Golf Cart Market Size, Share & Trends Analysis Report By Product Type (Electric Golf Cart, Solar Golf Cart, Gasoline Golf Cart, Push-Pull Golf Cart), By Operation (Manual, Powered), By Application (Golf Course, Personal Services, Commercial Services, Others), By Ownership (Rented, Fully Owned) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global golf cart market size was worth USD 1410.0 million in 2021 and is projected to reach USD 2590.4 million by 2031, registering a CAGR of 4.0% during the forecast period (2023-2031). An increase in urbanization and industrialization; a shift in mall culture; hi-tech and intelligent residential and commercial housing projects; and increased usage of golf cart vehicles in hotels, tourism industries, hospitality, and amusement parks are projected to boost the growth of the golf cart market worldwide. Utilization of golf carts for short trips in educational institutions, such as colleges & universities, and in airports is expected to propel further the demand for golf carts between 2023 and 2031.

 A golf cart is a kind of low-speed vehicle propelled by electric motors, which is gas-powered and is particularly envisioned for implementation in golf courses for transportation of golfers and instruments within the course premises. It is also called a non-highway or off-road vehicle with an average speed between 25 and 50 kmph.

Market Dynamics

Market drivers

• Increase in the proportion of country clubs and golf courses

The U.S has the maximum volume of golf courses in America, approximately 15,332, including other countries like Canada, Mexico, Brazil, and Argentina. The golf industry across the U.S. consist of nearly 2 million jobs, and the golf game also contributes more to charity than any other primary sports industry. More than one-third that is 36% of the U.S. population, which is over 107 million, have either played, watched, or read about golf in 2018. In 2020, the U.S.NGF witnessed ~24.8 million golfers in the U.S., representing an increment of nearly 2% or 500,000 compared to 2019, the most significant net increase estimated in 17 years. The rise in the number of golf courses is supported by the increase in the number of people focused on golf.

This directly propels growth in the need for golf carts. Additionally, though at a slower rate of around 15, there is an increase in the number of country clubs and golf courses in the U.S. Further, an increase in disposable income leads to rising in the expenditure of recreational time and discretionary income of the population. All these factors collectively boost the growth of the golf cart market.

• Increase in inclination toward solar powered golf carts

Many studies and research efforts support the benefits of transforming to solar power as a means of vehicle propulsion. According to the survey conducted by the Aarhus University in Denmark in 2020, a 50-cart fleet of golf buggies could help reduce energy consumption from the grid if each electric vehicle includes a 250 W panel. Based on their techno-economic analysis, which considers solar-powered carts at the Los Naranjos Golf Club in Marbella, southern Spain –a return on investment could be gained within five years. Researchers added that annual savings of €15,607 would be expected with an upfront funding of €75,000. Furthermore, effective integration of technology and workflow by prominent industry players is expected to reinforce the implementation of solar-powered golf carts in the coming years.

For example, in October 2020, India's Kinetic Green Vehicles announced a new range of solar and electric-powered golf carts designed by Lamborghini as part of a joint venture inked by Tonino Lamborghini and Kinetic Green in 2018. Under this agreement, Lamborghini manages the designing part of the vehicle, and Kinetic Green handles the production part with a manufacturing facility in India.

Market restraints

• Low power and speed

Golf carts are vouched for their compact size and high maneuverability, but these two come at the sacrifice of power and speed. The engines of this vehicle are optimized to run at low rates and create fewer pollutants and are best suited in places where low-speed locomotion is required but might not be very popular with the market, which favors power and speed. 

Horsepower generated by these carts is low and is not ideal for too many passengers, heavy loads, or driving in steep hills, which is expected to hamper the market's growth. The engines of this vehicle are optimized to run at low speed and create fewer pollutants and are best suited in places where low-speed locomotion is required but might not be very popular with the market, which favors power and speed. This is expected to boost the growth of the market.

Future growth opportunities in global golf cart market

• Technological advancements in golf carts

Automobile companies are focused on producing advanced golf carts with lower particular emissions and relatively low costs. New solo rider technology and adaptive golf cart designed for single users allow disabled people to access golf courses and games. Innovations like extreme golf carts and solar power golf carts also boost the market growth. One of the most recent developments in golf cart technology is the Golf Board, a golf cart inspired by skateboards. The Golf Board is propelled by front and back gear boxes providing power to all four wheels. A rider controls the vehicle upright as if riding a skateboard, leaning right or left to make turns. The Golf Board has been well equipped by golfing community as it speeds up the game and, according to manufacturers, has up to 75% less impact on turf than traditional golf carts. Such advancements for golf carts are expected to create numerous opportunities for key players for market expansion.

