Golf Cart
Market
Poised to Expand
at 6.4% CAGR
Du r i ng
2016-2026
24
WWW.GOLFCAROPTIONS.COM
Future Market Insights delivers
key insights on the global golf
cart market in its latest report
titled ‘Golf Cart Market: Global
Industry Analysis and Opportu-
nity Assessment, 2016–2026.’
The long-term outlook on the
global golf cart market remains
positive, with market value
expected to increase at a CAGR
of 6.4% during the forecast
period (2016 – 2026). Among
product types, the electric golf
cart segment is expected to
expand at a significant CAGR in
terms of value over the forecast
period. Among applications, the
personal use segment is antici-
pated to witness higher CAGR in
terms of value over the forecast
period. Global sales of golf carts
is estimated to be valued at US$
1,115 Mn by the end of 2016,
witnessing a Y-o-Y growth of
5.3% over the year 2015. North
America is estimated to account
for a value share of 41.6% in the
global golf cart market by 2016
end and it is anticipated to re-
tain its dominance throughout
the forecast period.
Golf carts are emerging as a
significant part of industries for
internal transportation. Hence,
growth of the manufacturing
sector in developing countries
is expected to create healthy
growth opportunities for the
global golf cart market. Golf
has gained much popularity
all over the world. Worldwide
growth in the golf course proj-
ects in private clubs, golf-centric
real estate developments, and
golf resorts are some of the
factors that are likely to lead
to a rise in the global demand
for golf carts. A growing travel
and tourism industry is a key
factor leading to many compa-
nies investing in the hospitality
sector. This is expected to boost
the construction of new hotels,