Global golf cart market is segmented into end user such as
golf courses, hotels & resorts, tourist destinations, airports, residential
& commercials and others golf cart. Among these segments, golf courses
segment is expected to occupy the top position in the market. The rising
popularity of golf sports and reinstate of golf sport in Olympic Games in 2016
has inclined the number of golf courses across the globe. The rising number of
golf courses with advanced facilities is expected to boost the demand for
electric golf carts.
The global golf cart market is
expected to register a 6.14% CAGR over the forecast period. Moreover, the
market of global golf cart market was valued at USD 2 billion in 2016. The market is expected to
expand on the back of the rising adoption of golf carts in the airport sector.
The market of airport golf cart
sector by end user is estimated to register a CAGR of 6.20% during the forecast
period. Moreover, the airport authorities are also adopting electric golf carts
for various purposes including carrying passenger, luggage and heavy utilities.
The golf carts are used inside the premises of airports to commute the
passenger.
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Advancement
in Golf Cart Technology
The demand for electric powered golf
cart is anticipated to increase in terms of volume during the forecast period
on the back of low maintenance requirement of solar powered golf carts. These
advancements are expected to impact positively on the growth of global golf
cart market. Further, all these developments are expected to drive the demand
for internal transportation to carry people and goods, thus creating
significant demand for golf carts. The market of golf cart is majorly driven by
the advancement in golf cart technology.
Rapid Expansion of Hospitality
Sector
Growth in hospitality sector has been
noticed owing to positive growth of tourism industry across the globe. The rise
of hotels and resorts across the globe and rising expectations of tourists
towards the hotels services are encouraging the hotel industry to provide
better services. These factors are expected to generate a huge demand for golf
carts over the next five to six years.
However, high cost of maintenance of
golf carts which are powered by gasoline is anticipated to hamper the growth of
global golf cart market. Moreover, the high maintenance cost creates reluctance
among the consumers to use the golf carts for multiple applications.
The report
titled “Global Golf Cart Market Outlook 2023” delivers
detailed overview of the global golf cart market in terms of market
segmentation by fuel type, by end-user and by region.
Further, for the in-depth analysis,
the report encompasses the industry growth drivers, restraints, supply and
demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the
existing competitive scenario of some of the key players of the global golf
cart market which includes company profiling of Ingersol Rand PLC, Hitachi
Chemicals, Yamaha Motors Co. Ltd, and Textron. The profiling enfolds key
information of the companies which encompasses business overview, products and
services, key financials and recent news and developments. On the whole, the
report depicts detailed overview of the global golf cart market that will help
industry consultants, equipment manufacturers, existing players searching for
expansion opportunities, new players searching possibilities and other
stakeholders to align their market centric strategies according to the ongoing
and expected trends in the future.
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