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Global golf Cart market Share 2025
WILMINGTON, DE, UNITED STATES, December 6, 2024 /EINPresswire / -- According to the report published by Allied Market Research, The Global Golf Cart Market Share Reach USD 2.06 Billion by 2032 Growing at 6.5% CAGR Globally . The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global golf cart market size was valued at $1.1 billion in 2022, and is projected to reach $2.1 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.
Rise in population, coupled with increase in purchasing power, stringent government rules & regulations toward vehicle emission and increase in number of golf courses and country clubs supplements the growth of the market across the globe. However, high initial maintenance and purchasing cost, low power and speed, and short overall drive range hamper the market growth to a certain extent.
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The global golf cart market is segmented on the basis of product type and application and region. On the basis of product type, the market has been categorized into electric golf cart, gasoline golf cart, and solar golf cart. On the basis of application, it is categorized into golf course, personal services, and commercial services. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product type, the electric golf cart segment held the highest market share in 2022, accounting half of the global Golf Cart market revenue, and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, solar golf cart segment is projected to hold a suitable CAGR of 7.8% during the forecast period.
On the basis of application, the golf course segment held the highest market share in 2022, accounting for nearly two-fifths of the global golf cart market, and is projected to grow at a CAGR of 6.0% during the forecast period. Meanwhile, personal service segment is projected to hold a suitable CAGR of 7.3% during the forecast period.
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On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global golf cart market revenue. However, Asia-Pacific is expected to dominate the market during the forecast period with a growth rate of 8.2% during the forecast period.
Leading players of the global platform as a service market analyzed in the research include AWS, Alibaba Cloud, Microsoft, Salesforce, IBM, Oracle, Google, Zoho Corporation, SAP, and Mendix.
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Key Developments in Golf Cart Industry:
● In June 2023, Textron Inc. through its subsidiary E-Z-GO launched street-legal Liberty LSV, & updated model of Freedom RXV couples with stylish look with a comfortable ride. The Liberty LSV is the ultimate luxury of industry street-legal vehicle. Its top speed is 25 mph that the meets all National Highway Traffic Safety Administration standards.
● In January 2021, Yamaha Motor Co., Ltd. partnered with the national golf course owner's association to offers incentives on its golf & utility vehicle purchases or leases through the national golf course owner association smart buy marketing purchasing program. Through this strategy Yamaha is expected to continue to build valuable business relationships & position for its innovative vehicles.
● In June 2021, Textron Inc. developed new vehicle, the E-Z-GO Liberty. It is the industry's first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint. It is design and manufactured by E-Z-GO vehicles which are designed and manufactured by Textron Specialized Vehicles Inc., a subsidiary of Textron Inc.
● In September 2020, CLUB CAR partnered with Luxury Carts to manufacture and sales diverse range of high-quality, reliable vehicles including golf car to Middle East by Luxury Carts, a pioneer in Saudi Arabia and the UAE with a strong client base.
● In May 2020, Nordic Group of Companies, Ltd. brand Tomberlin launched E-MERGE GT golf cart. It comes with features 7-inch LCD Dash Display, Backlit Headliner with Rear view Camera, LSV Compliant. It equipped with 5 kw, 17 hp (peak) AC drive motor 450-amp Sevcon AC controller.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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