New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Golf Cart Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06179123/?utm_source=GNW
The impact of the coronavirus pandemic is felt by all industries around the world. The outbreak disrupted the entire value chain of most major industries. Due to the lockdowns imposed, the golf cart market has also been affected due to the pandemic as most people stayed indoors and followed social distancing norms. The sales of golf carts have declined in pandemic which has negatively affected several markets but has been driving the market growth. The sales of golf carts have been soaring from the second half of the year 2020, which is expected to drive the market forward in the forecast period.
During the forecast period, rapid urbanization, rising per capita income, and growth in the international and national tourism industries are expected to boost demand for golf carts. As the golf carts are low-powered, easy-to-drive vehicles and have a wide range of functions, hence prompted urban development in savvy private activities is expected to boost golf cart sales. As the aforementioned industries are witnessing healthy growth, the golf cart market is also anticipated to register a positive growth rate during the forecast period.
Key Market Trends
Growth of the Golf Sport Sector May Propel the Market
Due to consumer interest in recreational activities, golf is becoming more popular every day. There were 38,081 golf courses in 2020, split across 206 of the world’s 251 countries, suggesting an 82 percent global diffusion rate of this sport. In order to meet public demand, the number of golf courses and clubs is increasing at a rapid pace, which is expected to boost demand for golf carts internationally. The demand for golf carts hugely depends on the golf course infrastructure. A good infrastructure provides a good base for a good market. For instance, in the United States, there are approximately 15,000 facilities, 24 million golfers, and about 450 million rounds played.
Golf is becoming more popular among people of all ages and genders, including women, children, and even golfers above the age of 65. Previously, only adult males dominated this sport. However, in many nations, the sport now attracts a large number of participants from the upper classes.
The inclusion of the latest technologies, like GPS mapping, electric motors, autonomous driving, etc., is also pushing the sales of golf carts across the world. As most vehicles turning electric, golf carts are also taking part in the transition towards electric mobility in whatever application they are being put to use.
North America May Dominate the Golf Cart Market
North America is anticipated to dominate the golf cart market over the forecast period. The region has the presence of major market participants, such as Yamaha Golf-Car Company, Club Car LLC, Cruise Car Inc., Columbia ParCar Corp., Garia Inc., and Textron Inc. (E-Z-GO).
The United States has a special place for this sport, as it possesses more than 17,000 courses, hosts three of the four men’s major championships, and it has many of the finest players of this sport. The United States witnessed a consistent number of businesses in the golf driving ranges from 2019. For instance, as of 2020, 57,465 golf driving ranges were registered in the United States. This number is expected to reach an all-time high by 2021, creating huge market potential and demand for golf carts across the country.
Additionally, the country is witnessing good activity by local market participants. For instance, in March 2020, Red Hawk, a supplier of parts and accessories to golf car manufacturers, announced that it would be opening a new distribution center in Indianapolis, which is going to be its fourth location.
The European region is pushing hard to have significant growth in the coming years, although it witnessed ups and downs in the past. EGCOA and its members, such as the National Golf Course Owners’ Associations, golf federations, and industry suppliers, developed VISION 2020 to inspire their members and the European golf industry to make good, strategic decisions for their facilities or associations.
Competitive Landscape
The golf cart market is fragmented, owing to the presence of several regional players. For instance, major players include Yamaha Golf-Car Company, Club Car LLC, Textron Inc, HDK Electric Vehicles, GuangDong Lvtong New Energy Electric Vehicle Technology Co., LTD, and others. The companies are expanding their presence by partnering with other players and golf courses to introduce the latest features to their products. For instance,
- In October 2021, Columbia announced its partnership with Inventus Power, a global leader in the design and manufacture of advanced battery systems. The partnership aims at incorporating a lithium battery pack option in Columbia Utilitruck products, beginning in of 2022.
- In January 2021, Yamaha Golf-Car Company announced an extension of their partnership with the National Golf Course Owners Association (NGCOA) as their “Official Golf Car Partner.” The company further adds that this valuable partnership is expected to benefit NGCOA members and Yamaha’s customer base by offering incentives on Yamaha golf and utility vehicle purchases/leases through the NGCOA’s Smart Buy Marketing purchasing program, complimentary memberships to the association, and more.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06179123/?utm_source=GNW
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