Global Golf Cart Market Demand Drive at a CAGR of 6.14% by
Solar & Electric Powered Golf Carts by 2016-2023
A Recent Study by Research Nester Report titled “Global Golf Cart
Market Outlook: Industry Demand Analysis & Opportunity
Evaluation 2016–2023” delivers detailed overview of the global golf cart
market in terms of market segmentation by fuel type, by end-use industry
and by region.
The growing ecological concerns towards increasing fuel emissions are
driving people to adopt for solar powered golf carts which is motivating
various golf cart manufacturers to introduce solar powered golf carts. Apart
from that, the demand for electric powered golf cart is predicted to increase
in terms of volume during the forecast period. The high demand for solar and
electric powered golf carts is attributed to the low maintenance requirement.
These factors are predicted to positively impact the growth of the global golf
cart market by expanding at a CAGR of 6.14% over the period 2016-
2023. Moreover, modern and customized golf carts with advanced
technologies
such
as
computer-aided
design
and
computer-aided
manufacturing to modify the overall product designs is predicted to
supplement the expansion of the global golf cart market with significant
valuation of around USD 4,159.4 Million by the end of 2023 rising its way up
from USD 2,740.4 Million during 2016.
The global golf cart market is segmented by end-use industry into golf
courses, hotels & resorts, tourist destinations, airports, residential &
commercial premises and other institutions, out of which, the golf courses
segment accounted for dominant market share of 49.30% owing to the
spiked demand for fuel efficient and advanced golf carts. Followed by golf