Golf Cart Market Size, Share Report, Analysis, Trends, Growth 2032

Golf Cart Industry Prospective:

The global golf cart market size was worth around USD 1,740 million in 2023 and is predicted to grow to around USD 2,890 million by 2032 with a compound annual growth rate (CAGR) of roughly 5.82% between 2024 and 2032.  

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Golf Cart Market: Overview

A golf cart, often referred to as a golf buggy or a golf cart, is a compact motorized vehicle that was first made to transport two players and their clubs around a course with less exertion than walking. Variants with increased passenger capacity, more utility features, or certification as low-speed street-legal vehicles were added throughout time. A typical golf cart weighs between 900 and 1,000 pounds (410 and 450 kg), has dimensions of 4 feet (1.2 m) by 8 feet (2.4 m) by 6 feet (1.8 m), and can travel up to 24 km/h (15 miles per hour). It can accommodate two players and their clubs.

The golf cart market is driven by several factors including a growing number of golf courses, the rising popularity of golf in affluent populations, technological advancements, rising inclination towards solar-powered golf carts, increasing disposable income of the population, and many others.

Key Insights

• As per the analysis shared by our research analyst, the global Golf Cart market is estimated to grow annually at a CAGR of around 5.82% over the forecast period (2024-2032).
• In terms of revenue, the global Golf Cart market size was valued at around USD 1,740 million in 2023 and is projected to reach USD 2,890 million, by 2032.
• The rising popularity of golf as sports are expected to drive market growth during the forecast period.
• Based on the type, the Solar Golf Cart segment is expected to grow at the highest CAGR during the forecast period.
• Based on the application, personal services are expected to capture the largest revenue share over the forecast period.
• Based on region, North America is expected to dominate the market over the projected period.

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Golf Cart Market: Growth Drivers

Continuous advancements drive market growth

Modern carts are gradually being outfitted with technological features like GPS systems, USB connections, and updated engine systems, making them more appealing to both individual customers and golf course administrators. The use of environmentally friendly technology, notably electric and solar-powered golf carts, is consistent with the expanding worldwide emphasis on sustainability. This move appeals to environmentally concerned consumers and helps golf facilities save operational expenses by lowering fuel usage and maintenance requirements.

Furthermore, advances in battery technology have resulted in longer-lasting and more efficient batteries, enhancing the performance and range of electric carts. The development of customizable and luxury carts has also become a trend, catering to a certain market group seeking bespoke or high-end solutions.

Golf Cart Market: Restraints

Environmental concerns impeding market growth

Internal combustion engine emissions contribute to greenhouse gas emissions and air quality concerns, which contradicts the growing emphasis on sustainability and environmental responsibility. While the transition to electric golf carts is great, it raises concerns about the environmental effect of battery manufacture, consumption, and disposal. The production and disposal of lithium-ion batteries, which are extensively used in electric golf carts, raises questions concerning resource extraction, energy use, and suitable recycling processes.

Furthermore, the reputation of golf courses as peaceful and ecologically sensitive contrasts with the noise and pollution produced by gas-powered carts, potentially leading to problems with environmental rules and community expectations. Thus, rising environmental concerns over gas-powered golf carts hinder market expansion during the projection period.

Golf Cart Market: Opportunities

Growing innovative product launches offer an attractive opportunity for market growth

The growing innovative product launch is expected to offer a lucrative opportunity for market growth during the forecast period. For instance, in June 2023, The Textron Specialized Vehicles company E-Z-GO® unveiled the redesigned Liberty RXV model, which combines a sleek new appearance with a pleasant ride, and the new street-legal Liberty LSV. The ultimate luxury street-legal car in the industry is the Liberty LSV. The Liberty LSV has a peak speed of 25 mph, satisfies all NHTSA requirements for an LSV, and is as at home on cart paths as it is on public highways with stated speed limits of 35 mph or below in the majority of states.

Constructed with a small wheelbase, the Liberty LSV offers maximum agility for assured handling together with the comfort and convenience of four seats facing forward. The Liberty LSV complies with both FMVSS 500 and SAE J2358 standards and is equipped with a backup camera, operator protective structure, seatbelts, and a pedestrian warning system. It is also available with an optional state-of-the-art infotainment system.

