DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Golf Cart Market Size, Demand, Opportunity & Growth Outlook 2023" report to their offering.
Global golf cart market is expected to expand at a CAGR of 6.14% during the forecast period of 2016-2023.
The market is expected to witness a robust growth owing to the increasing demand for electric golf carts for various end uses such as hotels, resorts, residential apartments, commercial complex and others. Further, due to heavy demand for eco-friendly products and surging prices of fuel, electric golf carts witness the highest market share of the global golf market.
North America is anticipated to hold the highest market share of 56% in terms of revenue by the end of 2023. The region's dominance is due to the advancement in technology and rejuvenation of the golf industry in the U.S. Further, in North America, the U.S. will remain the most lucrative market for existing and new players looking for business expansion or investment in electric LSV market.
Asia-Pacific is anticipated to be the second largest market, owing to the increasing use of electric golf carts in other end use industries such as residential apartments, airports, malls and others. In Asia-Pacific the highest demand is projected to come from Japan, followed by China, Australia & India.
The demand for electric powered golf carts is anticipated to increase in terms of value during the forecast period on the back of low maintenance requirement of solar powered golf carts. These advancements are expected to impact positively on the growth of global golf cart market. Further, the rising trend of golf sports and large scale application of golf carts in the hospitality industry is expected to bolster the demand for golf carts during the forecast period.
Moreover, countries such as India, China, South Africa, Brazil, and South Korea have undergone rapid urbanization over the past decade. This swift rise of urbanization and industrialization is expected to boost mall culture, hi-tech and smart housing projects, and amusement and theme parks. All these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts.
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Risk Analysis
4. Global Golf Cart Market Size and Forecast, 2016-2023
5. Market Dynamics & Its Impact Analysis
6. Global Golf Cart Market Segmentation Analysis
7. Porter's Five Force Model Analysis
8. Competitive Landscape
- Hitachi Chemical
- Ingersoll Rand PLC
- Yamaha Motors Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/research/v4mh4q/global_golf_cart