Regional Analysis

Which region accounts for the most demand in the golf cart market?

North America dominated the market. It is estimated to reach an expected value of USD USD 1312.7 million by 2031 at a CAGR of 3.7%. North America includes the U.S. and Canada. The rise in demand for automation and technological advancements across the automobile industry contributes to the growth of the North American golf cart vehicle market.

The market in Europe is analyzed across the UK, Germany, France, Russia, and the rest of Europe. It is estimated to reach an expected value of USD 405.3 million by 2031 at a CAGR of 4.4%. The market in Europe is analyzed across the UK, Germany, France, Russia, and the rest of Europe. The European golf cart market is expected to witness a high growth rate during the forecast period, owing to a rise in demand for electric vehicles and rising applications for low-speed electric vehicles across the region.

Technological advancements and growth in vehicle standards across Europe, such as strict emission limits, contribute to developing the golf cart electric vehicle market in Europe. Manufacturers plan to build low-cost and lightweight golf cart vehicles in hotels, golf courses, and residential & commercial premises owing to the prevalence of various vehicle emission protocols. In addition, high disposable income, a rise in the majority of Europe safety protocols, and an increase in vehicle standards drive market growth in this region.

The Asia-Pacific is the fastest-growing region. It is estimated to reach an expected value of USD 470.3 million by 2031 at a CAGR of 4.7%. The market in Asia-Pacific is analyzed across China, India, Japan, Australia, and the Rest of Asia-Pacific. Higher adoption rates of intelligent mobility services, government regulations, rise in urbanization, increase in fuel prices, and surge in the trend toward adopting non-fossil fuel-based vehicles boost the growth of golf carts in developing countries, such as India, China, and Indonesia, which creates lucrative opportunities for the market in this region. An increase in vehicle population and a rise in vehicle standards fuel the growth of the market in Asia-Pacific. Moreover, various technological advancements in electric vehicles are taking place, owing to government initiatives, which further propels market growth.

Segmental Analysis

The global golf cart market share is divided by product type, operation, application, and region. 

By product type, the market is divided into the electric golf cart, gasoline golf cart, and solar golf cart. 

The electric golf cart dominated the market. It is estimated to reach an expected value of USD 1796.0 million by 2031 at a CAGR of 4.2%. Factors such as stringent automotive emission guidelines and emphasis on the adoption of energy-efficient electric vehicles have gained traction among developed regions. Subsequently, due to its low emission, easy maintenance, and energy efficiencies, the electric golf cart has witnessed notable market penetration among North American and European countries, resulting in their significant market share in 2022. However, growth in the popularity of golf and a substantial number of upcoming golf facilities in Asia and Africa is expected to provide better growth opportunities for the market players. 

The gasoline golf cart is the second largest segment. It is estimated to reach an expected value of USD 510.2 million by 2031 at a CAGR of 2.9%. Gasoline-based golf carts and their variants continue to gain popularity among emerging economies, commercial spaces, and utilities such as airports, bus stations, universities, and stadiums. In addition, golf cart provides seamless transit, especially for older people, physically challenged, tourists, and guests at resorts, hotels, railway stations, arenas, business complexes, and industrial areas. As a result, the gasoline golf cart finds significant applications among households and off-road transit such as resorts, stadiums, arenas, and marinas.

The solar golf cart is the fastest-growing segment. It is estimated to reach an expected value of USD 284.2 million by 2031 at a CAGR of 4.9%. Solar golf carts are equipped with solar panels at the top of the cart. Solar power drives demand for the solar golf cart market. The government is also supporting and investing in the usage of renewable sources of energy.

Solar-based golf cart offers significantly less emission and attracts tax benefits in various countries. Factors such as a rise in inclination toward a renewable form of energy through solar and lower charging costs drive the market's growth. In addition, the integration of solar panels and electric and gasoline carts is expected to boost driving range further and thus fuel demand for solar-based golf carts in the coming period. However, the size of the golf cart has a profound influence on solar cell size that could be installed on the cart roof. Subsequently, it limits the power output that can be utilized for powering solar golf carts resulting in its usage being mainly restricted for transportation applications in golf courses and other commercial spaces. The rise in the adoption of solar power-based applications across various industry verticals drives demand for the solar golf cart market.

