Golf Cart Global Market Report 2024

The golf cart market size has grown strongly in recent years. It will grow from $1.64 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, the rise in the popularity of golf courses, the increase in industrialization, and the rise in demand for sustainable energy solutions.

The golf cart market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to rapid urbanization, rising government support, the increasing aging population, and the growing international and national tourism industries. Key trends expected in the forecast period encompass strategic partnerships and collaborations among market players, an increased focus on electric golf carts, and a focus on the development of customizable golf carts.

The golf cart market is anticipated to experience growth, propelled by the increased utilization of golf carts in the tourism sector. These vehicles serve as convenient and affordable means of transportation for tourists visiting various attractions such as hotels, theme parks, zoos, and museums. The comfort and environmental friendliness of golf carts contribute to their popularity among tourists. The rise in tourism, evidenced by a significant 64.4 percent increase in the travel and tourism industry in 2021, as reported by the Travel and Tourism Satellite Account (TTSA) of the U.S. Bureau of Economic Analysis, is a key driver of the golf cart market. This surge in golf cart usage for tourism purposes is expected to fuel market growth.

Rapid urbanization is identified as another factor expected to drive the expansion of the golf cart market. In urban areas, golf carts are increasingly becoming a preferred mode of local transportation within gated communities, residential neighborhoods, and retirement communities. The trend towards urbanization is creating environments where golf carts serve as practical and eco-friendly transportation options. Global data from the United Nations Department of Economic and Social Affairs indicates that 4.46 billion people resided in urban areas in 2021, and this number is projected to reach 6.68 billion by 2050. The substantial growth in urbanization is anticipated to generate high demand for golf carts in urban transport settings.

A prominent trend in the golf cart market is the adoption of technological advancements by major industry players. Companies are actively developing innovative technologies to enhance their market position. Neuron Energy Pvt Ltd., an India-based provider of Electric Vehicle solutions, introduced the Adler line of electric golf carts in November 2022. These golf carts feature lithium-ion batteries with GPRS trackers and remote assistance, showcasing the integration of advanced technologies to meet diverse travel needs.

Golf cart manufacturers are increasingly focusing on environmentally friendly solutions, with a shift towards manufacturing battery-powered electric golf carts. This aligns with emission standards and reflects a commitment to environmental sustainability in golfing. Mansory, a Germany-based automaker, launched an electric golf cart in May 2023 that meets road regulations in both the United States and Europe. Equipped with a 10.24-kilowatt-hour lithium-ion battery pack, this electric golf cart offers a range of over 50 miles on a single charge, contributing to reduced emissions and environmental goals.

In June 2022, Club Car, a US-based manufacturer of electric vehicles, acquired Garia A/S, a Denmark-based producer of electric low-speed street-legal vehicles and golf carts. This acquisition aims to enhance go-to-market plans and capitalize on emerging opportunities, including last-mile delivery and street-legal utilities, indicating a strategic focus on expanding market presence.

Major companies operating in the golf cart market report are Textron Inc., Yamaha Motor Co., Ltd., Club Car LLC, Marshell Green Power Co. Ltd., Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., HDK Electric Vehicle, JH Global Services Inc., Dongguan Excar Electric Vehicle Co., Ltd., STAR EV Corporation, Xebio Group, Kandi Technolgies Corporation, Borcart, HillBilly Australia, Garia Luxury Golf Car, Stewart Golf Limited, EZ-GO, Melex, Icon Golf Cart, CCE Golf Cars, Mission Golf Cars, Inland Hobbs Material Handling, Ness Turf Equipment, King of Carts , LLC, Nivel Parts, Motor Appliance Corp, Golf Cart Parts Company, Sol Patch International, Inc., Bugle Forklift Sales & Rentals Ltd., Royal Impex, Neuron Energy, First International Specialized Vehicles Trading LLC, H I C Battery FZCO, Eazytech, Royal Elite Valet Parking Company, Smith Power Equipment, Golf Car Worx, Evo Motors.

North America was the largest region in the golf cart market in 2023. The regions covered in the golf cart market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the golf cart market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main product types of golf carts include push-pull golf carts, gasoline golf carts, electric golf carts, and solar-powered golf carts. Push-pull golf carts are used to manually or power-assistedly move golf clubs around the course. They can be classified based on ownership as rented or fully owned. Golf carts find applications in golf courses, personal use, and commercial use.

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The golf cart market consists of sales of utility golf carts, hybrid golf carts and neighborhood golf carts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.