Golf Cart Global Market Analysis and Industry Forecast in the Next Decade
As an emerging industry, the golf cart attracts more and more attention with its impressive performance.
According to the statistics, Global golf cart market consumption reached 182,380 units in 2015, and the market volume is expected to reach US$ 2,080.0 Mn by the end of 2026. In terms of volume, it is anticipated to increase to 301,188 units by 2026, exhibiting a CAGR of 4.7% over the forecast period. The global golf cart market is anticipated to represent incremental opportunity of US$ 964.9 Mn between 2016 and 2026.
Why is golf cart market is growing so rapidly?
Golf cart are basically used to travel short distances, they can also be used in different locations for different purposes such as resorts, hotels and retirement villages and others. These carts are also used in airports and shopping malls to carry luggage over short distance or inside a building.
Countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanisation over the past decade. This swift development of urbanisation and industrialisation boosts mall culture, hi-tech and smart housing projects, and amusement and theme parks. All these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. Besides, growth in the golf course projects in North America, Asia, and Europe leads to high demand for golf carts. The development of tourism and hospitality industry and ease of operation supports the growth of the global golf cart market. The demand for customization by the end users in relation to vehicle aesthetics and seating capacity has increased. To leverage this opportunity, manufacturers are expanding their offerings and providing customised solutions according to end-use applications. Hotels & resorts, rental services, and amusement parks are some of the major end users with high demand for customization.
It is not hard to see that the rapid development of urbanisation and industrialisation is a strong driving force of the global golf cart market.
North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan are the main global golf cart market segments.
The North America golf cart market accounted for a value share of 41.7% in 2015 and will remain the dominant regional golf cart market during 2016 and 2026. The region’s dominance is due to advancement in technology and rejuvenation of the golf industry in U.S. and Canada.
Asia-Pacific is anticipated to be the second largest market, owing to the increasing use of electric golf cart in other end use industry such as residential apartments, airports, malls and others. Sales of golf carts in Japan is expected to represent a total incremental opportunity of US$ 58.9 Mn between 2016 and 2026.
The Western Europe golf cart market is expected to represent significantly high incremental opportunity between 2016 and 2026, while the APEJ golf cart market is projected to expand at a significant CAGR in terms of volume over the forecast period.
In terms of product type, the global golf cart market can be divided into push-pull golf cart, gasoline golf cart, electric golf cart and solar powered golf cart.
Due to heavy demand of eco-friendly product and surging prices of fuel, electric golf cart market accounted for 50% market share to the global golf market in 2015. Meanwhile, as the eco-friendly new energy with low maintenance cost, the solar powdered golf cart market is anticipated to grow at a faster rate.
In terms of application, the global golf cart market can be segmented into golf courses, personal use, industry use, rental services and others. Golf courses segment accounted for over 49.1% value share in 2015. High growth of the segment is mainly attributed to use of golf carts in niche applications such as short trips in shopping malls, universities, airports and short drives around the town.
Main Industry Player Analysis
Some of the leading market players in the global golf cart market include:
- Club Car, Inc.
- Evergreen Electric Vehicles
- Columbia ParCar Corp
- Yamaha Golf Car Company
- Maini Material Movement Pvt. Ltd.
- Garia Luxury Golf Car
- Cruise Car, Inc.
- Tesla Motors. Inc.
- HDK Electric Vehicles
In a word, as the sunrise industry, global golf cart market will keep growing with a swift speed. As the industry player, will you seize this golden opportunity?