PORTLAND, OREGAON, UNITED STATES, October 27, 2023 /EINPresswire.com/ — Golf Cart Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart) and Application (Golf Course, Personal Services, and Commercial Services): Global Opportunity Analysis and Industry Forecast, 2021-2028. According to a recent report published by Allied Market Research, titled, “golf cart market by product type and application: global opportunity analysis and industry forecast, 2021–2028”, the global golf cart market was valued at $1.35 billion in 2020, and is projected to reach $1.79 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/2099
Rise in globalization, stringent government rules and regulations towards vehicle emission, surge in the number of golf courses and country clubs, and inclination towards solar-powered golf carts drive the growth of the global golf cart market. However, high initial maintenance and purchasing cost, low power and speed, and low overall drive range hinder the market growth. On the other hand, technological advancements and reductions in cost of fuel cells and batteries create new opportunities in the coming years.
In America, the U.S. has the maximum number of golf courses, which counts around 15,332 followed by other countries such as Canada with 2,363 golf courses, Mexico with around 200, Brazil with 75, and Argentina with 319. The golf industry across the U.S. includes nearly 2 million jobs and golf game also contributes more to charity than any other major sports industry. In addition, around 36% of the U.S. population, which is over 107 million, who have either played, watched, or read about golf in 2018.
In 2020, the U.S. NGF (National Golf Foundation) witnessed ~24.8 million golfers in the U.S., representing a rise of nearly 2% or 500,000 as compared to 2019, the largest net increase recorded in 17 years. Increase in number of golf courses is supported by rise in number of people, who have inclined interest toward golf. This directly boosts growth in demand for golf carts. In addition, there is an increase, though at a slower rate of around 15, in the number of country clubs and golf courses in the U.S. Further, increase in disposable income leads to rise in expenditure of recreational time and discretionary income of population. All these factors collectively boost growth of the golf cart market share.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/golf-cart-market/purchase-options
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
Garia Inc.,
Platinum Equity Aadvisors,
LLC (Club Car),
Textron Inc. (E‑Z‑GO),
Showa Denko (Hitachi Chemicals),
Maini Group,
Yamaha Motor Co., Ltd.,
Nordic Group of Companies, Ltd.,
Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd,
Xiamen Dalle New Energy automobile Co., Ltd.
𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :
Production facilities were partially or completely closed due to lockdown regulations during the Covid-19 pandemic. The supply chain has been disrupted and raw material shortage occurred.
Golf courses were forced to close during the lockdown and social distancing measures were implemented. As a result, there has been a sharp drop in the number of rounds played at the course, which in turn, led to decline in sales of golf carts worldwide.
However, the usage of golf carts as slow-speed vehicles and ease in customizability are expected to raise the demand for golf carts.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/2099
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :
In 2020, by product type, the electric golf cart segment generated the highest revenue.
In 2020, by application, the golf course segment was the highest revenue contributor.
In 2020, region-wise, North America contributed the highest revenue, followed by Europe, Asia-Pacific, and LAMEA.
David Correa
Allied Market Research
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