The Latest Golf Cart Industry Statistics Explained
As of 2020, the global golf cart market size was valued at $1.62 billion.
The statistic indicates that in 2020, the global golf cart market reached a total value of $1.62 billion. This figure represents the total revenue generated by the sales of golf carts worldwide during that year. The market size reflects the aggregate value of all transactions within the golf cart industry, including the purchase of new golf carts, accessories, and related services. This information is crucial for businesses involved in the golf cart market, as it provides insights into the overall financial performance and potential growth opportunities within the industry. Additionally, it serves as a key indicator for investors and policymakers to understand the economic significance of the golf cart market on a global scale.
The golf cart market is projected to grow at a CAGR of 5.8% to reach $2.59 billion by 2027.
This statistic indicates that the golf cart market is expected to experience steady growth over the forecast period, with a Compound Annual Growth Rate (CAGR) of 5.8%. This means that the market size is estimated to increase by an average of 5.8% each year from the base year to 2027. By 2027, the total market value is projected to reach $2.59 billion. This growth trend suggests a positive outlook for the golf cart industry, driven by factors such as increasing demand for golf carts in recreational activities, golf courses, and other commercial applications. The CAGR provides a standardized measure of growth rate, enabling stakeholders to assess the market’s performance over time and make informed decisions regarding investments and business strategies in the golf cart industry.
North America accounted for the highest share in the golf cart market, holding over 55.3% in 2019.
This statistic indicates that in 2019, North America represented the largest portion of the global market for golf carts, with a dominant share of over 55.3%. This suggests that a majority of golf cart sales, production, or usage occurred in North America compared to other regions worldwide. Factors contributing to North America’s significant market share could include a high demand for golf carts in the region, a robust golfing culture, favorable regulatory environments, and perhaps stronger economies supporting the purchase and use of golf carts. This information is valuable for industry stakeholders, investors, and researchers seeking to understand regional dynamics and opportunities within the golf cart market.
Electric golf carts contributed to over 65.14% of the total revenue in 2020.
The statistic “Electric golf carts contributed to over 65.14% of the total revenue in 2020” indicates that a significant portion of the revenue generated in 2020 came from sales or services related to electric golf carts. This implies that electric golf carts played a crucial role in driving the overall financial performance for the specified period. The percentage value of 65.14% highlights the magnitude of this contribution, suggesting that the demand for electric golf carts was substantial and had a substantial impact on the company’s financial outcomes. This statistic underscores the relevance and importance of electric golf carts as a key revenue-generating product or service for the business in the year 2020.
Golf carts used on golf courses represented over 40% of the market share in 2020.
The statement “Golf carts used on golf courses represented over 40% of the market share in 2020” indicates that golf carts held a significant portion of the market in 2020 compared to other types of vehicles or equipment used in the golf industry. Specifically, more than 40% of the sales or usage within the golf industry involved golf carts, highlighting their popularity and widespread adoption by golf courses. This statistic suggests that golf carts are a key component of the golfing experience and are in high demand among golfers and course operators, potentially influencing industry trends and developments in the future.
The personal services sector in golf carts is set to witness a growth rate of 8.9% from 2021 to 2027.
The statistic indicates that the personal services sector related to golf carts is projected to experience a notable growth rate of 8.9% annually from 2021 to 2027. This suggests that there is an increasing demand for services associated with golf carts, such as maintenance, repairs, customization, and rentals. The growth rate demonstrates a positive trend in the industry, potentially driven by factors like rising interest in golf as a recreational activity, advancements in golf cart technology, and an overall increase in disposable income that allows for more spending on leisure activities. This projection highlights an opportunity for businesses operating in the personal services sector of golf carts to expand their offerings and capitalize on the growing demand in the market.
The Asia Pacific region is projected to observe a CAGR of 8.8% from 2021 to 2027 in the golf cart market.
This statistic indicates that the Asia Pacific region is expected to experience a Compound Annual Growth Rate (CAGR) of 8.8% in the golf cart market from 2021 to 2027. CAGR is a measure of the average annual growth rate of an investment over a specified period of time. In this context, the statistic suggests that the demand for golf carts in the Asia Pacific region is forecasted to increase steadily at a rate of 8.8% each year during the mentioned period. This growth rate points towards potential opportunities for market expansion, increased sales, and overall development of the golf cart industry in the Asia Pacific region over the next few years.
