Golf Cart Market Size Worth $1,955.68 Million By 2032 | CAGR: 3.5%

Golf Cart Market Size Worth $1,955.68 Million By 2032 | CAGR: 3.5%

The global golf cart market size is expected to reach USD 1,955.68 million by 2032, according to a new study by Polaris Market Research. The report “Golf Cart Market Share, Size, Trends, Industry Analysis Report, By Product Type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart); By Application; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Upsurge in the consumer disposable income level and high rate of urbanization across both developed and developing nations, along with the increasing preferences for golf as a luxury and recreational sport and changes in people's lifestyles, are among the prominent factors influencing the market growth. Furthermore, the rise in the development and introduction of various advanced electric and solar carts with several new features, including GPS-enabled golf carts and highly upgraded lithium batteries, will further cushion the market's growth and create significant opportunities over the coming years.

For instance, Nivel Parts & Manufacturing introduced its latest golf cart, “MadHaxx XSeries Storm,” which mainly focused on recreational and secondary transportation users and will be sold across the US via company dealer partners. The new golf cart has 12 different body colors, tire & wheel options, and customization features.

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There has been a significant rise in the global population; presently, the world’s population has crossed 8 billion, and every year the population grows by approximately 43 million. This boom in the world’s population creates many opportunities for several businesses, including gold carts, as the number of golfers is further increasing with this population rise. Globalization, on the other hand, helps organizations to develop international influence effectively and will change the outlook of many different regions.

Moreover, golf carts strive towards greater modernization and customization, which various advanced technologies could achieve. Country clubs and public golf courses are among the first to jump on these fully-loaded technology-enabled golf carts, as they are crucial in attracting new clientele to their establishments.

Some of the major market manufacturers, like Columbia ParkCar, create vehicles with the help of some of cleanest manufacturing processes in the industry that comply with several governmental guidelines, and their carts produce negligible emissions, which is encouraging other players as well to implement clean manufacturing process and reduce their carbon footprints.

Golf Cart Market Report Highlights

  • Electric golf cart segment accounted for significant global market share in 2022, which is highly attributed to its growing adoption worldwide due to its numerous advantages like low running cost and eco-friendly
  • Commercial services segment is expected to grow at a considerable CAGR over the projected period, on account of increasing prevalence for these types of vehicles in large number of commercial applications
  • North America region dominated the global market in 2022, owing to the robust presence of country clubs and golf courses in the United States and high consumer spending capacity
  • Key players include EverGreen Electrical Vehicles, Toyota Motor, Maini Material, Columbia ParCar Corporation, & Club Car

Polaris Market Research has segmented the golf cart market report based on product type, application, and region:

Golf Cart, Product Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Electric Golf Cart
  • Gasoline Golf Cart
  • Solar Golf Cart

Golf Cart, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Golf Courses
  • Professional Services
  • Personal Services

Golf Cart, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa