Golf Cart Market Size

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.