Fact.MR expects the golf cart market revenue to surge at a CAGR of 6.3% across the 2021-2031 forecast period, reaching US$ 5.4 Bn, as per a recently published study. The growing number of golf enthusiasts will help expand demand for golf carts in the future.
Historical trends suggest that the market expanded at a CAGR of 3.6% from 2016 to 2020. As of 2021, sales of golf carts are expected to reach US$ 2.9 Bn. Demand significantly contracted in H1 2020, amidst the outbreak of COVID-19. Restrictions on outdoor sports, cessation of industrial operations and logistical anomalies all contributed to this downturn.
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Key Takeaways from the Market Study
- By product, push-pull golf carts to generate high demand, expanding at 5% CAGR
- Electric powered golf carts to gain 34 BPS in value share, spurred by growing efforts to curb fuel emissions
- By ownership, fully-owned golf carts to acquire 73 BPS through 2031
- Sales across the U.S reached US$ 1 Bn in 2020, likely to flourish at a CAGR of 6% until 2031
- Asia to account for 60% of global demand through 2031
- Global golf carts demand likely to add nearly 2x the market value until 2031
“Golf carts will be more readily adopted in the future due to industrialization and urbanization, spurred by surging electric vehicles popularity, says the Fact.MR analyst.
Key Segments Covered
- Push-Pull Golf Carts
- Gasoline Golf Carts
- Electric Golf Carts
- Solar Powered Golf Carts
- Manual Golf Carts
- Powered Golf Carts
- Golf Carts for Golf Courses
- Golf Carts for Personal Use
- Golf Carts for Industry Use
- Golf Carts for Other Applications
- Rented Golf Carts
- Fully Owned Golf Carts
- Indiana-based Primex Plastic designs plastic dividers specifically for golf cart dividers. The firm has designed two models as the Birdie version which extends the length of a normal golf cart seat and the Eagle barrier which extends the way to the golf cart’s dashboard.
- Likewise, Club Car and AYRO, Inc. have partnered to create an electric low-speed logistics and cargo service. Club Car Current is a new vehicle specially designed for campus and urban logistics transportation.