Golf Cart Market Size, Share & Industry Analysis, By Product Type (Electric, Gasoline, and Solar), By Application (Golf Course, Personal Services, and Commercial Services), and Regional Forecasts, 2024-2032

The global golf cart market size was valued at USD 1.88 billion in 2023. The market is projected to grow from USD 2.00 billion in 2024 to USD 3.29 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period.

The golf cart market refers to the industry segment that deals with the manufacturing, distribution, and utilization of golf carts, also known as golf cars or golf buggies. Golf carts are small, motorized vehicles primarily designed for transporting golfers and their equipment around golf courses. However, they are also used for various other purposes beyond golfing, such as transportation in gated communities, resorts, industrial facilities, and recreational areas. The market growth is attributed to the expansion of golf tourism, the expansion of gated communities and resorts, increasing interest in eco-friendly transportation solutions, and the versatility and utility of golf carts in various applications.

The golf cart market is expected to witness steady growth driven by factors such as urbanization, the development of smart cities, increasing demand for sustainable transportation solutions, and technological advancements in electric mobility. The COVID-19 pandemic continues to impact the demand for these cars. Additionally, shut down of the golf courses, resorts, clubs, and others due to government-enforced lockdown during the pandemic has negatively impacted the market growth.

Golf Cart Market Trends

Rapid Electrification in Golf Car Industry to Drive the Market Growth

Similar to the transforming automotive & transportation sector, the golf car industry 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.

Currently, most of the available carts for sale are electrically powered. The manufacturer’s focus on developing and launching new generation electric models with improved travel range and battery capacities will continue rapid electrification in the golf car industry during the forecast period.

Along with electrification, increasing autonomy is also one of the emerging megatrends in the golf car industry. Manufacturers are highly focused on investing in designing and developing autonomous or driverless variants to grab early revenue growth opportunities in developed economies.

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Golf Cart Market Growth Factors

Steadily Declining Cost of Electric Golf Cars to Fuel the Market Growth

Electric golf cars are slightly expensive compared to their counterparts; however, steadily declining battery prices due to mass production and advanced cutting-edge manufacturing technologies have decreased the overall cost of electric variants. Additionally, recent development in lithium-ion batteries has improved their storage capacities resulting in an improved travel range for electric variants. Therefore, increasing preference for electric models among the users is anticipated to fuel the market growth.

Surge in Demand from Tourism Industry to Propel Market Growth

The surge in demand for this type of cars in tourism, hospitality, Universities, and other sectors is expected to expand the market growth. Additionally, government initiatives to promote golf tourism and increasing preference for low-speed vehicles in various industries for efficient transport operations are expected to boost the market growth over the forecast period.  

RESTRAINING FACTORS

Declining Number of Golfers Worldwide May Restrain the Market Growth

The declining number of golfers worldwide due to the high cost of playing, the game’s incompatibility with contemporary lifestyles, and the difficulty of the game may hamper the market growth during the forecast period. According to the NATIONAL RECREATION AND PARK ASSOCIATION (NRPA), the global number of golf players has been consistently declining since 2003.

Golf Cart Market Segmentation Analysis

By Product Type Analysis

High Adoption of Electric Golf Cars to Drive Segment Growth

Based on the product type, the market is segmented into an electric, gasoline, and solar.

The electric golf car segment held the largest golf cart market share of 85.5% in 2023. Electric golf cars are highly adopted carts worldwide due to their various benefits, including low running cost, noiseless operation, enhanced comfort, high speed, and others. Additionally, reducing the cost of electric golf cart batteries and stringent emission norms enforced by government bodies positively influence segment growth. Moreover, the maintenance cost of an electric golf car is almost negligible due to the fewer moving parts in the cart, further driving the segment growth.

The solar golf cart segment is anticipated to witness the fastest growth rate owing to the fact that they are eco-friendly and their negligible operating cost. Being emerging technology solar segment is likely to expand globally in upcoming years resulting in rapid segment growth.

The gasoline segment is also expected to witness a considerable growth rate over the forecast period. The low cost of gasoline variants compared to their counterparts and long travel range are the key factors for the segment growth. Additionally, regions with a lack of battery manufacturing facilities and weak electric charging service networks prefer gasoline cars for low-speed applications. Moreover, technological advancement in gasoline models, such as improved connectivity, efficiency, and others, is expected to drive the segment growth.

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By Application Analysis

Expanding Applications in Commercial Sector to Drive Segment Growth

Based on the application, this market is segmented into the golf course, personal services, and commercial services.

The golf course segment accounted for the largest market share in 2023 and is expected to continue its dominance from 2024 to 2032. This type of cars are primarily employed on golf courses for transportation of golf equipment and golfer. Therefore, the increasing number of golf courses worldwide is fueling the demand for these carts globally.

The commercial services segment is expected to witness an eye-catching growth rate during the forecast period. The segment growth is driven by an expanding application and adoption of such vehicles across various commercial applications, including tourism, colleges & universities, amusement parks, campgrounds, factories, car dealerships, and others. Moreover, increasing demand for customizable golf cars to suit the needs for various commercial applications will positively influence the segment growth.

The personal services segment is also expected to register a considerable growth rate owing to the increasing adoption of such vehicles for personal short-range commute in developed regions such as Europe and North America.

