Equipped with internal combustion engines, golf cart is a self-propelled vehicle driven by electric motors. Increase in popularity of golf worldwide has propelled growth of projects related to golf course in golf resorts, golf-centric real estate developments and private clubs. With surge in growth of various golf resorts, private clubs, golf course and others, demand for golf carts are likely to escalate globally. The global golf cart market is expected to increase at a CAGR of 6.4% over the forecast period, 2016-2026.
Growing manufacturing sector in emerging countries is factor that could create opportunities for healthy growth for the golf cart market globally. In addition, golf carts are witnessed to emerge as significant part of internal transportation and industries. Furthermore, growth in industry of travel and tourism adds to the list of key factors propelling leading companies to invest in the sectors such as hospitality. With surge in investment in sectors such as hospitality is further likely to boost construction of resorts, new hotels and golf courses. Due to such factors, golf carts will witness an increase in demand significantly in the coming years.
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However, tagged with the application of golf carts are expensive maintenance requirements. Mainly electric golf carts are attributed with huge lead-acid batteriesset that needs to be maintained and need frequent charging. Due to increasing need for frequent charging, the batteries are less efficient, which is a significant factor adversely impacting growth of the market. Another component that needs high maintenance is the golf cart motor, due to which the maintenance cost significantly increases. Such factors could adversely impact growth of the electric golf car section in terms of revenue over the following decade.
In terms of revenue, the market will be dominated by the electric golf carts section globallyamong various types of products. The golf course section held 49.0% share in terms of volume among various applications in 2015. In terms of revenue and volume, personal use among various types of application, will witness strong growth in the span of next ten years. Application for personal use section will grow at a 5.7% CAGR over the following decade.
In terms of CAGR and market share, fully owned section will be the most attractive among various types of ownership. Growth of this section is mainly attributed to profitability of rental services offered by manufacturers of golf carts. In terms of revenue and volume, the market will be dominated by the powered golf carts among other types of products in the span of next ten years. In terms of market share and CAGR, the segment will remain the most attractive in the global market in the coming years.
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Among various regions, APEJ and North America will collectively hold 63.4% revenue share in the golf cart market globally by 2016-end. In addition, the market in North America will dominate the golf cart market over the following decade. Upsurge in demand for golf carts in various end use applications such as hotels/resorts, industries, airports and golf courses will propel growth of the market in the coming years. Among various countries of Latin America, Mexico will dominate the golf cart market in terms of revenue over the following decade. Whereas, in Western Europe, implementation of 40,323 units of golf carts from 2016 will increase to 63,315 units in the span of next ten years.
Leading players offering services in the global golf cart market include ParCar Corp, E-Z-GO, Columbia, Club Car, LLC., Xiamen Dalle Electric Car Co., Yamaha Golf-Car Company, Maini Material Movement Pvt. Ltd., Hitachi Chemical Co., Ltd., Cruise Car Inc. and Garia Luxury Golf Car.