The gold cart market 2020 is poised to witness the upliftment of the financial status. These are low-speed vehicles that have been designed to transport people and equipment in a golf course. Over time, the application of the cart has increased and penetrated across many industry domains. It has been one of the primary drivers of the golf cart market and is expected to remain influencing the market positively. Market Research Future MRFR, in its latest analysis, suggests that the global golf cart market is presumed to register 6.9% CAGR during the assessment period 2018 to 2023. It also indicates that the market value will touch a decent amount by the end of 2023.
The golf cart market is obviously gaining popularity in gold courses. Also, the rising popularity of the game is also anticipated to drive market growth in the upcoming years. However, expansion of the product range has been witnessed in recent years. At present, three types of golf carts are available, small, medium, and large. It has had a positive impact on the growth curve of the market. Also, it is assessed that the availability of a wide range of products is like to continue acceleration of revenue generation over the next few years in the golf cart market on the global front. The development of product portfolio is not only restricted to its size but also the engine. The ongoing trend of electric cars in the automotive industry has also influenced the market. The introduction if electric golf carts is a step taken forward by the market players in bringing innovation. It is assumed to have a favorable impact on the revenue creation of the golf cart market during the forecast period.
Apart from the traditional use in golf courses, the cart is being extensively used in high profile resorts and hotels for facilitating mobility. These commercial spaces are spread over huge areas which make the use of these low-speed vehicles imperative. Thus, the golf cart market is expected to capitalize on the rising investments in the hospitality industry. In addition, it is also used in airports and railways. Increasing air traffic, in conjunction with the rising construction projects of airports, is projected to catalyze the proliferation of the golf cart market on the global front in the foreseeable future.
On the basis of propulsion type, the golf cart market has been segmented into gasoline and electric.
Based on seating capacity, the golf cart market has been segmented into large (more than 10 seater), medium (6-10 seater), and small (2-4 seater).
The segments of the golf cart market identified in this report on the basis of application are - hotels & resorts, golf courses, airports, railways, multi-residential complexes, and others.
The study of the global golf cart market on the basis of region spans across - North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW). These regions, for the purpose of offering an in-depth study, are studies on the basis of countries. North America is a major revenue generating regional market owing to the rising demand for short distance mobility solutions. Also, the rising popularity of golf sport is expected to bear positive impact on the growth of the electric golf cart market.
Yamaha Golf-Car Company (US), Garia A/S (Denmark), STAR EV (US), Speedways Electric (India), Bradshaw Electric Vehicles (UK), Marshell Green Power (China), E-Z-GO (US), Spoleman OÜ (Estonia), Guangdong Lvtong New Energy Electric Vehicle Technology Co., LTD. (China), Polaris Industries, Inc. (US), and Autopower (India).
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