Global Golf Cart Market

Global Golf Cart Market: Industry Insights & 

Opportunity Evaluation, 2016-2023 

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Global Golf Cart Market Overview 

Golf cart are basically used to travel short distances, they can also be 

used in different location for different purposes such as resorts, hotels 

and retirement villages and others. These carts are also used in 

airports and shopping malls to carry luggage over short distance or 

inside a building. The participation rate in golf game is increasing due 

to increasing personal disposable income of consumers and as well as 

changing life style. Golf is considered as a luxurious game; therefore 

higher personal disposable income ensures that a greater number of 

people can afford to play golf. Golf carts are available with various fuel 

inputs such as electric powered golf cart, gasoline powered golf cart 

and natural powered golf cart. Due to obvious reason of environmental 

pollution, electric golf cart is anticipated to be in high demand over the 

forecast period. 

The introduction of solar powered golf carts and rising inclination of 

end-user towards sustainable energy solutions, have propelled the golf 

carts towards advanced and low maintenance electric golf 

transformations boosting the demand for electric golf carts. In 

addition to that, rising international tourism globally is expected to 

foster the demand for golf electric LSV & carts in airports for luggage 

and passenger carrying purposes. Golf equipment manufacturers are 

launching modern and customized golf carts and using advanced 

technologies, such as computer-aided design and computer-aided 



manufacturing for developing and modifying their product designs. 

Manufacturers are increasingly offering solar powered golf carts with 

high-end accessories, such as golf robots, launch monitors, and remote 

control capabilities. 

Moreover, increasing number of golf course globally and rising trend 

of golf tourism in various developed and developing countries such as 

U.S., Canada, U.K., Japan, Australia, UAE, India and China is 

expected to propel the demand for golf carts in near future. 

Market Size and Forecast 

The global golf cart market is expected to expand at a CAGR 

of 6.14% during the forecast period of 2016-2023. The market 

is expected to witness a robust growth owing to the increasing demand 

for electric golf cart for various end uses such as hotels, resorts, 



esidential apartments, commercial complex and others. Further, due 

to heavy demand for eco-friendly product and surging prices of fuel, 

electric golf cart witness the highest market share of the 

global golf market. 

North America is anticipated to hold the highest market share of 56% 

in terms of revenue by the end of 2023. The region’s dominance is due 

to the advancement in technology and rejuvenation of the golf 

industry in the U.S. Further, in North America, U.S. to remain the 

most lucrative market for existing and new players looking for 

business expansion or investment in electric LSV market. 

Asia-Pacific is anticipated to be the second largest market, owing to 

the increasing use of electric golf cart in other end use industry such as 

residential apartments, airports, malls and others. In Asia-Pacific a 

highest demand is projected to come from Japan followed by China, 

Australia & India. 

Market Segmentation: 

Our in-depth analysis of the global golf cart market includes the 

following segments: 

By Fuel Type 

Electric Powered 

Natural Gas Powered 



Gasoline Powered 

By End User 

Golf Courses 

Hotels & Resorts 

Tourist Destinations 

Airports 

Residential & Commercials 

others 

By Region 

North America (U.S. & Canada) Market size, Y-O-Y growth & 

Opportunity Analysis 

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y- 

O-Y growth & Opportunity Analysis 

Western and Eastern Europe (U.K., Germany, France, Italy, Spain, 

Hungary, Benelux, Russia, and Poland) Market size, Y-O-Y growth & 

Opportunity Analysis 



Asia-Pacific (China, India, Japan, Singapore, Australia, New 

Zealand, & South Korea ) Market size, Y-O-Y growth & Opportunity 

Analysis 

Middle East and Africa (GCC, North Africa, & South Africa) Market 

Size and Y-O-Y Growth Analysis 

Growth Drivers and Challenges: 

The demand for electric powered golf cart is anticipated to increase in 

terms of value during the forecast period on the back of low 

maintenance requirement of solar powered golf carts. These 

advancements are expected to impact positively on the growth of 

global golf cart market. Further, the rising trend of golf sports and 

large scale application of golf carts in hospitality industry is expected 

to bolster the demand for golf carts during the forecast period. 

Moreover, Countries such as India, China, South Africa, Brazil, and 

South Korea have undergone rapid urbanization over the past decade. 

This swift rise of urbanization and industrialization is expected to 

boost mall culture, hi-tech and smart housing projects, and 

amusement and theme parks. All these developments are expected to 

drive the demand for internal transportation to carry people and 

goods, thus creating significant demand for golf carts. 

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Furthermore, rapid expansion of urbanization leads to increase in the 

number of state of the art residential societies with golf courses across 

the globe. The rising number of golf courses in developing nations 

such as India, China is impacting positively on the growth of golf cart 

market. The urbanization is changing the lifestyle of the population 

and also raising awareness towards the increasing fuel emissions. The 

rising disposable income of the population is allowing them to spend 

more on commuting vehicles such as golf carts. 

However, high cost of maintenance of golf carts which are powered by 

gasoline is believed to dampen the growth of global golf cart market. 

Moreover, presence of local manufacturers and lack of standards and 

regulations is leading the manufacturers to produce low-quality golf 

carts. 

Key Players 

Ingersol Rand PLC 

Company Overview 

Key Product Offerings 

Business Strategy 

SWOT Analysis 

Financials 



Hitachi Chemicals 

Yamaha Motors Co. Ltd 

Textron 

Scope and Contexts 

Overview of the Parent Market 

Analyst View 

Segmentation 

The global golf cart market is segmented as follows: 

By Fuel Type Market Size & Y-O-Y Growth Analysis 

By End User Market Size & Y-O-Y Growth Analysis 

By Region Market Size & Y-O-Y Growth Analysis 

Market Dynamics 

Supply & Demand Risk 

Competitive Landscape 

Porter’s Five Force Model 

Geographical Economic Activity 



Key Players (respective SWOT Analysis) and their Strategies and 

Product Portfolio 

Recent Trends and Developments 

Industry Growth Drivers and Challenges 

Key Information for Players to establish themselves in current 

dynamic environment 

Related Reports: 

To know more about Global Golf Cart Market, 

please visit: http://www.researchnester.com/reports/golf-cartmarket-global-demand-analysis-opportunity-outlook-2023/335 

http://www.researchnester.com/reports/india-furniture-market-analysisopportunity-outlook-2023/331 

http://www.researchnester.com/reports/middle-east-online-education-elearning-market-demand-growth-analysis-opportunity-outlook-2023/337 



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Global Golf Cart Market

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