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ASIA-PACIFIC GOLF CART MARKET FORECAST 2022-2030

The Asia-Pacific golf cart market is evaluated to develop with a CAGR of 6.04% over the estimated period of 2022 to 2030, capturing a revenue share of $560.07 million by 2030.

ASIA-PACIFIC GOLF CART MARKET FORECAST 2022-2030

Asia-Pacific Golf Cart Market by Seating Capacity (One-to-four-seater, Above-five-seater) Market by End-user (Golf and Recreation, Commercial Usage, Personal Usage) Market by Vehicle Type (Gas Golf Cart, Electric Golf Cart, Solar Golf Cart) By Geography

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The Asia-Pacific golf cart market is evaluated to develop with a CAGR of 6.04% over the estimated period of 2022 to 2030, capturing a revenue share of $560.07 million by 2030.

Key factors such as the fiscal and monetary policies, the growth in new constructions, primarily in the real estate and tourism industry, as well as the increase in demand from premium buyers are expected to present the regional market with lucrative growth opportunities. However, the Asia-Pacific golf cart market may be restrained due to declining golf members in various nations, including Japan.

Asia Pacific Golf Cart Market

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The Asia-Pacific golf cart market growth analysis covers the evaluation of China, Japan, South Korea, Indonesia, Vietnam, Thailand, India, Australia & New Zealand, and Rest of Asia-Pacific. With the rising interest in golf among the Chinese population, the sport is growing at a significant rate in China. As of 2021, the country had nearly 450 golf courses catering to the demand of golf players, with 100 more ranges under construction. Moreover, the demand for golf carts is anticipated to surge over the upcoming years as golf ranges expand across China. The nation is also a pioneer of electric vehicle battery technology, which is highly conducive to the production of electric golf carts.

On the other hand, Japan has the highest number of golf courses across the Asia-Pacific, with more than 2,500 courses as of 2021. The sport also enjoys tremendous popularity in Japan. The COVID-19 pandemic has further increased the demand for golf as well as leisure pursuits, consequently contributing to the sale of golf carts in the country. In this regard, bookings on golf course reservation websites increased by 12% in 2020 compared to the previous year. Since Japan is a well-developed Asian country, this factor enables governments to invest in golf carts for the purpose of tourism as well as other recreational activities. As a result, these factors are anticipated to fuel the market growth in the Asia-Pacific over the forecast period.

The Asia-Pacific golf cart market is segmented into seating capacity, end-user, and vehicle type. The vehicle type category is further categorized into gas golf cart, electric golf cart, and solar golf cart. Golf carts with gas engines are fuelled by gasoline- and diesel-powered motors. Regular gas, including those utilized in trucks and cars, is primarily used for gas golf carts. Also, gasoline golf carts emit carbon dioxide and operate on regular fuel. Some of the top players manufacturing and selling gas-powered golf carts are E-Z- Go, Yamaha, and Club Car.

Electric golf carts function on electricity as the primary power source. One of the main aspects influencing the sale of electric golf carts is the assurance of a clean energy resource. Although electric golf carts are more expensive with fewer models, they offer the maneuverability of a gas-powered mower as well as the environmental friendliness of an electric cart.

Key players operating in the Asia-Pacific golf cart market are Yamaha Golf-Car Corporation, Marshell, HDK Electric Vehicle, Garia, etc.

Marshell, headquartered in China, manufactures containers electric vehicles, including golf carts, hunting carts, sightseeing buses, low-speed vehicles, utility vehicles, mobility scooters, electric forklifts, vintage carts, cleaning vehicles, electric pallet trucks, electric stackers, and others.

The company’s 2-Seater Electric Golf Cart DG-M2 has a climbing capacity of 20%, with a maximum speed of 20km/hr.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Seating Capacity, End-User, Vehicle Type
Countries Analyzed China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
Companies Analyzed

Club Car, Cruise Car Inc, E-Z-Go (Acquired by Textron Inc), HDK Electric Vehicle, Varley Group, Hawk Carts, Evolution Electric Vehicles, Polaris Industries Inc, Star EV Corporation, Thai Summit Group, Yamaha Golf-Car Company (Yamaha Corporation), Garia, Karrior Electric Vehicles, Tomberlin, Marshell

