The global Electric Golf Cart market is expected to witness a market value of US$ 1.3 Billion in 2023 and is expected to accumulate a market value of US$ 1.92 Billion by registering a CAGR of 4.0% in the forecast period 2023 to 2033. The market for Electric Golf Cart market registered a CAGR of 2.3% in the historical period 2018 to 2022. Increase in industrialization and urbanization, coupled with rapid shift towards mall culture across the globe are likely to accelerate the market growth. Also, these electric golf carts are used in hi-tech & smart residential and commercial housing projects.
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Electric Golf Cart has been accelerated, owing to the factors such as increase in utilization of electric golf carts in hotels, hospitality, amusement parks, and tourism industries, among others. In addition, use of electric golf carts for short trips in educational institutions including universities and colleges, and in airports is another major factor driving the market growth during the forecast period.
The electric golf carts offer significant advantages over the conventional gasoline or diesel driven golf carts considering the environmental concerns. The benefits of electric golf cart include low maintenance, noise free, environmental friendliness and less expensive to operate. The ability to eliminate emission of greenhouse gases, ozone forming toxins and noise pollution to remain instrumental are the major factors that are anticipated to fuel the demand of electric golf cart market.
Additionally, other major factors such as continually falling prices of electric golf carts, and the development of golf cars with maximum range, performance, and fewer charge cycles due to technological advances in battery management are also projected to propel the sales of the electric golf carts over the analysis period. Moreover, the demand for golf carts is being escalated, attributed to the expanding technological advancements that have resulted in the production of hybrid, electric, and rechargeable golf carts that don't emit dangerous gases.
Furthermore, there has been a tremendous growth witnessed in the electric golf cart market, owing to the factors such as growing awareness regarding electric golf carts as a means of internal transportation. In addition, there is an increasing adoption of electric golf carts in various events such as symposiums, tradeshows, expos, and exhibitions. Attributed to this trend, many domestic manufacturers have also expanded their service portfolio by including electric golf cart rental services too.
On the regional end, North America is expected to hold a dominant market share during the forecast period, attributed to the factors such as vast presence of golf courses in the region. Moreover, the automotive industry in the region is evolving as manufacturers have been launching eco-friendly and efficient solutions. Thus, the rising electrification of electric vehicles in North America, in the wake of stringent emission norms is a major factor that is expected to stimulate the market growth in the forthcoming years.
In Asia Pacific, India and China are expected to create lucrative avenues for electric golf cart, attributed to the increasing utilization of golf carts at railway stations and airports. Japan is also estimated to witness a steady growth in the global electric golf cart market.
Various start-ups are entering the market and contributing to the fostering growth of the market. One such start-up is Saera Electric, which in December 2022, unveiled a new electric golf cart in the Indian market. The brand-new Golf Cart from Saera features a monocoque frame, bucket seats, a maintenance-free AC drive system and cabin lights. It also has LED headlamps and tail lamps with inbuilt indicators and DRL. Moreover, the new electric golf cart features MacPherson suspension and 10-inch, all-terrain tyres. In addition, the new cart includes hydraulic brakes, an auto lifter brake pedal and a digital speedometer with service alert.
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Increasing innovations with technology have made life more at ease and convenient. Golf carts as a means of public transport is becoming more popular and emerging as a significant part of industries for internal transportation. Today, electric golf cart has gained significant popularity. Along with the use in conventional golf courses, electric golf carts are also suitable for everyday usage.
Electric golf carts offer significant advantages over conventional gasoline or diesel driven golf carts considering the environmental concerns. The main benefits of golf cart include low maintenance, noise free and environmental friendliness and less expensive to operate. The ability to eliminate emission of greenhouse gases, ozone forming toxins and noise pollution to remain instrumental in driving the demand for electric golf cart market.
Demand for golf carts majorly come from tourist places, higher urbanization & industrialization countries and developing countries. Owing to above mentioned factors, the demand for electric golf cart is anticipated to witness significant growth thus contributing to the global electric golf market during the forecast period.
With rapid urbanization and industrialization, the adoption of electric golf carts as Neighbourhood Electric Vehicles (NEVs) is increasing. Golf course has gained much popularity all over the world.
Worldwide growth in the golf course projects in private clubs, golf-centric real estate developments, and golf resorts are the factors which lead to the rise in the global demand for electric golf carts. In addition, developing tourism and hospitality industry is fuelling the growth of the global electric golf cart market.
A recent trend observed in the global electric golf cart market is increasing demand for customization by end users in relation to vehicle aesthetics and seating capacity.
With growing awareness regarding electric golf carts as a means of internal transportation, there is an increasing adoption of electric golf carts in various events such as expos, symposiums, tradeshows and exhibitions. Owing to this trend, most of the domestic manufacturers have expanded their service portfolio by including electric golf cart rental services too.
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In Asia Pacific, countries such as India and China are expected to create significant opportunities for electric golf cart owing to growing use of golf carts at railway stations and airports. Japan is also estimated to witness steady growth in the global electric golf cart market. In developed countries such as USA and Canada the demand for electric golf cart is stated to be driven by growing environmental awareness and use of electric vehicles.
This will drive the growth in North America. Tourism industry in GCC countries will create more demand for electric golf cart in the coming years, which in turn will drive the electric golf cart market in Middle East & Africa. In European countries such as Italy and Scotland among others are leading players of golf on the global scale. This is estimated to create healthy opportunities for the market growth in Europe.
Some of the key players in the global Electric Golf Cart market are:
The research report on the Electric Golf Cart market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Electric Golf Cart market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, vehicle type, and sales channel.
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The global Electric Golf Cart market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Electric Golf Cart market can be segmented on the basis of application, ownership, and Type.
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