REGIONAL INSIGHTS

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North America dominated this market with a market size of 1.01 billion in 2023 and is expected to continue its dominance in years to come. In the North American golf car market, the U.S. contributed the largest market share. The market is driven by the maximum number of golf courses present and increases golfer’s year on year in the U.S. For instance, in January 2024, National Golf Foundation announced that an estimated 26.6 million Americans played golf on a course in 2023, a net increase of approximately one million golfers. Additionally, the presence of major key players in the regions such as Yamaha Golf-Car Company, Textron Inc., and others are anticipated to boost the market growth in upcoming years.

Europe held the second-largest market share in 2023. Developing golf tourism and an increasing number of elderly villages & resorts are driving the market’s growth in the region—additionally, the growing popularity of golf across developed European countries. Currently, the golf industry is well established throughout the north and west of Europe and steadily progressing into southeastern and central Europe.

The market is significantly matured in North America and Europe. Hence further innovation and technological advancements such as electrification, connected mobility, and autonomy in the European and American golf car industry are anticipated to fuel the market growth in years to come.

Asia Pacific is expected to witness an eye-catching CAGR over the forecast period. The market is driven by the growing awareness regarding golf and an increasing number of golfers across emerging countries of the Asia Pacific. Additionally, increasing number of golf courses in Asia Pacific is driving market growth. Moreover, increasing demand for these cars in countries such as Japan, Australia, New Zealand, China, and India will likely boost the market growth in upcoming years.

Furthermore, additional factors responsible for the market growth in APAC include the availability of raw materials, well-established manufacturing industry, growing population, and low cost of manufacturing. China is the hub for electric vehicle and battery production. Therefore, expanding Chinese golf car industry is likely to generate lucrative revenue growth opportunities during the forecast period.

The rest of the world, including the Middle East & Africa, and Latin America, held the lowest market share in 2023, owing to sluggish economic growth and the weak golf industry presence compared to other regions. However, the market is expected to witness a significant CAGR during the forecast period due to the growth of this industry in Latin America.

List of Key Companies in Golf Cart Market

Strategic Partnerships & Collaborations to Drive the Competition

The market is moderately fragmented due to the presence of various regional players. However, the companies are utilizing strategic partnerships with regional & international players to expand geographically and develop product portfolios to attract a wider consumer base for strengthening position in the global market.

LIST OF KEY COMPANIES PROFILED:

• Yamaha Golf-Car Company (Georgia, U.S.)


• Textron Inc. (Rhode Island, U.S.)


• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd. (Suzhou, China)


• CLUB CAR (Georgia, U.S.)


• Cruise Car, Inc. (Florida, U.S.)


• Garia, Inc. (Texas, U.S.)


• JH Global Services, Inc. (South Carolina, U.S.)


• SHOWA DENKO K.K. (Tokyo, Japan)


• Columbia Vehicle Group Inc. (Wisconsin, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• In January 2024 - Yamaha Golf-Car Company (YGC) developed a hydrogen-powered engine golf cart concept model, the DRIVE H2. The concept model is the first of its kind and is currently on display at the PGA Show in Orlando, Florida, one of the golf industry's largest events being held from January 24-16. The DRIVE H2, which is equipped with two high-pressure hydrogen tanks of 25 liters each positioned under the driver's seat and on the back of the rear seat, is based on Yamaha's DRIVE2 CONCIERGE4, a four-seater golf cart sold mainly in the United States.


• In November 2023 - Yamaha Motor Europe N.V. introduced its 2024 line-up of lightweight vehicles, which includes golf cars, light utility vehicles, and personal transport vehicles. Lithium-ion battery power dominates the 2024 offering, providing high-performance, maintenance-free, and cobalt-free units from the renowned manufacturer Roypow.


• In June 2023 - E-Z-GO announced that the company is launching the new street-legal Liberty LSV, as well as a newly updated model of its Freedom RXV that couples a stylish new look with a comfortable ride. The Liberty LSV is the industry's ultimate luxury street-legal vehicle. With a top speed of 25 mph, the Liberty LSV meets all National Highway Traffic Safety Administration standards for an LSV and can be operated on public roads with posted speed limits of 35 mph or less in most states -- and it's equally at home on the cart path.


• In March 2023, Club Car introduced Club Car CRU, a street-legal lifestyle vehicle that will disrupt the low-speed vehicle (LSV) market for consumers. CRU develops Club Car’s leading electric vehicle portfolio into a new, innovative classification of Neighborhood Electric Vehicles (NEV). NEVs are designed to satisfy the needs of consumers seeking a more fun and sustainable option for short trips.


• In January 2023, Saera Electric has increased its product range with the unveiling of its new electric Golf Cart in India. The new Saera Golf Cart features a monocoque frame, a maintenance-free AC drive system, cabin lights, and bucket seats. The LED headlamps, tail lamps, and indicators are integrated into the vehicle’s DRL. This new electric golf cart also features MacPherson suspension, 10-inch all-terrain tires, and a MacPherson suspension. It also features hydraulic brakes, an automatic lifter brake pedal, and a digital speedometer that displays a service alert.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the golf cart industry trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the golf cart market growth in recent years.

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