Value, Growth, and More: Golf Cart Statistics and Facts
The global golf cart market is snowballing. From a 2021 market size of $1410 million, analysts expect it to reach $2000 million by 2030. The golf market, in general, is expanding globally, but golf carts of all types are increasingly providing transportation for other purposes.
Types of Golf Carts
Which fuel system is best? It depends on your application. An electric golf cart is ideal for the golf course or neighborhood for its quiet, economical, and eco-friendly transportation. However, a gas-powered golf cart may serve you best if you plan to travel over rough terrain or need to carry heavy items.
A 36 or 48-volt rechargeable battery pack powers an electric golf cart. Lithium-ion batteries are the most commonly used today for their reduced weight, efficiency, and cost reduction over lead-acid or AGM batteries. A solenoid and speed controller channel the electricity and help the cart run smoothly.
Gasoline-powered golf carts are much like small, simple cars. The engine usually has four cylinders, combustion chambers, pistons, a flywheel, and a clutch. Maintenance is similar to an automobile, requiring regular oil and spark plug changes and fuel replenishment. When the terrain is rough, if you have to carry heavy loads, or if electrical charging is unavailable, gasoline-powered golf carts often fit the bill.
Solar-powered golf carts can be pre-configured, or you can purchase a kit to adapt an electric golf cart to solar. The solar panels sit on the roof, collect the sun’s energy, convert it to electricity and feed it into a controller. Wires move the electricity into the batteries to charge them. Solar power saves money in fuel over electric or gas golf carts, and electric golf carts are environmentally friendly.
Golf Cart Usage
While golf carts are used on the golf course more than anywhere else, they are also handy for personal and commercial applications. According to Allied Market Research, the second-highest global golf cart market is the commercial market, and the personal market isn’t far behind.
Golf Courses/Country Clubs
In 2022, about 40 million Americans engaged in the game of golf. That’s almost double the number of people who participated in 1986. It isn’t surprising, then, that the most significant number of golf carts sold are used on the golf course.
Golf carts are versatile, inexpensive, and useful, so it’s not surprising that commercial enterprises have adopted them to quickly get people and objects around large areas. Here are a few of the applications for golf carts that have little or nothing to do with golf:
- Hotels and tourism
- Apartment complexes
- Construction sites
- Amusement parks
Golf carts are sometimes used exclusively for personal purposes. They can also do double duty, taking players around the course but providing personal transportation in a neighborhood or a small city at other times.
When local regulations permit and when outfitted correctly, a golf cart is an environmentally friendly way to get around a neighborhood. Many new home communities have centrally located amenities. A golf cart is a simple, easy way to travel locally, especially if a family member needs mobility assistance.
Golf carts are also great workhorses for a ranch, farm, or hunting lease, transporting people and equipment quickly and safely over a relatively large area.
Golf Cart Statistics and Facts
Globalization and internet access expose populations to other lifestyles, leading people to strive for a better life. In addition, many regions of the world are becoming aware of air quality issues, are experiencing rising living standards, and have higher disposable income. These factors and others are driving golf cart demand worldwide.
How COVID-19 Impacted the Golf Cart Industry
The golf cart market declined during the pandemic while everyone worldwide weathered lockdowns. Supply chain disruptions further impacted sales. Following the pandemic, sales increased again, driven by rising income, demand from non-golf sectors, recognition of golf’s health benefits, and urbanization.
Global Golf Cart Market
The golf cart market is growing throughout the world. These economical, effective vehicles are now essential tools to move people and objects not only on the golf course but also around private villas, on short-distance commutes, across farm complexes, as work horses on ranches and more.
North America: The United States, Mexico, and Canada
According to Allied Market Research, the United States has the most significant number of golf courses in the Americas at 15,332. An increasing population, rising purchasing power, and escalating vehicle emission standards have all contributed to the rise in golf cart popularity. Analysts expect the Golf Cart market size in the U.S. to be $998.7 million in 2023.
North America as a unit dominates the golf cart market. Improved electrification solutions and increased technological advancements in the auto industry have positively impacted this area’s golf cart market size.
The Rest of the World
According to Straits Research, the golf cart market in Asia-Pacific will grow faster than any market in the world to $525 million by 2030. In developing countries like Japan, India, China, and Australia, high fuel prices, strict government regulations, and increased urbanization fuel the trend toward economical, compact vehicles that do not require fossil fuels.
Analysts expect the European golf cart market to reach $485 million by 2030. Tight emission limits, escalating fuel costs, high disposable income, and increased European safety protocols are driving his market to expand.
The Future of Golf Carts & Low-Speed Vehicles
Industry analysts expect the golf cart market to show a highly positive global compound annual growth rate (CAGR) between 2020 and 2030.
- 4% – Global
- 2.5% – North America
- 4% – Europe
- 6% – Asia-Pacific
The internet now connects every corner of the globe. Not only does everyone on the planet have the potential to view the lifestyles of other cultures, but we’re also all affected by common issues such as global warming and fossil fuel dependence.
As a result, similar influences are causing every golf cart market to show great promise for the future. Improved disposable income, a greater consciousness of vehicle environmental impacts, technological improvements, and sharply rising fossil fuel prices contribute to a positive future for the golf cart market for many years ahead.