023-2030.
    • The tier 2 players have a major share in revenue. Customized golf carts are being offered to various end users by multiple players.
    • The global golf cart market is highly fragmented due to many existing regional players.

     

    INTRODUCTION TO GOLF CART MARKET

    Golf carts, a mode of transportation for small distances, have immensely evolved in terms of design, technology and application since their invention.

     

    Due to the high cost of the carts, less popularity of the game of golf (for which they were primarily used) and fear of the carts destroying the courses, their use was limited between the 1930s and 1950s in the US.

    Golf carts are small, wheeled vehicles that are used to transport golfers and their equipment around golf courses. They are also used in a variety of non-golfing applications, such as tourism, hospitality, and academia.

     

    Electric golf carts are the most popular type of golf cart, accounting for a significant share of the global golf cart market. Electric golf carts are preferred by many golfers because they are quiet, environmentally friendly, and have lower operating costs than gasoline golf carts.

     

    Gasoline golf carts are still popular in some regions, but they are becoming less common as the price of electric golf carts continues to decline. Gasoline golf carts are generally less expensive to purchase than electric golf carts, but they have higher operating costs due to the need to purchase fuel and oil.

     

    Solar-powered golf carts are the least common type of golf cart, but they are becoming more popular as the technology improves and the cost of solar panels decreases. Solar-powered golf carts are environmentally friendly and have no operating costs.

     

     

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    However, with the invention of gasoline carts and a cheaper model after the electric model in the mid 1950s, the demand for golf carts started rising and so did the number of players in the market.

     

    NEW TECHNOLOGICAL TRENDS IN GOLF CART MARKET

    Electric Golf Carts: Compared to typical gasoline-powered carts, electric-powered golf carts were becoming increasingly popular due to their eco-friendliness and reduced noise pollution.

     

    Battery technological advancements were resulting in increased range and performance.

     

    Lithium-Ion Batteries: Compared to typical lead-acid batteries, lithium-ion batteries offer better energy density, longer lifespan, and faster charging times in golf carts.

     

    Smart Features: Smart features in golf carts included touchscreen screens, GPS navigation systems, USB charging connectors, Bluetooth connectivity, and smartphone integration. These features improve consumers’ convenience, enjoyment, and connectivity options.

     

    Intelligent Charging Systems: In golf carts, advanced charging systems with features such as regenerative braking and energy recapture were installed.

     

    These technologies allow carts to recharge their batteries while in operation, enhancing efficiency and range.

     

    Enhanced Safety Features: Golf carts were equipped with safety features such as seat belts, roll bars, improved braking systems, and advanced sensors to detect obstacles and prevent collisions. These features aimed to enhance the safety of passengers and pedestrians.

     

    Autonomous Capabilities: Efforts were ongoing to construct autonomous golf carts that could traverse golf courses without a driver.

     

    These carts would identify and avoid obstacles using powerful sensors, computer vision, and artificial intelligence algorithms.

     

    Lightweight Materials: The use of lightweight materials, such as aluminum and composite materials, was being explored to reduce the weight of golf carts. Lighter carts offer benefits such as increased energy efficiency and improved handling.

     

    GOLF CART MARKET DYNAMICS

    Demand is rising among golfers and course operators alike, innovative connected technology is changing the game of golf.

     

    Built-in vehicle entertainment and interactive tools are enhancing the entire golf experience by offering video, streaming music and news; and revenue-generating course and fleet management information – all of which are driving growth, enjoyment and efficiencies of the game.

     

    Technology has changed the paradigm of the golf experience from how it’s played to how a course is managed.

     

    Connectivity has transcended the day-to-day expectations of the average consumer for immediate information availability and has become a growing demand in the golf world.

     

    A vast  portfolio of products are helping courses refine the operations, and providing real-time course information and entertainment for a connected, comfortable golfer experience.

     

    With this trend, According to National Golf Foundation’s data;  24 million golfers are rapidly adapting to the technology.

     

    91% of serious golfers have utilized course-provided distance devices. 64 percent of golfers are consuming instruction online, 77 percent are checking leaderboards, and 52 percent are streaming golf coverage.

     

    For years there was concern that technology and connectivity offerings would threaten the traditional golf experience.

     

    But in reality, it’s driving a new user experience by providing today’s golfers with their favorite digital content at their fingertips.

     

    North America – Currently, the USA is the main market for golf carts, followed by Canada. In the coming years, the Canadian market is expected to have a higher CAGR.

     

    North America as a whole is expected to remain the most prominent market in the years 2023-2030 due to the presence of major suppliers, high demand for the sport and development of infrastructure in the region. In 2022, it had a market share of around 43%.

     

    Europe – There are steps that have been taken in this region to give a push to the golf industry. One of them being Vision 2020 to help the industry make better decisions for themselves and their associates.

     

    In the past however, the industry has been through highs and lows. The U.K had the highest demand in this region. Germany, France, Italy and Spain are some countries with relatively higher demand in this region.

     

    With the rise in sports clubs and interest of Europeans towards golf, the demand has increased over the years.

