Global Golf Cart Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The golf cart market size has experienced significant growth recently, rising from <$1.64 billion in 2023 to <$1.74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.3%. This historic growth is driven by strong economic progress in emerging markets, increased popularity of golf courses, industrialization, and advancements in sustainable energy solutions. Looking forward, the market is anticipated to expand to <$2.16 billion by 2028 at a CAGR of 5.6%. The forecasted growth is supported by rapid urbanization, rising government support, an aging population, and burgeoning international and national tourism industries. Key trends during this period include strategic partnerships and collaborations among market players, a heightened focus on electric golf carts, and the development of customizable golf carts.
The upward trajectory of the golf cart market is anticipated due to the growing utilization of golf carts in tourism. Golf carts, favored for their comfort, affordability, and environmental benefits, have become a popular choice for tourists visiting various attractions. Data from the U.S. Bureau of Economic Analysis in February 2023 indicated a notable 64.4% increase in the travel and tourism industry in 2021, following a 50.7% decline in 2020. The comfort and adaptability of golf carts significantly contribute to their increased adoption in tourism. This rising demand is expected to drive the golf cart market’s growth, with market size values for 2023, 2024, and 2028 reflecting the impact of this trend.
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What Are The Key Trends That Influence Golf Cart Market Share Analysis?
Technological advancements are notably influencing the golf cart market. Leading companies in this market are innovating to maintain their competitive edge. For example, in November 2022, Neuron Energy Pvt Ltd, an India-based Electric Vehicle solutions provider, introduced the Adler line of electric golf carts. This new product aims to address the demand for personal travel, freight, leisure, and medical assistance. Neuron’s lithium-ion batteries, equipped with a GPRS tracker and remote support, power the golf carts, with the GPRS tracking system operating independently alongside GPS to record and transmit location data online.
Which Market Players Are Driving Growth In The Golf Cart Market?
Major companies operating in the market are Carrier Global Corporation, Bosch Thermotechnology, NIBE Group, Viessmann, Trane, Daikin Industries Ltd, Vaillant Group, Stiebel Eltron, Glen Dimplex, Maritime Geothermal Ltd., Guangdong Shunde O.S.B. Environmental Technology Co. Ltd, Shijiazhuang Industrial Pump Factory Co. Ltd, Xiamen Hysen Control Technology Co. Ltd, First Industrial Development Co. Ltd, Shenzhen E-Joy Tech Co. Ltd, Teccon Services Private Limited, Suntec Energy Systems, Mitsubishi Corporation, Nidec Servo, Yanmar Energy System Co, Enopsol ApS, Go Geothermal Ltd, Argoclima SpA, GT Energy, Kensa Heat Pumps, Tecnoclima Spa, HRS Heat Exchangers Ltd, Thermostahl Srl, Thermocold, KENO Pawel Grzegorczyk, Geo Star, Geothermal Products, Water Furnace International Inc, Miami Heat Pump, Climate Master Inc, Energy Smart Alternatives LLC, Alterra Power Corporation, Pfister Energy, Geo-Air Industries Inc, Geo Smart Energy, Hilliard Corporation, Solar Turbines Incorporated, Solartec SA, Capstone Turbine Corporation, ABO Wind Energias Renovables S.A, Ruf Maschinenbau GmbH & Co. KG, Enel Green Power, SAFARIO Cooling Factory LLC, Osso Ltd, Viessmann Werke GmbH & Co. KG, Roots – Sustainable Agricultural Technologies Ltd, Stellae Energy, Yokogawa South Africa (Pty) Ltd, Generac Power Systems, Mitsubishi Heavy Industries, Cummins Inc.
How Is The Global Golf Cart Market Segmented?
The golf cart market covered in this report is segmented –
1) By Product Type: Push-Pull Golf Cart, Gasoline Golf Cart, Electric Golf Cart, Solar Powered Golf Cart
2) By Operation: Manual, Powered
3) By Ownership: Rented, Fully Owned
4) By Application: Golf Course Use, Personal Use, Commercial Use
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The Golf Cart Global Market Report 2024 provides an overview of the golf cartmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The golf cart market forecast analyzes golf cart market size, golf cart market share, leading competitor and their market positions.
The Table Of Content For The Golf Cart Market Include
1. Golf Cart Market Executive Summary
2. Golf Cart Market Segments
3. Golf Cart Market Size And Template Market Growth Rate
4. Key Golf Cart Market Trends
5. Major Golf Cart Market Drivers
……
25. Key Mergers And Acquisitions In The Golf Cart Market
26. Top Golf Cart Companies
27. Golf Cart Market Opportunities And Strategies
28. Golf Cart Market, Conclusions And Recommendations
29. Appendix
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