Based on application, the global market is categorized into the golf course, personal services, and commercial services. 

The golf course segment dominated the market. It is estimated to reach an expected value of USD 1411.8 million by 2031 at a CAGR of 4.4%. The significant geographical presence of golf courses in the area creates demand for practical and efficient transit vehicles for easy mobility from one hole to another with sports equipment and accessories. In addition, since their inception, they have been substantially adopted exclusively by golf courses over the years, which boosts their market share among golf courses. As a result, golf courses account for a significant market share in the application segment.

The popularity of golf, the number of golf courses per population, and the availability of golf facilities are significant indicators that fuel the market growth during the forecast period. In addition, an increase in awareness of golf and a considerable number of upcoming and planned golf courses are anticipated to drive demand for the growth of golf carts in the coming years. 

Commercial services are the second-largest segment. It is estimated to reach an expected value of USD 744.4 million by 2031 at a CAGR of 3.8%. A golf cart is a compact, efficient, low-cost, easy maintenance, and lightweight vehicle. This is attributed to a significant increase in the scope of adoption across different end-users. Moreover, advancements in technology related to electric motors, batteries, and efficiencies of electric vehicles improve the functional capabilities of golf carts. As a result, golf carts can carry heavier payloads and cover more distance. In addition, they are easy to operate, making them suitable for utility applications in commercial spaces. Thus, providing economical solutions for short-distance commute and transportation to commercial end-users.

Personal services are the fastest-growing segment. It is estimated to reach an expected value of USD 214.8 million by 2031 at a CAGR of 2.6%. The golf cart market has gained popularity among personal services in rural areas and towns of developed nations for quick transit from one location to another. Golf cart offers accessible, low-cost, and efficient transit between residential and commercial spaces within towns compared to passenger and commercial vehicles.

Growth in the popularity of golf carts, owing to their compact size and alternatives for efficient transport vehicles in residential complexes, utilities, recreational grounds, and commercial spaces, drive the market's growth. In addition, the availability of customized and different variants of golf carts suited for various personal applications such as transportation in private villas, farmhouses, residential complexes, and short-distance commutes are gathering significant adoption of golf carts. In addition, the integration of intelligent technologies is also anticipated to drive the growth of golf carts for personal use. This provides lucrative growth opportunities for market players.

Recent Developments

• June 2023-E-Z-GO launched Liberty LSV, which is a luxury street-legal vehicle compliant with safety standards, suitable for both the road and golf course. Liberty LSV offers a top speed of 25 mph and features forward-facing seats, a backup camera, safety measures, and optional infotainment. Liberty LSV uses Samsung SDI lithium batteries which are known for efficiency and environmental benefits.

• May 2023-E-Z-GO updated Freedom RXV model for 2024. The cart features a modern design, LED headlights, spacious interiors, and a rainproof canopy for four-passenger models. The Freedom RXV offers lithium and gas powertrain options.

• August 2022- Club Car acquired Denmark-based Garia A/S, a manufacturer of low-speed electric vehicles for the consumer, utility, and golf markets. The acquisition also includes Melex which is a manufacturer of lightweight utility vehicles based in Poland and offers an array of street and non-street legal products, including multi-passenger and compact cargo utility vehicles. The company intends to launch new offerings in the golf cart segment, thereby extending its reach across the global market through the acquisitions.

• October 2021- Indian electric vehicle manufacturer Kinetic Green teamed up with its Italian Partner Tonino Lamborghini Spa to unveil a new range of golf carts. The Iso Divo golf carts will be available in two versions Strada and Golf which will be designed in Italy and manufactured in India.
• June 2021 - Platinum Equity Advisors, LLC acquired Club Car from Ingersoll Rand. With this acquisition, it will own the Ingersoll Rand Inc., specialty vehicle technologies segment ("Club Car"), including all-electric & other models and related aftermarket parts and services.

• January 2021 - Yamaha Motor Co., Ltd. extended its partnership with the national golf course owners association. This strategic partnership will benefit both national golf course owner's association members and Yamaha's customer base by offering incentives on its golf and utility vehicle purchases or leases through the federal golf course owner association's innovative buy marketing purchasing program.