A golf cart is characterized as a gas-powered or electric vehicle used for transporting golfers as well as their equipment around the course. Specifically designed to meet the requirements of golfers, these carts provide players with unique comfort and safety features. Moreover, owing to the increasing number of golf courses, the need for maintaining mobility across different terrains supports the overall sale of golf carts, globally.
As per Inkwood Research’s analysis, this factor plays an essential role in fueling the global golf cart market, projected to grow with a CAGR of 5.78% during the forecast years, 2022 to 2030. The market growth is further attributable to the rise in golf tourism as well as government regulations associated with vehicular emissions.
How Does Sustainability Determine Golf Cart Market Prospects?
On account of the detrimental impact on the environment, governments worldwide are highly stringent regarding the problem of pollution. As a result, official regulations, as well as legislations linked to vehicle emissions, have been adopted in major countries, such as China, the United States, France, and Germany.
Automobile manufacturers are also required to use cutting-edge technologies in order to minimize the amount of pollution that vehicles emit. This factor also increases manufacturers’ focus on renewable and alternative energy sources for powering golf carts, thus sustaining their position in the global golf cart market. For example, key players such as E-Z-Go and Polaris Industries Inc are developing rechargeable golf carts with various customization options.
Aligning with this, Inkwood Research has categorized golf carts on the basis of vehicle type, primarily as the market continues to evolve in order to meet the growing demands of ecologically-conscious consumers –
Gas Golf Cart –
- Gas-powered golf carts run on combustion engines and are fueled with regular gas, like cars and trucks.
- Inkwood Research’s analysis projects that the gas golf cart segment, under the vehicle type category, is set to dominate the global market with a share of 28% by 2030.
- However, the market for gas-powered golf carts may experience adverse effects in terms of sales and growth if legislations favoring environmentally friendly technology are implemented, with major cities prohibiting the use of gas-powered automobiles.
Electric Golf Cart –
- Electric golf carts run on electricity as the primary power source. Although these carts have fewer models compared to other vehicle types, they offer the maneuverability of a gas-powered mower as well as the environmental friendliness of an electric cart.
- Electric golf carts ignite and accelerate more rapidly. Besides, they are also cost-effective since recharging batteries is more convenient than refueling the gas.
- In terms of their application, electric motor golf carts are used for general transportation around refineries and other manufacturing industries. This aspect also encourages golf carts’ commercial usage, representing a key end-user in the global market.
Solar Golf Cart –
- Solar golf carts are powered by mounted photovoltaic (PV) or thin-film panels above the vehicle’s roof, which convert sunlight to charge 48-volt or 36-volt golf cart batteries.
- The solar golf cart segment is also expected to be the fastest-growing vehicle type in the global golf cart market, recording a CAGR of 6.64% during the forecasted years.
- Lamborghini, an Italian brand and manufacturer of luxury sports vehicles, partnered with Kinetic Green Energy, an India-based golf cart maker, to manufacture solar golf carts.
Golf Carts’ Versatility help meet Different Transportation Demands
Despite their name and associated functionality, these lightweight utility vehicles do a lot more than just shuttle golfers and clubs around the golf course. For instance, over recent years, the golf cart rental business has grown steadily as event management firms hire golf carts for internal transportation. Moreover, they also offer a solid transportation option for hotels, hospitals, and public events like weddings, exhibitions, and music concerts.
On the other hand, sustainable golf cart transportation proves as an effective way to safeguard prominent places such as UNESCO world heritage sites that may be vulnerable to pollution. As government regulations compel users to switch to low-emission vehicles, the electrification of the automotive industry further boosts the sales of electric golf carts, thus propelling their adoption and usage over the forecast period.
Furthermore, golf carts are used in golf resorts, as well as luxurious and spacious accommodations, thereby positioning golf and recreation as the fastest-growing and dominating end-user in the global market. Moreover, changing customer demands have led to manufacturers focusing on delivering golf cart rental services. Thus, the rise in large events and gatherings further propels the need for rental golf carts, which is set to emerge as a key trend in the global golf cart market.
FAQs:
Which is the fastest-growing country in the global golf cart market?
Vietnam is set to be the fastest-growing country in the global golf cart market, progressing with a CAGR of 5.41% between 2022 to 2028.
What are some of the key restraints faced by the global golf cart market?
The global golf car market’s growth is likely to be challenged by the high cost of golf carts and golf memberships.