Dublin, July 22, 2020 (GLOBE NEWSWIRE) — The “Golf Cart Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The global golf cart market is anticipated to register a CAGR of about 5% during the forecast period (2020 – 2025).
The rapid urbanization, increasing per capita income, growth in the international and national tourism industry, are anticipated to fuel the demand of the golf carts in the forecast period. These small powered easy to drive vehicles to have numerous applications starting from its primary application in golf courses to its applications in sports events, airports, resorts, hospitals, agriculture, warehouses, railway stations, universities, and housing projects.
According to National Golf Foundation, Golf is a USD 84 billion industry, with total golf participation, reached to 33.5 million in 2018 an besides that 14.7 million non-golfers are willing to play golf on course in the United States. Similarly, in UNWTO’s International Tourism Highlights 2019 edition, the international tourist arrivals grew 5% in 2018 to reach the 1.4 billion w.r.t 2017. Since the aforementioned industries are witnessing healthy growth, the golf cart market is also anticipated to register a positive growth rate during the forecast period.
Key Market Trends
Growth of Golf Sport Sector will Propel the Market
Golf sports infrastructures provide a majority of the demand for the golf carts, A good infrastructure provides a good base for a good market. For instance, in the United States, there are approximately 15,000 facilities, 24 million golfers and about 450 million rounds-played along with that the market for golf clubs and balls was USD 2.7 billion in 2018 as stated by NGF. Previously this sport is dominated by adult males only but now the sport is witnessing huge beginners which also includes women, children and even golfers above 65 age.
As golf is a premium sport and its players need a good experience throughout their time on the court, similarly other golf equipment along with various goods for maintenance is also being moved from one place to another. Golf cart provides all kind of luxury and customization in it, according to the needs in the court such as course maintenance, food & beverages, commuting, merchandising OEMs offer various accessories’ option like premium seats, light kits, automotive colors, ball picker kit, extra storage compartment, cooler and many others accessories.
North America Is Expected to Dominate the Golf Cart Market
North America is anticipated to dominate the global golf cart market over the forecast period. This region also has the presence of major market participants such as Yamaha Golf-Car Company, Club Car, LLC, Cruise Car, Inc, Columbia ParCar Corp, Garia Inc. Textron Inc.(E-Z-GO). The United States has a special place for this sport, as it possesses more than 17,000 courses, host of three of the four men’s Major Championships, and seen many of the finest players of this sport. Along with that, this region is also witnessing a good activity by local market participants for instance on March 2020, Red Hawk a supplier of parts and accessories to golf car manufacturers has announced that it will be opening a new distribution center in Indianapolis which is going to be its fourth location.
The European region is pushing hard to have significant growth in the coming years although it has witnessed ups and downs in the past. EGCOA & its members such as national golf course owners’ associations, golf federations, and industry suppliers developed the VISION 2020, to inspire their members & and the European golf industry to make good, strategic decisions for their facilities or associations.
The golf cart market is fragmented owing to the presence of several regional players. For instance, major players active in North America includes Yamaha Golf-Car Company, Club Car, LLC, Cruise Car, Inc, Columbia ParCar Corp, Evolution Electric Vehicle, Garia Inc. Textron Inc., amongst others. The companies are expanding their presence by opening new plants and making existing golf carts more advanced by introducing new software and battery technologies. For instance,
- In 2020 PGA Merchandise Show’s, Yamaha Golf-Car Company has showcased new technologies such as PowerTech AC Independent Rear Suspension (IRS) which will help players to navigate terrain comfortably, and Trojan Motive T875-AGM batteries, which offers a shorter charging time than standard FLA batteries.
- In February 2020 Cart Mart, Inc. has acquired East Coast Commercial Vehicle Company, B2BUV, LLC company is an authorized dealer of golf carts manufacturers such as Club Car, Garia, and Polaris.
- In 2019, Club Car partnered with LG Chem, for their key model Onward. It’s 3.1 lithium-ion battery which was built on automotive standards, provides numerous benefits over conventional lead-acid batteries such as better warranty, better performance while climbing hills or accelerating, and less maintenance.
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- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Electric Golf Cart
5.1.2 Gasoline Golf Cart
5.1.3 Solar Golf Cart
5.2 By Application Type
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Rest of the World
184.108.40.206 United Arab Emirates
220.127.116.11 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Yamaha Golf-Car Company
6.2.2 Cruise Car, Inc
6.2.3 Columbia ParCar Corp
6.2.4 Garia Inc.
6.2.5 Club Car, LLC
6.2.6 Textron Specialized Vehicles Inc.
6.2.7 Hitachi Chemical Co. Ltd
6.2.8 Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
6.2.9 JH Global Services, Inc.
6.2.10 Dongguan Excellence Golf & Sightseeing Car Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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