Driven by the increasing popularity of club-and-ball sports, golf cart market is likely to exhibit extensive growth over the coming years. Given that golf provides the flexibility to be played by any age group, the game has been drawing quite some attention from people since the last few years. Growing number of resorts, airports, farms etc. due to urbanization is also complimenting the growth of golf cart market share.
U.S. Golf Cart Market, By Application, 2018 & 2025, (USD Million)
According to the National Golf Foundation, in the U.S., there are around 6.1 million on-course participants and 4.1 million off-course only participants among the young adults in the age group of 18-34 years. The number of golfers aging 65 or more have increased almost by 17% to 4.2 million in 2018. Golf has become more accessible than ever in the U.S., with 75% of facilities open to the public including 2,515 municipal, 8,390 daily fee and 3,708 private golf facilities. Rising number of people engaged in this game is positively impacting the revenue share of the U.S. golf cart market.
According to R&A, there are around 50 courses under construction and more than 80 golfing courses in planning in the year 2019. In the past, millions have been spent for the renovation of thousands of golf courses and the number is expected to grow. U.S. is reported to have almost half the golf courses in the NA region, which will have a considerable share in golf cart industry.
Increasing tourism is also significantly contributing to expand golf cart market size. Golf carts also find applications in beaches, luxury resorts, farmhouses, airport terminals, etc. Several resorts intend to offer in-resort golf cart rental services for customer convenience. Resorts also dedicate a huge area to golf courses for customer engagement to increase their visitor base. As of 2019, over 64% new course projects in the world are linked with resort development and are expected to influence golf cart industry outlook.
With the budding interest of people of all age groups in golf, there has been a major upsurge in the number of golf facilities in resorts worldwide. Out of a record base of around 100 active golf projects worldwide, over 30 percent exist in the Asia Pacific. Toward 2018 end, Resort Condominiums International (RCI) announced that it has been planning a 30 percent increase in resorts in India by the end of 2020, which will contribute to accelerating golf cart market share.
Besides substantial impact of resorts, airports also play a vital role to promote the golf cart market growth. The rising need to transport passengers, move heavy luggage, and allow staff to move from one complex to another quickly and efficiently enhance the use of low-speed utility vehicles will impel product demand.
Emerging requirement of electric vehicles to control emissions and adhere to government norms is also impelling innovations in the golf cart industry. Recently, a news snippet about a group of computer engineering students at Cedarville University made it to the front page. The group was working on the advancements of the autonomous golf car to launch a cost-effective autonomous golf cart. The project will cost around and $1,500 for software and hardware and approximately $2,000 to purchase an old golf cart to make the robotic car. This proves that golf cart industry will be driven by such innovations in the coming years.
Another innovative product was introduced by one of the golf car manufacturers Garia at the 88th International Geneva Motor Show 2018 where it depicted the world premiere of Golf Car inspired by Mercedes-Benz Style. This hi-tech golf car is equipped with Bluetooth, speakers and other facilities, making it fully digitized. This leading technology and pure luxury golf cart has standardized the golf mobility at next level and will help upsurge golf cart industry growth.
Development of golf carts equipped with digital facilities by golf cart manufacturers to fulfil the modern demands of the customers is now increasingly on the rise. The population worldwide is also spending considerable capital on vacations to luxury resorts to take a break from hectic work schedules, further spurring product demand. Government mandates to reduce carbon footprints and conserve the environment will also help augment golf cart industry share in the ensuing years.