Golf Cart Market, by Fuel Type (Electric Golf Carts Gasoline Golf Carts, and Solar Golf Cart), by Application (Passenger Mover Golf Cart, Turf Maintenance/Utility Golf Cart, and Food and Beverage Golf Cart), by Seating Capacity (Small (2-4 Seater), Medium (6-8 Seater), and Large (Above 8 Seater)), By Use Case (Golf Operations, Personal, and Utility), by End-Use Vertical (Golf/Sports, Education, Government, Industries, Resort, Hotels and Malls, and Airports), and by Geography - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  • Published On : Nov 2019 |
  • Pages : 150 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Golf Cart Market

The global golf cart market was valued at US$ 3,262.3 million in 2017 and is projected to exhibit a CAGR of 6.3% during the forecast period (2019–2027), reaching US$ 5,590.0 million by 2027. Growing urbanization and industrialization are driving demand for golf carts, this in turn fueling growth of the global golf cart market. However, high initial costs associated with golf carts act as a major roadblock to the growth of the market. Additionally, lack of infrastructure for charging points of golf carts in emerging economies also hinders growth of the golf cart market. 

The increasing urbanization and industrialization in emerging economies have fueled the market for golf cart

Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This in turn, has increased the demand for internal transportation to carry goods and people, subsequently fueling demand for golf carts. Increasing demand for customized products by end users, related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.

Increasing demand for electric golf carts fuels growth of the global golf cart market

On the basis of fuel type, the global golf cart market is segmented into electric golf carts, solar golf carts and gasoline golf carts. The electric golf carts segment held a dominant position in 2018 and is projected to retain its dominance throughout the forecast period. Increasing demand for pollution-free vehicles, surging prices of fuels, coupled with low costs associated with maintenance of electric carts are creating a conducive environment for growth of the segment.

Electric golf carts are powered by lead-acid batteries that enables the increase in its weight-to-performance ratio. Lithium golf cart batteries are half the size of a traditional lead-acid battery, and two-thirds of the battery weight, which enables the golf cart to reach higher speeds with less energy and can transport more weight.

The companies are focused on collaborations and strategic partnerships in order to expand their geographical expansion. For instance, in December 2018, Tonino Lamborghini has entered into a business partnership with Indian golf cart maker, Kinetic Green Energy, to design and manufacture premium segment electric and solar golf carts for the global market.

Figure 1. Global Golf Cart Market, by Fuel Type (2018)

Golf Cart  | Coherent Market Insights

Source: Coherent Market Insights Analysis, 2018

North America holds a dominant position in the global golf cart market

On the basis of geography, the global golf cart market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all of these regions, North America accounted around 53% market share in the global golf cart market in 2018 and is expected to grow at a CAGR of XX% over the forecast period from 2019 to 2027. The high popularity of golf sport in this region has resulted large number of golf courses in the region. According to CMI analysis, as of 2018, the U.S. has more than 15,000 golf courses and is increasing at a significant rate which is fueling the demand of golf cart in the North America market. Moreover, the inception of solar powered golf cart and development in the field of autonomous golf cart are the major contributing factors in the growth of golf cart market in the region.

Asia Pacific region is expected to witness significant growth opportunity in the golf cart market over the forecast period. Japan and Australia are largest contributors in the region. The country has more than 2,000 golf facilities as of 2018 which is positively impacting the market growth for golf cart. The growth of this region is mainly attributed to the increasing use of golf carts in developing countries such as China and India. With the increasing urbanization and increasing disposable income in these countries, the golf is gaining popularity. Owing to this, the number of golf course is increasing at a significant rate in the region which is propelling the market for golf cart in the region.

Moreover, the increasing use of golf carts in other end-use verticals such as malls, resorts, hotels, airports are propelling the demand for golf cart market in the region.

The global golf cart market generated a revenue of US$ 3,262.3 million in 2017 and is projected to exhibit a CAGR of 6.3% over the forecast period, reaching US$ 5,590.0 million by 2027.

Market Dynamics

The increasing deployment of golf carts across a number of facility centers in the Asia pacific region is driving the growth of the global golf cart market. According to analysis by Coherent Market Insights in 2018, the Asia pacific region has more than 2,000 golf facilities which is positively impacting the market growth for golf cart. Moreover, continual developments made in terms of manufacturing of golf carts are opening major opportunities for the golf carts market players.

According to the data from Automobile Industry in 2019, the deployment of golf carts is highly expected across various spaces, airports being one of the most prominent ones. Owing to this, airports would contribute to the worldwide growth of golf carts market.