     

    Asia- Pacific-. China is dominating the market in this region. A few reasons for this would-be implementation of stricter rules and regulations by the Government with respect to vehicular emissions and rising concern about the environment.

     

    With further decrease in costs in this region, market size is bound to increase due to greater adoption for commercial purposes. Urbanization will also boost demand as the number of technology driven housing ventures and theme parks would increase.

     

    LAMEA – Africa has the highest market share in this region.

     

    GOLF CART MARKET SEGMENTATION

    Golf Cart Market By Product type

    • Electric golf carts
    • Gasoline golf carts
    • Solar-powered golf carts
    • Hybrid golf carts

     

    Golf Cart Market By Application

    • Golf courses
    • Tourism
    • Hospitality
    • Academia
    • Others 

     

    Golf Cart Market By Price range

    • Budget golf carts
    • Mid-range golf carts
    • Premium golf carts

     

    Golf Cart Market By Geographic region

    • North America
    • Europe
    • China
    • Asia Ex China
    • ROW

     

    RECENT DEVELOPMENTS IN GOLF CART MARKET

    • Development of solar rider technology and adaptive golf carts made for individual use have helped in making golf accessible for people with disability as well.
    • Golf boards, with an idea similar to a skateboard, has been a very welcomed invention as the speed of commuting increases using this and it is believed to cause less damage to the golf courses.
    • Emergence of rental services for golf carts due to the nature of the use of golf carts for short spans of time in exhibitions, sports events, weddings and at other events is being looked upon more favorably by event management companies as well as other one time end users, as compared to the full ownership model.
    • Lithium ion batteries have started being used instead of lead acid batteries while manufacturers which are environment friendly. Currently the cost of lithium ion batteries is higher but is expected to fall in the future making it a better alternative.
    • Better technology and automation is also being used for brakes and suspension which is making golf carts safer than before.

     

    GOLF CART MARKET COMPETITIVE LANDSCAPE

    E-Z-GO announced a new vehicle, the E-Z-GO Liberty, which will be its first golf cart to offer four forward-facing seats in a compact cart. The Liberty will come with a second row of seating for passengers, a shorter wheelbase and extensive storage space.

     

    Its short wheelbase offers enhanced maneuverability and a tighter turning radius compared to competing vehicles.

     

    Club Car has partnered with electric vehicle manufacturer AYRO, Inc. to create an electric low-speed logistics and cargo services to fit into the gap in between full-sized trucks and small utility vehicles.

     

    The new vehicle, Club Car Current, is designed for significant agility to help logistics transportation on campus and urban environments. Current is able to reach 25 miles per hour and allows logistics providers to reach direct point-of-demand locations.

     

    Polaris Inc. launched an entirely new line of offerings for street legal GEMs; a panoramic sky roof, 11 bold paint color options, premium upholstery options, new sport tires and rims, Rockford Fosgate audio and interior glow lighting.

     

    These new options paired with GEM’s already sustainable, safe and stylish design offers over 10,000 configurations for customers to create their own personalized cart to enjoy their communities and stand out with their style.

     

    Golfwurx introduced the revolutionary S6 Single-rider, three-wheel golf scooter and iCartTM course management system (CMS) Durability, Safety and Fun: No similar platform offers the combination of a 2000W motor for torque, electronic parking brake for safety, and a high capacity Li-ion battery providing 36 hole range and also has swappable batteries on the go.

     

    Clubcar’s Carryall 502, the next generation turf (gas) vehicle, is fully equipped for productivity with more occupant space and a high visibility dashboard.

     

    The 502 will ensure your work gets done. Built to Carryall 500 standards, the 502 has the power and reliability to tackle any task.

     

    The Club Car Connect offerings dramatically improve pace of play, maintain fleet performance, and maximize staff efficiency while generating new revenue streams and reducing operational expenses.

     

    Coupled with other technologies like next-generation lithium-ion batteries available in Club Car’s Tempo LI-ION golf car, the industry benefits with flexibility, control, reliability, and a connected experience – all aligned to meet the exciting evolution of the game.

     

    The Electric Vaccine Vehicle is designed specifically for the task by a handful of partners. Ayro, Element, Club Car and Gallery Carts are all involved – Ayro and Gallery build the vehicles, Club Car supports servicing and Element handles sales.

     

    It’s absolutely a mobile vaccine clinic with every piece of CDC-recommended gear onboard to administer a safe vaccination experience.

     

    An ultralow-temperature freezer for vaccine storage, Bluetooth-enabled data loggers to track the vaccines’ temperature, sinks and medical-grade storage – they’re all crammed into this tiny EV to make vaccine distribution easier.

     

    OPPORTUNITIES IN GOLF CART MARKET

    Increasing investment in research and development to make safer and environment friendly golf carts will result in long term returns for players due to emerging trends in government policies.

     

    There is a great opportunity for manufacturers to make golf carts which have higher speed and power to overcome the current drawbacks.

     

    Including features like durability, all terrain tyres and ruggedness will help in increasing their scope of use for adventure and outdoor activities.

