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Golf Cart Market Size, Share & COVID-19 Impact Analysis, By Product Type (Electric, Gasoline, and Solar), By Application (Golf Course, Personal Services, and Commercial Services), and Regional Forecasts, 2021-2028

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI106337

 

KEY MARKET INSIGHTS

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The global golf cart market size was USD 1.62 billion in 2020 and is projected to grow from USD 1.69 billion in 2021 to USD 2.55 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with golf cars witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of 20.2% in 2020. The rise in CAGR is attributable to this market demand and growth, returning to pre-pandemic levels once the pandemic is over.


As the investments in infrastructural development of golf courses across elderly villages and resorts worldwide are increasing, so is the need for golf cars. This cart is a low-speed vehicle utilized in golf courses for the transportation of golfers and golf equipment. The increasing popularity of golf and rapid urbanization coupled with growth in disposable income are some of the factors fueling the demand for such vehicles. Additionally, increasing golf penetration in various industries, including hotels, tourism, amusement park, and others, along with the growing scope for golf cart rental services, is expected to boost the demand for such vehicles across these industries in the upcoming years.


The surge in demand for low-speed vehicles for various applications such as short-range travel in parks, industrial areas, colleges, and others is driving the market growth. Additionally, the increasing presence of various golf clubs and societies across developed and developing economies is also expected to accelerate market growth. Moreover, technological advancements in modern golf cars such as electrification, increasing autonomy, solar-powered drive train, and others are anticipated to attract a wide customer base in the upcoming years.


Government Enforced Limitations to Hamper the Production of Golf Cars


The COVID-19 pandemic continues to impact the demand for these cars. Additionally, shut down of the golf courses, resorts, clubs, and others due to government-enforced lockdown during the pandemic has negatively impacted the market growth. Moreover, disruption in the supply chain and unavailability of raw materials due to restrictions on import-export and transportation coupled with closed manufacturing facilities created a halt in golf car production.


However, the market is expected to bounce back after the pandemic, owing to the removal of restrictions and market demand returning to pre-pandemic levels. Furthermore, increasing adoption of golf due to health concerns among the populace is likely to assist in driving the popularity of the golf after pandemic and is anticipated to restore market demand to a pre-pandemic level.


LATEST TRENDS


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Rapid Electrification in Golf Car Industry to Drive the Market Growth


Similar to the transforming automotive & transportation sector, the golf car industry is also evolving toward long-lasting, efficient, and eco-friendly solutions. Electrification in such vehicles is primarily driven by the stringent emission norms enforced by the government bodies to achieve carbon neutrality and increasing demand for electric golf carts among the populace owing to the various benefits such as enhanced comfort and technologically advanced features.


Currently, most of the available carts for sale are electrically powered. The manufacturer’s focus on developing and launching new generation electric models with improved travel range and battery capacities will continue rapid electrification in the golf car industry during the forecast period. For instance, in June 2021, E-Z-GO unveiled E-Z-GO Liberty, its first golf car with four forward-facing seats in a compact cart.


Along with electrification, increasing autonomy is also one of the emerging megatrends in the golf car industry. Manufacturers are highly focused on investing in designing and developing autonomous or driverless variants to grab early revenue growth opportunities in developed economies. In August 2017, Infosys unveiled its first driverless golf car in Bangalore. Similarly, major players like Yamaha are also focused on developing autonomous golf cars as future mobility solutions in the golf industry.


DRIVING FACTORS


Increasing Development of New Golf Courses to Drive the Market Growth


The increasing development of new golf courses globally is expected to create a surge in demand for these vehicles during the forecast period. According to The Royal and Ancient Golf Club (R&A) of St Andrews in 2020, the total number of golf courses under development across North America was 175. At the same time, the combined number of golf courses under development in Asia and the Middle East was 153. Moreover, Europe has the 24% of the total golf courses under development worldwide.


Steadily Declining Cost of Electric Golf Cars to Fuel the Market Growth


Electric golf cars are slightly expensive compared to their counterparts; however, steadily declining battery prices due to mass production and advanced cutting-edge manufacturing technologies have decreased the overall cost of electric variants. Additionally, recent development in lithium-ion batteries has improved their storage capacities resulting in an improved travel range for electric variants. Therefore, increasing preference for electric models among the users is anticipated to fuel the market growth.


