The global golf cart market size is estimated to reach USD 2,194 million in 2024. It is predicted to rise at a CAGR of 4.8% during the assessment period to reach a value of USD 3,512.1 million by 2034. The industry is predicted to exhibit a y-o-y growth of 4.1% in 2024.
A golf cart is a small, motorized vehicle designed to transport golfers and their equipment around a golf course. These have become an indispensable part of the golfing experience with 30,000 golf facilities and a growing number of golf players across the globe.
They are extensively used in several settings other than golf courses. This includes residential communities, resorts, and business facilities. Diverse applications of these carts beyond golf courses are anticipated to further boost sales.
| Attributes | Description |
|---|---|
| Estimated Global Golf Cart Market Size (2024E) | USD 2,194 million |
| Projected Global Golf Cart Market Value (2034F) | USD 3,512.1 million |
| Value-based CAGR (2024 to 2034) | 4.8% |
The trend of integration of smart technology plays a crucial role in shaping the golf cart market. Manufacturers are integrating smart technologies like GPS navigation systems, contact-display screens, and smartphone connectivity in their products.
Denago EV golf vehicles, for example, offer Bluetooth connectivity and digital touchscreen displays in their golf carts. Club Car, a leading manufacturer, has partnered with ezLocator to enable seamless integration of daily pin placement management through the cloud that allows golfers to extract information about golf courses.
East Asia emerges as the leading region in the golf cart market, accounting for a significant share of 39.8% in 2023. This is attributed to the growing golf culture in the region and increasing leisure activities.
Among the countries in East Asia, China has 470 golf courses as per reports from 2022. The country’s leadership in electric-powered automobile battery technology is anticipated to boost the manufacturing of electrical golf vehicles. Japan is also a prominent player in the industry and has over 2,500 golf courses as of 2023.
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The table below exhibits the predicted CAGR for the global golf cart market over semi-annual periods ranging from 2023 to 2024. The analysis provides organizations with a better understanding of the growth in the market over the year by divulging critical shifts in performance and growth patterns of the industry. The first half (H1) of 2023 spans from January to June. The second half or H2 includes July to December.
Figures presented in the table below project the growth rate for each half between 2023 and 2024. The market is estimated to grow at a CAGR of 4.5% in the first half (H1) of 2023. The second half of the same year is anticipated to exhibit a surge in the growth rate at a CAGR of 4.9%.
| Particular | Value CAGR |
|---|---|
| H1 | 4.5% (2023 to 2033) |
| H2 | 4.9% (2023 to 2033) |
| H1 | 4.4% (2024 to 2034) |
| H2 | 5.2% (2024 to 2034) |
Moving in the preceding period, from H1 2024 to H2 2034, the CAGR is predicted to witness a dip in CAGR to 4.4% in the first half (H1) and then significantly surge to 5.2% in the second half (H2). The industry witnessed a dip of 10 BPS in the first half (H1) and a surge of 30 BPS in the second half (H2).
Diverse Applications Anticipated to Boost Sales
Golf carts were originally designed for golf fields but as time passed, golf vehicles have gained popularity as a perfect mode of transport in compact spaces. Their ease of use, efficiency, and cost-effectiveness have facilitated their adoption among end-users.
Golf carts are set to be used in industries, including hospitality, tourism, residential areas, smart societies, and universities. The availability of customization enables tailoring golf vehicles as per specific requirements, further boosting sales.
Hotel and resort owners use golf carts to enhance customer experience by providing easy transportation within expansive properties. Golf vehicles are also used for the easy movement of guests between amenities.
Tourism golf vehicles serve as a mode of transport for visitors to navigate large areas comfortably. Residential communities have integrated these carts for internal transportation.
Golf vehicles provide a smart solution for short-distance travel, especially in retirement villages and gated communities. They are used for utility functions in event management where they are customized for catering and linen transport. All these diverse applications of golf vehicles beyond golf courses boost sales.
Integration of Smart Technologies to Facilitate Expansion
The trend of integration of smart technologies in golf carts is improving its performance and consumer experience. From GPS navigation structures and contact-display screens to smartphone connectivity and incorporated speakers, new golf vehicles have various modern features. This integration of smart technologies makes golf vehicles appealing to consumers.
GPS-equipped golf vehicles are changing the strategies of golf games. They provide precise distance measurements to holes, greens, bunkers, and hazards. Golf cart GPS systems allow players to strategize their shots effectively.
