Understanding Golf Cart Market
Golf carts have traditionally been used to transport golfers and equipment around golf courses, and are now widely used in various industries such as tourism, hotels, real estate, and entertainment venues. Golf carts have the characteristics of multifunctionality, energy-saving design, and low-speed operation, and are now used in airports, resorts, hospitals, and large industrial facilities to facilitate short distance transportation. The shift from simple sport utility vehicles to multi-purpose transportation solutions has led to a continuous increase in global demand for golf carts.
Golf Cart Market Value And Forecast
Golf carts will show a rapid growth trend in the next 10 years. In 2024, the market value is expected to reach $2.1 billion. By 2034, the expected market value is $3.5 billion. From 2024 to 2034, The compound annual gro wth rate will be expected to be 4.8%.
Golf Cart Market Driving Force
1. Widely Used
In addition to being used on golf courses, the demand for golf carts is also increasing in resorts, airports, tourist destinations, and communities, which can add market value.
2. Environmental Protection
With the increasing awareness of environmental protection among people, electric golf carts and solar powered golf carts are becoming more and more popular. In addition, the government has introduced measures to encourage the purchase of electric golf carts. This has promoted the development of the golf industry.
3. Tourism And Golf Courses Expansion
With the increasing popularity of golf worldwide and the expansion of golf courses. Golf carts demand in the market is also constantly increasing.
4. Decreased Battery Costs
Price is one of the important factors that affect people's purchase of golf carts. Due to the continuous advancement of technology, electric golf carts battery price is continuously decreasing. And the battery's range is increasing. People's desire to buy golf carts is increasing.
5. Frequent Communication In Social And Business Activities
Golf skills have become one of the ways people communicate in business. Golf carts are the main means of transportation for golf courses.
Golf Cart Market Challenges
1. Short Range
One of the limiting factors for electric golf carts is the short range. Even though battery technology is constantly improving, its limited battery life still limits its wider range of applications
2. High Initial Cost
From a long-term perspective, electric golf carts can save operating costs. Its initial price will be higher than that of fuel powered golf carts
3. With Other Electric Multi-Purpose Vehicle Competition
Although the government encourages and increases the promotion of golf carts, they are still subject to competition from other electric multi-purpose vehicles, which is seizing a certain market share of golf carts.
4. Infrastructure Limitation
The lack of sufficient charging stations has affected the sales of electric golf carts in the market. Therefore, if we want to expand the market for golf carts, it is very necessary to install more charging infrastructure.
Main Golf Cart Manufacturer In The Market
Yamaha Golf-Car Company
Club Car LLC
E-Z-GO
EverGreen Electrical Vehicles
Textron Inc
Spoleman
Palaris Inc
Columbia ParCar Corp
Lvtong New Energy Electric Vehicle Technology Co.,LTD
At present, main golf cart manufacturers currently include Club Car, E-Z-GO, Yamaha, and LVTONG New Energy Technology Company. Among them, Club Car, E-Z-GO, and Yamaha have a long history of development, rich products, and superior technology compared to domestic enterprises, making them among the top tier in the world.
Company |
Country |
Company Introduction |
Club Car |
USA |
The company was founded in 1958 and was acquired by Platinum Equity in 2021. It produces various personal, commercial and golf multi-purpose vehicles and is one of the world's leading manufacturers of golf carts, green energy multi-purpose vehicles, and industry leaders. |
E-Z-GO |
USA |
E-Z-GO is a globally renowned golf cart brand and one of the world's leading golf cart manufacturers. It is primarily producing high-quality and stylish golf carts. |
Yamaha |
Japan |
Yamaha was founded in 1955 and began producing golf carts in 1975. It is a Japanese enterprise that integrates production and sales. |
Lvtong New Energy Technology |
China |
LVTONG is a Chinese high-tech enterprise engaged in the research and development, production, and sales of electric vehicles for construction sites. It has over a hundred high-tech products and dozens of national patents, with products distributed throughout the global market |
Golf Cart Market Region Analysis
From the global market perspective, North America still holds a dominant position. In 2023, the market size of North America is expected to be about 1 billion, and it is expected to remain the most important market in the next decade. Among them, the United States contributes the largest market share. This is also due to the large number of golf tournaments and courses in the United States, as well as the athletes' love for golf matches. By 2025, it is expected that over 27 million people will participate in golf in the United States. This is also due to the large number of golf tournaments and courses in the United States, as well as the athletes' love for golf matches. By 2025, it is expected that over 27 million people will participate in golf in the United States. Meanwhile, like E-Z-GO, Club Car and Yamaha companies, their markets will continue to grow.
