The global golf cart market size is anticipated to hit USD 2.55 billion by 2028 and exhibit a CAGR of 6.0% during the forecast period. The swift electrification in the industry coupled with rising new golf course development is projected to boost the market growth. Fortune Business InsightsTM has presented this information in its report titled “Golf Cart Market, 2021-2028”. The market size stood at USD 1.62 billion in 2020 and USD 1.69 billion in 2021. Additionally, decreasing costs of electric golf cars are predicted to favor the market growth in the coming years.
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List of Key Market Players:
- Yamaha Golf-Car Company
- Textron Inc.
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
- CLUB CAR
- Cruise Car Inc.
- Garia Inc.
- JH Global Services Inc.
- SHOWDA DENKO K.K.
- Columbia Vehicle Group Inc.
Industry Developments-
- April 2021: Club Car by Ingersoll Rand was acquired by Platinum Equity for USD 1 billion.
Drivers Restraints-
Rising Electrification to Boost Market Growth
The automotive industry is evolving by launching eco-friendly and efficient solutions. This is happening due to the rising electrification of vehicles in the wake of stringent emission norms. The introduction of strict norms on emissions implemented by governments is propelling the demand for electric vehicles, and this has also boosted the demand for electric golf cars. Though most golf cars available currently are electrically powered, major manufacturers emphasize launching modern electric golf cars with enhanced battery capacities and travel range. These factors are expected to be the key factors driving the global golf cart market growth in the coming years.
Due to increasing adoption of electric cars, their prices are declining as well. The mass production of electric golf cars is likely to result in an increased demand for the product and favor market growth. The rising demand for golf cars due to its low speed for tourism purposes is also anticipated to fuel the market growth. Lastly, the development of new golf courses is likely to create lucrative growth for the market. However, the reducing number of golf players around the world may hamper the market growth.
Competitive Landscape-
Key Players Emphasize Collaborations and Partnerships to Capture Growth
The market is fairly fragmented and comprises international and regional players competing neck-to-neck. They adopt partnerships and collaborations, among other strategies, to acquire growth. For instance, Yamaha Golf-Car Company announced the extension of its partnership in January 2021 with the National Golf Course Owners Association (NGCOA).
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