The global golf GPS equipment market is anticipated to grow at a CAGR of 10.5%, indicating a robust demand for these technologies in golf vehicles. Tagmarshal has reported that their GPS tracking technology has improved the pace of play and operational efficiency at golf courses. Integration of touchscreens and connectivity features enables golfers to access real-time data, such as weather updates and course changes.
Rise of Personalized and Accessible Carts Augmenting Growth
Golf carts are now being personalized as per consumer needs, thereby raising the demand for personalized versions of golf vehicles. Carts with personalized colors and extra features are in demand.
Consumers are looking for carts that are customized for specific end-use. Manufacturers are keeping up with the trend by bringing in new equipment and cart models while offering customization as per consumer requirements.
The emergence of cart rental businesses has decreased the need for people to buy a new cart to be able to drive it around. This gives everyone the chance to try out golf vehicles, especially in popular destinations and tourist areas. This trend is especially prominent in developing regions, such as Asia Pacific.
High Maintenance and Substandard Products to Act as Prominent Restraints
The most prominent restraint to the golf cart market is its high maintenance costs. Good quality golf vehicles have high prices but maintenance costs of golf vehicles could be even higher.
As the market matures, maintenance costs are likely to make owning the vehicle less desirable for potential buyers. Maintenance services, replacement batteries, or repairmen will likely be expensive for owners.
Investment of money in maintenance can be a deciding factor for several consumers. This is predicted to make golf vehicles less appealing to budget-conscious consumers and businesses, as it can cost a lot to maintain and repair carts.
The presence of substandard products from local manufacturers further increases this issue. Frequent repairs and poor construction of domestic golf vehicles are likely to cause problems. These types of vehicles are not reliable compared to high-quality ones and require additional repairs and maintenance.
Regulatory constraints as well as the need for permits and compliance with specific regulations can complicate ownership and operation. All these factors together create an issue for both consumers and manufacturers and are hence likely to affect expansion.
Principal Consultant
The global golf cart industry witnessed a CAGR of 2% during the historical period ranging from 2019 to 2023. It was valued at USD 2,107.9 million in 2023.
Growing urbanization and increased disposable income surged the demand for leisure activities such as golfing. The number of golf courses progressively increased to accommodate the rising golfing experience. The use of golf vehicles extended to hospitality and tourism. Although these factors boosted sales, the pandemic substantially affected demand in the industry from 2019 to 2020.
The COVID-19 pandemic decreased the purchasing power of customers, thereby affecting the demand for leisure goods and service consumption. The shutdown of golf courses and resorts coupled with restrictions on outdoor activities negatively affected sales of golf cars. Disruptions in global supply chains resulted in a temporary downturn in the industry and also affected raw material availability and manufacturing operations.
The industry is anticipated to reach USD 2,194 million by 2024 and is further predicted to rise at a CAGR of 4.8% during the forecast period. It is projected to reach USD 3,512.1 million by 2034.
Integration of smart technologies is an emerging trend that is shaping the dynamics of the market. The widespread use of golf vehicles across several end-use sectors is further driving demand.
Manufacturers are providing consumers with customization in golf vehicles to stand out from their competitors. The increasing popularity of golf coupled with the expansion of golf courses and resorts across the globe is projected to boost sales of golf vehicles during the assessment period.
Tier 1 segment holds a share ranging between 40% and 45% in the global industry. Organizations in the segment have a revenue of USD 150 million. They leverage their extensive expertise in manufacturing and a broad geographical reach to promote their products and carry out expansion strategies. Club Car, E-Z-GO (Textron), Yamaha Motor Corporation, Lvtong, and Kandi America are considered leading players in the Tier 1 segment.
Tier 2 segment holds a share of 35% to 40% with an estimated revenue under the range of USD 50 to 150 million. These companies specialize in specific types of carts and serve niche end uses within the industry. Columbia Parcar Co., Raya Holding (Raya Auto), The Toro Company, and Garia Luxury Golf Car are the prominent businesses in the Tier 2 segment.
Tier 3 segment holds a value share ranging between 20% and 25% with an anticipated revenue under the range of USD 50 million across the globe. Tier 3 companies are small-scale players compared to Tier 1 and Tier 2 suppliers.
They often focus on local or regional trade, niche applications, or specific types of carts. Columbia Parcar Co., Raya Holding (Raya Auto), The Toro Company, and Garia Luxury Golf Car are a few renowned enterprises in Tier 3.
