Discover the promising landscape of the golf car market as projected by Allied Market Research in their latest report. With insights into market trends, regional dynamics, and environmental impact, explore how this industry is poised to reach $1.79 billion by 2028.
Allied Market Research, a trusted authority in market analysis, presents a comprehensive report titled, “Golf Carting Ahead: Exploring the Thriving Golf Cart Market.” This extensive study delves into the golf car market’s global opportunities and industry forecasts for the years 2021 to 2028.
In 2020, the golf car market achieved a valuation of $1.35 billion, and according to projections, it is set to escalate to $1.79 billion by 2028, registering an impressive Compound Annual Growth Rate (CAGR) of 3.9% during this period.
Currently, North America dominates this vibrant market, with Europe, Asia-Pacific, and LAMEA following closely. Within North America, the United States established its supremacy in 2020 and is expected to retain this leadership position throughout the forecasted years.
Key drivers of this market’s growth include population growth, increased purchasing power, stringent government regulations regarding vehicle emissions, and a surge in the number of golf courses and country clubs. Nevertheless, challenges such as high initial maintenance and purchase costs, limited power and speed, and constrained driving ranges have been noted as factors that could impede market expansion to some extent.
As the global community grapples with growing concerns surrounding carbon emissions from fuel combustion, governments and environmentalists have been increasingly focused on finding sustainable alternatives. This heightened awareness is expected to boost the demand for electric and solar-powered golf cars worldwide, further bolstering market growth. The rise in fuel prices on the international stage, coupled with escalating pollution levels and traffic congestion—particularly in urban areas—has contributed to the wider acceptance of golf cars as recreational vehicles.
Furthermore, electric golf cars have gained favor due to their relatively lower operating and maintenance costs compared to gasoline-powered counterparts, making them a preferred choice for shorter transits.
In the United States, which boasts the highest number of golf courses—approximately 15,332—this industry plays a pivotal role. Notably, golf contributes significantly to charity, outpacing other major sports industries. In 2020, nearly 24.8 million golfers were recorded in the U.S., reflecting a growth rate of approximately 2%—the largest increase in 17 years. This surge in golf’s popularity has directly contributed to the escalating demand for golf cars.
The future promises to bring about a more stringent focus on vehicle emissions by governments worldwide. Nations such as the United States, Germany, France, and China have instituted stringent regulations to combat high vehicle emission levels, mandating advanced technologies for automobile manufacturers. California’s Air Resources Board (CARB) program, for instance, emphasizes the production and delivery of zero-emission vehicles (ZEVs), thereby greatly amplifying the adoption of electric vehicles, including golf cars.
It is noteworthy that golf cars are available in two variants—gasoline-powered and electric—offering consumers flexibility and choice.
Key Market Findings:
• In 2020, the electric golf car segment emerged as the top revenue generator by product type.
• The golf course segment was the leading revenue contributor by application in 2020.
• Regionally, North America contributed the highest revenue in 2020, followed by Europe, Asia-Pacific, and LAMEA.
