The global golf cart market is expected to expand at a CAGR of 6.14% during the forecast period of 2016-2023. The market is expected to witness a robust growth owing to the increasing demand for electric golf cart for various end uses such as hotels, resorts, residential apartments, commercial complex and others. Further, due to heavy demand for eco-friendly product and surging prices of fuel, electric golf cart witness the highest market share of the global golf market.
“Golf Cart Market: Global Demand Analysis & Opportunity Outlook 2023”
Golf cart are basically used to travel short distances, they can also be used in different location for different purposes such as resorts, hotels and retirement villages and others. These carts are also used in airports and shopping malls to carry luggage over short distance or inside a building.
The participation rate in golf game is increasing due to increasing personal disposable income of consumers and as well as changing life style. Golf is considered as a luxurious game; therefore higher personal disposable income ensures that a greater number of people can afford to play golf.
Golf carts are available with various fuel inputs such as electric powered golf cart, gasoline powered golf cart and natural powered golf cart. Due to obvious reason of environmental pollution, electric golf cart is anticipated to be in high demand over the forecast period.
The Global Golf Cart Market is expected to register a 6.14% CAGR over the forecast period. Moreover, the market of global golf cart market is anticipated to reach notable revenue by the end of 2023.
The market is expected to expand on the back of the rising adoption of golf carts in the airport sector.
The airport golf cart sector segment by end user is estimated to register a phenomenal CAGR of 6.20% during the forecast period. Moreover, the airport authorities are also adopting electric golf carts for various purposes including carrying passenger, luggage and heavy utilities.
The golf carts are used inside the premises of airports to commute the passenger.
North America is anticipated to hold the highest market share of 56% in terms of revenue by the end of 2023. The region’s dominance is due to the advancement in technology and rejuvenation of the golf industry in the U.S.
Further, in North America, U.S. to remain the most lucrative market for existing and new players looking for business expansion or investment in electric LSV market.
Advancement in Golf Cart Technology
The demand for electric powered golf cart is anticipated to increase in terms of volume during the forecast period on the back of low maintenance requirement of solar powered golf carts. These advancements are expected to impact positively on the growth of global golf cart market.
Further, all these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. The market of golf cart is majorly driven by the advancement in golf cart technology.
Rapid Expansion of Hospitality Sector
Growth in hospitality sector has been noticed owing to positive growth of tourism industry across the globe. The rise of hotels and resorts across the globe and rising expectations of tourists towards the hotels services are encouraging the hotel industry to provide better services.
These factors are expected to generate a huge demand for golf carts over the next five to six years. However, High cost of maintenance of golf carts which are powered by gasoline is anticipated to hamper the growth of global golf cart market.
Moreover, the high maintenance cost creates reluctance among the consumers to use the golf carts for multiple applications.
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The report titled “Golf Cart Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global golf cart market in terms of market segmentation by fuel type, by end-user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global golf cart market which includes company profiling of Ingersol Rand PLC, Hitachi Chemicals, Yamaha Motors Co. Ltd, and Textron. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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