Golf Carts Market Report 2024 (Global Edition)

Global Golf Carts Market Report 2024 Market Size Split by Product Type (Electric Golf Cart, Gasoline Golf Cart, Solar Golf Cart), by Application (Golf Course, Personal Service, Commercial Services)

Golf Carts Market Report Description

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Competitive Landscape of the Golf Carts Market

In order to expand their product ranges, major market players are heavily investing in R&D, which will fuel further growth in the golf cart industry. In order to expand their global presence, market players are also implementing a variety of strategic measures, including the introduction of new products, signing contracts, merging with other companies, investing more, and working together. Golf cart rivals need to provide reasonably priced products in order to grow and thrive in a sector that is becoming more and more competitive.

Golf Carts Industry News 

Textron Inc. introduced the street-legal Liberty LSV and an improved Freedom RXV model with a sleek appearance and a comfortable ride in June 2023 through its subsidiary E-Z-GO. The pinnacle of industrial street-legal luxury is the Liberty LSV. Its maximum speed of 25 mph satisfies all requirements set out by the National Highway Traffic Safety Administration.

(Source: https://investor.textron.com/news/news-releases/press-release-details/2023/E-Z-GO-Launches-New-Vehicles--For-the-Golf-Course-and-the-Street/default.aspx)

Top Companies Market Share in Golf Carts Industry: (In no particular order of Rank)

• CLUB CAR Textron Inc.
• HDK Electric Vehicles
• Maini Corporate Pvt Ltd.
• Yamaha Motor Co. Ltd.
• Nordic Group of Companies Ltd.
• JH Global Services Inc.
• Suzhou Eagle Electric Vehicle Manufacturing Co.
• Ltd
• Cruise Car Inc.
• Marshell Green Power
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of Golf Carts

Which Region will dominate the Golf Carts Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The North American golf cart vehicle market is expanding as a result of the growing need for automation and technical improvements in the automotive industry. The market is also driven by the enormous quantity of golf courses in the United States. For example, the National Golf Foundation estimates that by the end of 2020, there were over 16,100 golf courses in the United States. In addition, the golf cart market in the US had the most market share, while the market in Canada was expanding at the quickest rate on the North American continent. 

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase, in the sales. This is because there are more people playing golf in rising Asia-Pacific nations and there is a noticeable increase in golf awareness. The expansion of the market is being propelled by the growing number of golf courses in Asia Pacific. 

The current report Scope analyzes Golf Carts Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Golf Carts Market

According to Cognitive Market Research, the global golf carts market size was estimated at USD 1822.5 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 729.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. In North America, golf carts sales dominate, there are more golf courses in North America than anywhere else in the world, with the US alone home to about half of them. This vast infrastructure contributes to the need for golf carts. The popularity of golf is growing, drawing more players who would choose a golf cart's speed and simplicity when navigating the course. In order to comply with tighter emission standards and appeal to consumers who care about the environment, manufacturers are releasing electric and eco-friendly golf carts. golf course. In the golf cart market in North America, this category is still the biggest and most powerful. Fleets of golf carts are necessary for the operations of both public and private golf courses, which creates a steady demand.

• According to Cognitive Market Research, the US had a major share in the golf carts market with a market size of USD 575.18 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. With about 45% of all golf courses worldwide, the US leads the globe in this regard. The US has witnessed a favourable increase in golf participation lately due to increased interest and knowledge of the game. As a result, more people will require golf carts in order to get about the courses. 
• The Canada golf carts market had a market share of USD 87.48 million in 2024 and is projected to grow at a CAGR of 5.5 % during the forecast period. Canada still has a sizable number of golf courses, even though it's not as many as the US. This means that there is a need for golf carts—the market profits from people choosing to rent golf carts more frequently than to buy them.
• The Mexico golf carts market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 87.48 million in 2024.

