Golf cart market is estimated to witness high growth, owing to elevated tourism and participation in golfing activities
Golf cart market is estimated to be valued at US$ 3.08 Bn in 2024, exhibiting a CAGR of 6.3% over the forecast period (2024-2031). The market growth is driven by rising tourism across golf course destinations and participation in golfing activities. Furthermore, technological advancements such as the introduction of electric golf carts can also drive the market growth.
Market Dynamics:
Rising tourism and golf course activities: Growing number of golf courses and tournaments organized across various tourist destinations boosts demand for rental golf carts. Countries like the U.S., U.K., Canada, and Ireland are witnessing increased footfalls in golf course areas, thus, propelling the market growth.
Technological advancements: Golf cart manufacturers are focusing on developing electric and eco-friendly carts with improved battery life and efficiency. The introduction of solar-powered, lithium-ion battery operated carts catering to personalized needs can offer opportunities for customized, feature-rich golf carts. The integration of technologies like GPS and Bluetooth boosts electrification of golf carts.
Market Driver: Increasing Number of Golf Courses Around the World
Global golf cart market growth is driven by rising number of golf courses constructed across the world. Countries like China, India and Indonesia witness growing interest in golf, and are actively working to develop new golf infrastructure. This rapid expansion of golf course facilities boosts demand for golf carts that are used by players, staff and management to navigate these large green spaces efficiently. Golf carts have become an essential amenity at golf courses worldwide that help improve the playing experience. Their adoption is higher at high-end private golf clubs that witness greater footfall of golfers and focus on customer convenience.
Market Driver: Increasing Participation in Golf as a Recreational Sport
Global golf cart market growth is driven by rising participation in golf worldwide. Once viewed as an elitist sport, golf is now gaining popularity among the masses as a recreational activity for fitness, leisure and socializing. Especially in Asia, Middle East and South America, more people are taking up golf either independently or through organized company tournaments. Golf equipment manufacturers are promoting golf's health benefits and facilitating easier access through affordable gear and tutorials. This has spurred the interest of young population and working professionals in golf. Rising number of recreational and amateur golfers can boost sales of complementary products and equipment needed to play the sport, including golf carts.
Market Restraint: Higher Acquisition and Maintenance Cost of Electric Golf Carts
A Global golf cart market growth can be hampered by higher initial purchase cost and maintenance expenses associated with electric golf carts. On an average, a new fleet of electric golf carts for a standard 18-hole golf course may cost anywhere between US$ 150,000 to US$ 300,000. Electric golf cart batteries need to be replaced every 3-4 years, incurring recurring replacement costs. Golf facilities, especially municipal courses, may find it difficult to justify such high capital expenditure towards carts. Private individuals also hesitate in splurging on electric golf carts due to the ongoing maintenance and service costs.
Market Restraint: stringent Government Regulations on Fuel-Powered Golf Carts
Stringent emission norms and regulations imposed by environmental agencies on the use of fuel-powered vehicles can hamper the global golf cart market growth. Many cities and countries have passed legislation either banning or restricting the use of gas-powered golf carts on public roads due to noise and air pollution concerns. For example, the U.S. Environmental Protection Agency (EPA) mandates that golf cars should meet certain emissions standards to qualify as street-legal low-speed vehicles (LSVs) fit for roadways. Non-compliance can attract penalties. Several European Union nations have implemented directives prohibiting petrol golf carts in designated green zones. Such regulations discourage potential customers, especially commercial operators, from choosing fuel-powered variants and instead opt for more environment-friendly electric models.
Market Opportunity: Development of Smart and personalized Golf Carts
Developing more technologically advanced and personalized golf carts can offer market growth opportunities. Golf equipment manufacturers are investing in designing smart golf carts integrated with intelligent features such as GPS navigation, shot tracking sensors, wireless connectivity and personalized configurations. For example, carts that can automatically move player to their ball location according to recorded shot data. Such smart innovations cater to discerning customers interested in a seamless, convenient and engaged golfing experience. Personalization also allows customizing carts as per player needs, body type or course layout, thus, further enhancing purchase appeal.
Market Opportunity: Expanding Golf Tourism Industry
The steadily expanding golf tourism industry can provide opportunities for golf cart market growth. Several countries are leveraging their natural assets and infrastructure to promote themselves as premier golfing destinations for domestic and international tourists. For example, countries like Ireland, Scotland, Thailand, Australia and Mexico have identified golf tourism as a strategic revenue generator. State agencies are collaborating with private stakeholders to develop exclusive golf travel packages, host international golfing events and market unique golf lodging experiences.
Link: https://www.coherentmarketinsights.com/market-insight/golf-cart-market-1038
Key Developments:
- In January 2022, DSG Global, Inc., an emerging force in the electric vehicle and golf cart, launched its innovative Shelby Golf Cart series at the PGA Show, the golf industry's most prestigious annual trade event. This launch marked a significant milestone for DSG Global as it continues to make strides in the golf cart industry with its cutting-edge products.
- In October 2021, Columbia Vehicle Group announced a strategic partnership with Inventus Power, a leading global provider of advanced battery system design and manufacturing. The partnership focused on integrating Inventus Power's lithium-ion battery packs as an optional offering for Columbia's Utilitruck product line.
- In October 2021, Kinetic Green Energy & Power Solutions Ltd, an Indian electric vehicle manufacturer, entered into a partnership with Lamborghini to develop a line of golf carts designed in Italy and manufactured in India for the global market. As part of this joint venture, Kinetic Green holds a majority 75% stake, underscoring its commitment to the project.
- In August 2021, Club Car, a global leader in golf, consumer, and utility vehicles, announced a partnership with ezLocator, a provider of daily pin placement management solutions. This new integration enables Club Car's connected golf car technology to seamlessly deliver precise yardage information to golfers, directly sourced from ezLocator's cloud-based pin placement data, enhancing the overall on-course experience for players.
- In June 2021, E-Z-GO, a subsidiary of Textron Specialized Vehicles, unveiled the E-Z-GO Liberty, a pioneering vehicle that is poised to transform the golf cart industry. The Liberty features a unique design that provides four forward-facing seats within a compact, golf-car-sized footprint. Powered by a high-performance, zero-maintenance Samsung SDI lithium-ion battery system, the Liberty delivers an exceptional driving experience unmatched in the category.
Key Players:
Cario, Club Car LLC, Columbia ParCar Corp., Cruise Car Inc., E-Z-GO (Textron Inc.), Garia Inc., Guangdong Marshell Electric Vehicle Co., Hawk Carts, HDK Electric Vehicle, KT Pan Company Limited, Polaris Industries, Sayulita Life.com, Suzhou Eagle Electric Vehicle Manufacturing Co., Textron Specialized Vehicles, Yamaha Golf-Car Company
