It was estimated prior to this unanticipated outbreak Golf Cart Market will reach CAGR of 5.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Golf Cart Market Insights
Golf Cart market is likely to growth with a healthy CAGR of 5.9% over the next five years. According to the National Golf Foundation, there is a continuous increase in golf participation with a growth of 6.4% in the past two years. The growing number of golf participation along with the increasing number of golf courses all over the world is likely create enormous demand for golf over the next five years.
Market Share Analysis
Golf Cart Market Share: By Fuel Type
Based on the fuel type, the market is segmented as gasoline and electric & solar powered. Electric & Solar powered golf cart dominated the market in 2019, and is estimated to maintain its lead during the forecast period, owing to its various benefits, such as noise reduction, zero emission, and low maintenance & operation cost.
Golf Cart Market Share: By Application Type
Based on the application type, the golf cart market is segmented as golf course, commercial service, and others. Golf course is likely to remain the largest application of the market during the forecast period, propelled by presence of large number of golf courses coupled with rising number of golf courses and number active participation in golf across the world.
Golf Cart Market Share: By Region
In terms of regions, North America to maintain its supremacy in the market during the forecast period, with the USA being the key growth engines of the region’s market. The USA constitutes the largest number of golf courses in the world with around 45% of the total courses in the world. Rising number of on-course and off-course play in the country is driving high growth in the country’s golf cart market and ultimately to the region’s and global markets during the forecast period.
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