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The section below offers organizations with an overview of the industry. It consists of a detailed examination of the emerging trends and opportunities on a country-by-country basis. This country-specific analysis of the dynamics is anticipated to assist organizations in understanding the complex nature of the market.
The analysis consists of key factors, potential challenges, and forecasts impacting the demand, production, and consumption of the product within each country. This section aims to assist companies in making informed decisions and developing strategies customized to individual countries.
India is anticipated to dominate the country-wise growth during the assessment period with a projected CAGR of 8.3%. China, Japan, and the United States are predicted to follow behind India to become the key countries with estimated CAGRs of 6.2%, 5.3%, and 4.7% respectively.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 8.3% |
| China | 6.2% |
| Japan | 5.3% |
| United States | 4.7% |
| France | 3.7% |
Golf in India is freeing itself from its tag as ‘an elite old man’s sport.’ The country is leading the golf cart industry with an anticipated CAGR of 8.3% during the forecast period. The increasing popularity of golf is resulting in a rising number of golf courses and players in the country.
As per 2021 reports, India had about 250 golf courses. This number is anticipated to rise further, leading to a high demand for golf cars. The utility of these cars extends beyond golf courses in India as they are increasingly being used in other fields like cricket games, airports, resorts, hotels, and parks.
Government initiatives like the National Electric Mobility Mission Plan (NEMMP 2020) are promoting the adoption of electric vehicles. This initiative is predicted to fuel the manufacturing of golf vehicles. The government’s 'Make in India' campaign is further creating favorable conditions for the local manufacturing of golf vehicles. This campaign is mainly attracting foreign direct investment (FDI).
Rapid urbanization in India is leading to an increase in recreational projects, smart housing projects, amusement parks, and other facilities that require internal transportation. These attributes will likely boost sales of golf cars over the forecast period.
Japan is another leading country in East Asia that is anticipated to exhibit a CAGR of 5.3% in the golf cart market during the assessment period. The country had 2,500 to 3,169 golf courses with a reported number of 8.56 million golfers in 2023. These figures make Japan one of the most significant golf markets in the world.
The country has one of the highest life expectancies in the world resulting in a growing elderly population. Carts are becoming an accessible mode of transportation for elderly populations in Japan, especially across residential areas and public places like airports and resorts.
The country’s authorities are progressively promoting sustainable transportation solutions. Carts have emerged as a sustainable alternative to traditional vehicles for residential areas. Japan's tourism industry is booming and golf cars are being increasingly used in tourist spots. All these elements are anticipated to contribute to the surge of the golf vehicle industry in Japan.
China is emerging as the leading country in the golf cart industry with a predicted CAGR of 6.2% during the evaluation period. The increasing middle-class populace with high disposable income is creating a rising demand for recreational sports like golf. People are showing interest in leisure activities like vacations at resort accommodations and golfing club memberships, thereby driving the expansion of the industry.
There is a developing trend of renting golf vehicles for sightseeing purposes in China, especially in tourist spots. Evolutions in electric car technology and their value-effectiveness are bolstering sales of golfing carts.
China's leadership in electric-powered automobile battery technology is further anticipated to boost the manufacturing of electrical golfing carts. The country’s government is encouraging producers to launch eco-friendly vehicles, thereby creating a favorable environment for the growth of the golf cart market.
The section offers businesses insightful data and analysis of the two leading segments. Segmentation of these categories helps organizations understand the dynamics of the market and invest in beneficial zones.
Analysis of the growth assists businesses to attain a thorough understanding of the trends, opportunities, and challenges. This examination is anticipated to help companies navigate the complex environment of the business world and make informed decisions.
Electric is predicted to dominate the product type segment with a value share of 95.3% in 2024. In terms of seating capacity, 2 seater is anticipated to lead with a value share of 39.3% in the same year.
| Segment | Electric (Product Type) |
|---|---|
| Value Share (2024) | 95.3% |
The electric segment is anticipated to witness a CAGR of 4.8% in terms of product type during the assessment period. Electric carts are cost-effective as electricity is cheaper than gasoline.
They have zero emissions which makes them an eco-friendly alternative, thereby driving demand from consumers who are inclined toward sustainable solutions. Electric carts operate in a noiseless manner and are hence preferred by high-end resorts. Government regulations across the globe are promoting the adoption of electric vehicles, including electric golf carts.
| Segment | 2 Seater (Seating Capacity) |
|---|---|
| Value Share (2024) | 39.3% |
The 2-seater segment is dominating in terms of seating capacity with a value share of 39.3% in 2024. The 2-seater category is predicted to experience a steady CAGR of 5.2% over the assessment period.
