The golf cart market is anticipated to grow at a significant CAGR of 5.5% during the forecast period (2022-2028). A golf cart is a low-speed vehicle powered by electric motors that are gas-powered and designed for use on golf courses to transfer golfers and equipment around the course. With an average speed of 25 to 50 kmph, it is often known as a non-highway or off-road vehicle. Increasing urbanization and industrialization, a shift toward mall culture, hi-tech and smart residential and commercial housing projects, and an increase in the use of golf cart vehicles in hotels, hospitality, tourism, and amusement parks are also expected to drive the golf cart market forward globally.
The global golf cart market is segmented based on the type and application. Based on the type, the market is sub-segmented into electric golf carts, gasoline golf carts, and solar golf carts. Among these types, the electric golf cart segment is expected to propel the growth of the market due to its higher efficiency over other types. Based on the application, the market is sub-segmented into golf, personal, and commercial.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance-
- In October 2021, Kinetic Green Energy & Power Solutions Ltd. partnered with Lamborghini to develop Italian-designed and India-made golf carts. The project will be carried out with a global market in mind.
- In August 2021, Club Car announced a partnership with ezLocator. With the new integration, golfers will be able to experience correct yardages from anywhere around the globe.
- In June 2021, E-Z-GO introduced its new vehicle, the E-Z-GO Liberty. It is the first vehicle in the market to provide four forward-facing seats in a tiny, golf-car-sized footprint. The Liberty is powered by a high-performance, low-maintenance Samsung SDI lithium-ion battery system.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Yamaha Golf-Car Co., Cruise Car Inc., Columbia ParCar Corp., Garia Inc., Club Car LLC, Textron Specialized Vehicles Inc., HDK Electric Vehicles, JH Global Services Inc., and Dongguan Excellence Golf & Sightseeing Car Co. Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
A full report of Global Golf Cart Market is available at: https://orionmarketreports.com/global-golf-cart-market/109801/
Global Golf Cart Market Report by Segment
By Type
- Electric Golf Cart
- Gasoline Golf Cart
- Solar Golf Cart
By Application
- Golf
- Personal
- Commercial
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