courses, the airports segment held the second highest market size and is
believed to continue with its positive growth with CAGR of 7.03% over the
period 2016-2023. Further, the growing hospitality sector due to rising
tourism industry around the globe is encouraging the hotel industry to
provide better services to their guests. This is believed to drive the hotels &
resort segment to account for the third highest market share over the forecast
period. In addition to that, this segment is believed to observe Y-o-Y growth
rate of 4.90% in 2023.
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Growing Demand for Electric Powered Golf Carts to Escalate the
Demand for Golf Carts in Future
The global golf cart market is thriving on the back of increasing popularity of
solar and electric powered golf carts around the globe.
Low Maintenance Required – The demand for electric powered golf
carts is predicted to increase in terms of volume owing to the advancements
in the golf cart technology and low maintenance requirement.
Rapid Urbanization – Rapid growth in urbanization is driving the growth
of a number of state of the art residential societies with golf courses across
the globe.
Rapid Expansion of Hospitality Sector – The positive growth of the
tourism industry is driven by the rise of hotels across the globe which is
raising the expectations of tourists towards the hotel services and is further
encouraging the hotel industry to provide better services to their guests.