Surge in Demand from Tourism Industry to Propel Market Growth


The surge in demand for this type of cars in tourism, hospitality, Universities, and other sectors is expected to expand the market growth. Additionally, government initiatives to promote golf tourism and increasing preference for low-speed vehicles in various industries for efficient transport operations are expected to boost the market growth over the forecast period.  


RESTRAINING FACTORS


Declining Number of Golfers Worldwide May Restrain the Market Growth


The declining number of golfers worldwide due to the high cost of playing, the game’s incompatibility with contemporary lifestyles, and the difficulty of the game may hamper the market growth during the forecast period. According to the NATIONAL RECREATION AND PARK ASSOCIATION (NRPA), the global number of golf players has been consistently declining since 2003.


SEGMENTATION


By Product Type Analysis


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High Adoption of Electric Golf Cars to Drive Segment Growth


Based on the product type, the market is segmented into an electric, gasoline, and solar.


The electric golf car segment held the largest golf cart market share of 80.34% in 2020. Electric golf cars are highly adopted carts worldwide due to their various benefits, including low running cost, noiseless operation, enhanced comfort, high speed, and others. Additionally, reducing the cost of electric golf cart batteries and stringent emission norms enforced by government bodies positively influence segment growth. Moreover, the maintenance cost of an electric golf car is almost negligible due to the fewer moving parts in the cart, further driving the segment growth.


The solar golf cart segment is anticipated to witness the fastest growth rate owing to the fact that they are eco-friendly and their negligible operating cost. Being emerging technology solar segment is likely to expand globally in upcoming years resulting in rapid segment growth.


The gasoline segment is also expected to witness a considerable growth rate over the forecast period. The low cost of gasoline variants compared to their counterparts and long travel range are the key factors for the segment growth. Additionally, regions with a lack of battery manufacturing facilities and weak electric charging service networks prefer gasoline cars for low-speed applications. Moreover, technological advancement in gasoline models, such as improved connectivity, efficiency, and others, is expecsted to drive the segment growth.


By Application Analysis


Expanding Applications in Commercial Sector to Drive Segment Growth


Based on the application, this market is segmented into the golf course, personal services, and commercial services.


The golf course segment accounted for the largest market share in 2020 and is expected to continue its dominance from 2021 to 2028. This type of cars are primarily employed on golf courses for transportation of golf equipment and golfer. Therefore, the increasing number of golf courses worldwide is fueling the demand for these carts globally. According to the R&A, in 2020, the total number of golf courses present worldwide was 38,081. The number is expected to increase in upcoming years due to new golf courses under development.


The commercial services segment is expected to witness an eye-catching growth rate during the forecast period. The segment growth is driven by an expanding application and adoption of such vehicles across various commercial applications, including tourism, colleges & universities, amusement parks, campgrounds, factories, car dealerships, and others. Moreover, increasing demand for customizable golf cars to suit the needs for various commercial applications will positively influence the segment growth.


The personal services segment is also expected to register a considerable growth rate owing to the increasing adoption of such vehicles for personal short-range commute in developed regions such as Europe and North America.


REGIONAL INSIGHTS


North America Golf Cart Market Size, 2020 (USD Billion)

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North America dominated this market with a market size of 0.88 billion in 2020 and is expected to continue its dominance in years to come. In the North American golf car market, the U.S. contributed the largest market share. The market is driven by the maximum number of golf courses present in the U.S. For instance, according to the National Golf Foundation total number of golf courses present in the United States at the end of 2020 was more than 16,100. Additionally, the presence of major key players in the regions such as Yamaha Golf-Car Company, Textron Inc., and others are anticipated to boost the market growth in upcoming years.


Europe held the second-largest market share in 2020. Developing golf tourism and an increasing number of elderly villages & resorts are driving the market’s growth in the region—additionally, the growing popularity of golf across developed European countries. Currently, the golf industry is well established throughout the north and west of Europe and steadily progressing into southeastern and central Europe. According to the R&A, in 2020, Europe claimed half of the top 20 countries in terms of golf courses worldwide.


The market is significantly matured in North America and Europe. Hence further innovation and technological advancements such as electrification, connected mobility, and autonomy in the European and American golf car industry are anticipated to fuel the market growth in years to come.


