The global golf cart and buggy market size is expected to reach 686 thousand units by 2026, growing at a CAGR of 5%.
The golf cart and buggy market is expected to grow at a CAGR of 4.6% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The global golf cart and buggy market would realize an absolute growth of around 31% between 2020 to 2026 with incremental revenue growth of over USD 1 billion.
2. Increasing demand for eco-friendly mode of mobility and technological development in electric utility vehicles is driving the market for electric golf cart and buggy which is expected to grow at a CAGR of approximately 5% in terms of revenue with incremental growth of over USD 663 million during forecast period.
3. Registering a high growth CAGR of around 5% in terms of unit shipment, the global market for golf cart and buggy used in hospitality industry is expected to witness incremental growth of over 53 thousand units between 2020-2026.
4. Rise in new construction of golf courses and resuming golf tournament across the world is driving the market for one-to-four-seater golf cart growing at a CAGR of around 4% and 5% for revenue and unit shipment respectively, during forecast period.
5. Rising use of golf carts and buggy at public places and hospitality spaces is expected to increase the demand of transportation golf cart and buggy from USD 1.6 billion in 2020 to USD 2.2 billion in 2026.
6. North America contributes majority share in global golf cart and buggy market with approximately 39% in 2020 and is likely to growth at a CAGR of over 4% during forecast period in terms of revenue.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by fuel, application, end-user, seating capacity, and geography
• Competitive Landscape – 4 key vendors and 16 other vendors
Golf Cart and Buggy Market – Segmentation
• In terms of volume, electric golf carts are expected to observe the highest growth during the forecast period. Stringency in emission regulations and an increase in sustainability practices are expected to boost the growth of electric equipment. North America is projected to generate an incremental growth of over 41 thousand units during the forecast period.
• One-seater segment is witnessing growth due to low maintenance cost and increasing awareness of eco-friendly vehicles. These carts are witnessing demand from ace golfers. With one-seater carts offering similar advantages as traditional buggies, they are expected to observe high application.
• The increased user participation in golfing activities and the high government spending to promote sports at grassroots are leading to the rapid expansion of golf courses across the world, thereby increasing the adoption of carts and buggies. Moreover, the rise in investment, coupled with the shift in the participation trend among players plays a vital role in boosting the market for golf carts.
Golf Cart and Buggy Market by Fuel
Golf Cart and Buggy Market by End-user
• Golf Course
• Hospitality & Travel
• Public & Others
• Industry & Warehouse
Golf Cart and Buggy Market by Application
• Food Service
• Safety & Security
Golf Cart and Buggy Market by Seating Capacity
• 1-4 Seater
• Above 5 Seater
Golf Cart and Buggy Market – Dynamics
Sound reinforcement equipment, including microphones, along with associated pro AV systems and solutions are the heart and soul of the live music industry globally. The world has been witnessing a spurt in the growth of live music concerts and events. The major reason behind this growth is the revenue generation for artists that see live music concerts as a primary source of their income. An increasing corporate sponsorship for music tours, venues, and events is also contributing to the market growth. Events and concerts not only help to boost the market growth but also contribute significantly to the economy
Key Drivers and Trends fueling Market Growth:
• Growth in Convergence of Pro AV and IoT
• Emergence of Networked Audio Technology
• Increased Demand from Corporate, Government, and Educational Institutions
• Increased Number of Sporting Events and Tournaments
Golf Cart and Buggy Market – Geography
Europe is the most lucrative region for golf cart with the largest number of golf courses and growing tourist destination across the region. The market in Europe is expected to maintain steady growth during the forecast period. The recent trade tensions between the EU and the US, and the already existing fear of Brexit, certainly creates anticipations among vendors. However, signs of positivity are reflected across countries such as Sweden, France, and Germany, which is expected to draw the attention of several vendors. Sweden had more than 400 golf courses as of 2018 along with more than 470 facilities, thereby providing significant growth opportunities for the game to grow in the country. One of the key factors that have consistently driven golf in the country is growing in the number of golfers since 2014. It has been one of the leading countries in terms of growth in the number of registered golfers over the last five years.
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Golf Cart and Buggy Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• Yamaha Golf-Car Company
• Club Car
Other Major Vendors
• Columbia Vehicle
• JH Global Services
• Evergreen Electric
• Maini Group
• Marshell Green Power
• Speedways Electric
• Xiamen Dalle Electric Car Co. Ltd.
• Suzhou Eagle Electric
• Hawk Carts
• Central Missouri Golf Carts LLC
• KC Golf Cart Company
• Volmac Engg. Pvt. Ltd.
• Tianjin Zhongyi Electric Vehicle Co., Ltd.
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Source: EIN Presswire