In the U.S, there was a 10% increase in golf participation in 2020, which can impact the golf cart industry.
The statistic stating that there was a 10% increase in golf participation in the U.S in 2020 suggests a significant rise in the number of people engaging in the sport. This increase could have implications for various sectors associated with golf, particularly the golf cart industry. With more individuals partaking in golf, there is likely to be a higher demand for golf carts, leading to potential business growth opportunities for companies involved in manufacturing or renting out these vehicles. The surge in golf participation indicates a shift in consumer behavior towards outdoor recreational activities, highlighting a potential market expansion for businesses in the golf industry.
The golf cart market consists of sales of golf carts by entities (organizations, sole traders, and partnerships) that manufacture golf carts.
This statistic refers to the market for golf carts, which encompasses the sales of golf carts produced by various entities such as organizations, sole traders, and partnerships. Golf carts are small motorized vehicles primarily used for transporting players and their equipment around golf courses. The statistic indicates that there is a specific industry involved in the manufacturing and distribution of these carts, with various types of businesses involved in producing and selling golf carts to consumers. This market analysis provides insights into the size and scope of the golf cart industry, including the players involved and the overall sales performance within this sector.
The golf cart market is expected to register a CAGR of over 5% during the forecast period (2021 – 2026).
This statistic indicates that the golf cart market is projected to grow at a compound annual growth rate (CAGR) of more than 5% over the period from 2021 to 2026. A CAGR of over 5% suggests a steady and consistent increase in market size and demand for golf carts over the forecast period. This growth rate reflects a positive outlook for the industry, driven by factors such as increasing participation in golfing activities, rising disposable incomes, and advancements in golf cart technology. Overall, the forecasted CAGR of over 5% signifies a promising market trajectory for golf cart manufacturers and industry stakeholders in the coming years.
The increasing popularity of golf worldwide and the rising demand from the tourism sector are contributing to the growth of the golf cart market.
The statistic suggests that the global golf cart market is experiencing growth due to two main factors: the increasing popularity of golf worldwide and rising demand from the tourism sector. The growing popularity of golf as a recreational activity and sport has led to more people playing the sport, thus creating a greater demand for golf carts to navigate the courses. Additionally, the tourism sector has recognized the appeal of golf as a leisure activity for travelers, leading to increased demand for golf carts at resorts, hotels, and golf courses. Overall, these trends indicate a positive outlook for the golf cart market as it continues to expand in response to the evolving needs and preferences of consumers in the golf industry.
Recent advancements in golf cart technology such as solar golf carts are impacting market growth positively.
The statistic highlights how recent advancements in golf cart technology, particularly the introduction of solar golf carts, are having a positive impact on market growth within the golf cart industry. Solar golf carts utilize renewable energy sources to power the carts, reducing the reliance on traditional fossil fuels and contributing to environmental sustainability. As a result, these innovative technological developments are driving increased interest and adoption of solar golf carts among golf courses, players, and other consumers. This trend signifies a shift towards more energy-efficient and eco-friendly solutions in the golf cart market, ultimately driving growth and shaping the future of the industry.
As of 2021, Yamaha, Textron (EZ-GO), and Club Car dominate the golf cart market.
The statistic indicates that as of 2021, the companies Yamaha, Textron (EZ-GO), and Club Car hold a significant market share in the golf cart industry. This domination suggests that these companies have successfully positioned themselves as key players in the market, likely through effective marketing strategies, product quality, and customer satisfaction. The market dominance of these companies points to their competitive advantage over other players in the industry, potentially resulting in higher sales and brand recognition. It also implies that these companies are likely leaders in innovation and technology within the golf cart market, influencing industry trends and shaping the overall landscape of the market.
Solar-powered golf carts in the golf cart market are set to grow at a CAGR of 6.8% by 2026.
This statistic indicates that the proportion of solar-powered golf carts within the overall golf cart market is projected to increase at a Compound Annual Growth Rate (CAGR) of 6.8% until the year 2026. This growth rate signifies the annualized rate of expansion over this period, suggesting a significant upward trajectory in the adoption and popularity of solar-powered golf carts among consumers and within the industry. The statistic implies that there is a growing market demand for more sustainable and environmentally friendly transportation options like solar-powered golf carts, highlighting a shift towards cleaner energy sources in the golf cart industry.
