Golf Cart Market Projected to Reach $2.1 Billion by 2032, Growing at a CAGR of 6.5% from 2023 to 2032

Allied Market Research published a report, titled, "Golf Cart Market by Product Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart), by Application (Golf Course, Personal Service. and Commercial Services): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, The global golf cart market size was valued at $1.1 billion in 2022, and is projected to reach $2.1 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Rise in population, coupled with increase in purchasing power, stringent government rules & regulations toward vehicle emission and increase in number of golf courses and country clubs supplements the growth of the market across the globe. However, high initial maintenance and purchasing cost, low power and speed, and short overall drive range hamper the market growth to a certain extent.

The continuous growth in global carbon emission by combustion of fuel has been one of the foremost concerns for governments and environmentalists in the past few years, which is expected to drive demand for electric and solar golf cart across the globe, further supplementing growth of the market. Moreover, increase in fuel prices at international level, growth in pollution, and traffic congestion, especially in urban areas have increased acceptance of golf cart to be used as recreational vehicles across the globe. In addition, relatively higher running and maintenance cost of gasoline golf cart leads to a shift in preference for electric golf cart for shorter transits, which, in turn, is expected to boost the market growth during the forecast period.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2099

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 :

A comprehensive analysis of golf carts within the automotive industry is presented.

The report spans the period from 2022 to 2032, providing an in-depth examination of the golf cart market.

The latest advancements are highlighted in the research study.

Leading companies in the industry are profiled to offer valuable insights.

The market analysis encompasses various segments and regions, providing a thorough understanding of the market landscape.

𝐓𝐡𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐆𝐨𝐥𝐟 𝐂𝐚𝐫𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

On the basis of product type, the electric golf cart segment held the highest market share in 2022, accounting half of the global Golf Cart market revenue, and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, solar golf cart segment is projected to hold a suitable CAGR of 7.8% during the forecast period.

𝐓𝐡𝐞 𝐠𝐨𝐥𝐟 𝐜𝐨𝐮𝐫𝐬𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

On the basis of application, the golf course segment held the highest market share in 2022, accounting for nearly two-fifths of the global golf cart market, and is projected to grow at a CAGR of 6.0% during the forecast period. Meanwhile, personal service segment is projected to hold a suitable CAGR of 7.3% during the forecast period.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global golf cart market revenue. However, Asia-Pacific is expected to dominate the market during the forecast period with a growth rate of 8.2% during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/golf-cart-market/purchase-options

𝐆𝐨𝐥𝐟 𝐂𝐚𝐫𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 :

𝐁𝐲 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐭𝐲𝐩𝐞 :

Electric Golf Cart

Gasoline Golf Cart

Solar Golf Cart

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 :

Golf Course

Personal Service

Commercial Services

𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧 :

North America (U.S., Canada, Mexico)

Europe (UK, Germany, France, Russia, Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

Production facilities were partially or completely closed due to lockdown regulations during the Covid-19 pandemic. The supply chain has been disrupted and raw material shortage occurred.

Golf courses were forced to close during the lockdown and social distancing measures were implemented. As a result, there has been a sharp drop in the number of rounds played at the course, which in turn, led to decline in sales of golf carts worldwide.

However, the usage of golf carts as slow-speed vehicles and ease in customizability are expected to raise the demand for golf carts.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2099

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Club Car

Cruise Car Inc.

JH Global Services, Inc.

Marshell Green Power

HDK Electric Vehicles

Nordic Group of Companies, Ltd.

Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd

Textron Inc.

Yamaha Motor Co., Ltd.

Xiamen Dalle New Energy Automobile Co., Ltd.

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

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