Golf Cart NEV Market Overview
As per MRFR analysis, the Golf Cart NEV Market Size was estimated at 5.1 (USD Billion) in 2022.The Golf Cart NEV Market Industry is expected to grow from 5.54 (USD Billion) in 2023 to 11.5 (USD Billion) by 2032. The Golf Cart NEV Market CAGR (growth rate) is expected to be around 8.46% during the forecast period (2024 - 2032).
Key Golf Cart NEV Market Trends Highlighted
The Golf Cart NEV market is driven by factors such as increasing demand for recreational activities, growing awareness of the environmental benefits of electric vehicles, and rising disposable incomes. The growing popularity of golf as a recreational activity is a major factor contributing to the market's growth. Additionally, increasing urbanization and traffic congestion are driving the demand for alternative transportation options, including golf carts. The rising emphasis on sustainability is also driving the adoption of electric golf carts as they offer a zero-emission mode of transportation.Emerging opportunities in the market include the development of autonomous golf carts, technological advancements in battery and charging systems, and the expansion into new application areas beyond golf courses.
The integration of GPS tracking, remote control, and obstacle detection systems in golf carts is creating new opportunities for enhanced safety and convenience. Furthermore, the adoption of golf carts in commercial settings, such as university campuses and resort properties, is expanding the market's reach.Recent trends in the Golf Cart NEV market include the proliferation of rental services, shared mobility options, and customized designs. The increasing demand for rental services is driven by the convenience and flexibility they offer to golfers. Shared mobility programs are also gaining traction, providing an affordable and eco-friendly transportation solution. Customization options, such as personalized paint schemes, upgraded interiors, and performance enhancements, are meeting the diverse needs of consumers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Golf Cart NEV Market Drivers
Rising Popularity of Golf and Recreation Activities
Some stimulating factors of the Golf Cart NEV Market Industry are the rising participation in golf and other recreational activities. The golf game has emerged as one of the popular leisure sports, and the demand for the same proportionally increases. The golf cart facilitates the golfer’s comfort, convenience, and easy mobility. It becomes easy to travel the golf course with minimum side effects. However, recreational activities such as hunting, camping, and off-roading have also expanded.The cart became popular as it is versatile and can be used in various conditions.
Technological Advancements and Innovation
The Golf Cart NEV Market Industry is evolving because of technological changes in this particular sector. Various players and their manufacturing facilities are bringing forth the best of the new technological advancements. The inclusion of electric motors, lithium-ion batteries, GPS navigation technology, and more has enriched the overall experience of the users. One can definitely highlight the new connected golf carts having an accompanying smartphone or remote control technology feature.
Growing Environmental Consciousness
Consumer Trends: The growing environmental consciousness among consumers is another important driver of the Golf Cart NEV Market Industry. Electric vehicles contribute to reducing carbon emissions on the golf course, whereas gas-powered vehicles are not eco-friendly. Governments and environmental organizations encourage the development of electric golf carts because of their sustainability. Thus, the manufacturers develop and produce such carts, realizing the rapidly growing demand for ecologically friendly solutions.Thus, it is possible to see that the major trends that currently affect the dynamics of the Golf Cart NEV Market Industry are related to the development of new technologies and the focus on sustainability.
Golf Cart NEV Market Segment Insights:
Golf Cart NEV Market Type Insights
The Golf Cart NEV Market is classified into three types – electric golf carts, gas-powered golf carts, and diesel-powered golf carts. The fact that they do not produce any emissions makes them eco-friendly. They are also much quieter than traditional golf carts, making them ideal for use in residential areas. The global electric golf cart is expected to surge with a CAGR of 8.5% during the forecast period 2023 to 2032 and reach USD 6.3 billion by 2032. The growing requirement for environment-friendly transportation is propelling the demand for electric golf carts.Gas-powered golf carts are another type that can be found in the market effectively.
These golf carts are more powerful than electric golf carts. However, they are more expensive to maintain and are only used for commercial purposes, such as on golf courses, in factories, and other commercial sites. The global gas-powered golf cart market is expected to witness a CAGR of 8.3% from 2023 to 2032 and reach USD 5.2 billion by 2032. The increasing number of people taking up golf as a sport is propelling the demand for gas-powered golf carts. Diesel-powered golf carts are the least common types of golf carts.
