Report: The Growing Market for Golf Carts
10 Dec, 2018
Technavio analysts forecast the global golf cart market to grow at a CAGR close to 6% during the forecast period, according to their latest market research report.
@Technavio analysts forecast the global #golf cart market to grow at a CAGR close to 6% by 2022.
The introduction of solar-powered golf carts is one of the major trends being witnessed in the global golf cart market 2018-2022. With prices of electricity, petrol, and gas rising, end-users have begun using solar-operated vehicles, including golf carts. Solar-operated golf carts require minimal maintenance costs and source solar energy for functioning. Solar panels are installed in electric golf carts for absorbing solar energy to charge the battery.
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According to Technavio analysts, one of the key factors contributing to the growth of the global golf cart market is the upcoming new golf courses:
Global golf cart market: Growing adoption of golf carts for zoo transportation and on city streets
Many zoos use golf carts to ferry visitors across the large areas they cover where walking becomes an arduous task. As golf carts are fuel-efficient, eco-friendly, and emit less noise than conventional vehicles, zoos across the world are purchasing golf carts to help visitors in easily accessing the large swathes they encompass. The presence of golf carts in city streets is also increasing due to their portability, fuel efficiency, cost-effectiveness, and ease of parking features.
According to a senior analyst at Technavio, “Sales of golf carts are expected to increase significantly during the forecast period given their growing acceptance by zoos for being potential means of revenue generation amid visitor numbers growing and a momentous expansion of zoos across the world.”
Global golf cart market: Segmentation analysis
The global golf cart market research report provides market segmentation by product (gasoline-powered golf carts and electric-powered golf carts), by the application (commercial use and personal use), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the electric-powered segment held the largest market share in 2017, contributing to over 85% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for close to 60% share. It was followed by APAC and EMEA respectively. The dominance of the American market is due to the growing adoption of technologically advanced golf carts.
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Some of the key topics covered in the report include:
Market segmentation analysis
Market size and forecast
Five Forces Analysis
Key leading countries
Market positioning of vendors
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