Growth in population coupled with rise in purchasing power, strict government rules and regulations toward vehicle emission, and rise in number of golf courses and country clubs fuel the growth of the America golf cart market
PORTLAND, Oregon, July 9, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "America Golf Cart Market by Passenger Capacity, Type, Fuel Type, Application, And Capacity: Opportunity Analysis and Industry Forecast, 2019–2026," As per the report, the America Golf Cart market was estimated at $1.19 billion in 2018 and is expected to hit $1.62 billion by 2026, garnering a CAGR of 3.9% from 2019 to 2026. The report also offers an in-depth analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growth in population coupled with rise in purchasing power, strict government rules & regulations toward vehicle emission, and rise in number of golf courses and country clubs fuel the growth of the America golf cart market. On the other hand, high initial maintenance and purchasing cost, low power & speed, and low overall drive range hamper the growth to some extent. However, technological advancements for golf carts and reduction in cost of fuel cells as well as batteries are expected to create multiple opportunities for the key players in the industry.
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The 4 passengers segment to lead the trail during the forecast period-
Based on passenger capacity, the 4 passengers segment accounted for more than half of the total market share in 2018 and is expected to dominate through 2019–2026. The fact that it has more leg space and load carrying capacity when compared with basic two-seater golf carts spurs the growth of the segment. The 8 and more passengers segment, on the other hand, is expected to grow at the fastest CAGR of 7.0% till 2026.
The open segment to maintain its dominance during the estimated period-
Based on type, the open segment contributed to more than four-fifths of the total revenue in 2018 and is anticipated to be dominant during the study period. The simple, rugged and powerful nature of open golf carts drive the growth of the segment.
U.S to retain its top status till 2026
Based on region, U.S. generated the highest share in 2018, accounting for more than three-fourths of the total market. The presence of leading golf manufacturers, which are constantly contributing to the development of better golf carts by incorporating convenient and safety features into the cart has propelled the growth. On the other hand, Brazil would showcase the highest CAGR of 7.3% throughout the study period.
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Frontrunners in the Industry
Leading market players discussed in the America golf cart market report include Garia, Hitachi Chemical Co., Ltd., Columbia Vehicle Group Inc., ICON Electric Vehicles, Evolution Electric Vehicle (HDK electric vehicles), Club Car (Ingersoll-Rand plc,), GEM (Polaris Industries Inc.), EZ-GO (Textron Inc.), Bintelli Electric Vehicles, Yamaha Golf-Car Company, Star EV (JH Global Services, Inc.), and Smart Cart Electric Vehicles.
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North America was the highest revenue contributor to the golf cart market in 2016, accounting for around 38.76% share, owing to surge in demand for mobility for short distance across the villages and community areas.
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SOURCE Allied Market Research