Global golf cart market is segmented into end user such as golf courses, hotels & resorts, tourist destinations, airports, residential & commercials and others golf cart. Among these segments, golf courses segment is expected to occupy the top position in the market. The rising popularity of golf sports and reinstate of golf sport in Olympic Games in 2016 has inclined the number of golf courses across the globe. The rising number of golf courses with advanced facilities is expected to boost the demand for electric golf carts.
The global golf cart market is expected to register a 6.14% CAGR over the forecast period. Moreover, the market of global golf cart market was valued at USD 2 billion in 2016. The market is expected to expand on the back of the rising adoption of golf carts in the airport sector.
The market of airport golf cart sector by end user is estimated to register a CAGR of 6.20% during the forecast period. Moreover, the airport authorities are also adopting electric golf carts for various purposes including carrying passenger, luggage and heavy utilities. The golf carts are used inside the premises of airports to commute the passenger.
Advancement in Golf Cart Technology
The demand for electric powered golf cart is anticipated to increase in terms of volume during the forecast period on the back of low maintenance requirement of solar powered golf carts. These advancements are expected to impact positively on the growth of global golf cart market. Further, all these developments are expected to drive the demand for internal transportation to carry people and goods, thus creating significant demand for golf carts. The market of golf cart is majorly driven by the advancement in golf cart technology.
Rapid Expansion of Hospitality Sector
Growth in hospitality sector has been noticed owing to positive growth of tourism industry across the globe. The rise of hotels and resorts across the globe and rising expectations of tourists towards the hotels services are encouraging the hotel industry to provide better services. These factors are expected to generate a huge demand for golf carts over the next five to six years.
However, high cost of maintenance of golf carts which are powered by gasoline is anticipated to hamper the growth of global golf cart market. Moreover, the high maintenance cost creates reluctance among the consumers to use the golf carts for multiple applications.