Global Golf Cart Market to Reach US$ 3.3 Billion by 2032, Propelled by Increasing Participation of Individuals in Recreational Activities

February 24, 2023 | Automotive Industry

IMARC Group’s latest report, titled “Golf Cart Market Report by Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart), Application (Golf Course, Personal Services, Commercial Services), Seating Capacity (Small (2-4 Seater), Medium (6-8 Seater), Large (Above 8 Seats)), and Region 2024-2032,” finds that the global golf cart market size reached US$ 2.1 Billion in 2023. Golf carts refer to low-powered, motorized, easy-to-drive vehicles that are usually small in size and driven by a gasoline engine, solar power, or electric motor. They are generally built low to the ground to depress the center of gravity to provide stability, allowing them to be driven even over uneven terrain. They are widely used to transport golfers and their equipment around a golf course. They are commonly available in different sizes and passenger capacities. Since they assist in reducing labor, saving time, and minimizing the workload on caddies while offering an overall enjoyable experience to the passengers, golf carts are extensively utilized in golf courses, airports, hotels, shopping malls, and other public places, where using cars is impractical.

Global Golf Cart Market Trends:

The increasing participation of individuals in recreational activities and the rising popularity of golf as a luxury sport represent the primary factors driving the market growth. Besides this, the surging establishment of membership-only country clubs and golf courses is another major growth-inducing factor. Additionally, there is a rise in the use of modified golf carts for promotional and marketing activities across golf courses, airports, and resorts by accommodating advertisement boards and banners. In line with this, the widespread adoption of golf cart rental services for affordable transportation within premises at numerous events, including exhibitions, tradeshows, expos, and symposiums, has augmented the product demand. Furthermore, the introduction of innovative electric and solar golf carts has propelled the market growth as they are gaining traction as an eco-friendly alternative to their gasoline-driven counterparts due to their zero carbon emissions and complete noise elimination. Apart from this, the escalating demand for compact and easy-to-maneuver vehicles that require minimum parking space has accelerated product adoption rates. Moreover, the launch of GPS-enabled golf carts with upgraded lithium batteries and continual advancements in engine efficiency to lower greenhouse gas (GHG) emissions have catalyzed the market growth. Other factors, including the emergence of short-distance tourism and electric mobility, significant expansion in the hospitality industry, rapid urbanization, improving lifestyles, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 3.3 Billion by 2032, growing at a CAGR of 5% during 2024-2032.

Market Summary:

Based on the product type, the market has been classified into electric, gasoline, and solar golf carts.
The market has been divided based on the application into golf course, personal services, and commercial services.
On the basis of the seating capacity, the market has been categorized into small (2-4 seater), medium (6-8 seater), and large (above 8 seats).
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Club Car (Ingersoll Rand Inc.), E-z-go (Textron), Garia Inc, JH Global Services Inc., Maini Materials Movement Pvt. Ltd, Marshell Green Power, Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., and Tomberlin (Columbia Vehicle Group Inc.).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product Type, Application, Seating Capacity, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Club Car (Ingersoll Rand Inc.), E-z-go (Textron), Garia Inc, JH Global Services Inc., Maini Materials Movement Pvt. Ltd, Marshell Green Power, Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., and Tomberlin (Columbia Vehicle Group Inc.)
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Global Golf Cart Market to Reach US$ 3.3 Billion by 2032, Propelled by Increasing Participation of Individuals in Recreational Activities

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