Future Market Insights

Golf Cart Market Segment by Regions & Industry Analysis by Players Till 2026

The global golf cart market is estimated to be valued at US$ 1,115.0 Mn by 2016 end and is expected to reach US$ 2,080.0 Mn by the end of 2026, expanding at a CAGR of 6.4% over the forecast period.


Valley Cottage, NY -- (SBWIRE) -- 11/26/2018 -- In the near future, airports will be contributing significantly towards the growth of golf cart market on a global basis. Governments in developing countries such as India are planning to reinstate approximately 50 airports within the next 10years, which in turn is likely to trigger the demand for golf cart from the airport management bodies. This is mainly owing to the efficiency of the golf cart in transporting both passengers and luggage. Theme and amusement parks are entailing smooth internal transport provisions and have been relying heavily on golf cart for transporting boarders from one ride to the other.

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Growing adoption of golf cart by means of advertising has turned out to be the emerging trend in golf cart market on a global basis. Golf cart are increasingly being utilized for promotion and marketing purposes at several places such as golf courses, housing projects and railway stations. These carts are especially modified for accommodating advertisement boards and banners with regards to different services and products. Railway station has turned out to be an important platform for such advertisement and promotional activities. Manufacturers have taken immense efforts in deploying golf cart at Chennai airport, where they have been providing free transportation to the travelers and rather are charging the companies that are willing to advertise and promote their services or products. The study indicates that golf carts market is expected to register a healthy 6.4% CAGR over the forecast period, 2016-2026.

Golf courses have taken the lead in terms of application in the golf cart market on a global basis on account of rapidly increasing demand by golfers for carrying their clubs as well as various other equipment. Golf cart helps the golfers in saving time and labor, transport their own club, reduces work for caddies as well as encourages more smoother and enjoyable rounds. Electric golf carts has been witnessing considerably high demand owing to its advantages such as eco-friendliness, no release of carbon emissions and most of all, eliminates noise pollution. Advent of the solar powered golf cart and growing inclination of the end-users towards sustainable energy resolutions have been propelling the golf cart towards innovative and minimal maintenance electric golf transformations. Increasing number of international tourism is likely to foster demand for the golf electric carts and LSV in airports for the purpose of carrying passengers and luggage.

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Rapidly increasing number of golfers and golf courses owing to higher personal disposable income of the consumers are the major reasons behind dominance of North America in the golf cart market on a global basis. Increasing industrialization and urbanization in several developing economies such as India, China, South Africa, Brazil and South Korea is likely to boost the mall culture, smart housing projects, amusement parks and theme parks amongst others. This results in increasing need for internal transportation for carrying people and goods as well, subsequently driving demand for the golf cart.

Key players and manufacturers are taking immense efforts in developing customized and modern golf cart, thereby integrating innovative technologies such as computer-aided manufacturing and computer-aided design. This in turn is beneficial for modifying and developing product designs. Manufacturers are focusing on increasing the availability of solar powered golf cart with the high-end fixtures such as remote control capabilities, monitors and golf robots. Environment-friendly golf cart will continue to witness a robust demand in the global market in the forthcoming years owing to its long-lasting batteries and efficiency. Burgeoning demand for the customized golf cart by end-users with regards to vehicle aesthetics and seating capacity has been providing immense opportunities for the key players and manufacturers on a larger basis.

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