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • INCREASING NUMBER OF GOLF COURSES
        • GOVERNMENT REGULATIONS REGARDING VEHICULAR EMISSIONS
        • GROWTH IN GOLF TOURISM
      • KEY RESTRAINTS
        • HIGH COST OF GOLF MEMBERSHIPS AND GOLF CARTS
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON GOLF CART MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • REGULATORY FRAMEWORK
    2. MARKET BY SEATING CAPACITY
      • ONE-TO-FOUR-SEATER
      • ABOVE-FIVE-SEATER
    3. MARKET BY END-USER
      • GOLF AND RECREATION
      • COMMERCIAL USAGE
      • PERSONAL USAGE
    4. MARKET BY VEHICLE TYPE
      • GAS GOLF CART
      • ELECTRIC GOLF CART
      • SOLAR GOLF CART
    5. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES
        • PARTNERSHIPS
        • DIVESTITURES
      • COMPANY PROFILES
        • CLUB CAR
        • CRUISE CAR INC
        • EVOLUTION ELECTRIC VEHICLES
        • E-Z-GO (ACQUIRED BY TEXTRON INC)
        • GARIA
        • HAWK CARTS
        • HDK ELECTRIC VEHICLE
        • KARRIOR ELECTRIC VEHICLES
        • MARSHELL
        • POLARIS INDUSTRIES INC
        • STAR EV CORPORATION
        • THAI SUMMIT GROUP
        • TOMBERLIN
        • VARLEY GROUP
        • YAMAHA GOLF-CAR COMPANY (YAMAHA CORPORATION)

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – GOLF CART

    TABLE 2: REGULATORY FRAMEWORK

    TABLE 3: ASIA-PACIFIC GOLF CART MARKET, BY SEATING CAPACITY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 4: ASIA-PACIFIC GOLF CART MARKET, BY SEATING CAPACITY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 5: ASIA-PACIFIC GOLF CART MARKET, BY END-USER, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 6: ASIA-PACIFIC GOLF CART MARKET, BY END-USER, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 7: ASIA-PACIFIC GOLF CART MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 8: ASIA-PACIFIC GOLF CART MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 9: ASIA-PACIFIC GOLF CART MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 10: ASIA-PACIFIC GOLF CART MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 11: LEADING PLAYERS OPERATING IN ASIA-PACIFIC GOLF CART MARKET

    TABLE 12: LIST OF MERGERS & ACQUISITIONS

    TABLE 13: LIST OF PRODUCT LAUNCHES

    TABLE 14: LIST OF PARTNERSHIPS

    TABLE 15: LIST OF DIVESTITURES          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: ASIA-PACIFIC GOLF CART MARKET, GROWTH POTENTIAL, BY SEATING CAPACITY, IN 2021

    FIGURE 6: ASIA-PACIFIC GOLF CART MARKET, BY ONE-TO-FOUR-SEATER, 2022-2030 (IN $ MILLION)

    FIGURE 7: ASIA-PACIFIC GOLF CART MARKET, BY ABOVE-FIVE-SEATER, 2022-2030 (IN $ MILLION)

    FIGURE 8: ASIA-PACIFIC GOLF CART MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    FIGURE 9: ASIA-PACIFIC GOLF CART MARKET, BY GOLF AND RECREATION, 2022-2030 (IN $ MILLION)

    FIGURE 10: ASIA-PACIFIC GOLF CART MARKET, BY COMMERCIAL USAGE, 2022-2030 (IN $ MILLION)

    FIGURE 11: ASIA-PACIFIC GOLF CART MARKET, BY PERSONAL USAGE, 2022-2030 (IN $ MILLION)

    FIGURE 12: ASIA-PACIFIC GOLF CART MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2021

    FIGURE 13: ASIA-PACIFIC GOLF CART MARKET, BY GAS GOLF CART, 2022-2030 (IN $ MILLION)

    FIGURE 14: ASIA-PACIFIC GOLF CART MARKET, BY ELECTRIC GOLF CART, 2022-2030 (IN $ MILLION)

    FIGURE 15: ASIA-PACIFIC GOLF CART MARKET, BY SOLAR GOLF CART, 2022-2030 (IN $ MILLION)

    FIGURE 16: ASIA-PACIFIC GOLF CART MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

    FIGURE 17: CHINA GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 18: JAPAN GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 19: INDIA GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 20: SOUTH KOREA GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 21: INDONESIA GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 22: THAILAND GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 23: VIETNAM GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 24: AUSTRALIA & NEW ZEALAND GOLF CART MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 25: REST OF ASIA-PACIFIC GOLF CART MARKET, 2022-2030 (IN $ MILLION)       

    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • VIETNAM
          • AUSTRALIA & NEW ZEALAND
          • REST OF ASIA-PACIFIC
    1. MARKET BY SEATING CAPACITY
      • ONE-TO-FOUR-SEATER
      • ABOVE-FIVE-SEATER
    2. MARKET BY END-USER
      • GOLF AND RECREATION
      • COMMERCIAL USAGE
      • PERSONAL USAGE
    3. MARKET BY VEHICLE TYPE
      • GAS GOLF CART
      • ELECTRIC GOLF CART
      • SOLAR GOLF CART

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