Golf Cart Market: Challenges

High initial cost poses a major challenge to market expansion

Golf carts, particularly ones with modern technologies and electric powertrains, can have a high starting cost. This may inhibit some potential purchasers, especially in areas where golf is not as popular or where economic limits are an issue. Thus, the high initial cost might be a major challenge for the golf cart industry during the forecast period.

Golf Cart Market: Segmentation

The global Golf Cart industry is segmented based on Type, Operation, Application, Ownership and region.

Based on the type, the global Golf Cart market is bifurcated into Solar Golf Cart, Electric Golf Cart, Gasoline Golf Cart and Push-Pull Golf Cart. The Solar Golf Cart segment is expected to grow at the highest CAGR during the forecast period. The segment expansion is attributed to the increasing inclination of consumers towards green energy. On the other hand, the electric golf cart segment is expected to hold a prominent market share over the projected timeframe owing to the introduction of innovative product launches. For instance, in January 2023, with the launch of its new electric golf cart in India, electric car maker Saera Electric expanded the variety of products it offers. Bucket seats, a maintenance-free AC drive system, cabin lighting, and a monocoque structure are all elements of the new Saera golf cart. The car's DRL incorporates the LED taillights, headlights, and indicators. In addition, this new electric golf cart has 10-inch all-terrain tires and a MacPherson suspension. A digital speedometer with a service warning is also included, along with hydraulic brakes and an automated lifter brake pedal.

Based on the operation, the global Golf Cart industry is segmented into Manual and Powered.

Based on the application, the global Golf Cart market is segmented into Personal Services, Golf Courses, Commercial Services and Others. Personal services are expected to capture the largest revenue share over the forecast period. Since they allow for quick transportation between locations, golf carts have become more and more popular among personal services in developed countries towns and rural areas. Compared to passenger cars and commercial vehicles, golf carts provide accessible, affordable, and effective transportation between residential and business areas inside towns. Thereby, driving the segment growth.

Based on ownership, the global Golf Cart industry is segmented into Fully Owned and Rented.

Golf Cart Market: Report Scope

Regional Analysis

North America is expected to dominate the market over the projected period

North America is expected to dominate the market over the projected period. The regional market growth is attributed to the increasing popularity of golf as a sport. According to the National Golf Foundation, in 2023, almost one-third of American adults above the age of five either played golf (on or off course), watched golf on TV or the internet, read about the game, or listened to a podcast on the game. This is a 30% increase over 2016. Additionally, 45 million Americans over the age of six played golf in 2023, both on and off the course.

26.6 million golfers played on actual golf courses, while another 18.4 million engaged only in off-course golf activities like driving ranges, indoor golf simulators, or golf entertainment centers like Topgolf, contributing to this record-breaking total. Besides, the Asia Pacific is expected to grow at a rapid rate over the forecast period. The growth in the region is fueled by factors like higher adoption rates of intelligent mobility services, government regulations, urbanization, rising fuel prices, and a surge in the trend toward adopting non-fossil fuel-based vehicles.

Golf Cart Market: Competitive Analysis

The global Golf Cart market is dominated by players like:

• Volmac Engg. Private Limited
• Polaris Inc.
• Yamaha Motor Corporation
• Hitachi Chemical Co. Ltd.
• Garia
• Ingersoll Rand
• JH Global Services Inc.
• Maini Materials Movement Pvt. Ltd.
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
• Textron Inc.
• Columbia Vehicle Group Inc.
• Xiamen Dalle New Energy Automobile Co. Ltd.
• KC Golf Cart Co.
• SpeedwaysElectric
• Marshell Green Power
• Autopower
• Prevalence Green Solutions Private Limited
• HDK ELECTRIC VEHICLE
• Tianjin Zhongyi Electric Vehicle Co. Ltd.
• Textron Specialized Vehicles Inc.

The Global Golf Cart market is segmented as follows:

By Type

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

By Operation

• Manual
• Powered

By Application

• Personal Services
• Golf Course
• Commercial Services
• Others

By Ownership

• Fully Owned
• Rented

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa