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Golf carts are popular modes of transportation on golf courses, retirement communities, and gated communities. However, the uses of golf carts have extended beyond these areas, including college campuses, sports venues, and tourist attractions. The global golf cart market is expected to grow significantly in the next few years, driven by factors such as the increasing popularity of golf, the growth of tourism and hospitality industries, and the rise in demand for electric golf carts.
Market Overview
According to a report by Zion Market Research, the global golf cart market was valued at USD 1.71 billion in 2016 and is expected to reach USD 2.59 billion by 2022, growing at a CAGR of 6.2% from 2017 to 2022. The market is segmented into electric golf carts and gas-powered golf carts. Electric golf carts are expected to dominate the market during the forecast period due to their eco-friendliness, low maintenance, and low operating costs.
The market is also segmented into golf courses and personal use. Golf courses hold the largest market share due to the increasing number of golf courses worldwide. Personal use is expected to grow significantly in the next few years, driven by the growth of gated communities and retirement communities.
Key Players
The global golf cart market is highly competitive, with key players such as Club Car, Yamaha, Textron, and EZGO. Club Car is a leading player in the market, offering a wide range of golf carts and utility vehicles. The company's golf carts are known for their reliability, durability, and performance. Yamaha is also a major player in the market, offering gas-powered and electric golf carts for personal and commercial use. Textron is another leading player in the market, offering a range of golf carts and utility vehicles for personal and commercial use. EZGO is also a well-known brand in the market, offering a range of golf carts and utility vehicles for personal and commercial use.
Trends and Growth Drivers
The global golf cart market is expected to grow significantly in the next few years due to the following trends and growth drivers:
Increasing popularity of golf: Golf is gaining popularity worldwide, especially in countries such as China and India. According to the National Golf Foundation, the number of golfers in the United States has increased by 2.5 million since 2011.
Growth of tourism and hospitality industries: The growth of tourism and hospitality industries is driving the demand for golf carts in resorts, hotels, and tourist attractions.
Rise in demand for electric golf carts: The increasing focus on eco-friendliness and sustainability is driving the demand for electric golf carts, which are known for their low maintenance and low operating costs.
Growing trend of gated and retirement communities: The growth of gated and retirement communities is driving the demand for personal-use golf carts.
Outlook
The global golf cart market is expected to continue its growth trajectory in the next few years, driven by factors such as the increasing popularity of golf, the growth of tourism and hospitality industries, and the rise in demand for electric golf carts. However, the market is also facing challenges such as the high cost of electric golf carts and the lack of charging infrastructure. Despite these challenges, the market presents opportunities for players to innovate and develop new technologies and products to meet the changing needs of customers.
Conclusion:
The global golf cart market has witnessed significant growth in recent years, driven by factors such as increasing popularity of golf, rising demand for eco-friendly transportation solutions, and advancements in technology. The market is expected to continue to grow at a steady pace in the coming years, with the Asia-Pacific region projected to emerge as a major market for golf carts.
Leading players in the golf cart market include Yamaha, Club Car, Textron, EZGO, and Polaris. These companies are investing heavily in research and development activities to introduce new and advanced golf carts that offer improved performance, safety, and comfort. Moreover, they are focusing on expanding their distribution channels and strengthening their after-sales service network to increase their customer base.
In conclusion, the global golf cart market offers immense growth opportunities for players operating in this space. With increasing focus on environmental sustainability and advancements in technology, the market is poised for significant growth in the coming years.
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