Golf Cart Market size worth US$ 2.12 billion by year 2032 | FMI

The golf cart market size is anticipated to reach a valuation of US$ 2.12 billion in 2032, according to a recent market analysis by Future Market Insights (FMI). Through 2032, the market is predicted to expand at a CAGR of 3.9%.

The need for low-speed vehicles has increased for a number of functions, including short-distance commuting in parks, commercial districts, colleges, and other locations. As a result, the golf cart market is growing.

Moreover, future infrastructure and equipment developments are likely to help the industry as the leisure and tourist sector expands. Demand for golf cart is expected to rise as utility vehicles gain more and more use outside of golf courses.

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After the pandemic, it’s expected that restrictions are lifted and market demand can return to its pre-pandemic levels. Additionally, due to its modular architecture and variety of modification options, golf carts can be modified to match the needs of final consumers, enabling the owner to run a lucrative business.

The surge in sales of golf cart in the tourism, hospitality, academic, and other sectors is predicted to hasten the rise of golf cart market share.

A variety of federal and state laws that regulate the use of golf carts take into account a number of various factors, such as road access, passenger capacity, safety, headlights, brakes, and a valid driver’s license, which can impede the golf cart market growth.

In North America and Europe, the market is far more developed. Therefore, it is projected that future innovation and technology developments in the European and American golf cart industries, such as electrification, linked mobility, and autonomy, are fueling market expansion.

Key Takeaways  

  • The golf cart market is likely to have a CAGR of 9% during the forecast period.
  • According to the product type, the electric golf cart holds 80.34% share in 2020 for the golf cart market.
  • North America holds a significant share in the global golf cart market.
  • Based on application, the golf course industry accounted for the largest market share by 2032.
  • The value of the golf cart market is expected to be US$ 2.12 billion by 2032.
  • Europe holds the second position in the golf cart market during the forecast period.

Competitive Landscape:

The golf cart market is projected to continue rapidly electrifying as manufacturers concentrate on creating and delivering new generation electric models with enhanced travel range and battery capacity during the projection period.

Major Market Players in the golf cart market are Club Car, LLC Yamaha Golf-Car Company, E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd, Xiamen Dalle Electric Car Co., Ltd. Company, Maini Material Movement Pvt. Ltd, Garia Luxury Golf Car, Cruise Car, Inc., Toyota Motor Corporation, Polaris Inc, Solorider, GDRIVE Golf Cart, Carrieall Car Pvt Ltd, and Volmac Engineering Pvt Ltd.

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Key Segment

By Product Type:

  • Push-Pull Golf Cart
  • Gasoline Golf Cart
  • Electric Golf Cart
  • Solar Powered Golf Cart

By Operation:

  • Manual
  • Powered

By Application:

  • Golf Courses
  • Personal Use
  • Industry Use
  • Others

By Ownership:

  • Rented
  • Fully Owned

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa

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Recent Developments

  • E-Z-GO debuted the E-Z-GO Liberty in June 2021, the company’s first golf car with four forward-facing seats in a small cart.
  • The Lamborghini family and Indian EV business Kinetic Green Energy & Power Solutions announced their collaboration to produce products for the international market in October 2021.
  • The Yamaha Golf-Car Company officially became the National Golf Course Owners Association’s (“Official Golf Car Partner”) “Official Golf Car Partner” in January 2021.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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