April 20, 2024
Golf Cart Market

The Global Golf Cart Market Driven By Rising Leisure Activities And Tourism

Golf carts are small, light vehicles used to transport golfers and their equipment around a golf course. They are electric-powered and offer environmental friendliness over gasoline or diesel vehicles. Golf carts provide comfort, convenience and help improve efficiency of golf courses. Golf carts come in different seaters and are equipped with storage beds, lights,USB ports and GPS systems among other premium features.

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 2030.

Key Takeaways

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. The key opportunities in the market include growing investments for development and expansion of golf courses globally. Furthermore, rising tourism activities are also fueling the sales of golf carts for transportation purposes. The golf cart market is expanding rapidly in Asia Pacific region owing to increasing number of golf courses and growing middle class population.

Market drivers

The global Golf Cart Market Demand growth is driven by rising popularity of golf as a leisure sport and increasing tourism activities worldwide. With growing passion for golf among people, demand for associated equipment like golf carts is surging significantly. Golf carts provide convenient means of transportation on large golf fields while helping to improve efficiency. Furthermore, increasing construction of new golf courses especially in developing nations is another key factor fueling sales of golf carts. Golf cart manufacturers are also focusing on developing premium carts with advanced features to engage more customers. This is positively impacting the overall golf cart market revenues.

PEST Analysis
Political: Golf carts are allowed on golf courses and sometimes on roads with speed limits of 25 mph or less. Regulations determine operation like licenses and minimum age.
Economic: Falling costs of lithium-ion batteries may boost electric golf cart adoption. Higher disposable incomes fuel demand as golf remains an elite/luxury sport.
Social: Golf carts enable enjoyment of sport for people unable/unwilling to walk 18 holes. Rise in elderly population seeking recreation drives usage. Environmental concerns grow regarding emissions from gas-powered vehicles.
Technological: Lithium-ion batteries increase range of electric golf carts. Solar panels can charge batteries enhancing sustainability. Connectivity/GPS aids in fleet management for courses. Advanced materials make carts lighter yet durable.

The market in terms of value is concentrated most in North America and Western Europe owing to high participation rates in golf. Countries with large senior populations also see significant usage especially the US, UK, Germany, Canada and Japan.

The Asia Pacific region is growing the fastest for golf carts driven by expanding middle class in China and India taking up the sport. Courses are adding fleets to accommodate rising interest while younger demographic profiles bolster long term prospects. Infrastructure growth across Southeast Asia and increasing discretionary spends contribute to doubling of market size expected over the forecast period for Asia Pacific.

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