Market Research News Global Golf Cart Market | Page 3

North America is anticipated to hold the highest market share of 56% in
terms of revenue by the end of 2023. The region’s dominance is due to the
advancement in technology and rejuvenation of the golf industry in the U.S.
Further, in North America, U.S. to remain the most lucrative market for
existing and new players looking for business expansion or investment in
electric LSV market.
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Advancement in Golf Cart Technology
The demand for electric powered golf cart is anticipated to increase in
terms of volume during the forecast period on the back of low maintenance
requirement of solar powered golf carts. These advancements are expected
to impact positively on the growth of global golf cart market. Further, all
these developments are expected to drive the demand for internal
transportation to carry people and goods, thus creating significant demand
for golf carts. The market of golf cart is majorly driven by the advancement
in golf cart technology.
Rapid Expansion of Hospitality Sector
Growth in hospitality sector has been noticed owing to positive growth of
tourism industry across the globe. The rise of hotels and resorts across the
globe and rising expectations of tourists towards the hotels services are
encouraging the hotel industry to provide better services. These factors are
expected to generate a huge demand for golf carts over the next five to six
years. However, High cost of maintenance of golf carts which are powered
by gasoline is anticipated to hamper the growth of global golf cart market.
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