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Report
Global Golf Cart Market Forecast 2024-2032
Market Report I 2024-05-20 I 220 Pages I Inkwood Research
KEY FINDINGS
The global golf cart market is anticipated to grow with a CAGR of 5.68% during the forecast years of 2024 to 2032. The market growth is mainly accredited to the rise in golf tourism, the increasing number of golf courses, as well as government regulations regarding vehicular emissions.
MARKET INSIGHTS
Golf carts, categorized as low-speed vehicles (LSVs), predominantly utilize electric motors or internal combustion engines (ICE) for propulsion. They serve the purpose of transporting golfers and their equipment around a golf course, with a maximum speed of under 45 kilometers per hour.
Governments worldwide are intensifying their focus on curbing car emissions due to their adverse environmental impact. In response, countries like the U.S., Germany, France, and China have enacted stringent legislation and regulations targeting vehicle emissions. Automakers are now compelled to leverage cutting-edge technologies to minimize pollution from cars. Notably, a California Air Resources Board (CARB)-sponsored initiative advocates for the production and provision of zero-emission automobiles (ZEVs), aiming to significantly boost the adoption of electric vehicles (EVs).
Within this context, the market dynamics of golf carts offer an illustrative example. These carts come in two variants: gasoline-powered and electric. While the gasoline model emits relatively low levels of pollution due to its smaller engines and lower power output, the electric model emerges as the more environmentally beneficial option. Hence, the environmental advantages and minimal emissions of electric golf carts are key drivers shaping market preferences, subsequently boosting the global market's growth during the forecast years.
REGIONAL INSIGHTS
The global golf cart market growth assessment includes the evaluation of North America, Europe, Asia-Pacific, and Rest of World. The Asia-Pacific is set to grow with the highest CAGR during the forecasted years, owing to factors such as fiscal and monetary policies, the increase in demand from premium buyers, and the rising tourism industry.
COMPETITIVE INSIGHTS
The global golf cart market is witnessing intense rivalry between players in order to capture newer geographical regions, including the Asia-Pacific. Hence, the threat of rivalry is high. Furthermore, some of the key companies operating in the market are Garia, HDK Electric Vehicle, Club Car, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
2.4.1. IMPACT OF COVID-19 ON GOLF CART MARKET
2.5. MAJOR MARKET FINDINGS
2.5.1. RISE OF MULTI-PURPOSE FUNCTIONALITY OF GOLF CARTS
2.5.2. GROWING FOCUS ON SAFETY FEATURES
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. EXPANSION OF THE GOLFING INDUSTRY
3.1.2. SHIFT TOWARDS ELECTRIC GOLF CARTS TO REDUCE EMISSIONS
3.1.3. SURGE IN GOLF TOURISM
3.2. KEY RESTRAINTS
3.2.1. HIGH COST OF GOLF MEMBERSHIP AND CARTS
3.2.2. LEGAL LIMITATIONS AND REGULATORY CONSTRAINTS REGARDING GOLF CARTS
3.2.3. AVAILABILITY OF ALTERNATE TRANSPORTATION SOLUTIONS
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. RISING PREFERENCE FOR ECO-FRIENDLY GOLF CART OPTIONS
4.1.2. INTEGRATION OF SMART TECHNOLOGY IN GOLF CARTS
4.1.3. INCREASING POPULARITY OF RENTAL AND SHARED MOBILITY SERVICES
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTIONS
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
4.6.1. RAW MATERIALS
4.6.2. MANUFACTURERS
4.6.3. DISTRIBUTION
4.6.4. END-USERS
4.7. KEY BUYING CRITERIA
4.7.1. BATTERY LIFE
4.7.2. PERFORMANCE AND SPEED
4.7.3. ERGONOMICS
4.7.4. STORAGE CAPACITY
5. MARKET BY SEATING CAPACITY
5.1. ONE-TO-FOUR-SEATER
5.2. ABOVE-FIVE-SEATER
6. MARKET BY VEHICLE TYPE
6.1. GAS GOLF CART
6.2. ELECTRIC GOLF CART
6.3. SOLAR GOLF CART
7. MARKET BY END-USER
7.1. GOLF AND RECREATION
7.2. COMMERCIAL USAGE
7.3. PERSONAL USAGE
8. GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1. MARKET SIZE & ESTIMATES
8.1.2. NORTH AMERICA GOLF CART MARKET DRIVERS
8.1.3. NORTH AMERICA GOLF CART MARKET CHALLENGES
8.1.4. KEY PLAYERS IN NORTH AMERICA GOLF CART MARKET
8.1.5. COUNTRY ANALYSIS
8.1.5.1. UNITED STATES
8.1.5.2. CANADA
8.2. EUROPE
8.2.1. MARKET SIZE & ESTIMATES
8.2.2. EUROPE GOLF CART MARKET DRIVERS
8.2.3. EUROPE GOLF CART MARKET CHALLENGES
