Golf Cart and Buggy Market Size, Share, Trends Analysis Report by Fuel (Electric and Gasoline), Application (Transport, Utility, Medical, Food Service, and Safety & Security), End-user (Golf Courses, Hospitality & Travel, Industry & Warehouse, Public & Others), Seating Capacity (1–4 Seater and Above 5 Seater) and Geography (APAC, North America, Europe, Latin America, and Middle East & Africa), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021–2026
|MARKET SIZE (REVENUE)||USD 4 BILLION (2026)|
|MARKET SIZE (VOLUME)||686 THOUSAND UNITS (2026)|
|Countries Covered||US, Canada, UK, Germany, France, Spain, China, Japan, South Korea, Australia, Brazil, Mexico, Argentina, UAE, South Africa, and Saudi Arabia|
|Geographic Analysis||North America, Europe, APAC, Latin America, and Middle East & Africa|
The global golf cart and buggy market revenue will grow by 1.31x during the forecast period.
The global golf cart and buggy market size is expected to reach 686 thousand units by 2026, growing at a CAGR of 5%. The revenue of the electric golf cart segment is expected to reach USD 2.71 billion by 2026, growing at a CAGR of 4.79% during the forecast period. In terms of seating capacities, one-four cart seaters are expected to dominate the market across the world, expecting to project an incremental growth of USD 0.81 billion during the forecast period.
The most crucial factor determining the growth of the market is the increasing popularity of golf as a sport across the globe, which has increased the demand for equipment. Moreover, an important driver for the golf cart market has been the consistent growth in golfing events and golf tourism.
Vendors in the market face stiff competition owing to several factors. This stiff competition tends to make them compete on stringent margins and scope of maximization. Thus, innovative ideas and carts are frequently the key focal points for vendors to cater to the growing demand for golf carts.
The market faced challenges during the initial days of the COVID-19 pandemic due to the cancellation of various public events, tournaments, and championships, where golf carts experience high use. Most public places were closed due to strict lockdown, which reduced the use of golf carts. Upon relaxation of COVID-19 containment regulations, golf courses opened, and most tournaments were postponed in 2021, which helped the golf cart and buggy market grow.
This research report includes a detailed segmentation by
Strict regulations for vehicle emissions and rising pollution are expected to boost the market for electric carts.
The global electric golf cart and buggy market was valued at USD 2.04 billion in 2020 and is expected to reach USD 2.71 billion by 2026, growing at a CAGR of 4.79% during the forecast period. In terms of volume, electric carts are expected to observe the highest growth during the forecast period. Stringency in emission regulations and an increase in sustainability practices are expected to boost the growth of electric equipment. For instance, products manufactured by Yamaha and E-Z-Go are high-powered and can run on rough terrain better than gas-powered carts. North America is projected to generate an incremental growth of over 41 thousand units during the forecast period. However, the APAC region is likely to emerge as a major market with the growing number of golf courses in China, India, and Japan. Moreover, the shift from gasoline-based vehicles to the eco-friendly source of fuels is one of the major factors influencing the sale of electric devices. Furthermore, the solar and electric-powered alternatives are expected to capture the market share during forecast years.
North America has the highest one-to-four-seater carts and the world’s largest golf courses.
The one-seater segment is witnessing growth due to low maintenance costs and increasing awareness of eco-friendly vehicles. These carts are witnessing demand from ace golfers. One-four-seater carts are expected to reach over 549 thousand units by 2026. These vehicles are observing high adoption across the globe. North America is expected to generate an incremental growth of 51.17 thousand units in the segment during the forecast period. Europe is expected to grow at a CAGR of 4.56% and 4.91%, with a major contribution from the UK, Germany, France, and the Netherlands in terms of revenue and unit shipment, respectively.
The above-five-seater cart segment accounted for 21.07% of the golf cart and buggy market in terms of revenue and 19.99% in terms of unit shipment in 2020. Five & above-seater carts and buggies are experiencing adoption at exhibition sites, community functions, music festivals, and wedding events to ferry people from parking lots to exhibition sites or from hotels to event locations. Rapid infrastructure development, increasing deployment of high-tech equipment, and developing large-spaced real estate projects are expected to increase the demand for above five-seaters. For instance, the Yamaha six-seater golf cart is one of the successful six-seater carts which is spacious and can accommodate eight people, including the driver.
The hospitality and travel segment accounted for a revenue share of 32.33% and 31.54% in terms of unit shipment in 2020.
The increased user participation in golfing activities and the high government spending to promote sports at the grassroots are leading to the rapid expansion of golf courses across the world, thereby increasing the adoption of carts and buggies. North America is expected to generate an incremental growth of 24.98 thousand units in the segment during the forecast period. The APAC golf cart and buggy market are considered as a major potential region with the rising number of golf courses in China, India, and Japan with projecting CAGR of 5.11% during the forecast period in terms of revenue.
The rise in the number of new resorts and theme parks will drive the hospitality segment, which is expected to reach USD 1.37 billion by 2026. Strong economies, rising global consumer purchasing power, and digital innovation have encouraged growth in the travel and hospitality industry. With a surge in golf tourism, the number of people traveling to diverse destinations is expected to be high, and so is the demand for golf carts for mobility.
Rising uses of golf carts at medical facilities are likely to raise the revenue of carts in Europe to USD 0.15 billion by 2026.
The rise in several new tournaments, events, exhibitions will drive revenue for the transport golf carts segment is expected to reach USD 2.16 billion by 2026, growing at a CAGR of 4.93% during the forecast period. The increasing adoption of buggies and carts in music concerts, corporate events, wedding destinations, amusement parks, premium hotels, and worship events is a major factor responsible for the increased usage. Rising new healthcare facilities, hospitals, and medical institutions with increasing amenities, and after the COVID-19 outbreak, it is driving the medical market.
Utility carts are experiencing their usage in golf courses, the hospitality industry, warehouses, and public places. For instance, E-Z-Go is one of the prominent vendors offering utility vehicles that are specialized in sitting capacity and storage. The company has introduced utility carts such as Hauler, which includes Hauler Pro and Hauler 4*4. These are commercial utility trucks built with high technology with multiple accessories. These carts and buggies are used for transportation and easy movement of people in large spaces like airports, railway stations, and bus stations. Golf courses, hospitality and travel, industry and warehouses, public and government places, and public gatherings are observing a high adoption of electric-powered devices.
In 2020, North America was the largest market for golf carts, accounting for a share of 38.98% in terms of revenue and 37.74% in terms of unit shipment.
The US, Japan, South Korea, the UK, Canada, and China are some of the key countries to focus on future demand generation of golf carts.
The APAC region such as Thailand, Australia, and India are expected to hold a key position during the forecast period. Textron, Yamaha Golf Car Company, Club Car, and Garia are among the major vendors in the global golf cart market. Vendors are majorly inclined toward adopting acquisition strategies. The market concentration in developed countries such as the US and other Western European countries is high, while the demand in emerging economies such as India is in the nascent stage due to the entry of several foreign brands.
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