Golf Cart Market to Exhibit a CAGR of 6.3% during 2019-2027 - Coherent Market Insights

According to the new market research report "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 - Global Forecast to 2027", Golf carts play a major role in internal transportation. The rapidly growing manufacturing sector in emerging economies is expected to provide immense opportunities for growth of the market. Furthermore, growing golf course projects in golf resorts, increasing golf-centric real estate development, and increasing number of private clubs are fueling growth of the market for golf carts globally. Moreover, increasing demand for electric golf carts and growing urbanization and industrialization also play a major role in the growth of the golf cart market globally.

Browse 28 Market Data Tables and 40 Figures spread through 150 Pages and in-depth TOC on "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 - Global Forecast to 2027".

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Key Takeaways of the Golf Cart Market:

• The global golf cart market is estimated to expand at a CAGR of 6.3% during the forecast period
• The global golf cart market generated revenue of US$ 3,262.3 million in 2017 and is projected to reach US$ 5,590.0 million by 2027
• Among Fuel type, the electric golf carts segment held a dominant position in 2018 and is projected to retain its dominance throughout the forecast period.
• Among seating capacity, the medium (6-8) size segment holds a dominant position in the market and is projected to retain its dominance throughout the forecast period.
• North America held a dominant position in the global golf cart market in 2018 and is projected to retain its dominance throughout the forecast period. High popularity of golf in this region contributes to its leading position in the global market.
• Asia Pacific is estimated to expand at a significant CAGR over the forecast period, owing to increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments  
• China, Japan, Australia, and India are the major countries driving growth of the golf cart market in Asia Pacific. Growing urbanization and industrialization are boosting smart house projects, mall culture, and theme parks, among others, thereby increasing the demand for golf cart vehicles
• Some of the major players involved in the global golf cart market are 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.