They are far more polluting and expensive than electric and gas-powered golf carts. They also need far more maintenance than the other types of golf carts. However, these golf carts are used for heavy-duty purposes, such as carrying the heavy loads required by construction sites or the large fertilizer bags used on the fields. The global diesel-powered golf cart market is expected to witness a CAGR of 7.8% from 2023 to 2032, and reach USD 1.2 billion by 2032. The demand for heavy-duty diesel-powered golf carts is increasing at a rapid rate.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Golf Cart NEV Market Seating Capacity Insights
The Seating Capacity segment of the Golf Cart NEV Market is expected to grow significantly in the coming years. In 2023, the market for 2-seater golf carts was valued at USD 1.2 billion and is projected to reach USD 2.1 billion by 2032, exhibiting a CAGR of 8.4%. 4-seater golf carts held the largest market share in 2023, accounting for 38.4% of the global market, and are expected to maintain their dominance throughout the forecast period. The increasing demand for these golf carts can be attributed to their versatility and ability to accommodate more passengers, making them suitable for various applications such as transportation within resorts, campuses, and gated communities.6-seater and 8-seater golf carts are also gaining popularity, particularly in the tourism and hospitality industry, owing to their ability to transport larger groups of people efficiently.
Golf Cart NEV Market Usage Insights
The Usage segment plays a crucial role in understanding the dynamics of the Golf Cart NEV Market. Personal Golf Carts, Commercial Golf Carts, and Rental Golf Carts are the primary usage categories, each with its unique market share and growth trajectory. Personal Golf Carts are primarily used by individuals for recreational purposes on golf courses and private properties. In 2023, the Golf Cart NEV Market revenue for Personal Golf Carts was estimated to be around USD 2.3 billion, and it is projected to reach USD 4.8 billion by 2032, exhibiting a CAGR of 8.2%.This growth is driven by the increasing popularity of golf as a recreational activity and the growing demand for convenient and personalized transportation on golf courses.
Commercial Golf Carts are extensively utilized in various commercial settings, including golf courses, resorts, airports, and industrial facilities. The Golf Cart NEV Market data indicates that the Commercial Golf Carts segment generated revenue of approximately USD 1.7 billion in 2023 and is anticipated to reach USD 3.5 billion by 2032, with a CAGR of 8.1%. The rising demand for efficient and cost-effective transportation solutions in commercial environments contributes to this growth.Rental Golf Carts cater to the needs of individuals and groups who require temporary access to golf carts. The Golf Cart NEV Market Statistics show that the Rental Golf Carts segment held a revenue share of around USD 0.9 billion in 2023 and is projected to reach USD 1.8 billion by 2032, reflecting a CAGR of 8.0%.
The growth in the tourism industry and the increasing popularity of golf vacations fuel the demand for Rental Golf Carts. Overall, the Usage segment offers valuable insights into the diverse applications of Golf Cart NEVs and provides a comprehensive understanding of the market dynamics.By analyzing the market share, growth rates, and key trends within each usage category, businesses can make informed decisions and develop effective strategies to capitalize on the opportunities in the Golf Cart NEV Market.
Golf Cart NEV Market Features Insights
The Golf Cart NEV Market is segmented based on features such as Standard Golf Carts, Custom-Built Golf Carts, and Luxury Golf Carts. Among these segments, Standard Golf Carts dominate the market, accounting for approximately 60% of the Golf Cart NEV Market revenue in 2023. Standard Golf Carts are basic golf carts designed for general use on golf courses. They typically have a simple design, limited features, and a lower price point. Custom-Built Golf Carts are designed and built to meet the specific requirements of customers. They offer a wide range of customization options, including custom bodywork, upgraded seats, and advanced features. Luxury Golf Carts are high-end golf carts designed to provide a luxurious and comfortable golfing experience. They feature premium materials, advanced technology, and exclusive amenities. The increasing demand for customized and luxurious golf carts is expected to drive the growth of the Custom-Built Golf Carts and Luxury Golf Carts segments in the coming years.