Two-seater golf carts are generally affordable compared to larger models for individual golfers, small resorts, and small-scale golf clubs, thereby driving inclination toward them. Two-seater carts are simple to operate and maintain.
They are often preferred for quick trips due to their ease of use. Their small size facilitates easier transportation in narrow paths and tight spaces. Beyond the golf course, two-seater carts are popular in gated communities and resorts.
Key players in the industry include Club Car, LLC, Yamaha Golf-Car Company, E-Z-GO, and EverGreen Electrical Vehicles. Manufacturers in the industry benefit from superior manufacturing capabilities and consistent cash flow. They have established a strong supply and distribution network along with stable long-term customer relationships that assist in maintaining steady growth.
Companies are focusing on electric-powered golf carts owing to their rising popularity and demand. Leading brands like Yamaha Golf-Car Company and E-Z-GO are working toward enhancing their electric-powered models with superior battery technology that consists of lithium-ion batteries. Businesses are innovating carts that have premium services and that combine luxury with capability.
Organizations are working toward providing their consumers with top-class services in modern golf vehicle models that consist of customizable options for both aesthetics and performance. Companies are progressively integrating smart technologies in golfing carts.
Organizations are also putting in place new production facilities to reinforce manufacturing capacity. They are anticipated to invest in developing eco-friendly, technologically superior, and flexible products to fulfill the evolving requirements of consumers.
Industry Updates
In terms of product type, the market is divided into electric and gasoline.
Golf carts and neighborhood electric vehicles are the two types. Golf carts are further categorized into passenger and utility.
Seating capacities include 2-seaters, 4-seaters, 6-seaters, and 8-seaters.
Direct, retail, and online are the three main sales channels.
Golf clubs, hotels and resorts, housing projects, airports, recreational industries, private communities, and others are the key end-users.
The industry is spread across North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.
It is predicted to reach USD 2,194 million in 2024.
It is projected to attain a size of USD 3,512.1 million by 2034.
Club Car, LLC, Yamaha Golf-Car Company, E-Z-GO, and EverGreen Electrical Vehicles are the leading manufacturers.
Yes, a golf cart can be electric and it can be used for low-speed driving.
It will likely surge at a CAGR of 4.8% from 2024 to 2034.
They are available in both manual and electric variations.
India is anticipated to lead with a CAGR of 8.3% during the forecast period.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. Type
6.3. Seating Capacity
6.4. Sales Channel
6.5. End- User
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. Electric
7.2. Gasoline
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
8.1. Golf Cart
8.1.1. Passenger
8.1.2. Utility
8.2. Neighborhood Electric vehicle
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Seating Capacity
9.1. 2 Seater
9.2. 4 Seater
9.3. 6 Seater
9.4. 8 Seater
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel
10.1. Direct
10.2. Retail
10.3. Online
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User
11.1. Golf Clubs
11.2. Hotels/Resorts
11.3. Housing Projects
11.4. Airports
11.5. Recreational
11.6. Industries
11.7. Private Community
11.8. Others (Gov & Private)
12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
12.1. North America
12.2. Latin America
12.3. Western Europe
12.4. South Asia
12.5. East Asia
12.6. Eastern Europe
12.7. Middle East & Africa
13. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
20. Sales Forecast 2024 to 2034 by Product Type, Type, Seating Capacity, Sales Channel, and End- User for 30 Countries
21. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
22. Company Profile
22.1. Club Car, LLC
22.2. Yamaha Golf-Car Company.
22.3. E-Z-GO
22.4. EverGreen Electrical Vehicles
22.5. Columbia ParCar Corp
22.6. Hitachi Chemical Co., Ltd.
22.7. Xiamen Dalle Electric Car Co., Ltd. Company
22.8. Maini Material Movement Pvt. Ltd
22.9. Garia Luxury Golf Car.
22.10. Cruise Car, Inc.
22.11. Toyota Motor Corporation
22.12. Polaris Inc
22.13. Solorider
22.14. GDRIVE Golf Cart
22.15. Carrieall Car Pvt Ltd
22.16. Volmac Engineering Pvt Ltd
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Golf Cart Market