8.2.4. KEY PLAYERS IN EUROPE GOLF CART MARKET
8.2.5. COUNTRY ANALYSIS
8.2.5.1. UNITED KINGDOM
8.2.5.2. GERMANY
8.2.5.3. FRANCE
8.2.5.4. SPAIN
8.2.5.5. IRELAND
8.2.5.6. DENMARK
8.2.5.7. NETHERLANDS
8.2.5.8. SWEDEN
8.2.5.9. REST OF EUROPE
8.3. ASIA-PACIFIC
8.3.1. MARKET SIZE & ESTIMATES
8.3.2. ASIA-PACIFIC GOLF CART MARKET DRIVERS
8.3.3. ASIA-PACIFIC GOLF CART MARKET CHALLENGES
8.3.4. KEY PLAYERS IN ASIA-PACIFIC GOLF CART MARKET
8.3.5. COUNTRY ANALYSIS
8.3.5.1. CHINA
8.3.5.2. JAPAN
8.3.5.3. INDIA
8.3.5.4. SOUTH KOREA
8.3.5.5. INDONESIA
8.3.5.6. THAILAND
8.3.5.7. VIETNAM
8.3.5.8. AUSTRALIA & NEW ZEALAND
8.3.5.9. REST OF ASIA-PACIFIC
8.4. REST OF WORLD
8.4.1. MARKET SIZE & ESTIMATES
8.4.2. REST OF WORLD GOLF CART MARKET DRIVERS
8.4.3. REST OF WORLD GOLF CART MARKET CHALLENGES
8.4.4. KEY PLAYERS IN REST OF WORLD GOLF CART MARKET
8.4.5. REGIONAL ANALYSIS
8.4.5.1. LATIN AMERICA
8.4.5.2. MIDDLE EAST & AFRICA
9. COMPETITIVE LANDSCAPE
9.1. KEY STRATEGIC DEVELOPMENTS
9.1.1. MERGERS & ACQUISITIONS
9.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
9.1.3. PARTNERSHIPS & AGREEMENTS
9.1.4. BUSINESS EXPANSIONS
9.2. COMPANY PROFILES
9.2.1. CLUB CAR
9.2.1.1. COMPANY OVERVIEW
9.2.1.2. PRODUCT LIST
9.2.1.3. STRENGTHS & CHALLENGES
9.2.2. CRUISE CAR INC
9.2.2.1. COMPANY OVERVIEW
9.2.2.2. PRODUCT LIST
9.2.2.3. STRENGTHS & CHALLENGES
9.2.3. EVOLUTION ELECTRIC VEHICLES
9.2.3.1. COMPANY OVERVIEW
9.2.3.2. PRODUCT LIST
9.2.3.3. STRENGTHS & CHALLENGES
9.2.4. E-Z-GO (ACQUIRED BY TEXTRON INC)
9.2.4.1. COMPANY OVERVIEW
9.2.4.2. PRODUCT LIST
9.2.4.3. STRENGTHS & CHALLENGES
9.2.5. GARIA
9.2.5.1. COMPANY OVERVIEW
9.2.5.2. PRODUCT LIST
9.2.5.3. STRENGTHS & CHALLENGES
9.2.6. HAWK CARTS
9.2.6.1. COMPANY OVERVIEW
9.2.6.2. PRODUCT LIST
9.2.6.3. STRENGTHS & CHALLENGES
9.2.7. HDK ELECTRIC VEHICLE
9.2.7.1. COMPANY OVERVIEW
9.2.7.2. PRODUCT LIST
9.2.7.3. STRENGTHS & CHALLENGES
9.2.8. KARRIOR ELECTRIC VEHICLES
9.2.8.1. COMPANY OVERVIEW
9.2.8.2. PRODUCT LIST
9.2.8.3. STRENGTHS & CHALLENGES
9.2.9. MARSHELL ELECTRIC VEHICLE CO LTD
9.2.9.1. COMPANY OVERVIEW
9.2.9.2. PRODUCT LIST
9.2.9.3. STRENGTHS & CHALLENGES
9.2.10. STAR EV CORPORATION
9.2.10.1. COMPANY OVERVIEW
9.2.10.2. PRODUCT LIST
9.2.10.3. STRENGTHS & CHALLENGES
9.2.11. THAI SUMMIT GROUP
9.2.11.1. COMPANY OVERVIEW
9.2.11.2. PRODUCT LIST
9.2.11.3. STRENGTHS & CHALLENGES
9.2.12. TOMBERLIN USA
9.2.12.1. COMPANY OVERVIEW
9.2.12.2. PRODUCT LIST
9.2.12.3. STRENGTHS & CHALLENGES
9.2.13. VARLEY GROUP
9.2.13.1. COMPANY OVERVIEW
9.2.13.2. PRODUCT LIST
9.2.13.3. STRENGTHS & CHALLENGES
9.2.14. YAMAHA GOLF-CAR COMPANY
9.2.14.1. COMPANY OVERVIEW
9.2.14.2. PRODUCT LIST
9.2.14.3. STRENGTHS & CHALLENGES
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT - GOLF CART
TABLE 2: GLOBAL GOLF CART MARKET, BY SEATING CAPACITY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 3: GLOBAL GOLF CART MARKET, BY SEATING CAPACITY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 4: GLOBAL ONE-TO-FOUR-SEATER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: GLOBAL ONE-TO-FOUR-SEATER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: GLOBAL ABOVE-FIVE-SEATER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 7: GLOBAL ABOVE-FIVE-SEATER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 8: GLOBAL GOLF CART MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 9: GLOBAL GOLF CART MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 10: GLOBAL GAS GOLF CART MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 11: GLOBAL GAS GOLF CART MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 12: GLOBAL ELECTRIC GOLF CART MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 13: GLOBAL ELECTRIC GOLF CART MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 14: GLOBAL SOLAR GOLF CART MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 15: GLOBAL SOLAR GOLF CART MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 16: GLOBAL GOLF CART MARKET, BY END-USER, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 17: GLOBAL GOLF CART MARKET, BY END-USER, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 18: GLOBAL GOLF AND RECREATION MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 19: GLOBAL GOLF AND RECREATION MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 20: GLOBAL COMMERCIAL USAGE MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 21: GLOBAL COMMERCIAL USAGE MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 22: GLOBAL PERSONAL USAGE MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 23: GLOBAL PERSONAL USAGE MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 24: GLOBAL GOLF CART MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 25: GLOBAL GOLF CART MARKET, BY GEOGRAPHY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 26: NORTH AMERICA GOLF CART MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 27: NORTH AMERICA GOLF CART MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 28: KEY PLAYERS OPERATING IN NORTH AMERICA GOLF CART MARKET
