Golf Cart Market By Product Type (Gasoline Golf Carts, Electric Golf Carts), Application (Commercial Services, Golf Courses), End User (Campgrounds and RV Parks, Resorts and Communities) & Region for 2024-2031

Golf Cart Market Valuation- 2024-2031

The demand for the golf cart market has seen a notable rise in recent years, driven by a variety of factors. Beyond their traditional use on golf courses, golf carts are increasingly being adopted for applications in various industries, including tourism, hospitality, and real estate. Many resorts, hotels, and retirement communities utilize them for transportation within expansive properties, contributing to their growing popularity. The market size surpass USD 1.56 Billion valued in 2024 to reach a valuation of aroundUSD 2.09 Billion by 2031.

Urbanization and the push for eco-friendly transportation have also spurred demand for electric golf carts, which offer a more sustainable option compared to traditional gasoline-powered vehicles. With advancements in technology, newer models equipped with enhanced safety features, better battery life, and customizable designs are further attracting consumer interest. The rising demand for cost-effective and efficient golf cart is enabling the market grow at aCAGR of 4.10% from 2024 to 2031.

Golf Cart Market: Definition/ Overview

A golf cart is a small vehicle originally designed for transporting golfers and their equipment around a golf course with minimal effort. Typically seating two to four people, golf carts can be electric or gas-powered, offering an efficient and low-speed mode of transportation. Over time, their use has expanded beyond golf courses, becoming popular in gated communities, resorts, airports, and industrial sites due to their compact size, low noise, and eco-friendly electric options. With a maximum speed usually around 15-25 mph, golf carts provide a practical alternative for short-distance travel in controlled environments.

Golf carts is promising as they continue to find applications across various sectors. In residential neighborhoods, they are increasingly popular as an affordable, convenient mode of local transport, while in commercial spaces like airports and theme parks, they streamline mobility and improve visitor experience. The market is also seeing a shift toward electric golf carts, driven by environmental regulations and consumer demand for green alternatives. Technological advancements, such as solar-powered models and enhanced battery capacity, are expected to further increase adoption. With the continued emphasis on sustainable transportation, golf carts are positioned for growth, likely playing a role in urban micro mobility solutions and smart city initiatives.

What's inside a VMR industry report?

Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.

How Will the Rising Golf Tourism and Course Development Drive the Golf Cart Market?

Rising golf tourism and course development are significantly fueling the golf cart market. The expanding golf tourism industry, with revenue reaching $2.05 billion in 2022 according to the International Association of Golf Tour Operators, highlights a 28% growth rate from pre-pandemic levels. Additionally, the National Golf Foundation noted a rise in golf participation, with 37.5 million Americans playing in 2021-a 20% increase since 2017. This growth in both tourism and participation has driven higher demand for golf carts at courses and resorts globally, as they enhance convenience and transport efficiency for players and staff alike.

The growth of retirement communities and the need for age-friendly transportation are indeed fueling the golf cart market. As retirement communities expand and the population over 65 increases, more people are adopting golf carts as a primary, accessible mode of transportation. For instance, Florida's The Villages alone had over 90,000 registered golf carts by 2023, reflecting the trend of golf carts being used for personal, neighborhood travel. This shift has broadened the market beyond just golf courses, positioning golf carts as practical, low-speed vehicles for everyday mobility in age-friendly communities.

How Does the High Initial Cost Hinder the Growth of the Golf Cart Market?

The high initial cost of golf carts could hinder the growth of the golf cart market. These vehicles often require a substantial upfront investment, which may deter potential buyers, especially in communities with budget constraints or for individual users considering them as secondary transportation. Additionally, the cost of maintenance and batteries can add to long-term expenses, making affordability a barrier to widespread adoption despite the increasing interest from retirement communities and age-friendly areas. This financial hurdle may limit market growth, especially among those who view golf carts as a convenience rather than a necessity.

High maintenance costs could hamper the growth of the golf cart market. Regular upkeep, including battery replacement, tire wear, and mechanical repairs, can be costly, particularly for older carts and those used frequently in retirement communities or as personal transport. These expenses may discourage long-term adoption among budget-conscious consumers, reducing demand. The need for specialized parts and services can increase ownership costs, potentially limiting the market's expansion among consumers seeking low-maintenance transportation options.

Category-Wise Acumens

Will the Environmental Benefits Propel the Electric Golf Carts Segment for the Golf Cart Market?

