by The global Golf Cart Market is estimated to be valued at US$ 1.41 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Golf carts are light utility vehicles used for transporting golfers and their equipment around a golf course. They are available in electric-powered and gasoline-powered variants. Electric golf carts are eco-friendly, do not emit pollutants, and are quieter as compared to gasoline variants. They need less maintenance and have lower operating costs. Golf carts are preferred by golf clubs and individual golfers for their convenient, comfortable, and easy transportation needs at golf courses.
Market key trends:
With growing awareness about environmental protection, there is an increasing focus on the development and adoption of zero-emission electric vehicles across different industries. In line with this trend, electric golf carts are gaining more popularity over traditional gasoline carts. Major golf cart manufacturers are extensively investing in research & development of innovative lithium-ion battery technologies to improve the driving range and performance of electric golf carts. They are also focusing on design modifications to make electric golf carts more comfortable and feature-rich. These initiatives are fueling the demand and adoption of electric golf carts among more golfers and clubs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is medium as initial investment is moderately high however regulations aren’t very strict. Brand loyalty is medium so establishing self takes time.
Bargaining power of buyers: Bargaining power of buyers is high given the presence of numerous established brands. Buyers can negotiate on price and demand value added services.
Bargaining power of suppliers: Bargaining power of suppliers is medium as raw material providers aren’t many but changing them isn’t difficult either. Suppliers need to rely on brand for consistent business.
Threat of new substitutes: Threat of substitutes is low as golf carts have very specific usage and no close substitutes exist that can entirely replace them. Golf courses rely on fleets of carts.
Competitive rivalry: Competition is fierce among existing players given the presence of global brands and regional players focusing on innovation.
Key Takeaways
The global Golf Cart Market growth is expected to witness high, exhibiting CAGR of 3.9% over the forecast period 2023 to 2030, due to increasing participation in golf sport globally and rise of golf tourism. North America dominates the global golf cart market currently holding around 35% share owing to high number of golf courses and players in United States. The Asia Pacific region is expected to be the fastest growing market for golf carts on the back of growing interest in golf and urbanization in countries like China and India.
Key players operating in the Golf Cart market are Club Car, LLC, Yamaha Golf-Car Company., E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, and Hitachi Chemical Co., Ltd. These players are focusing on development of sustainable golf carts, connected technologies, and fleet management solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