 

Europe Golf Carts Market

According to Cognitive Market Research, with a market value of USD 1822.5 million in 2024, and projected to expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 546.75 million. Europe is a force. Stricter pollution laws are being pushed by European governments, which makes electric golf carts a more appealing choice. Stricter pollution laws are being pushed by European governments, which makes electric golf carts a more appealing choice—application sales. Enhanced golf course Historically, golf courses have depended on fleets of electric carts to improve player convenience and the golfing experience. According to data, the golf course industry accounted for the biggest portion of the European golf cart battery market in 2022.

• The United Kingdom golf carts market had a market share of USD 91.85 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Golf is still a well-liked pastime in the UK despite not being as common as it is in the US. The demand for golf carts may rise in response to an increase in the number of courses and a rise in sports participation. 
• The France golf carts market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 50.30 million in 2024.
• According to Cognitive Market Research, the German golf carts market size was valued at USD 108.26 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. In Germany, Germany is becoming a more golf-friendly country; in only 2017 and 2018, there were more than 640,000 registered players. The need for golf carts is anticipated to increase as the number of golfers increases. 
• The Italy golf carts market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 47.02 million in 2024.
• The Russia golf carts market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 84.75 million in 2024.
• The Spain golf carts market is projected to witness growth at a CAGR of 4.1% during the forecast period with a market size of USD 44.83 million in 2024.
• The Luxembourg golf carts market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD 16.95 million in 2024.
• The Portugal golf carts market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 11.48 million in 2024.
• The Greece golf carts market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 6.56 million in 2024.
• The rest of the Europe golf carts market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 84.75 million in 2024.

 

Asia Pacific Golf Carts Market

According to Cognitive Market Research, the global golf carts market size was estimated at USD 1822.5 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 419.18 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031. The Asia Pacific region is experiencing growth; in the area, golf is becoming more and more popular, especially in nations like China. There is an increasing need for golf carts on courses as a result of this increased interest. The rising demand for golf carts in the Asia Pacific finds a pivotal ally in the growing preference for electric carts as end users. Because they produce no emissions and operate more quietly, electric carts are environmentally beneficial and comply with the region's tighter emission restrictions. Compared to gasoline-powered carts, electric carts have cheaper operational expenses. With advancements in battery technology, electric carts are becoming more reasonably priced.

• According to Cognitive Market Research, the China golf carts market size was valued at USD 188.63 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. golf cart sales surged in China due to China being a leading golf cart manufacturer, with several exporters to other countries. These manufacturers provide a variety of types, ranging from high-end customized carts to more affordable choices. Their appeal is a result of their affordable prices as well as the increased emphasis on features and quality.
• The Japan golf carts market is projected to witness growth at a CAGR of 7.0% during the forecast period with a market size of USD 57.85 million in 2024.
• The India golf carts market had a market share of USD 50.30 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period. Extending the usage of golf carts outside golf courses to sectors such as security, hospitality, and tourism.
• The South Korea golf carts market is projected to witness growth at a CAGR of 7.6% during the forecast period with a market size of USD 41.92 million in 2024.
• The Australia golf carts market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 21.80 million in 2024.
• The South East Asia golf carts market is projected to witness growth at a CAGR of 9.5% during the forecast period with a market size of USD 28.92 million in 2024.
• The Rest of the Asia Pacific golf carts market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 29.76 million in 2024.

 

South America Golf Carts Market

According to Cognitive Market Research, the global golf carts market size was estimated at USD 1822.5 Million, out of which the Latin America market of more than 5% of the global revenue with a market size of USD 91.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031. golf cart sales in Latin America are experiencing growth due to the Resorts, beaches, and other leisure locations are seeing an increase in demand for golf carts due to the increased number of visitors traveling to Latin America. Due to their accessibility and convenience of use, golf carts are frequently preferred by tourists visiting these places. Latin America is closely tied to the expanding golf carts market. Historically, golf courses have depended on fleets of electric carts to improve player convenience and the golfing experience. According to data, the golf course industry accounted for the biggest portion of the European golf cart battery market in 2022 growth in golf course sales.

