Golf Cart Market Size To Reach $3.5 Billion, Globally, By 2033 At 6.7% CAGR: Allied Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Increase in the number of golf courses & country clubs, rise in demand for sustainable & electric mobility, and surge in adoption of golf carts in golf courses, resorts, and public areas drive the global golf cart market growth.

DLC, Wilmington, Delaware, March 11, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Golf Cart Market by Product type (Electric Golf Cart, gasoline Golf Cart, and Solar Golf Cart), Application (Golf Course, Residential Communities, Resorts & Hospitality, Commercial & Industrial, Personal, Recreation & Leisure, and Others), and Sales Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "golf cart market" was valued at $1.9 billion in 2023, and is estimated to reach $3.5 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.

Prime determinants of growth

The surge in the number of golf courses and country clubs worldwide is a significant factor driving the demand for golf carts. As golf becomes popular among amateurs and professionals alike, the need for well-equipped golf courses continues to rise. Increase in the number of golf courses & country clubs, rise in demand for sustainable & electric mobility, and surge in adoption of golf carts in golf courses, resorts, and public areas.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$1.9 billion
Market Size in 2033	$3.5 billion
CAGR	6.70%
No. of Pages in Report	433
Segments Covered	Product Type, Application, Sales Channel, and Region.
Drivers	Increase in the number of golf courses and country clubs
	Rise in demand for sustainable & electric mobility
	Surge in adoption of golf cart in golf courses, resorts and public areas
Opportunities	Growth in inclination toward solar powered golf carts
	Expanding applications beyond golf courses
Restraints	High initial cost and battery replacement expenses
	Infrastructure challenges in developing regions

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The electric golf cart segment held the highest market share in 2023.

By product type, the electric golf cart segment held the highest market share in 2023, owing to rise in emphasis on sustainability and the global push for electric mobility. Government regulations promoting eco-friendly transportation solutions have further accelerated its adoption. However, the solar golf carts segment is expected to portray the highest CAGR of 8% during the forecast period as advancements in photovoltaic (PV) technology have enhanced energy conversion efficiency, enabling solar carts to store more power and extend operational range. Governments and organizations promoting green energy solutions are further encouraging adoption by providing incentives and subsidies.

The personal segment held the highest market share in 2023.

By application, the personal segment accounted for a dominant market share in 2023 driven by the popularity of golf, the expansion of new golf courses, and the shift toward sustainability. Moreover, the adoption of electric golf carts is steadily increasing as sustainability becomes a priority across various sectors. However, the personal segment is expected to portray the highest CAGR of 9.9% during the forecast period due to a rise in environmental awareness, increase in fuel prices, and government incentives for electric vehicle adoption. Many municipalities support the use of golf carts for local transportation, particularly in retirement communities and eco-friendly urban developments.

The offline segment held the highest market share in 2023.

By sales channel, the offline segment accounted for the largest market share in 2023 and is anticipated to maintain its dominance till 2033. Several factors contribute to the ongoing importance of the offline sales channel in the golf cart market that values the tactile experience, preferring to inspect the quality, design, and functionality of the golf cart in person. However, the online segment is expected to portray the highest CAGR of 6.8% during the forecast period due to the convenience it offers to consumers, allowing them to browse through multiple options, find customized golf carts, and make informed decisions.

North America held the highest market share in 2023.

By region, North America accounted for the largest market share in 2023 and is anticipated to maintain its dominance till 2033. The region's well-established golf culture remains a key driver, particularly in the U.S. and Canada, where golf continues to be a widely played sport. However, Asia-Pacific is expected to portray the highest CAGR of 8.3% during the forecast period due to driven by surge in trend of golf tourism, urban mobility solutions, and industrial applications. China remains a key manufacturing hub, with domestic players expanding internationally, as seen with LOBO EV Technologies' solar-powered golf cart exports to the U.S.

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Leading Market Players: -

• ELLWEE
• Textron Inc.
• Marshell Green Power
• Maini Corporate Pvt Ltd.
• HDK Electric Vehicles
• Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd.
• Evolution Electric Vehicles
• ICON Electric Vehicles
• Waev Inc.
• VIVID EV
• Dealer Spike (Advanced EV)
• Nordic Group of Companies, Ltd.
• Club Car
• Yamaha Motor Co., Ltd.
• Denago EV
• Kandi America
• Star EV Corporation, USA

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The report provides a detailed analysis of these key players in the global golf cart market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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