Enjoy complimentary customisation on priority with our Enterprise License!
The global golf cart market is experiencing a significant shift towards lithium-ion battery powered carts, which is transforming the industry by addressing environmental concerns and improving performance. Lithium-ion batteries, lighter in weight and offering longer lifespan and higher energy density than traditional lead-acid batteries, have become the preferred choice. This trend is driven by the increasing emphasis on sustainability and eco-friendliness in golfing. Lithium-powered golf carts provide a cleaner and more efficient alternative, reducing greenhouse gas emissions and contributing to a greener golfing experience. The adoption of lithium-ion technology also aligns with broader global initiatives to transition towards cleaner energy solutions in various industries. The advantages of lithium-powered golf carts include faster charging times, longer-range capabilities, and lower maintenance requirements. Golfers enjoy extended playtime on a single charge, while golf course operators benefit from reduced operational downtime for recharging. These benefits are fueling the growth of the global golf cart market and its golf equipment during the forecast period.
To learn more about this report, View Sample PDF
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Alphard Golf Inc: The company offers golf carts such as Alphard club booster V2 remote controlled electric golf caddy.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Alphard Golf Inc., Axglo International Inc., Bat-Caddy LLC, Callaway Golf Co., Cargotec Corp., Cart Tek, Clicgear Industrial Design Hong Kong Ltd., Decathlon SA, Dynamic Brands, Golf Tech Golfartikelvertriebs GmbH, Kaddey, Maini Materials Movement Pvt. Ltd., Motocaddy, Nordic Group Ltd., Ram Golf, Stewart Golf, Sun Mountain Sports, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Inc., The Proactive Sports Group, and Yamaha Motor Co. Ltd.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Increasing innovations in lightweight materials for golf carts are notably driving market growth. Innovations in lightweight materials stand out as a key driver in the market, influencing design and performance. Manufacturers are increasingly exploring advanced materials such as carbon fiber, aluminum alloys, and composite materials to construct golf carts. These innovations aim to improve efficiency, extend battery life in electric models, and enhance overall maneuverability. The use of lightweight materials reduces the overall weight of the golf cart, contributing to energy conservation and increased range.
Additionally, lighter materials lead to improved handling and responsiveness, providing a smoother and more enjoyable user experience. This trend aligns with the broader industry focus on sustainability, as lightweight materials often have a lower environmental impact during production and contribute to energy efficiency, positioning them as a driving force behind the ongoing evolution of the market during the forecast period.
The advent of lithium-powered golf carts is an emerging trend shaping market growth. The advent of lithium-powered golf carts represents a prominent trend in the market, transforming the industry by addressing environmental concerns and enhancing performance. Lithium-ion batteries have become the preferred power source over traditional lead-acid batteries due to their lighter weight, longer lifespan, and higher energy density. A growing emphasis on sustainability and eco-friendliness drives this trend. Lithium-powered golf carts offer a cleaner and more efficient alternative, reducing greenhouse gas emissions and contributing to a greener golfing experience.
Moreover, the adoption of lithium-powered golf carts brings notable advantages, including faster charging times, longer-range capabilities, and lower maintenance requirements. Golfers benefit from extended playtime on a single charge, while golf course operators appreciate the reduced operational downtime for recharging. Such benefits boost the growth of the market during the forecast period.
Rising environmental concerns from the traditional use of gas-powered golf carts is a significant challenge hindering market growth. The emissions from internal combustion engines contribute to greenhouse gas emissions and air quality issues, aligning poorly with the increasing emphasis on sustainability and environmental responsibility. While the shift towards electric golf carts is a positive step, it introduces challenges related to the environmental impact of battery production, usage, and disposal. The manufacturing and disposal of lithium-ion batteries, commonly used in electric golf carts, raise concerns about resource extraction, energy consumption, and proper recycling practices.
Moreover, the perception of golf courses as serene and environmentally conscious spaces clashes with the noise and emissions generated by gas-powered carts, leading to potential conflicts with environmental regulations and community expectations. Thus, increasing environmental concerns related to gas-powered golf carts hampers the growth of the market during the forecast period.
Get a detailed analysis of drivers, trends, and challenges Request Free PDF Sample !
The market share growth by the electric-powered segment will be significant during the forecast period. The market is witnessing positive growth in electric-powered models, reflecting a growing emphasis on sustainability and eco-friendly transportation solutions. Electric golf carts are gaining popularity due to their lower environmental impact, reduced emissions, and cost-effective operation. These carts typically feature advanced battery technologies such as lithium-ion, offering extended range and faster charging capabilities. The electric-powered segment was the largest and was valued at USD 2,362.40 million in 2018. Electric golf carts contribute to the overall green initiatives of golf courses and clubs, aligning with the industry commitment to environmental stewardship. In response to the global push towards sustainable practices, the electric-powered segment in the market continues to evolve, with ongoing research and development efforts aimed at improving battery efficiency, reducing charging times, and incorporating cutting-edge materials. As golf courses worldwide embrace eco-friendly alternatives, the electric-powered segment is expected to play a pivotal role in shaping the future of the market during the forecast period.
To gain further insights on the market contribution of various segments Request a PDF Sample
Based on the end-user, the market has been segmented into commercial use and personal. The commercial use segment will account for the largest share of this segment.?
North America is estimated to contribute 55% during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The US, Canada, and Mexico are considered the traditional markets for golf carts, as golf tourism has long remained a popular sport in those countries. Favorable geographical factors and climatic conditions are also expected to fuel the growth of the market in North America. Given the numerous golf courses, coupled with a huge number of golf enthusiasts and favorable regulatory conditions, the market in North America is likely to witness rapid growth during the forecast period. Moreover, the presence of key players such as Textron Inc., Axglo International Inc., and Callaway Golf Co. in North America renders the growth of the market in the region Further, primarily used for transportation within golf courses, resorts, and gated communities, these electric or gas-powered vehicles have witnessed steady growth in North America.
In addition, the US and Canada are the key contributors to this regional market, with a well-established golfing culture and a high number of golf courses. Factors such as increasing awareness of eco-friendly transportation solutions, coupled with the rising popularity of golf as a recreational activity, have driven the demand for golf carts as well as golf equipment in the region. Furthermore, advancements in technology have led to the development of electric golf carts with enhanced features, contributing to the growth of the regional market during the forecast period.
Golf Cart Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.23% |
Market Growth 2024-2028 |
USD 967.31 million |
Market structure |
Fragmented |
YoY growth (%) |
5.11 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 55% |
Key consumer countries |
US, Canada, Japan, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Alphard Golf Inc., Axglo International Inc., Bat-Caddy LLC, Callaway Golf Co., Cargotec Corp., Cart Tek, Clicgear Industrial Design Hong Kong Ltd., Decathlon SA, Dynamic Brands, Golf Tech Golfartikelvertriebs GmbH, Kaddey, Maini Materials Movement Pvt. Ltd., Motocaddy, Nordic Group Ltd., Ram Golf, Stewart Golf, Sun Mountain Sports, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Textron Inc., The Proactive Sports Group, and Yamaha Motor Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.