April 12, 2024
Golf Cart Market

Advancing Green Technologies Is Projected To The Global Drive The Golf Cart Market

Golf carts play a pivotal role in sustainability efforts undertaken at golf courses by serving as environment-friendly transportation solutions. Powered by lithium-ion batteries and electric motors, modern golf carts produce zero emissions and enable outdoor recreational activities with minimal carbon footprint. These carts feature lightweight yet durable frames, efficient regenerative braking, and precision controls that enhance the riding experience.

The global Golf Cart market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global Golf Cart market has seen steady growth in recent years due to the popularity of golf as a leisure sport worldwide and the rising demand for premium golf facilities. Golf carts provide convenient transportation for golfers and caddies across the extensive layouts of golf courses. Their seated design with adjustable legroom and suspension ensure rider comfort, while features such as GPS navigation and connectivity aids keep players on schedule. Moreover, golf cart rentals have emerged as a profitable business segment, helping golf resorts and clubs offer a comprehensive experience to patrons. The sustainability benefits of electric golf carts have also boosted their adoption over gasoline variants.

Market key trends:

One of the key trends gaining traction in the Global Golf Cart Market Size is the integration of advanced technologies to enhance functionality. Leading manufacturers are equipping carts with touchscreen infotainment systems, Bluetooth connectivity, USB ports, and smartphone apps for fleet management. This allows users to listen to music, get real-time maps and directions, remotely monitor battery levels, and book rentals digitally. Furthermore, autonomous carts capable of self-driving are being tested which could automate certain operations at golf courses in the coming years. Overall, technological innovations aim to offer greater convenience while strengthening the green credentials of golf carts.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in golf cart manufacturing allow new firms to enter the market easily. However, established players have strong brand loyalty which acts as a deterrent.

Bargaining power of buyers: Golf courses and individual buyers have moderate bargaining power due to availability of several golf cart brands to choose from.

Bargaining power of suppliers: Suppliers of golf cart components such as batteries and engines have low bargaining power due to presence of several component suppliers.

Threat of new substitutes: Currently there exists no close substitute for golf carts used for transportation within golf courses.

Competitive rivalry: The golf cart market is fragmented with the presence of several global and regional players. Competition is high based on product innovation, quality, and pricing.

Key Takeaways

The global Golf Cart market is expected to witness high growth over the forecast period. The global Golf Cart market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Regional analysis: North America accounts for around 40% share of the global golf cart market led by the US and Canada. Asia Pacific is expected to witness fastest growth due to rising popularity of golf in China, Japan and India. Countries like Japan, South Korea and Australia are also driving demand.

Key players: Key players operating in the golf cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd. Golf cart manufacturers are introducing electric and solar-powered golf carts to reduce carbon footprint.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it