TABLE 29: EUROPE GOLF CART MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 30: EUROPE GOLF CART MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 31: KEY PLAYERS OPERATING IN EUROPE GOLF CART MARKET
TABLE 32: ASIA-PACIFIC GOLF CART MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 33: ASIA-PACIFIC GOLF CART MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 34: KEY PLAYERS OPERATING IN ASIA-PACIFIC GOLF CART MARKET
TABLE 35: REST OF WORLD GOLF CART MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 36: REST OF WORLD GOLF CART MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 37: KEY PLAYERS OPERATING IN REST OF WORLD GOLF CART MARKET
TABLE 38: LIST OF MERGERS & ACQUISITIONS
TABLE 39: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 40: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 41: LIST OF BUSINESS EXPANSIONS
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: KEY BUYING CRITERIA
FIGURE 8: GLOBAL GOLF CART MARKET, GROWTH POTENTIAL, BY SEATING CAPACITY, IN 2023
FIGURE 9: GLOBAL GOLF CART MARKET, BY ONE-TO-FOUR-SEATER, 2024-2032 (IN $ MILLION)
FIGURE 10: GLOBAL GOLF CART MARKET, BY ABOVE-FIVE-SEATER, 2024-2032 (IN $ MILLION)
FIGURE 11: GLOBAL GOLF CART MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2023
FIGURE 12: GLOBAL GOLF CART MARKET, BY GAS GOLF CART, 2024-2032 (IN $ MILLION)
FIGURE 13: GLOBAL GOLF CART MARKET, BY ELECTRIC GOLF CART, 2024-2032 (IN $ MILLION)
FIGURE 14: GLOBAL GOLF CART MARKET, BY SOLAR GOLF CART, 2024-2032 (IN $ MILLION)
FIGURE 15: GLOBAL GOLF CART MARKET, GROWTH POTENTIAL, BY END-USER, IN 2023
FIGURE 16: GLOBAL GOLF CART MARKET, BY GOLF AND RECREATION, 2024-2032 (IN $ MILLION)
FIGURE 17: GLOBAL GOLF CART MARKET, BY COMMERCIAL USAGE, 2024-2032 (IN $ MILLION)
FIGURE 18: GLOBAL GOLF CART MARKET, BY PERSONAL USAGE, 2024-2032 (IN $ MILLION)
FIGURE 19: NORTH AMERICA GOLF CART MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 20: UNITED STATES GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 21: CANADA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 22: EUROPE GOLF CART MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 23: UNITED KINGDOM GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 24: GERMANY GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 25: FRANCE GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 26: SPAIN GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 27: IRELAND GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 28: DENMARK GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 29: NETHERLANDS GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 30: SWEDEN GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 31: REST OF EUROPE GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 32: ASIA-PACIFIC GOLF CART MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 33: CHINA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 34: JAPAN GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 35: INDIA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 36: SOUTH KOREA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 37: INDONESIA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 38: THAILAND GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 39: VIETNAM GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 40: AUSTRALIA & NEW ZEALAND GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 41: REST OF ASIA-PACIFIC GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 42: REST OF WORLD GOLF CART MARKET, REGIONAL OUTLOOK, 2023 & 2032 (IN %)
FIGURE 43: LATIN AMERICA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
FIGURE 44: MIDDLE EAST & AFRICA GOLF CART MARKET, 2024-2032 (IN $ MILLION)
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