Golf Cart Market size is anticipated to reach USD 3.09 Billion by the end of 2036, growing at a CAGR of 6.7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of golf cart was USD 1.42 Billion. The reason behind the growth of the market is impelled by the increasing number of golf facilities, increasing the demand for golf carts from several end-use industries such as tourism, airports, public conveyance, and advertisements. This industry supports the geriatric and specially-abled populations, which is a great reason behind the increasing trend in this market.
The growing demand for electric vehicles, due to the increasing awareness of vehicular emissions, and government regulations to limit pollution are set to limit the market growth. According to the report by the International Energy Agency (IEA) 2023, electric vehicles are the key to decarbonizing road transport, which is the sector that accounts for 0ne-sixth of global emissions. The sale was seen to have more than tripled in the last three years from 4% in 2020 to 14% in 2022. This demand and awareness are believed to fuel the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 1.42 Billion |
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Forecast Year Market Size (2036) |
USD 3.09 Billion |
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Regional Scope |
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Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Powered Golf Cart)
The electric golf cart market is estimated to gain the largest revenue share of about 48% in the year 2036. The segment growth can be attributed to the reduced battery prices of electric golf carts and the strictly enforced emission regulations by the government act as a positive driver for the electric market sales.
Along with this, the electric golf carts consist of fewer moving parts, so the maintenance costs are non-existent, which contributes to the expansion of this particular segment. The gasoline golf cart is the second largest segment as their variants gained popularity due to the space they consume and the cost of it, this increased the demand for this segment, especially in the universities, stadiums, airports, and bus stations. The solar-based cart offers less emissions and this attracts the tax benefits in several countries as well.
Application (Medical, Golf Course, Commercial Services)
The golf course segment is set to garner a notable share shortly and is likely to remain the largest segment in the application of the golf cart market. As the number of golf courses has increased, the number of active participants has also increased all over the globe. During the forecasted period, the commercial segment is estimated to increase at a great rate in market. In addition to this, the customizable option of the golf carts plays a huge role in the increase of this market in this particular region.
Battery Capacity (4V, 6V, 8V, 10V)
The 8V segment is slated to hold the largest revenue for about USD 972 Million by the end of the forecasted period, i.e., 2036. As these product types are budget friendly and can be afforded easily along with this, as the voltage is neither the least nor the highest their power efficiency is the best, due to which 8V battery capacity golf carts are in more demand than 10V battery capacity golf cart, and is expected to increase in the forecasted period.
Our in-depth analysis of the market includes the following segments:
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Product Type |
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Battery Capacity |
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Application |
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North America Market Statistics
The Golf Cart market in the North American region is expected to hold the largest with a share of about 42% by the end of 2036. The market growth in the region is also expected on account of increased golfers and rising golf awareness. For instance, in the US, more than 57,000 golf driving ranges were registered in 2020, which increased the demand for golf carts in this region.
The presence of the greatest number of golf courses in the country and the maximum number of golf players can both be strongly attributed to the growth of the regional market. For instance, the National Golf Foundation reports that there are more than 16,000 golf courses in the United States, making up around 40% of all golf courses worldwide. Furthermore, rising disposable income among consumers drives up spending on leisure activities, and the popularity of these sports is projected to contribute to the expansion of the regional market.
APAC Market Analysis
The APAC region will also encounter huge growth for the golf cart market during the forecast period and will hold the second position. This is owing to higher focus on mobility services, urbanization, governmental regulations, and an increase in fuel prices boosts the increasing demand for non-fuel-based vehicles over the fuel-based vehicles. Several technological advancements are also taking place in electrical vehicles, owing to governmental regulations and initiatives, which increase the market demand in this region.
Author Credits: Harshita Srivastava, Saima Khursheed
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