Golf Cart Market - By Fuel (Gasoline, Electric, Solar-Powered), By Application [Golf Courses, Commercial Services, PTV/SLV], By Seating Capacity (2-Seater, 2+2, 4+2), Forecast 2024 - 2032

Golf Cart Market Size

Golf Cart market size was valued at USD 2.5 billion in 2023 and is estimated to register a CAGR of over 7.5% between 2024 and 2032, driven by the growing construction of golf courses across the globe.
 

In recent years, young adults have also engaged in golfing activities, accelerating the rapid growth of golf courses globally. Countries in North America and Europe have witnessed the construction & development of modern golf courses and clubs to meet the growing consumer demand. Each new golf course creates an immediate need for a fleet of golf carts. The size of the fleet is determined by the course's layout, size, and estimated number of golfers.
 

More golf courses often result in more people playing golf. As the number of players increases, so does the demand for golf carts. Modern golf courses typically extend beyond the greens and fairways. They may also include restaurants, pro shops, event venues, and practice facilities spread out across a broad area, making golf carts even more useful for golfers to move effectively & comfortably.
 

Increasing participation in recreational activities is a significant growth factor for the market. Golf is becoming increasingly popular, particularly among young people and families. This growing interest translates into more potential golf cart buyers. According to R&A, over 76% of the golf courses in the U.S. are public facilities, which charge golfers for each round played. This has encouraged the participation of young golfers in the sport.
 

The increasing disposable income and privatization of golf clubs are boosting participation in golf as a leisure sport, driving the demand for golf cart fleets. Golf is becoming increasingly popular as a social sport with individuals playing for enjoyment and socializing with friends & coworkers. Carts can help with this by allowing groups to stay together during the game and communicate between shots.
 

The high maintenance & service costs of gas-powered golf carts are a major challenge faced by the golf cart market, potentially slowing down its growth. Gas-powered golf cart exhausts contain dangerous airborne toxins including nitrogen oxides, carbon monoxide, ozone, aldehydes, and persistent polyclinic aromatic hydrocarbons that degrade the air quality.
 

Government regulations mandate that gas-powered golf carts be frequently serviced and properly maintained to limit the emission of such harmful gases, which adds to the maintenance & service costs. Gas-powered carts require routine maintenance such as oil changes, spark plug replacements, air filter cleaning, and belt adjustments. These routine servicing accumulate over time, raising the total operational expense of running a gas-powered golf cart fleet for golf courses or individual owners.
 

Golf Cart Market Trends

The golf cart industry has witnessed significant technological advancements in electric golf carts. Electric golf carts are witnessing high demand in the industry due to their quiet operations. These carts do not cause disturbances to other golfers and allow them to play peacefully. Companies operating in the golf cart industry are focused on introducing fast battery chargers and high-capacity batteries to enhance the performance of electric golf carts.
 

Advancements in battery technology are leading to longer ranges on a single charge. This enables golfers to play multiple rounds or navigate larger courses without worrying about running out of power. Advancements are resulting in electric carts with additional amenities such as GPS navigation systems, Bluetooth connectivity for music, comfy seating options, and even beverage coolers. These characteristics improve the overall comfort and enjoyment of the golf experience.
 

For instance, in May 2023, Mansory, a Germany-based company, unveiled an electric golf cart based on the Garia Supersport model. This golf cart features a 10.24-kilowatt-hour lithium-ion battery pack that provides a range of up to 80 kilometers. It is equipped with a 10.7-horsepower electric motor, offering a blend of luxury and performance for golf enthusiasts.
 

Golf Cart Market Analysis

Based on fuel type, the market is divided into gasoline, electric, and solar-powered. In 2023, the electric segment accounted for a market share of over 60%. The segment growth is attributed to the growing consumer awareness about the rising pollution levels. Electric-powered golf carts produce zero carbon emissions and less noise pollution. Electric vehicles reduce maintenance and operational costs, making them a preferred choice over gas-powered vehicles. Companies operating in the market are investing substantial amounts in R&D activities to cater to the increasing demand for electric & low-fuel-consuming golf carts. Increased government support and organizational policies for the development of low-speed electric golf carts further add to the industry development prospects.
 

Based on application, the market is categorized into golf courses, commercial services, and PTV/SLV. The golf courses segment currently holds the highest share of the golf cart market. The increasing use of golf carts by players at golf courses to reduce the efforts of walking around the course while playing and carrying their heavy bags is expected to proliferate segment growth during the forecast period. The growing number of golfers across the globe is also supporting market growth.
 

The growth of golf tourism contributes significantly to the demand for golf carts on courses, particularly in popular golfing destinations. These carts enhance the efficiency and pace of play on golf courses, providing a more enjoyable experience for golfers. The demand for maintenance and fleet management remains steady in golf courses, necessitating a continuous need for new or replacement golf cart units.
 

North America dominated the golf cart market and accounted for a major share of pver 70% in 2023. The region is anticipated to experience significant growth in the market due to increased recreational & utility use. The rising demand for eco-friendly transportation in golf courses, retirement communities, and resorts is driving the market. Moreover, technological advancements and a surge in golf tourism also contribute to market expansion in this region.
 

The rising popularity of golfing in the U.S. due to the high availability of golf courses in the country’s towns and cities is supporting the regional market growth. Also, the provision of high-quality golf carts enhances the overall golfing experience, attracting more enthusiasts and contributing to the market’s growth in North America.
 

Golf Cart Market Share

Club Car, and E-Z-GO holds over 35% of the market in 2023. Club Car provides a range of customization choices and personalized accessories including custom paint options, upgraded seating, and storage solutions, tailored to meet the unique preferences & lifestyle requirements of both golf course operators and individual golfers.
 

E-Z-GO makes significant investments in digital marketing efforts, social media promotions, and experiential marketing activations to boost brand recognition, connect with specific customer segments, and highlight the distinctive qualities & advantages of E_Z-GO golf carts.
 

Golf Cart Market Companies

Major players operating in the golf cart industry are:

• Alke
• Club Car
• Eagle Electric
• EZ-GO
• Hawk Carts
• HDK Electric Vehicle
• LANGQING
• Lvtong
• Marshell
• Yamaha
   

Golf Cart Industry News

• In March 2024, Club Car launched a new U.S. street-legal utility vehicle called the Club Car Urban LSV & XR. This electric vehicle is designed to provide safe, on-road transportation that is street-legal, 100% electric, and cost-effective. The Club Car Urban offers a top speed of 25 mph, customizable configurations to meet specific needs and various lithium-ion battery options for efficient charging.
   
• In June 2023, E-Z-GO introduced the street-legal Liberty LSV along with an updated version of its Freedom RXV. The updated Freedom RXV boasts a sleek new design & enhanced comfort for a smooth riding experience.
   

The golf cart market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and volume (units)from 2018 to 2032, for the following segments:

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Market, By Fuel

• Gasoline
• Electric
• Solar-powered

Market, By Application

• Golf courses
• Commercial services
• PTV/SLV

Market, By Seating Capacity

• 2-Seater
• 2+2
• 4+2
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA