PORTLAND, Oregon, September 5, 2018 /PRNewswire/ --
Increased urbanization & industrialization in developing countries and rapid utilization of golf carts across hotels and hospitality businesses are expected to fuel the growth of the global golf cart market.
A new report published by Allied Market Research, titled, Golf Cart Market by Product type (Electric Golf Cart, Gasoline Golf Cart, and Solar Golf Cart) and Application (Golf Course, Personal Services, and Commercial Services): Global Opportunities Analysis and Industry Forecast, 2017-2023 offers an in-depth analysis of the competitive landscape, key segments & sub-segments, country-wise revenue, and Porter's five forces analysis of the industry. According to the report, the global golf cart market accounted for $1.71 billion in 2017 and is expected to garner $2.59 billion by 2023, growing at a CAGR of 7.2% through 2023.
Increase in urbanization & industrialization, surge in smart residential & commercial housing projects, and rise in utilization of golf carts in the hospitality & tourism industry are the major drivers of the global golf cart market. However, low torque and speed of golf carts coupled with high initial maintenance and procurement cost hampers the growth of the market. On the contrary, recent technological advancements and plummeting cost of fuel cells & batteries are expected to provide lucrative opportunities for the market players in the future.
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Solar golf cart segment to dominate through 2023
The solar golf cart segment is expected to register the fastest CAGR of 9.1% through 2023, as solar golf carts offer several tax benefits as well as emit fewer toxic pollutants. In addition, electric golf cart segment is expected to hold the largest market share, contributing almost half of the total market by 2023. The study includes the analysis of gasoline golf carts.
Personal services segment to register fastest CAGR through 2023
The personal services segment is expected to grow at 8.6% CAGR through 2023, as golf carts offer an efficient transport alternative at residential complexes, commercial spaces, utilities, and recreational grounds. However, golf course segment would account for the highest revenue by 2023, contributing about 42.7% of the total market. The report presents a detailed analyzes of other applications such as golf course, personal services, and commercial services.
Asia-Pacific to generate highest revenue through 2023
North America is expected to hold the largest share of the market, contributing more than one-third of the total market. The Asia-Pacific market is expected to grow at the fastest CAGR of 8.6% through 2023, owing to rapid urbanization in countries such as India and China and increase in disposable income. The golf cart markets in Europe and LAMEA have also been considered in the scope of the study.
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Key market players in the global golf cart market
The report presents the profiles and strategic developments of key market players, including Garia Inc., Ingersoll Rand plc, Maini Materials Movement Pvt. Ltd., Textron Specialized Vehicles Inc., Xiamen Dalle Electric Car Co. Ltd., Hitachi Chemical Co. Ltd, JH Global Services, Inc., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tomberlin, and Yamaha Golf Car Company.
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SOURCE Allied Market Research