LONDON--(BUSINESS WIRE)--The golf cart market is expected to grow by USD 937.32 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The market has witnessed a significant rise in the number of golf courses over the years. Currently, there are more than 30,000 gold facilities across the world, of which 70% are open to the public. At present, over 200 golf courses are under construction and more than 300 are in the planning stage. Therefore, the rise in the number of golf courses is expected to increase the demand for gold carts, thereby driving the growth of the market.
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As per Technavio, the introduction of solar-powered golf carts will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Golf Cart Market: Introduction of Solar-powered Golf Carts
Conventional golf carts that run on fossil fuel or electricity consume significant amounts of energy and are high on maintenance. With the increasing prices of crude oil and electricity, end-users are increasingly preferring solar-powered vehicles, including golf carts. Solar-operated golf carts require minimal maintenance and run on free solar energy. Many vendors in the market are expressing increased interest in the production of solar-powered golf carts. For instance, in March 2019, Tonino Lamborghini SpA partnered with Kinetic Green Energy & Power Solutions Ltd to manufacture solar and electric golf carts in India. This trend is expected to have a positive impact on the growth of the global golf cart market during the forecast period.
“Introduction of technologically advanced golf carts and the advent of lithium-powered golf carts will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Golf Cart Market: Segmentation Analysis
This market research report segments the golf cart market by Product (Electric-powered and Gasoline-powered), Application (commercial use and personal use), Geography (North America, APAC, Europe, South America, and MEA), and Application (Commercial use and Personal use).
The North America region led the golf cart market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to factors such as the increasing number of golf enthusiasts and favorable regulatory conditions in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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