What are the major factors driving the growth of the golf cart market?

In the year 2025, the industry size of golf cart is assessed at USD 2.05 billion. Read More

What would be the CAGR of golf cart Market over the forecast period?

The golf cart market size was valued at USD 1.95 billion in 2024 and is likely to cross USD 4.31 billion by 2037, expanding at more than 6.3% CAGR during the forecast period i.e., between 2025-2037. The market growth is impelled by increasing number of golf facilities, increasing the demand for golf carts from several end-use industries such as tourism, airports, public conveyance, and advertisements.. Read More

Which region will provide more business opportunities for growth of golf cart market in future?

The major players in the market include GARIA INC., Platinum Equity Advisors, LLC., Textron Inc., Yamaha Motor Co., Ltd., Showa Denko (Resonac), Maini Corporate Pvt Ltd., Nordic Group Limited, Kinetic Green Energy & Power Solutions Ltd., Spoleman, Polaris Inc Read More

Golf Cart Market Trends

Growth Drivers

Increase in purchasing power and globalization - The increasing global population in 2020 crossed 7.8 billion, and every year, this population grows by approximately 43 million. This surge in the population increases the opportunities for several industries including the golf cart market. This is expected to increase the demand for compact and eco-friendly vehicles, which occupy small parking spaces. Globalization also helps in organizing the international influence and this has helped to change the outlook of several regions. Globalization has also helped users to expect a better lifestyle, and they have started to spend more to get the best service possible. This drives the surge in the market share.
Rising Technological Development - Similar to the transforming automotive & transformation sector, the market is also evolving toward long-lasting, efficient, and eco-friendly solutions. Electrification in such vehicles is primarily driven by the stringent emission norms enforced by the government bodies to achieve carbon neutrality and increasing demand for electric golf carts among the populace owing to the various benefits such as enhanced comfort and technologically advanced features. Further, the surge in demand for this type of car in tourism, hospitality, university, and other sectors is expected to expand the market growth.
Government rules towards vehicle emissions - The US, Germany, China, and many other countries have implemented laws and regulations to decrease vehicular emissions while mandating that automobile manufacturers use advanced technologies for the same. California Air Resources Board (CARB), launched a program that includes the guidelines for manufacturers to ensure the production of zero-emission vehicles (ZEVs). This is positively impacting the golf cart market.

Challenges

High purchasing and maintenance cost- The purchasing cost varies with different types of features the cart includes such as GPS, built-in refrigerators, radios, air conditioners, and many more. Golf carts demand a high maintenance cost which includes- batteries, brake services, rear axle, and more. Due to such high initial cost and maintenance costs as well, the sales of the market can be restricted.
Lack of safety features to impede the market growth.
Low speed and power is set to restrict the industry’s growth.

Golf Cart Market: Key Insights

Regionally, the global golf cart market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1403.20 Million by the end of 2030, up from a revenue of USD 862.6 Million in the year 2020. One of the major factors anticipated to drive the growth of the market in the region is the growing popularity of golf as a sport in countries, such as the United States. According to the statistics by the National Golf Foundation, 101 Million people played golf, watched the sport or read about it in the United States in the year 2020. Besides this, the statistics also stated that in the same year, golfers played an average of 20 rounds. The market in the region is further segmented by country into the United States and Canada. Out of these, the market in the United States is anticipated to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 5.11% during the forecast period. On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 7.19% during the forecast period and further attain a revenue of USD 426.0 Million by the end of 2030. The market in the region us further segmented by country into India, China, Japan, South Korea, Australia, and the Rest of the Asia Pacific. Out of these, the market in China is projected to garner the largest revenue of USD 171.5 Million by the end of 2030.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Base Year	2024
Forecast Year	2025-2037
CAGR	6.3%
Base Year Market Size (2024)	USD 1.95 billion
Forecast Year Market Size (2037)	USD 4.31 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Golf Cart Market Trends