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Global Golf Cart Market Size, Share, Trends, Forecast: By Type: Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart; By Application: Golf, Personal/Residential, Commercial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Golf Cart Market Outlook
The global golf cart market size reached approximately USD 1.44 billion in 2023. The market is estimated to grow at a CAGR of 4.5% in the forecast period of 2024-2032, reaching a value of around USD 2.16 billion by 2032.
Key Trends in the Market
A golf cart is a small battery-powered vehicle that is primarily designed for the transportation of golf carters and their equipment around the golf course. It is also referred to as a golf buggy or golf car and generally operates at an average speed of 25 miles per hour.
- The burgeoning popularity of solar-powered golf carts, which reduce dependence on fossil fuels and are cost-effective in the long run, is one of the key golf cart market trends. These carts rely on solar conversion kits to produce the electricity required to run them.
- Electric golf carts are readily deploying lithium batteries as an alternative to lead-acid batteries as they offer higher energy density, rapid charging time, minimal maintenance, and environmentally friendly benefits.
- Golf carts have gained prominence in recent years in usage for general transportation purposes on the road. These carts are affordable and more fuel-efficient compared to the standard cars, which makes them a viable transportation option, and further provides impetus to the golf cart market growth.
Market Analysis
Based on type, the market is divided into electric golf cart, gasoline golf cart, and solar golf cart. The golf cart market segmentation, on the basis of application, includes golf, personal/residential, and commercial. The major regional markets of golf cart are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the golf cart market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Yamaha Motor Co., Ltd.
- Garia ApS
- Textron Inc.
- Marshell Electric Vehicle Co., Ltd.
- Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
- HDK Electric Vehicle
- Dongguan Excar Electric Vehicle Co., Ltd.
- Club Car, LLC
- STAR EV Corporation
- Speedways Electric
- Others
Market Share by Type
Gasoline golf cart occupies a significant portion of the golf cart market share as it boasts high transportation speed and driving range and can cover long miles in an instant. It also offers the convenience of simple refuelling at gas stations, which takes up less time as compared to electric golf carts that can take hours to charge. Additionally, gas-powered golf carts are equipped with durable engines that last for a long period of time, further propelling the growth of the segment.
Market Share by Region
As per the golf cart market analysis, North America accounts for a substantial share of the global market, due to the rising popularity of golf and country clubs in the region. Strategic initiatives by several golf cart providers such as growing investments and advancement in technologies also favours the regional market growth.
Meanwhile, the Asia Pacific is expected to gain healthy growth in the foreseeable future, due to favourable incentives by market players to increase the production of local golf carts in the region.
Competitive Landscape
Yamaha Motor Co., Ltd., founded in 1955, is a major mobility manufacturer, headquartered in Shizuoka, Japan. Its product portfolio includes motorcycles, e-bike systems, golf cars, industrial robots, and electric motors, among others.
Garia ApS, incorporated in 2005, is a producer of luxury golf cars, with its headquarters in Greve, Denmark. The company mainly offers high-end two, four, and six-seater golf cars that are inspired by Danish designs.
Textron Inc. is a multi-national provider of aerospace and defence and industrial products, established in 1923 and based in Rhode Island, the United States. Some of its popular brands include Bell, Cessna, Pipistrel, Kautex, and Textron Systems, among others.
Other golf cart market players include Marshell Electric Vehicle Co., Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., HDK Electric Vehicle, Dongguan Excar Electric Vehicle Co., Ltd., Club Car, LLC, STAR EV Corporation, and Speedways Electric, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Golf Cart Market Analysis
8.1 Key Industry Highlights
8.2 Global Golf Cart Historical Market (2018-2023)
8.3 Global Golf Cart Market Forecast (2024-2032)
8.4 Global Golf Cart Market by Type
8.4.1 Electric Golf Cart
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Gasoline Golf Cart
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Solar Golf Cart
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Golf Cart Market by Application
8.5.1 Golf
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Personal/Residential
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Commercial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Golf Cart Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Golf Cart Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Golf Cart Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Golf Cart Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Golf Cart Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Golf Cart Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Yamaha Motor Co., Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Garia ApS
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Textron Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Marshell Electric Vehicle Co., Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 HDK Electric Vehicle
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Dongguan Excar Electric Vehicle Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Club Car, LLC
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 STAR EV Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Speedways Electric
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Golf Cart Market: Key Industry Highlights, 2018 and 2032
2. Global Golf Cart Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Golf Cart Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Golf Cart Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Golf Cart Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Golf Cart Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Golf Cart Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Golf Cart Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Golf Cart Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Golf Cart Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Golf Cart Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Golf Cart Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Golf Cart Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Golf Cart Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Golf Cart Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Golf Cart Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Golf Cart Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Golf Cart Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.44 billion.
The market is projected to grow at a CAGR of 4.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 2.16 billion by 2032.
The major market drivers are the growing popularity of golfing as a sport and the growing usage of golf cart vehicles in the hospitality sector.
The key trends of the market include the burgeoning popularity of solar-powered golf carts, the deployment of lithium batteries in electric golf carts, and the growing prominence of street-legal golf carts.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various golf cart types are electric golf cart, gasoline golf cart, and solar golf cart.
The key players in the market Yamaha Motor Co., Ltd., Garia ApS, Textron Inc., Marshell Electric Vehicle Co., Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., HDK Electric Vehicle, Dongguan Excar Electric Vehicle Co., Ltd., Club Car, LLC, STAR EV Corporation, and Speedways Electric, among others.
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