Golf Cart NEV Market Powertrain Insights
The powertrain segment plays a crucial role in determining the performance and efficiency of golf carts. With the increasing demand for electric vehicles, AC electric motors are gaining significant traction in the golf cart market. They offer advantages such as higher efficiency, lower maintenance costs, and reduced noise levels compared to DC electric motors. The Golf Cart NEV Market revenue for AC electric motors is projected to reach $1.45 billion by 2024, witnessing a CAGR of 8.6%. Gasoline engines remain a popular choice due to their affordability and well-established infrastructure.However, stricter emission regulations and rising fuel costs are driving the adoption of alternative power sources. Diesel engines, known for their durability and torque, hold a smaller market share but are primarily used in commercial and industrial applications. The market data suggests that the segmentation of the Golf Cart NEV Market based on powertrain provides valuable insights into the evolving preferences and technological advancements in the industry.
Golf Cart NEV Market Regional Insights
The regional segmentation of the Golf Cart NEV Market provides insights into the market's geographical distribution and performance across different regions. North America is expected to remain the dominant region in the Golf Cart NEV Market, accounting for a significant share of the global revenue in 2023 and continuing to lead the market throughout the forecast period. The region's mature golf industry, high disposable income, and growing demand for recreational vehicles contribute to its strong market position.
Europe is another key region in the Golf Cart NEV Market, with a substantial market share.The region's well-established golf infrastructure, increasing tourism, and rising environmental awareness are driving growth in this market. The Asia-Pacific (APAC) region is expected to witness significant growth in the Golf Cart NEV Market, owing to the increasing popularity of golf and the growing middle class in countries like China and India. South America and the Middle East and Africa (MEA) regions are also expected to contribute to the overall market growth, albeit with smaller market shares than the aforementioned regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Golf Cart NEV Market Key Players And Competitive Insights:
Leading market players in the Golf Cart NEV Market are concerned about developing new products and focusing on research and development activities. It also aspects efficiency and improving performance, which are also other factors to be monitored by Golf Cart NEV Market Companies. The demand for Golf Cart NEV Markets in major industries is high, hence intoxicating the market to new levels. At the same time, major Golf Cart NEV Market players are expanding and acquiring a large volume of shares compared to the local market.Golf Cart NEV Market leading companies and their innovative products include Club Car. Club Car products vary from electric, gas, electric vehicles, and diesel-powered vehicles. Another factor to consider is that Club Car has a market at national and international levels.
The United States and Europe info e. west are regions where Club Car, as a leading company in the production and distribution of golf carts and utility vehicles, is also taking measures to increase revenue. E-Z-GO is another manufacturer of golf cart vehicles in major industry. A product from an E-Z-GO company ranges from electric, gas, electric, and diesel-powered vehicles.E-Z-GO golf cart and utility vehicle company market is identified in the United States and Asia. Other regions where E-Z-GO has acquired large position shares are Europe and the East. Yamaha Golf Car Company is a DPS company producing golf carts and utility vehicles. Yamaha Golf Car company produces electric, gas, electricity vehicles, and diesel vehicles.
Finally, they have made a market in Japan and boosted their capital in the United States, Europe, the New East, and other regions. Cushman is also a DPS company that manufactures golf carts and utility vehicles. Their products include electric, gas, and electricity vehicles, and diesel vehicles. In the United States and Europe, they are used to stalking their companies. The two are other markets in the east that I didn’t mention. Most leading golf cart and utility vehicle-producing companies and products are not new to us. Buyers depend not only on where they are situated but also on where their clients are situated.
Key Companies in the Golf Cart NEV Market Include:
- Star EV
- Mahindra Mahindra
- GreenMech
- Textron Specialized Vehicles
- Yamaha GolfCar Company
- Melex
- Advanced EV
- Club Car
- EZGO
- Tomberlin
- GEM
- Bad Boy Buggies
- STIGA
- EZGO
- Polaris GEM
Golf Cart NEV Market Industry Developments
The Golf Cart NEV Market is expected to witness steady growth in the coming years. The increasing popularity of golf carts as a convenient and eco-friendly mode of transportation, particularly in urban areas, is driving market growth. Additionally, rising investments in tourism and hospitality industries, along with the growing trend of recreational activities, are contributing to the market's expansion.
