Golf Cart Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Golf carts are electric or gas-powered vehicles used to move golfers and equipment around the course while playing. It is used to transport two golfers and their clubs around a golf course with less effort than walking.

Sizing and Forecast
The golf cart market size has grown strongly in recent years. It will grow from $1.64 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, the rise in popularity of golf courses, the increase in industrialization and rise in sustainable energy solutions.

The golf cart market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.  The growth in the forecast period can be attributed to the rapid urbanization, the rising government support, the increasing aging population and growing international and national tourism industries. Major trends in the forecast period include strategic partnerships and collaborations among market players, increased focus on electric golf carts and focus on development of customizable golf carts.

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Segmentation & Regional Insights
The golf cart market covered in this report is segmented –
1) By Product Type: Push-Pull Golf Cart, Gasoline Golf Cart, Electric Golf Cart, Solar Powered Golf Cart
2) By Operation: Manual, Powered   
3) By Ownership: Rented, Fully Owned       
4) By Application: Golf Course Use, Personal Use, Commercial Use

North America was the largest region in the golf cart market in 2023. The regions covered in the golf cart market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
A rise in the utilization of golf carts in tourism is expected to propel the growth of the golf cart market going forward. Tourism refers to travel that includes a commercial activity. Golf carts are frequently employed by tourists as a means of transportation for visiting a variety of tourist attractions, including hotels, theme parks, zoos, and museums, due to their comfort, affordability, and environmental friendliness. Hence, the rise in the utilization of golf carts in tourism will increase the demand for the golf cart market. golf carts are a well-liked form of transportation for tourists. For instance, in February 2023, according to the most recent data from the Travel and Tourism Satellite Account (TTSA) of the U.S. Bureau of Economic Analysis, the travel and tourism industry increased 64.4 percent in 2021 after declining 50.7 percent in 2020 as measured by the real output of goods and services sold directly to tourists. (BEA). Therefore, the rise in the utilization of golf carts in tourism is driving the growth of the golf cart market.

Key Industry Players
Major companies operating in the golf cart market report are Textron Inc, Yamaha Motor Co., Ltd, Club Car LLC, Marshell Green Power Co. Ltd, Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd, HDK Electric Vehicle, JH Global Services Inc, Dongguan Excar Electric Vehicle Co., Ltd, STAR EV Corporation, Xebio Group, Kandi Technolgies Corporation, Borcart, HillBilly Australia, Garia Luxury Golf Car, Stewart Golf Limited, EZ-GO, Melex, Icon Golf Cart, CCE Golf Cars, Mission Golf Cars, Inland Hobbs Material Handling, Ness Turf Equipment, King of Carts , LLC, Nivel Parts, Motor Appliance Corp, Golf Cart Parts Company, Sol Patch International, Inc, Bugle Forklift Sales & Rentals LTD, Royal Impex, Neuron Energy, First International Specialized Vehicles Trading LLC, H I C Battery FZCO, Eazytech, Royal Elite Valet Parking Company, Smith Power Equipment, Golf Car Worx, Evo Motors

The golf cart market report table of contents includes:
1. Executive Summary

2. Golf Cart Market Characteristics

3. Golf Cart Market Trends And Strategies

4. Golf Cart Market - Macro Economic Scenario

5. Global Golf Cart Market Size and Growth

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32. Global Golf Cart Market Competitive Benchmarking

33. Global Golf Cart Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Golf Cart Market

35. Golf Cart Market Future Outlook and Potential Analysis

36. Appendix

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