Secondly, Europe is the second largest market for golf carts in the world, driven by the development of tourism and the increase in the number of resorts. At present, the golf industry has matured in the northern and western regions of Europe, and is steadily expanding towards Southeast and Central Europe. Therefore, it is expected that further innovation and technological advancements in electrification, connected mobility, and autonomous driving in the golf cart industry in Europe and the United States will drive market growth in the coming years.
Thirdly, the Asia Pacific region. In the past few years, the purchasing share of the golf cart market in Asia has also been increasing. One is the increase in the number of golf courses, and the other is the increase in golf competitions and the strong promotion by the government. Among them, China, India, Japan, and South Korea are the main markets.
Country |
Compound Annual Growth Rate (2024 - 2034) |
India |
8.3% |
China |
6.2% |
Japan |
5.3% |
In India, golf match is becoming increasingly popular, which is leading to a continuous increase in the number of golf courses and players in the country. In 2021, there were 250 golf courses in India. In addition, golf carts are not only used on golf courses, but also in cricket matches, airports, resorts, hotels, and parks. It is predicted that the market growth rate of golf carts in India will be 8.3% from 2024 to 2034.
Japan is one of the larger markets for golf carts in Asia. There are approximately 3000 golf courses in the country. By 2024, it is expected that the number of golf enthusiasts will reach 8.5 million. In addition, the government is promoting sustainable development strategies, and golf carts have become a sustainable alternative to traditional vehicles in residential areas. At the same time, Japan's tourism industry is continuously developing, and golf carts are increasingly being used in tourist attractions. These factors are all one of the reasons for promoting the development of the golf cart industry.
China is gradually becoming a leading country in the golf cart industry. The middle class population is constantly increasing, with higher disposable income and a growing demand for leisure sports such as golf. In addition, the trend of renting golf carts for sightseeing is developing in tourist attractions. The advancement of electric vehicle technology and its cost-effectiveness are driving the sales of golf carts. Moreover, the Chinese government encourages manufacturers to launch environmentally friendly cars, thereby creating a favorable environment for the growth of the golf cart market.
Golf Cart Market Distribution
Type:
Electric golf cart
Gasoline golf cart
Solar powered golf cart
Application:
Golf Activity
Personal/Residential
Business
Seats:
Seat Number: 2, 4, 6, 8 seats
Usage Scenario
Golf clubs, hotels and resorts, residential projects, airports, entertainment industries, private communities, etc. are the main end users.
Region:
North America (United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, Spain)
Asia Pacific region (China, India, Japan, South Korea)
Golf Cart Future Prospects
Electric golf carts have become a trend for future development. Compared to fuel powered golf carts, electric golf carts have many advantages. For example, environmental protection, energy conservation, and low cost. With the expansion of battery capacity and the improvement of charging speed, the travel of electric golf carts has become more convenient.
Intelligence
Nowadays, the intelligent technology of electric vehicles is not advanced. Similarly, intelligent technology is also applied to electric golf carts. Some electric golf carts today are equipped with GPS navigation systems, touch screens, speakers, and other devices. These accessories enhance the driver's enjoyment, safety, and entertainment.
Customization And Personalization
Customization is becoming increasingly popular among golf enthusiasts. From exterior color to interior to sound system, users are seeking unique ways to personalize their sports cars to reflect their personal style and preferences.
Sustainable Development
To address the growing environmental issues, manufacturers prioritize sustainable design practices and environmentally friendly materials when producing golf carts. Sustainability is becoming a key focus in the development of the next generation of golf carts.
Autonomous Driving Technology
Autonomous driving technology has become a new trend in the development of electric vehicles. Similarly, this technology is also used on golf carts. Although fully automated golf carts may still be in the experimental stage, ongoing research and development are paving the way for future implementation.
Conclusion
The golf cart industry is undergoing rapid transformation. With the emergence of innovations such as electricity, intelligent technology, customization and solar energy, the future of golf carts is full of innovation and hope. It is predicted that the market for golf carts will steadily increase and develop in the next decade. In addition, the market share of new energy golf carts will continue to increase.