Golf Cart Market Revenue to Cross USD 2 Bn by 2027: Global Market Insights Inc.

SELBYVILLE, Del., May 19, 2021 (Newswire.com) - According to the latest report "Golf Cart Market By Fuel Type (Gas, Electric, Solar Powered), Application (Golf Courses, Commercial Services), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of golf cart will cross $2 billion by 2027.

The market growth is owing to the increasing youth and adult participation in golf activities. Growing disposable income and the increasing popularity of golf across North America and the Asia-Pacific are the major regions driving the market expansion. Moreover, the introduction of highly advanced golf carts, integrated with sound systems and four-wheel-drive systems, is attributing to the market value.

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The emergence of the COVID-19 health crisis negatively impacted the golf cart market demand. The lack of availability of raw materials & labor and restrictions on trade activities worldwide declined the industry revenue in 2020. Several leading manufacturers, including Yamaha Golf-Car Company and Club Car, temporarily suspended their manufacturing plants. Furthermore, the closure of golf courses and hotels and resorts due to the implementation of lockdown hampered the market size. However, the relaxation on manufacturing & trade activities and lockdown restrictions is poised to propel the industry growth in 2021.

Solar-powered golf cart market are expected to observe a steady growth during the forecast period led by their high fuel efficiency and zero environmental impact. These golf carts are driven by electric batteries that are primarily charged through solar energy, significantly reducing the vehicle operating cost. Additionally, solar golf carts require less maintenance cost compared to gas-powered vehicles, supporting their market adoption.

The Europe golf cart market is witnessing high growth owing to the comfortable ride, convenience, and comparatively low-cost travel options offered by these vehicles. The availability of golf carts with a large number of passengers carrying capacity is supporting their acceptance in residential apartments, clubs, hotels, and resorts across Europe. In addition, the rising number of registered golfers across the UK, Spain, Portugal, and Ireland is impelling the market in the European region.

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Key players operating in the golf cart market include Club Car, Yamaha Golf-Car Company, E-Z-GO, Garia, Cario, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., Polaris Industries, Inc., Guangdong Marshell Electric Vehicle Co., Ltd., G H Varley Pty Limited, Hawk Carts, KT Pan Company Limited, STAR EV CORPORATION, and HDK Electric Vehicle. Major companies are introducing innovative electric golf carts with high power and efficiency.

Some major findings in the golf cart market report include:

• Increasing consumer disposable income and rapidly increasing golf popularity are creating the demand for golf carts across the globe.
• The growing number of golf courses coupled with the rapidly developing travel & tourism industry is supporting the market progression. These vehicles are used at golf courses and hotels & resorts due to their larger passenger-carrying capacity, easy maneuverability, and less noise.
• Technological advancements in the field of electric golf carts have led to the introduction of golf cars with maximum range and high power. Companies are making large investments in R&D activities to develop highly efficient golf cart batteries and motors. Moreover, the development of low-noise gasoline-powered golf carts is fostering the market
• Industry participants are primarily focusing on expansion of their business operations in untapped markets to enhance their revenue shares. Golf cart manufacturers are also focusing on introducing new models with a variety of features and price ranges to cater to the demand from various consumer segments.

Table of Contents (ToC) of the report:

Chapter 3   Golf Cart Market Insights

3.1    Industry segmentation

3.2    Impact of COVID-19 on golf cart industry landscape

3.2.1    Global outlook

3.2.2    Regional impact

3.2.3    Industry value chain

3.2.3.1    Research & development

3.2.3.2    Manufacturing

3.2.3.3    Marketing

3.2.3.4    Supply

3.2.4    Competitive landscape

3.2.4.1    Strategy

3.2.4.2    Distribution network

3.2.4.3    Business growth

3.3    Industry ecosystem analysis

3.3.1    Component suppliers

3.3.2    Technology providers

3.3.3    Manufacturers

3.3.4    End use landscape

3.3.5    Distribution channel analysis

3.3.6    Vendor matrix

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.2    Industry pitfalls & challenges

3.7    Growth potential analysis

3.8    Porter's analysis

3.9    PESTEL analysis

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Source: Global Market Insights Inc.