The market is witnessing the emergence of new technologies, such as electric and hybrid golf carts, which offer improved performance and environmental sustainability. Key players in the market are focusing on product innovation and strategic partnerships to gain a competitive edge. Overall, the Golf Cart NEV market is poised for significant growth, driven by rising demand for eco-friendly transportation solutions and advancements in technology.
Golf Cart NEV Market Segmentation Insights
Golf Cart NEV Market Type Outlook
- Electric Golf Carts
- Gas-Powered Golf Carts
- Diesel-Powered Golf Carts
Golf Cart NEV Market Seating Capacity Outlook
- 2-Seater Golf Carts
- 4-Seater Golf Carts
- 6-Seater Golf Carts
- 8-Seater Golf Carts
Golf Cart NEV Market Usage Outlook
- Personal Golf Carts
- Commercial Golf Carts
- Rental Golf Carts
Golf Cart NEV Market Features Outlook
- Standard Golf Carts
- Custom-Built Golf Carts
- Luxury Golf Carts
Golf Cart NEV Market Powertrain Outlook
- AC Electric Motors
- DC Electric Motors
- Gasoline Engines
- Diesel Engines
Golf Cart NEV Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.1(USD Billion) |
| Market Size 2023 |
5.54(USD Billion) |
| Market Size 2032 |
11.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
8.46% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Star EV, Mahindra Mahindra, GreenMech, Textron Specialized Vehicles, Yamaha GolfCar Company, Melex, Advanced EV, Club Car, EZGO, Tomberlin, GEM, Bad Boy Buggies, STIGA, EZGO, Polaris GEM |
| Segments Covered |
Type, Seating Capacity, Usage, Features, Powertrain, Regional |
| Key Market Opportunities |
1 Increasing demand for recreational activities2 Growing popularity of golf tourism3 Advancements in electric and autonomous technology4 Expanding use in private communities and resorts5 Rise of shared mobility services |
| Key Market Dynamics |
Growing popularity of golf Rising participation rates and increased accessibility to golf courses Technological advancements Integration of GPS Bluetooth and electric drive systems Increasing demand for eco-friendly vehicles Emphasis on sustainability and reduction of carbon emissions Expansion of golf tourism Growing popularity of golf destinations and package tours Government initiatives Promotion of golf as a recreational activity and tourism driver |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Golf Cart NEV Market size was valued at USD 5.54 billion in 2023 and is projected to reach USD 11.5 billion by 2032, exhibiting a CAGR of 8.46% during the forecast period.
North America is expected to dominate the Golf Cart NEV Market, owing to the presence of a large number of golf courses and the increasing adoption of electric vehicles in the region.
Golf Cart NEVs are primarily used for transportation within golf courses, but they are also gaining popularity for use in campuses, resorts, and other low-speed environments.
Some of the key competitors in the Golf Cart NEV Market include Club Car, Yamaha Golf-Car Company, E-Z-GO, and Polaris.
The growth of the Golf Cart NEV Market is primarily driven by the increasing demand for electric vehicles, the rising popularity of golf, and the growing adoption of NEVs in various applications.
The Golf Cart NEV Market faces challenges such as the high cost of NEVs, the lack of charging infrastructure, and the regulatory barriers in some regions.
The future of the Golf Cart NEV Market is expected to witness the adoption of autonomous technology, the integration of advanced safety features, and the development of new applications for NEVs.
The Golf Cart NEV Market is projected to grow at a CAGR of 8.46% from 2024 to 2032.
The growth of the Golf Cart NEV Market in the Asia-Pacific region is driven by the increasing demand for electric vehicles, the rising popularity of golf, and the growing adoption of NEVs in various applications.
The Golf Cart NEV Market in the European region faces challenges such as the high cost of NEVs, the lack of charging infrastructure, and the regulatory barriers in some countries.
