GOLF CART MARKET ANALYSIS

Golf Cart Market Size and Trends

Global golf cart market is estimated to be valued at US$ 3.08 Bn in 2024 and is expected to reach US$ 4.72 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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Increasing participation in golf sports and rising popularity of golf tourism can boost demand for golf carts. Golf carts offer convenient means of transportation at large golf courses and resorts. Golf carts with enhanced features such as power steering, USB charging ports and padded seats are gaining traction. Integration of GPS and telematics solutions in golf carts provide opportunities for fleet managers to track usage. However, rising demand for electric vehicles and increasing cost of lithium-ion batteries can hamper the sales of gasoline-powered golf cart. Ongoing development of lightweight and low-cost batteries by major players can provide options for affordable electric golf carts.

Use of electric golf carts

Due to growing awareness about environment protection, users prefer eco-friendly electric versions of golf carts. While gasoline-powered carts have been used traditionally, electricity-based carts are gaining widespread acceptance due to their lower total cost of operation and negligible emissions. The benefits of electric golf carts make a strong business case especially for commercial applications involving large fleets. Golf facilities are proactively replacing aging gasoline carts with new-age lithium-ion battery packs that offer enhanced performance and convenience. The higher upfront costs of electric golf carts are offset by savings on fuel and maintenance expenditures over the lifespan of the vehicles.

Manufacturers are leveraging new technologies to expand battery capacities and introduce fast charging solutions. This addresses the range anxiety concerns which had hindered initial electric golf cart adoption. Improved designs with sleek exteriors and creature comforts draws passionate golfers towards electric vehicle variants.

For instance, in December 2022, Saera Electric Auto Private Limited (SEAPL), a leading player in India's electric vehicle industry, expanded its product portfolio with the launch of its exclusive Electric Golf Cart in the Indian market. The new Saera Golf Cart boasts a monocoque frame, bucket seats for enhanced comfort, a maintenance-free AC drive system, and cabin lights. The vehicle's interior is designed with a luxurious and spacious cabin, while its overall construction is solid and substantial.

Increased tourism and recreational activities

Rising number of golf courses around the world can boost demand for golf carts across different regions. Golf has become one of the most popular sports globally. According to industry estimates, there are over 30,000 golf facilities spread across more than 200 countries. A majority of these facilities uses golf carts to ferry players and their equipment between holes.

Municipal golf courses and public parks are allocating land for new golf courses or expanding the size of existing ones. This allows amateur players and families to enjoy the sport at affordable rates. This will boost demand for rental golf carts at such community golf spaces. Several travel operators are also designing golf-focused vacation packages where tourists can explore multiple courses using shared transport. This trend has encouraged more property developers and local administrations to adopt golf carts for internal commute needs. Rising interest in golf as a leisure activity and growth of associated tourism industry verticals can boost demand for cart in the near future.