• According to Cognitive Market Research, the Brazil golf carts market size was valued at USD 39.00 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. golf cart sales flourish in Brazil due to Brazilians spending more money on recreational pursuits, and the game of golf is expanding there. This indicates that golf cart demand at courses is increasing.
• The Argentina golf carts market had a market share of USD 15.31 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Argentina's Argentina augments the demand and is becoming a more golf-friendly country, as more people have taken up the game in recent years. golf carts are necessary for moving players and their gear around the course, and this is increasing demand for them.
• The Colombia golf carts market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 8.11 million in 2024.
• The Peru golf carts market is projected to witness growth at a CAGR of 6.1% during the forecast period with a market size of USD 7.47 million in 2024.
• The Chile golf carts market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 6.56 million in 2024.
• The Rest of the Latin America golf carts market is projected to witness growth at a CAGR of 5.0% during the forecast period with a market size of USD 14.67 million in 2024.

Middle East and Africa Golf Carts Market

According to Cognitive Market Research, the global golf carts market size was estimated at USD 1822.5 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 36.45 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. MEA experiences an upswing in golf carts sales Golf is becoming more popular as a recreational activity as a result of rising disposable incomes in several of the region's countries. Due to this, demand for golf carts is increasing for both personal and on-course. electric golf cart sales and electric vehicles are becoming more and more popular in both regions as sustainability gains traction. On the golf course, electric golf carts emit no pollutants, which is consistent with environmental measures in nations like China and the United Arab Emirates.

• According to Cognitive Market Research, the GCC Countries golf carts market size was valued at USD 15.60 million in 2024 and is projected to grow at a CAGR of 7.00% during the forecast period. golf cart sales flourish in the GCC Countries due to the development of upscale resorts with golf amenities, and the building of golf courses is booming in the GCC area. The increased number of golf courses means there is a corresponding need for golf carts.
• The Egypt golf carts market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 3.83 million in 2024.
• The South Africa golf carts market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 5.76 million in 2024. golf cart sales flourish in South Africa. Although there are fewer golf courses in Africa than in North America or Europe, the continent is seeing a notable surge in the construction of new golf courses, especially in South Africa, Morocco, Mauritius, and Kenya. There will be a need for golf carts as a result of the growth in golf tourism and new amenities.
• The Turkey golf carts market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 3.13 million in 2024.
• The Nigeria golf carts market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 3.83 million in 2024.
• The Rest of the MEA golf carts market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 4.30 million in 2024.

Golf Carts Market Analysis

Golf Carts Product type Segment Analysis

According to Cognitive Market Research, electric golf cart held the major market share over the forecast period. With individuals become more conscious of the environment, electric golf carts are growing in popularity. Air pollution is lessened by the fact that electric golf carts emit no emissions. Golf courses are not the only places where these carts are utilized. Numerous other businesses, including manufacturing, hospitality, and agriculture, also use them.

Solar golf cart is the fastest-growing category over the forecast period. Solar panels on the roof of solar golf carts collect sunlight and transform it into electrical energy to drive the vehicle. In the long run, this gives significant cost savings and lessens reliance on the grid. The market for renewable energy is expanding thanks in part to government incentives for doing so. 

• Electric Golf Cart
• Gasoline Golf Cart
• Solar Golf Cart

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Golf Carts Industry. Request a Free Sample PDF!

Golf Carts Application Segment Analysis

According to Cognitive Market Research, golf course hold a prominent market share. Numerous technical developments are driving the golf course component of the golf cart market. For instance, electric golf carts are becoming more and more popular. In addition to being quieter and requiring less maintenance than gas-powered golf carts, electric golf carts are also more ecologically friendly.

Personal service is the fastest-growing category over the forecast period. This is because golf carts are becoming more and more common for private use in gated communities and rural locations. Generally speaking, personal use golf carts are less costly and smaller than commercial use golf carts.

• Golf Course
• Personal Service
• Commercial Services

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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