Looking Ahead: Golf Car Market Analysis
When you purchased your first golf car, did you have any idea that you were becoming part of a multi- billion dollar industry that would revolutionize transportation? I personally had no idea. In 2008, I bought my first golf car for my family to cruise around our neighborhood. That same year, I started WHEELZ Custom Carts as an experiment to see if golf car parts and accessories would sell online. I could never have dreamed that the need for golf car parts would support my family for the past 12 years.
On average, the global golf car industry has been growing at a rate of 4% each year. The latest market report released in early April 2020 predicts that the growth rate will rise to 5.5% through to 2025. The growth can be attributed to a few different channels.
Golf Course New Construction
Although Europe’s golfing culture is dwindling, Asia Pacific is expected to emerge as a prominent player in the golf course industry. There are reportedly over 100 new golf courses underway in the world and 30% are located in Asia. It follows that the Asia Pacific golf car market share will climb considerably.
The USGA conducted a survey that reported that 44 percent of golf courses have a fleet of 50-75 golf cars and 30 percent have more than 75 golf cars. Adding 100 new worldwide golf courses demands new golf cars. Existing golf courses refresh their fleets on a yearly basis.
Increased Use of Golf Cars in Tourism
In recent years, golf cars are increasingly making their way to beach clubs, luxury resorts, airports, RV resorts and other common tourist attractions. According to data from 2019, 64 percent of global golf course projects include resort development. The explosion of the short term rental industry has also contributed to an increase in golf car use, as more and more listings on Airbnb include the use of a golf car as part of the rental. It is commonly expected that if you vacation in a resort or golf course community, a golf car will be available to you.
Master Planned Communities
Although golf car laws and ordinances are constantly in flux, master planned communities are experiencing 3 percent year after year growth. And what is the most popular means of transportation in master planned communities? Golf Cars, of course!
What does the future of master planned communities look like? It is expected that technology will be in the forefront. Autonomous electric vehicles (really cool golf cars), solar power, virtual reality, smart homes, modular units, and luxury tiny homes are only a few of the innovations under development as part of master planned communities.
Golf cars are reliable, versatile, low maintenance and easy to use. They are relatively affordable and will continue to be used in alternative ways such as farming, hunting, law enforcement, hospital and airport transport. There is no doubt that they are growing in popularity and you are ahead of the curve!
