Stringent vehicular emission norms set up by governments around the world, rapid growth of the tourism industry and indoor applications including airports, hospitals, warehouses, and universities are driving developments in the golf cart industry. The golf cart market is projected to reflect a steady rate of 4.3% CAGR during the assessment period from 2021 to 2031. Significant scope for customization options and modular designs will influence developments in end use industries during the coming decade. Efforts towards electrification and the transition to lithium ion batteries are also driving the development and sales of golf cart offerings.
“In addition to the growing scope of use, factors including the introduction of GPS-enabled golf carts and upgraded lithium batteries, along with improved standards of living especially in emerging economies, are projected to play key roles in driving the market throughout the assessment period,” says the FMI study.
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Golf Cart Market – Primary Takeaways
- Solar and electric golf carts are expected to display faster growth owing to factors including low-operational costs, pollution, noise and maintenance.
- Commercial service applications are expected to gain traction owing to use in airports and public transport.
- United States is a major revenue generator owing to the large number of golf courses in the country.
- China, India, and South Korea are reflecting high potential for growth, owing to growing interest in commercial applications.
Golf Cart Market – Growth Factors
- Investments into commercial construction projects including large-scale malls, theme parks, and smart city projects are generating opportunities for golf cart use.
- Efforts by manufacturers for customization including aesthetics and seating capacity is a key factor supporting growth in the industry.
- Innovations to reduce battery weight, improving speed and range supports long-term sales prospects.
Golf Carts Market – Major Constraints
- High initial capital requirements associated with purchasing golf carts hurts sales figures.
- Shortage of charging infrastructure for electric golf carts remains a concern for market players.
Expected Impact on Market by Coronavirus Outbreak
The global golf cart market has been adversely affected by the ongoing covid-19 pandemic. Disruptions to supply chains for essential components and restrictions imposed under lockdown regulations on automotive production facilities hampered short-term growth prospects for market players.
Gradual relaxation of restrictions on international trade and lockdown rules through 2021 project likely growth in the industry in the near future. Also, resumption of commercial construction projects in urban centers are likely to aid in a faster recovery for sales prospects in the near future.
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The top manufacturers taking part in the golf carts market include but are not limited to Volmac Engineering Pvt. Ltd., Club Car LLC, Carrieall Car Pvt. Ltd., Yamaha Golf-Car Company, GDRIVE Golf Cart, E-Z-GO, Solorider, EverGreen Electrical Vehicles, Polaris Inc., Columbia ParCar Corp., Toyota Motor Corporation, Hitachi Chemical Co. Ltd., Cruise Car Inc., Xiamen Dalle Electric Car Co. Ltd., Garia Luxury Golf Car, and Maini Material Movement Pvt. Ltd.
Leading manufacturers in the golf cart market are involved product development initiatives in addition to seeking long term collaborations for product applications in public, urban settings to set up sustainable revenue streams.
In March 2021, Huron-Kinloss entered into a collaborative pilot program with the Ministry of Transportation for Canada to explore the feasibility of on-road golf-cart use on Pelee Island. British Columbia based Vernon’s SC Carts introduced its NXT City electric golf cart for its advent into the slow speed category, which the company claims will become the first street legal, electric LSV in Canada. In October 2020, electric vehicle manufacturer Kinetic Green announced its intention to set up a manufacturing facility for electric golf carts in addition to a battery swapping facility in Andhra Pradesh India.
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More on the Report
FMI provides in-depth insights on the golf carts market. The market is segmented in terms of product type (push-pull golf cart, gasoline golf cart, electric golf cart, and solar powered golf cart), operation (manual and powered), application (golf courses, personal use, industry use, and others), and ownership (rented and fully owned), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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