May 22, 2024
Golf Cart Market

Golf Cart Market Is Estimated To Witness High Growth Owing To Technological Advancements In Electric Golf Carts

Golf carts provide transportation on, around and to golf courses. They have several advantages such as mobility, convenience and comfort for carrying multiple golf bags and clubs. Golf carts are beneficial for the elderly and physically challenged individuals to access all areas of golf courses comfortably.

The global golf cart market is estimated to be valued at US$ 1.63 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the golf cart market are GSE Environmental; CETCO; Geofabrics Australasia Pty Ltd.; Carthage Mils Erosion Control Company, Inc.; NAUE GmbH & Co., KG; JUTA Ltd.; Solmax International Inc.; Officine Maccaferri S.p.A; Plastika Kritis S.A.; Nilex, Inc.; Bridgestone America; Carlisle SynTec Systems; Anhui Huifeng New Synthetic Materials Co., Ltd.

The key opportunities in the golf cart market include growing popularity of golf among senior citizens and increasing golf tourism. Technological advancements in electric golf carts such as lithium-ion batteries providing longer runtimes compared to traditional lead-acid batteries are further fueling the market growth.

Market drivers
The main driver for the golf cart market is the rising popularity of golf as a leisure and recreational sport globally. According to industry estimates, there are over 30 million golfers worldwide which is increasing at a steady pace annually. Moreover, technological improvements in electric golf carts making them faster, reliable and environment-friendly is another key factor augmenting the demand.
Current Challenges in Golf Cart market:

The Golf Cart Market Demand is facing challenges related to availability of alternative eco-friendly products and regulatory policies. Stringent regulations around emission standards and safety are compelling golf cart manufacturers to focus on developing electric and hybrid models. However, high cost of manufacturing and limited driving range of electric golf carts restricts their mass adoption. Golf facilities also need to invest heavily in charging infrastructure to support electric fleets. Falling lithium ion battery prices can help address the cost issue but it will take time for the technology to mature. On the demand side, declining interest among younger generation in golf as a sport poses a threat for long term growth. Golf courses are actively working on strategies to make the game appealing to new audiences.

SWOT Analysis

Strength: Growing popularity of eco-friendly electric models. Established global distribution and service network of major players.
Weakness: High dependency on weather conditions and discretionary consumer spending on golf. Electric golf carts have limited driving range.
Opportunity: Potential in rental and shared fleet business models. Golf tourism boom in emerging markets of Asia Pacific and Latin America.
Threats: Strict emission norms push up manufacturing costs. Competition from other outdoor recreational activities especially among younger demographic.

Geographical Regions

North America currently holds the largest share of the global golf cart market in terms of value. Presence of over 15,000 golf courses and rising golf participation in the US and Canada drives the regional demand. Europe is the second largest golf cart market led by countries like UK, Germany, Italy and Spain owing to strong golfing culture and traditions.

Asia Pacific region is poised to be the fastest growing market during the forecast period supported by infrastructure development for golf tourism and sport promotion programs in countries like China, Japan and India. Countries in Middle East and Latin America are also witnessing higher spending on recreational golf facilities creation due to tourism growth, which will spur golf cart sales.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it