The electric golf carts segment is dominating the golf cart market. The environmental benefits are propelling the growth of the electric golf cart segment in the golf cart market. Electric golf carts produce zero emissions, making them an eco-friendly alternative to gasoline-powered carts, which aligns with the increasing focus on sustainable transportation. Their quieter operation and lower operating costs further enhance their appeal for use in residential and recreational areas, as they minimize noise pollution and require less maintenance. This shift towards greener solutions is driving demand for electric golf carts as both individuals and communities prioritize environmental responsibility.

Cost-effectiveness is propelling the growth of the electric golf cart segment in the golf cart market. Electric golf carts have lower operating and maintenance costs compared to gasoline-powered models, as they require fewer parts, no fuel, and reduced upkeep. Their efficient energy use and longer lifespan for critical components like batteries make them a budget-friendly option over time. This affordability and operational efficiency are attracting both individual buyers and communities looking for sustainable, economical transportation solutions, driving demand in the electric golf cart segment.

Will the Growing Popularity of Golf Fuel the Golf Course Segment for the Golf Cart Market?

The golf course segment is leading the golf cart market. The growing popularity of golf is promoting the golf course segment in the golf cart market. As more people take up the sport for leisure and networking, golf courses are experiencing increased foot traffic, which drives demand for golf carts to transport players and equipment across expansive greens. The rise in golf tourism and the development of new courses globally also contribute to this trend, as courses aim to improve player convenience and operational efficiency. This growth in golf's popularity is thus boosting demand for golf carts specifically tailored for golf course use.

Technological advancements are promoting the golf course segment of the golf cart market. Innovations such as GPS tracking, mobile app integration, and enhanced battery technology are improving the user experience by providing features like course navigation, distance measurement, and efficient energy management. These advancements not only enhance gameplay and convenience for golfers but also attract golf courses to invest in modern, technologically equipped carts to elevate their services. As golf courses aim to enhance customer satisfaction and streamline operations, the demand for advanced golf carts is likely to grow, further boosting this segment of the market.

Country/Region-wise Acumens

Will the High Prevalence of Golf Courses Accelerate the North America Region for Golf Cart Market?

North America's dominance in the golf cart market is driven by several factors. Yes, the high prevalence of golf courses will likely accelerate the growth of the golf cart market in North America. With over 16,000 golf courses, the U.S. represents nearly half of the world's total, creating a substantial demand for golf carts to facilitate player movement across expansive courses. This dense network of golf facilities ensures a consistent need for new and replacement carts, fueling market growth. This demand is further supported by the popularity of golf as a sport and recreational activity, positioning North America as a key region for the golf cart market's expansion.

The aging population and expansion of retirement communities are accelerating the golf cart market in North America. With the number of individuals aged 65 and older projected to reach 94.7 million by 2060, demand for convenient, low-speed transportation within age-restricted communities is rising. These demographic changes are driving golf cart adoption as a preferred, accessible transport option in retirement neighborhoods, meeting the needs of older adults seeking ease of mobility in familiar, residential settings.

Will the Rising Middle Class and Disposable Incomes Lead the Asia Pacific Region for the Golf Cart Market?

Asia Pacific is rapidly growing in the golf cart market due to several factors. The rising middle class and increasing disposable incomes in the Asia Pacific region are escalating the golf cart market. As more individuals gain financial capacity, participation in leisure activities like golf has grown, particularly in countries with emerging economies. This rise in disposable income has spurred demand for golf carts, not only for recreational use on golf courses but also for use in resorts and gated communities, where they are valued for convenience and ease of transport.

Urbanization and retirement community development are likely to escalate the golf cart market in the Asia Pacific region. The rising middle class and increasing disposable incomes in this region allow more people to engage in leisure activities such as golf, which in turn fuels demand for golf carts. The development of age-restricted communities in urban areas supports the use of golf carts as convenient, eco-friendly transport, aligning with the region's evolving lifestyle and mobility needs.

Competitive Landscape

The golf cart market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the golf cart market include:

• Yamaha Golf-Car Company
• Club Car
• E-Z-GO
• Polaris Industries
• Cushman
• Taylor-Dunn
• Garia
• Adger Fire Department (AFD)
• Vantage Mobility International (VMI)
• Ingersoll Rand

Latest Developments

• In January 2024, Yamaha announced the DRIVE H2, a hydrogen-powered golf cart idea. It is the first of its kind and will be shown at the PGA Show in Orlando, Florida. Based on the Yamaha DRIVE2 CONCIERGE4, the DRIVE H2 has two high-pressure hydrogen tanks.