Asia Pacific is expected to witness an eye-catching CAGR over the forecast period. The market is driven by the growing awareness regarding golf and an increasing number of golfers across emerging countries of the Asia Pacific. Additionally, increasing number of golf courses in Asia Pacific is driving market growth. For instance, According to R&A in 2020, Japan was the second-largest country in terms of the number of golf courses. Japan had a total of 3,140 golf courses in 2020. Moreover, increasing demand for these cars in countries such as Japan, Australia, New Zealand, China, and India will likely boost the market growth in upcoming years.


Furthermore, additional factors responsible for the market growth in APAC include the availability of raw materials, well-established manufacturing industry, growing population, and low cost of manufacturing. China is the hub for electric vehicle and battery production. Therefore, expanding Chinese golf car industry is likely to generate lucrative revenue growth opportunities during the forecast period.


The rest of the world, including the Middle East & Africa, and Latin America, held the lowest market share in 2020, owing to sluggish economic growth and the weak golf industry presence compared to other regions. However, the market is expected to witness a significant CAGR during the forecast period due to the growth of this industry in Latin America. According to R&A, in 2020, Argentina was one of the top 20 golfing countries with a presence of 348 golf courses. Increasing demand for such cars in Argentina is likely to fuel the market growth in the region.


KEY INDUSTRY PLAYERS


Strategic Partnerships & Collaborations to Drive the Competition


The market is moderately fragmented due to the presence of various regional players. However, the companies are utilizing strategic partnerships with regional & international players to expand geographically and develop product portfolios to attract a wider consumer base for strengthening position in the global market. For instance, in October 2021, Indian EV company Kinetic Green Energy & Power Solutions announced a partnership with the Lamborghini family to jointly develop   for the global market.


Additionally, in August 2021, Club Car announced the partnership with ezLocator, the daily pin placement management leader. The partnership will offer precise pin locations to its golf cars.


Yamaha Golf-Car Company is One of the Leading Players in the Market 


Yamaha Golf-Car Company is one of the leading manufacturers headquartered in Georgia, US. The company is specialized in the manufacturing and development of golf cars and golf cart parts. In January 2021, the Yamaha Golf-Car Company extended its partnership with the National Golf Course Owners Association (NGCOA) as their “Official Golf Car Partner.” The partnership will benefit Yamaha’s customer base by offering incentives on Yamaha golf cars and utility vehicle purchases/leases through NGCOA’s smart buy marketing purchasing program.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • August 2021: SoloGolf Partnered with RELiON Battery In August 2021, SoloGolf announced its partnership with RELiON Battery, one of the leading battery manufacturers for golf cars. The partnership will provide RELiON lithium batteries to SoloGolf to power their SoloCart, a single rider golf car.

  • June 2021: E-Z-GO Unveiled E-Z-GO Liberty, its First Golf Car with Four Forward-Facing Seats In June 2021, Textron Specialized Vehicles business, E-Z-GO, unveiled E-Z-GO Liberty, its first golf car with four forward-facing seats in a compact cart.


REPORT COVERAGE


An Infographic Representation of Golf Cart Market

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The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the golf cart industry trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the golf cart market growth in recent years.


Report Scope & Segmentation









































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Product Type



  • Electric

  • Gasoline

  • Solar


By Application



  • Golf Course

  • Personal Services

  • Commercial Services



By Geography



  • North America (By Product Type and By Application)



  • U.S. (By Product Type)

  • Canada (By Product Type)

  • Mexico (By Product Type)



  • Europe (By Product Type and By Application)



  • U.K. (By Product Type)

  • Germany (By Product Type)

  • France (By Product Type)

  • Rest of Europe (By Product Type)



  • Asia-Pacific (By Product Type and By Application )



  • China (By Product Type)

  • India (By Product Type)

  • Japan (By Product Type)

  • South Korea (By Product Type)

  • Rest of Asia Pacific (By Product Type)



  • Rest of World ( By Product Type and By Application )






Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 1.62 billion in 2020 and is projected to reach USD 2.55 billion in 2028.

The market is expected to register a growth rate of (CAGR) 6.0% during the forecast period 2021-2028

increasing number of golf courses worldwide is driving the market growth.

North America led the global market in 2020

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