Growing disposable incomes and expanding demand for convenient short distance travel solution at several institutions will lead golf cart market share to gain substantial momentum globally. As per the NGF, more than 400 golfing facilities has been started between 2014-2018. The facility owners have been offering supplies to support golf cart industry growth. A latest research report by Global Market Insights, Inc. has projected that golf cart market size is going to exceed a valuation of $2 billion through 2025.
How will government regulations impact the growth of golf cart industry size over the coming years?
Government bodies such as NHTSA and AARP have implemented guidelines to organize the vehicle operation, contributing to the growth of golf cart market share. Local regulatory bodies have been authorizing operations of low speed vehicles (LSV) to decrease emissions and adhere to environmental norms.
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For example, in 2018, Florida has reportedly allowed low speed vehicles to operate on streets if the vehicle is equipped with head lamps, identification number, parking brakes, rear-view mirror, windshield, and seat belts. Emerging directives which allow vehicle usage are anticipated to enhance golf cart industry trends over 2018-2025.
What will be the influence of electric and solar powered segment on market trends?
Electric and solar powered segment is likely to experience robust growth with low operation cost, negligible noise, and zero emission. Present initiatives to promote adoption of electric vehicles are going to fuel golf cart market share. Automakers have been cutting down the costs of battery to ensure low cost of ownership. Also, continuously escalating gasoline prices will offer impetus to the electric and solar powered golf cart market by 2025.
Will North America emerge as a major contender in golf cart industry in the ensuing years?
North America has been an important region for the golf cart market outlook with immense contribution of the U.S. owing to the considerable presence of sustaining facilities. More than 50% of the golf courses in the region are in the U.S. Also, more than 25% of the under-development golf courses are present in the U.S. Such supporting factors in the region are anticipated to drive the golf cart industry trends.
How will Europe golf cart market grow over the coming times?
Europe has been estimated to experience substantial growth owing to the expanding tourism expenditure. Golfing arenas are being established in resorts and other commercial facilities to gain more participants. Furthermore, expansion in membership packages from clubs is predicted to enhance golf cart industry outlook.
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How are the efforts by market participants expected to augment market size?
The golf cart industry players have been investing significantly in research and development activities to improve vehicle performance. The manufacturers have been adopting advanced systems to enhance riding experience and passenger comfort.
For example, in November 2017, Augusta Golf and Utility Cars introduced an electric dual-braking system equipped RXV with pads or drums, brake cable. The vehicle has been designed on ABS brakes and “Drive-By-Wire” system to provide braking safety and uniform speed easily. Present initiatives to enhance vehicle performance are also among factors propelling golf cart industry size.
What are the names of few recognized industry participants?
A few of the golf cart market participants are Ingersoll, Textron, Yamaha, Garia, Hitachi, Columbia Vehicle, Speedways Electric, Marshall Green, GDrive, Dongguan Excellence Golf & Sightseeing Car, Autopower, and Tianjin Zhongyi Electric Vehicle. The companies have been enhancing battery capacity to accelerate application scope. Also, market players have been launching novel products and undertaking mergers and acquisition for reinforcing their foothold.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Golf cart industry 3600 synopsis, 2013 - 2025
Chapter 3. Golf Cart Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2025
3.3. Industry ecosystem analysis
3.3.3.Profit margin analysis
3.3.4.Distribution channel analysis
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