Golf Cart Market Size Will Reach USD 1853.6 Million By 2028 With A CAGR of 3.5% - Valuates Reports

BANGALORE, India, Feb. 25, 2022 /PRNewswire/ -- Golf Cart Market By Type - Single Seat Golf Cart, Walking Follow-up Golf Cart, Multiple Seat Golf Cart, Entertainment Type Golf Cart, By Application - Golf Courses, Tourist Attraction, Residential, Campus, Other. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Golf Category.

The global Golf Cart market size is estimated to be worth USD 1507.9 million in 2022 and is forecast to be a readjusted size of USD 1853.6 million by 2028 with a CAGR of 3.5% during the review period.

Major factors driving the growth of the golf cart market

Due to an increase in the number of people interested in golf, the number of golf courses and country clubs has increased, this would invariably result in the growth of the golf cart market.

The golf cart market is expected to grow due to a shift toward mall culture, high-tech and smart residential and commercial housing projects, and increased use of golf cart vehicles in hotels, hospitality, tourism, and amusement parks.

The use of golf carts for short trips in educational institutions such as colleges and universities, as well as in airports, is expected to drive the golf carts market.

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TRENDS INFLUENCING THE GROWTH OF THE GOLF CART MARKET

An increase in the number of golf courses is supported by an increase in the number of people who are interested in the sport. This has a direct impact on the growth of golf cart demand. In addition, the number of country clubs and golf courses in the United States is increasing. 

Furthermore, an increase in disposable income leads to an increase in recreational time and discretionary income. All of these factors contribute to the golf cart market's expansion.

Golf courses appear to be ideal socially distant spaces for recreation in the midst of the COVID-19 pandemic, with isolation restrictions and closures gradually easing. The game has seen a significant increase in interest as a result of this. This, in turn, is expected to fuel the golf cart market's expansion.

The golf cart market is expected to grow as more people use electric golf carts for mall and campus tours. The electric golf cart will address the issue of transporting different types of users in malls, such as the elderly, physically challenged, uninitiated, and shoppers with children. Golf cart tours are available on campus for visitors who want a more private, shorter tour or for guests with limited mobility.

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GOLF CART MARKET SHARE ANALYSIS

Based on region, With a market share of around 50%, North America is the largest market, followed by Asia-Pacific and Europe, both with market shares of over 40%.

Based on product, With a market share of more than 75%, the Multiple Seat Golf Cart is the most popular.

Based on application, Golf Courses are the most common application, followed by Tourist Attractions, and so on.

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Golf Cart Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Golf Cart Market By Application

• Golf Courses
• Tourist Attraction
• Residential
• Campus
• Other

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