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Golf Cart Market Revenues to Reach USD 2.84 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence – Yahoo Finance

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Hyderabad, July 24, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled "Golf Cart Market Report (2023-2028)," the market is estimated at USD 2.10 billion in 2023. It is expected to register a CAGR of 5.71% during the forecast period.
Golf carts are low-powered, easy-to-drive vehicles with a wide range of functions, making them suitable for urban development and savvy private activities. The sales of golf carts have been soaring since the end of the COVID-19 pandemic, driven by the public realization of the recreational benefits of golfing. Rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts in the coming years.
Report Summary:
Report Attribute
Details
Market Size (2023)
USD 2.10 billion
Market Size (2028)
USD 2.84 billion
CAGR (2023-2028)
5.71%
Study Period
2018-2028
Fastest Growing Market
Asia-Pacific
Largest Market
North America
Forecast Units
Value (USD billion)
Report Scope
Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends
Key Market Drivers
The growth in international and domestic tourism.
Rapid urbanization.

Who are the Top Companies in the Global Golf Cart Market?

The market is fragmented, with the presence of several regional players. With extremely new applications, such as short-distance tourism and electric mobility, coming into the picture, these companies have been offering new models that cater to such applications with advanced technologies.
The significant players in the global golf cart market are,
Yamaha Golf-Car Company
Cruise Car Inc.
Columbia ParCar Corp.
Garia Inc.
Club Car LLC
Textron Specialized Vehicles Inc.
HDK Electric Vehicles
Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
JH Global Services Inc.
Dongguan Excellence Golf & Sightseeing Car Co. Ltd
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Key Highlights from the Global Golf Cart Market Report:
Increasing Golf Spectators and Golf Courses
The expansion of golf carts into various sectors such as hotels, wedding events, amusement parks, tourism destinations, airports, stadiums, security & patrolling, and cargo transport is contributing to market growth.
The golf industry has seen significant growth, with millions of newcomers joining in recent years, including a notable increase in junior players. Changing lifestyles and a preference for sustainable energy solutions are driving the increasing popularity of golf carts.
Growth in North America
North America is expected to dominate the golf cart market in the coming years. The United States, in particular, holds a significant place in golf, with over 17,000 golf courses and hosting major championships.
The United States saw consistent growth in golf driving ranges, creating a strong market potential and demand for golf carts.
In Mexico, golf cart manufacturers are finding profitable opportunities in other applications, such as offering tours on electric golf carts for tourists.
What are the Latest Developments in the Global Golf Cart Market?
In October 2021, Kinetic Green Energy & Power Solutions Ltd (the electric vehicle manufacturer in India) teamed up with Lamborghini to produce Italian-designed and India-made golf carts.
In June 2021, E-Z-GO, a Textron Specialized Vehicles business, announced its new vehicle, the E-Z-GO Liberty, the industry’s first vehicle to offer four forward-facing seats in a compact, golf-car-sized footprint.
Mordor Intelligence has Segmented the Global Golf Cart Market Based on Type, Application, and Geography.
By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
Electric Golf Cart
Gasoline Golf Cart
Solar Golf Cart
By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
Golf
Personal/Residential
Commercial
By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Saudi Arabia
United Arab Emirates
Other Countries
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Golf Cart Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
Golf Cart Market – Mordor Intelligence

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