     

    Focusing on the personal service segment also seems promising. Even extreme golf carts have become extremely popular due to certain modifications.

     

    Overall, the market is expected to grow during the period 2021-2026 with the hybrid/electric/solar segment experiencing a significant growth.

     

    GOLF CART MARKET NEW TECHNOLOGY

    Electric Golf Carts: Compared to typical gasoline-powered carts, electric-powered golf carts were becoming increasingly popular due to their eco-friendliness and reduced noise pollution.

     

    Battery technological advancements were resulting in increased range and performance.

     

    Lithium-Ion Batteries: Compared to typical lead-acid batteries, lithium-ion batteries offer better energy density, longer lifespan, and faster charging times in golf carts.

     

    Smart Features: Smart features in golf carts included touchscreen screens, GPS navigation systems, USB charging connectors, Bluetooth connectivity, and smartphone integration. These features improve consumers’ convenience, enjoyment, and connectivity options.

     

    Intelligent Charging Systems: In golf carts, advanced charging systems with features such as regenerative braking and energy recapture were installed.

     

    These technologies allow carts to recharge their batteries while in operation, enhancing efficiency and range.

     

    Enhanced Safety Features: Golf carts were equipped with safety features such as seat belts, roll bars, improved braking systems, and advanced sensors to detect obstacles and prevent collisions. These features aimed to enhance the safety of passengers and pedestrians.

     

    Autonomous Capabilities: Efforts were ongoing to construct autonomous golf carts that could traverse golf courses without a driver.

     

    These carts would identify and avoid obstacles using powerful sensors, computer vision, and artificial intelligence algorithms.

     

    Lightweight Materials: The use of lightweight materials, such as aluminium and composite materials, was being explored to reduce the weight of golf carts. Lighter carts offer benefits such as increased energy efficiency and improved handling.

     

    GOLF CART MARKET COMPANY PROFILES

    • Club Car
    • Yamaha Golf Car Company
    • Textron Specialized Vehicles
    • E-Z-GO
    • Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
    • Showa Denko K.K.
    • Xiamen Dalle New Energy Automobile Co., Ltd.
    • Maini Group
    • Nordic Group of Companies
    • Garia

     

    THIS GOLF CART MARKET REPORT WILL ANSWER THE FOLLOWING QUESTIONS

    1. Global Golf Cart Market size and Forecast, by region, by application, by product type, by Customer Type?
    2. Average B-2-B price for Global Golf Cart Market, by region?
    3. Technology trends and related opportunities for new Global Golf Cart Market tech suppliers?
    4. Market share of leading vendors, by region?
    5. What is the current size and growth trajectory of the global golf cart market?
    6. What are the key drivers of growth in the global golf cart market?
    7. What factors are contributing to the increasing demand for electric golf carts?
    8. How is the golf cart market segmented by type, such as gas-powered, electric, and others?
    9. Which regions are the largest markets for golf carts, and what factors are driving growth in these regions?
    10. What are the major trends and innovations in golf cart technology and design?
    11. What are the key players and competitors in the global golf cart market?
    12. How is the market affected by environmental regulations and emissions standards?
    13. What are the typical applications of golf carts, beyond golf courses, in industries like hospitality, transportation, and agriculture?
    14. How is the global golf cart market impacted by the growth of golf tourism and golf course construction?
    15. What are the challenges and obstacles facing the golf cart market, such as maintenance, battery technology, or market saturation?
    16. What are the growth prospects for the rental market of golf carts, especially in tourist destinations?
    17. What are the potential opportunities for new entrants or startups in the golf cart industry?
    18. How do cultural and lifestyle shifts impact the use and ownership of golf carts?
    19. How do economic conditions and fluctuations in the tourism industry affect the global golf cart market?
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Research Methodology
    4 Executive Summary
    5 Average B2B Price, By Type
    6 Potential Opportunities For Client
    7 Key Trends Driving The Growth Of Global Golf Cart Market
    8 Specs Of Golf Carts In Market
    9 Regulations That Promotes Electric Golf Carts
    10 Challenges and obstacles facing the Global golf cart market.
    11 Technical details about gas-powered golf carts, including engine types, emissions control, and fuel efficiency.
    12 Information on any government incentives or initiatives promoting the use of golf carts.
    13 Impact of  electric golf cart charging infrastructure in Global Golf Market
    14 Examination of powertrain components in golf carts, including motors, transmissions, and drivetrain configurations.
    15 New product development in past 12 months
    16 Market Size, Dynamics and Forecast by Product Type, 2024-2030
    17 Market Size, Dynamics and Forecast by Application Type, 2024-2030
    18 Market Size, Dynamics and Forecast by Price Range, 2024-2030
    19 Market Size, Dynamics and Forecast by Geography, 2024-2030
    20 Competitive Landscape
    21 M&A in past 12 months
    22 Growth strategy of leading players
    23 Market share of vendors, 2023
    24 Company Profiles
    25 Unmet needs and opportunity for new suppliers
    26 Conclusion
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