Furthermore, growing urbanization and industrialization have increased the demand for internal transportation to carry goods and people. For instance, in 2018, in India, Pune Airport authorities have obtained three golf carts to transport passengers outside the terminal.

Market Taxonomy

This report segments the global golf cart market on the basis of fuel type, application, seating capacity, use case, end-use vertical and geography. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely, North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.

Key features of the study:

  • This report provides an in-depth analysis of the golf cart market with market size (US$ Million) and CAGR (%) for the forecast period: 2019–2027, considering 2018 as the base year
  • This report elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
  • The research study will also provide golf cart accessories market outlook
  • It profiles leading players in the global golf cart market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, and strategies
  • Key companies covered as a part of this study include Autopower (India), Club Car, LLC, Columbia Vehicle Group Inc., E-Z-GO, Garia A/S, Hitachi Chemical Co., Ltd., INGERSOLL-RAND PLC, Marshell Green Power, Speedways Electric, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Specialized Vehicles Inc., Xiamen Dalle Electric Car Co., Ltd, and Yamaha Golf-Car Company
  • Insights from this report will allow marketers and management authorities of companies to make informed decisions with respect to their future product launch, technology upgrades, market expansion, and marketing tactics
  • Various strategy matrices used in analyzing the golf cart market would provide stakeholders vital inputs to make strategic decisions accordingly

Detailed Segmentation:

  • Global Golf Cart Market, By Fuel Type:
    • Electric Golf Carts
    • Gasoline Golf Carts
    • Solar Golf Cart
  • Global Golf Cart Market, By Application:
    • Passenger Mover Golf Cart
    • Turf Maintenance/Utility Golf Cart
    • Food and Beverage Golf Cart
  • Global Golf Cart Market, By Seating Capacity
    • Small (2-4 Seater)
    • Medium (6-8 Seater)
    • Large (Above 8 Seater)
  • Global Golf Cart Market, By Use Case
    • Golf Operations
    • Personal
    • Utility
  • Global Golf Cart Market, By End-Use Vertical
    • Golf/Sports
    • Education
    • Government
    • Industries
    • Resort, Hotels and Malls
    • Airports
  • Global Golf Cart Market, By Geography:
    • North America
      • By Country
        • U.S.
        • Canada
      • By Segmentation
        • By Fuel Type
          • Electric Golf Carts
          • Gasoline Golf Carts
          • Solar Golf Cart
        • By Application
          • Passenger Mover Golf Cart
          • Turf Maintenance/Utility Golf Cart
          • Food and Beverage Golf Cart
        • By Seating Capacity
          • Small (2-4 Seater)
          • Medium (6-8 Seater)
          • Large (Above 8 Seater)
        • By Use Case
          • Small (2-4) Golf Operations
          • Personal
          • Utility
        • By End-Use Vertical
          • Golf/Sports
          • Education
          • Government
          • Industries
          • Resort, Hotels and Malls
          • Airports
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
      • By Segmentation
        • By Fuel Type
          • Electric Golf Carts
          • Gasoline Golf Carts
          • Solar Golf Cart
        • By Application
          • Passenger Mover Golf Cart
          • Turf Maintenance/Utility Golf Cart
          • Food and Beverage Golf Cart
        • By Seating Capacity
          • Small (2-4 Seater)
          • Medium (6-8 Seater)
          • Large (Above 8 Seater)
        • By Use Case
          • Small (2-4) Golf Operations
          • Personal
          • Utility
        • By End-Use Vertical
          • Golf/Sports
          • Education
          • Government
          • Industries
          • Resort, Hotels and Malls
          • Airports
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest Of Asia Pacific
      • By Segmentation
        • Electric Golf Carts
        • Gasoline Golf Carts
        • Solar Golf Cart
        • By Fuel Type
      • By Application
        • Passenger Mover Golf Cart
        • Turf Maintenance/Utility Golf Cart
        • Food and Beverage Golf Cart
      • By Seating Capacity
        • Small (2-4 Seater)
        • Medium (6-8 Seater)
        • Large (Above 8 Seater)
      • By Use Case
        • Small (2-4) Golf Operations
        • Personal
        • Utility
      • By End-Use Vertical
        • Golf/Sports
        • Education
        • Government
        • Industries
        • Resort, Hotels and Malls
        • Airports
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Rest Of Asia Pacific
      • By Segmentation
        • By Fuel Type
          • Electric Golf Carts
          • Gasoline Golf Carts
          • Solar Golf Cart
      • By Application
        • Passenger Mover Golf Cart
        • Turf Maintenance/Utility Golf Cart
        • Food and Beverage Golf Cart
      • By Seating Capacity
        • Small (2-4 Seater)
        • Medium (6-8 Seater)
        • Large (Above 8 Seater)
      • By Use Case
        • Small (2-4) Golf Operations
        • Personal
        • Utility
      • By End-Use Vertical
        • Golf/Sports
        • Education
        • Government
        • Industries
        • Resort, Hotels and Malls
        • Airports
    • Middle East & Africa (MEA)
      • By Country
        • South Africa
        • GCC Countries
        • Rest of MEA
      • By Segmentation
        • By Fuel Type
          • Electric Golf Carts
          • Gasoline Golf Carts
          • Solar Golf Cart
        • By Application
          • Passenger Mover Golf Cart
          • Turf Maintenance/Utility Golf Cart
          • Food and Beverage Golf Cart
        • By Seating Capacity
          • Small (2-4 Seater)
          • Medium (6-8 Seater)
          • Large (Above 8 Seater)
        • By Use Case
          • Small (2-4) Golf Operations
          • Personal
          • Utility
        • By End-Use Vertical
          • Golf/Sports
          • Education
          • Government
          • Industries
          • Resort, Hotels and Malls
          • Airports
  • Company Profiles
    • Autopower (India)
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Club Car, LLC
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Columbia Vehicle Group Inc.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • E-Z-GO
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Garia A/S
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Hitachi Chemical Co., Ltd.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • INGERSOLL-RAND PLC
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Marshell Green Power
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Speedways Electric
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Textron Specialized Vehicles Inc.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Xiamen Dalle Electric Car Co., Ltd
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    • Yamaha Golf-Car Company
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Recent Developments/Updates
    •  