As of 2021, over 15,000 golf courses are present in North America.
The statistic that as of 2021, over 15,000 golf courses are present in North America indicates the significant presence and popularity of the sport in the region. This large number of golf courses reflects the widespread interest and participation in golf in North America, as well as the economic impact of the sport on local communities. The abundance of golf courses also underscores the diverse opportunities available for golf enthusiasts to engage in the sport, whether for recreational purposes, professional competition, or as a business venture. Overall, the statistic highlights the enduring appeal and accessibility of golf in North America.
In the U.S alone, there are more than 10,000 golf courses, thus making it a leading market for golf carts.
The statistic that there are more than 10,000 golf courses in the U.S. illustrates the vast market opportunity for golf carts in the country. With such a high number of golf courses, each with a potential demand for golf carts for transportation around the course, the U.S. represents a significant market for these vehicles. The abundance of golf courses indicates a strong and established presence of the sport in the country, which further supports the need for golf carts as essential equipment for players. This statistic highlights the potential for the golf cart industry to thrive and expand in the U.S. due to the high demand generated by the sheer number of golf courses across the nation.
Recent developments in golf cart designs such as luxurious features are driving market growth.
The statistic “Recent developments in golf cart designs such as luxurious features are driving market growth” suggests that the introduction of upscale features and enhancements in the design of golf carts has had a positive impact on the market’s expansion. This could indicate that consumers are increasingly demanding higher-end features in their golf carts, such as improved comfort, advanced technology, or stylish aesthetics. As a result, manufacturers and sellers are responding to this demand by incorporating these luxurious features into their products, leading to an overall growth in the market. This trend highlights the importance of innovation and meeting consumer preferences in driving sales and market competitiveness within the golf cart industry.
Golf Cart vehicles which are powered by lithium-ion batteries have a market penetration of about 10-15%.
The statistic indicates that approximately 10-15% of the golf carts in the market are powered by lithium-ion batteries. This suggests that lithium-ion battery technology is gaining some level of acceptance and adoption within the golf cart industry, representing a notable portion of the market. The increasing market penetration of lithium-ion powered golf carts could be attributed to factors such as their longer lifespan, lower maintenance requirements, and overall better performance compared to traditional lead-acid battery systems. The statistic implies a growing trend towards more advanced and efficient power sources in the golf cart industry, which could potentially have implications for the industry’s future development and sustainability.
According to a report, the market for lithium-ion battery in golf carts is expected to grow at a CAGR of more than 20% during the forecast period of 2020-2025.
This statistic indicates that the market for lithium-ion batteries in golf carts is projected to experience significant growth over the forecast period from 2020 to 2025, with a Compound Annual Growth Rate (CAGR) exceeding 20%. This suggests a rapidly expanding market demand for lithium-ion batteries in golf carts, likely driven by factors such as increasing adoption of electric vehicles, efforts to reduce carbon emissions, and advancements in battery technology. A CAGR of more than 20% implies a strong growth trajectory, with the market size expected to more than double by 2025 compared to 2020. This statistic underscores the potential opportunities for businesses operating in the lithium-ion battery industry focused on golf cart applications.
The golf cart market includes different types of carts like electric, gasoline, and solar, with different seating capacities, where the majority of people prefer electric carts.
The statistic provided suggests that the golf cart market offers a variety of options including carts powered by electricity, gasoline, and solar, each with different seating capacities. The significant insight is that electric golf carts are favored by the majority of consumers. This could be due to factors such as environmental consciousness, cost-effectiveness, or ease of use associated with electric models. The availability of different types of carts accommodating various needs and preferences implies a diverse market catering to a range of customer preferences and requirements within the golf cart industry.
References
0. – https://www.www.globenewswire.com
1. – https://www.www.forbes.com
2. – https://www.icrowdnewswire.com
3. – https://www.mordorintelligence.com
4. – https://www.www.grandviewresearch.com
5. – https://www.www.researchandmarkets.com
6. – https://www.www.mordorintelligence.com
