Golf Cart Market - Size, Share, and, Forecast to 2025
Posted by theadvacetechnology on April 10th, 2019
Increasing demand for electric golf carts is a key factor driving growth of the golf cart market. Increasing demand for pollution-free vehicles, surging prices of fuels, and low maintenance cost of electric golf carts have contributed to the rapid growth of the electric golf cart segment. Furthermore, growing urbanization and industrialization have increased the demand for internal transportation to carry goods and people. This in turn, fuels demand for golf carts, thus driving growth of the golf cart market.
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This report segments the global golf cart market on the basis of component, end users, product type, seating capacity, and geography. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely, North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.
North America holds a dominant position in the global golf cart market
On the basis of geography, the global golf cart market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. According to Coherent Market Insights, North America held a dominant position in the global golf cart market in 2016 and is projected to retain its dominance throughout the forecast period. High popularity of golf sport in this region has resulted in the establishment of a large number of golf clubs, in turn increasing the demand for golf carts in the region. The U.S. and Canada are the major countries driving growth of the golf cart market in North America. Asia Pacific holds the second largest position in the golf cart market. Increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments are fueling growth of the market in the region. China, Japan, Australia, and India are the major countries driving growth of the market for golf cart in Asia Pacific.
The increasing urbanization and industrialization in emerging economies have fueled growth of the golf cart market
Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This is expected to increase demand for golf carts for internal transportation in malls to carry goods and people. Furthermore, increasing demand for customized products related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.
Increasing demand for electric golf carts fuels growth of the global golf cart market
On the basis of product type, the global golf cart market is segmented into electric golf carts and gasoline golf carts. The electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Increasing demand for pollution-free vehicles, surging prices of fuels, coupled with low costs associated with maintenance of electric carts are creating a conducive environment for growth of the segment.
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About the Authortheadvacetechnology
Joined: February 21st, 2019
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