Table of Contents

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Fuel Type
      • Market Snippet By Application
      • Market Snippet By Seating Capacity
      • Market Snippet By Use Case
      • Market Snippet By End-Use Vertical
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New Product Approvals/Launch
  4. Global Golf Cart Market, By Fuel Type, 2017 - 2027 (USD Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Electric Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Gasoline Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Solar Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
  5. Global Golf Cart Market, By Application, 2017 - 2027 (USD Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Passenger Mover Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Turf Maintenance/Utility Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Food and Beverage Golf Cart
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
  6. Global Golf Cart Market, By Seating Capacity, 2017 - 2027 (USD Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Small (2-4 Seater)
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million
    • Medium (6-8 Seater)
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Large (Above 8 Seater)
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
  7. Global Golf Cart Market, By Use Case, 2017 - 2027 (USD Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Golf Operations
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Personal
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Utility
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
  8. Global Golf Cart Market, By End-Use Vertical, 2017 - 2027 (USD Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Golf/Sports
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Education
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Government
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Industries
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Resort, Hotels and Malls
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
    • Airports
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (USD Million)
  9. Global Golf Cart Market, By Regions, 2017 - 2027 (USD Million)
    • Introduction
    • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • By Country
        • U.S.
        • Canada
      • By Segment
        • Market Size and Forecast, By Fuel Type, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Application, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Seating Capacity, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Use Case, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By End-Use Vertical, 2019 - 2027 (USD Million)
    • Europe
      • By Country
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
      • By Segment
        • Market Size and Forecast, By Fuel Type, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Application, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Seating Capacity, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Use Case, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By End-Use Vertical, 2019 - 2027 (USD Million)
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest Of Asia Pacific
      • By Segment
        • Market Size and Forecast, By Fuel Type, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Application, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Seating Capacity, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Use Case, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By End-Use Vertical, 2019 - 2027 (USD Million)
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Rest Of Asia Pacific
      • By Segment
        • Market Size and Forecast, By Fuel Type, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Application, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Seating Capacity, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Use Case, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By End-Use Vertical, 2019 - 2027 (USD Million)
    • Middle East & Africa (MEA)
      • By Country
        • South Africa
        • GCC Countries
        • Rest of MEA
      • By Segment
        • Market Size and Forecast, By Fuel Type, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Application, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Seating Capacity, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By Use Case, 2019 - 2027 (USD Million)
        • Market Size and Forecast, By End-Use Vertical, 2019 - 2027 (USD Million)
  10. Competitive Landscape
    • Company Profiles
      • Autopower (India)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Club Car, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Columbia Vehicle Group Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • E-Z-GO
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Garia A/S
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Hitachi Chemical Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • INGERSOLL-RAND PLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Marshell Green Power
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Speedways Electric
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Textron Specialized Vehicles Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Xiamen Dalle Electric Car Co., Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • Yamaha Golf-Car Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
    • Analyst Views
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact
    • Available Customizations
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      • Industrial Cyber Security Market

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