Research Nester has released a report titled “Golf Cart Market: Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
In the year 2019, the global electric car stock touched 4.79 Million, according to statistics by the International Energy Agency (IEA). This was an increase from 0.40 Million in the year 2014.
The statistics portray the growing adoption of electric vehicles worldwide, backed by the rising awareness for vehicular emission and the increasing stringent norms of the government to lower pollution. Golf carts, which are also powered by an electrical source, are largely used in public places, including places such as railway stations, hotels, airports, and others to serve the aged people or people have a disability. On the other hand, with the surge popularity of golf as a sport, and with the rising number of upcoming golf facilities, the demand for golf carts is expected to increase significantly, and in turn drive the growth of the global golf cart market.
The global golf cart market is anticipated to grow with a CAGR of 5.65% over the forecast period, i.e., 2021 – 2030. The market is estimated to garner a revenue of USD 2664.1 Million by the end of 2030, up from a revenue of USD 1548.4 Million in the year 2020. The market is segmented by product type into electric, gasoline, and solar golf cart. Amongst these, by the end of 2030, the electric golf cart segment is anticipated to hold the largest market revenue of USD 1596.4 Million, up from USD 932.9 Million in the year 2020.
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Based on region, the global golf cart market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is anticipated to garner the largest revenue of USD 1403.20 Million by the end of 2030. Moreover, the market, in the year 2020, registered a revenue of USD 862.6 Million. Amongst the countries in the region, the market in the United States is anticipated to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 5.11% during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
However, the high price of golf carts, and the lack of safety features are some of the major factors predicted to hamper the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global golf cart market, which includes company profiling of Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., JH Global Services, Inc., Cruise Car, Inc., Garia A/S, Hitachi, Ltd., Textron Inc., Yamaha Motor Co., Ltd., AGT Electric Cars, Columbia Vehicle Group Inc., Dongguan Excar Electric Vehicle Co., Ltd., and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Golf Cart Market: Demand Analysis & Opportunity Outlook 2030”, analyses the overall global golf cart industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global golf cart market in the near future.
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