New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Golf Cart Global Market Report 2023" - https://www.reportlinker.com/p06466426/?utm_source=GNW
, Textron Specialized Vehicles Inc., Polaris Inc, JH Global Services Inc., HDK Electric Vehicles, Dongguan Excar Electric Vehicle Co. Ltd, Maini Group, Cruise Car Inc, Star EV Corporation.
The global golf carts market is expected to grow from $1.54 billion in 2022 to $1.64 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The golf carts market is expected to reach $2.04 billion in 2027 at a CAGR of 5.6%.
The golf cart market consists of sales of utility golf carts, hybrid golf carts and neighbourhood golf carts.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Golf carts is an electric or gas-powered vehicle used to move golfers and equipment around the course while playing. It is used to transport two golfers and their clubs around a golf course less effort than walking.
North America was the largest region in the golf cart market in 2022.The regions covered in golf cart report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the golf cart market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The main product types of golf carts include puh-pull golf carts, gasoline golf carts, electric golf carts, and solar-powered golf carts.A push-pull golf cart is used to draw golf clubs around the course.
They are operated by manual or powered modes and are classified based on ownership as rented and fully owned. These are used in golf courses, personal use, industry use, and others.
A rise in the utilization of golf carts in tourism is expected to propel the growth of the golf cart market going forward.Tourism refers to travel that includes a commercial activity.
Golf carts are frequently employed by tourists as a means of transportation for visiting a variety of tourist attractions, including hotels, theme parks, zoos, and museums, due to their comfort, affordability, and environmental friendliness. Hence, the rise in the utilization of golf carts in tourism will increase the demand for golf cart market. golf carts are a well-liked form of transportation for tourists. For instance, in February 2023,, according to the most recent data from the Travel and Tourism Satellite Account (TTSA) of the U.S. Bureau of Economic Analysis, the travel and tourism industry increased 64.4 percent in 2021 after declining 50.7 percent in 2020 as measured by the real output of goods and services sold directly to tourists. (BEA). Therefore, the rise in the utilization of golf carts in tourism is driving the growth of the golf cart market.
Technological advancements are a key trend gaining popularity in the golf cart market.Major companies operating in the golf cart market are developing innovative technologies to sustain their position in the market.
For instance, in November 2022, Neuron Energy Pvt Ltd, an India-based provider of Electric Vehicle solutions, debuted the Adler line of electric golf carts., The newest endeavour will use its new product to meet the demand for personal travel, freight, leisure, and medical help. The lithium-ion batteries from Neuron, which have a GPRS tracker and remote help, will power the golf carts where GPRS vehicle tracking system function independently conjunction with a GPS system which records the location data and transmits that data to the internet .
In June 2022, Club Car, a US-based manufacturer of small-wheel, zero-emissions electric vehicles acquired Garia A/S for an undisclosed amount.With the acquisition, the company intends to develop its go-to-market plans and capitalize on fresh opportunities like last-mile delivery and street-legal utilities.
Garia A/S is a Denmark-based producer of electric low-speed street-legal vehicles and golf carts.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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