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VIETNAM GOLF CART MARKET FORECAST 2022-2028

The Vietnam golf cart market is projected to rise with a CAGR of 7.28% during the forecasting period, reaching a revenue share of $2.21 million by 2028. The base year considered for the studied market is 2021, and the forecasted years are from 2022 to 2028.

VIETNAM GOLF CART MARKET FORECAST 2022-2028

Vietnam 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)

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The Vietnam golf cart market is projected to rise with a CAGR of 7.28% during the forecasting period, reaching a revenue share of $2.21 million by 2028. The base year considered for the studied market is 2021, and the forecasted years are from 2022 to 2028.

The market growth of the country is primarily credited to the increasing number of golf players, in addition to the rise in golf tourism.

While golf carts are predominantly used for golfing events, they also have various non-golf applications. For instance, golf carts are also utilized in the hospitality industry, including golf resorts, as well as luxurious and large accommodations. Moreover, golf carts are used in public places like airports and train stations, warehouses, industries, and public events like music concerts, weddings, and exhibitions, as well.

Vietnam Golf Cart Market

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Vietnam is anticipated to be the fastest-growing market in the global golf cart market. According to Nguyen Hoang Minh, the Director-General of Vietnam Golf Services (VGS) Corporation, Vietnam had nearly 26,000 golf players between 2019 to 2020. This figure increased to approximately 51,000 in 2022, representing around 90% of the actual number.

Foreign investors have also been returning to golf course projects over recent years, with Korean investors regarded as the most active. In this regard, as per the Vietnam National Administration of Tourism, the country’s major golf tourism market is in South Korea. Hence, these factors are expected to influence the golf cart market growth in Vietnam during the forecast period.

The Vietnam golf cart market is segmented into seating capacity, end-user, and vehicle type. The end-user category is further classified into golf and recreation, commercial usage, and personal usage. Personal usage of golf carts refers to individuals buying these vehicles for their own use within private land ownership. Since several high-net individuals have expansive space and properties, the need for golf carts has become critical, primarily as a source of transportation.

In terms of personal services, the golf cart market has gained substantial traction in rural areas as well as towns of developed nations for quick transportation from one place to another.

Golf carts or low-utility vehicles used for commercial purposes have core specifications such as power sources, passenger capacity, as well as other features. While gas engines power golf carts utilized in industries for the transportation of two to four passengers, electric motor golf carts are used for general transportation around manufacturing industries and refineries.

Some of the top companies operating in the Vietnam golf cart market include Club Car, Garia, Polaris Industries Inc, etc.

Garia, headquartered in Denmark, manufactures and sells electric golf cars, including leisure and luxury golf cars. In 2015, Garia expanded its business with a brand-new division, termed Garia Utility. It manufactures compact electric utility vehicles, namely Garia Utility Park, as well as the street-legal Garia Utility City. The company has a subsidiary in the United States, with sales offices in the United Kingdom and the Asia-Pacific.

Garia Courtesy is a multi-functional electric vehicle with customization options available.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2028
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Seating Capacity, End-User, Vehicle Type
Country Analyzed Vietnam
Companies Analyzed

Club Car, Garia, Polaris Industries Inc, Yamaha Golf-Car Company (Yamaha Corporation), E-Z-Go (Acquired by Textron Inc)

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • COUNTRY SNAPSHOT
      • COUNTRY ANALYSIS
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
    3. KEY ANALYTICS
      • IMPACT OF COVID-19 ON VIETNAM GOLF CART MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • PESTLE ANALYSIS
        • POLITICAL
        • ECONOMICAL
        • SOCIAL
        • TECHNOLOGICAL
        • LEGAL
        • ENVIRONMENTAL
    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
    4. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • ACQUISITIONS
        • PRODUCT LAUNCHES
        • BUSINESS EXPANSIONS
      • COMPANY PROFILES
        • CLUB CAR
        • E-Z-GO (ACQUIRED BY TEXTRON INC)
        • GARIA
        • POLARIS INDUSTRIES INC
        • YAMAHA GOLF-CAR COMPANY (YAMAHA CORPORATION)

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – VIETNAM GOLF CART

    TABLE 2: VIETNAM GOLF CART MARKET, BY SEATING CAPACITY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 3: VIETNAM GOLF CART MARKET, BY SEATING CAPACITY, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 4: VIETNAM GOLF CART MARKET, BY END-USER, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 5: VIETNAM GOLF CART MARKET, BY END-USER, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 6: VIETNAM GOLF CART MARKET, BY VEHICLE TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 7: VIETNAM GOLF CART MARKET, BY VEHICLE TYPE, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 8: LIST OF MERGERS & ACQUISITIONS

    TABLE 9: LIST OF PRODUCT LAUNCHES

    TABLE 10: LIST OF PARTNERSHIPS

    TABLE 11: LIST OF DIVESTITURES          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VIETNAM GOLF CART MARKET, GROWTH POTENTIAL, BY SEATING CAPACITY, IN 2021

    FIGURE 5: VIETNAM GOLF CART MARKET, BY ONE-TO-FOUR-SEATER, 2022-2028 (IN $ MILLION)

    FIGURE 6: VIETNAM GOLF CART MARKET, BY ABOVE-FIVE-SEATER MARKET, 2022-2028 (IN $ MILLION)

    FIGURE 7: VIETNAM GOLF CART MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    FIGURE 8: VIETNAM GOLF CART MARKET, BY GOLF AND RECREATION, 2022-2028 (IN $ MILLION)

    FIGURE 9: VIETNAM GOLF CART MARKET, BY COMMERCIAL USAGE, 2022-2028 (IN $ MILLION)

    FIGURE 10: VIETNAM GOLF CART MARKET, BY PERSONAL USAGE, 2022-2028 (IN $ MILLION)

    FIGURE 11: VIETNAM GOLF CART MARKET, GROWTH POTENTIAL, BY VEHICLE TYPE, IN 2021

    FIGURE 12: VIETNAM GOLF CART MARKET, BY GAS GOLF CART, 2022-2028 (IN $ MILLION)

    FIGURE 13: VIETNAM GOLF CART MARKET, BY ELECTRIC GOLF CART, 2022-2028 (IN $ MILLION)

    FIGURE 14: VIETNAM GOLF CART MARKET, BY SOLAR GOLF CART, 2022-2028 (IN $ MILLION)       

    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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