Golf Cart Market Growth Analysis & Forecast Report | 2023-2032

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Golf Cart Market Share, Trend Growth Forecast
to 2032
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• Industry Insights

• Golf Cart Market is projected to cross USD 3 Bn
  by 2032. In November 2021, Arcis Golf inked a
  deal to provide operating and management services
  for a luxury golf resort community, Kilada
  Country Club, Golf Residences, in Southern
  Greece. These golf club operators are also
  adopting international expansion as a growth
  strategy. Such initiatives are anticipated to
  result in a surge in golf participation across
  the globe, creating a strong demand for golf
  carts.
• In addition, the strong presence of public golf
  courses across developed nations is promoting
  industry development. As per the Royal Ancient
  Golf Club, more than 76 of golf courses are
  public facilities in the United States. Factors
  such as these are likely to encourage young
  golfers to participate in the sport, further
  influencing golf cart market trends.

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• Electric fuel segment is projected to account for
  a considerable share of the golf cart market over
  2023-2032. Government administrations, including
  that of the U.S., have committed to the long-term
  strategy of reaching net-zero carbon emissions by
  2050. This has led to a shift in preference from
  gas-powered products to more eco-friendly
  alternatives including electric golf carts.
• Over the last decade, the number of golf courses
  converting to electric carts has also risen
  substantially. Electric golf cart market
  expansion can also be attributed to durability,
  ease of use and maintenance, low initial and
  operational costs, and other key benefits offered
  by these vehicles.
• Electric-powered carts also have fewer moving
  parts than their gas counterparts, resulting in
  greater resale or trade-in value. The advancement
  in vehicle features, such as the inclusion of
  regenerative braking, is expected to further
  augment product demand over the estimated
  timeline.

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• Regional Analysis

• From a regional frame of reference, Europe golf
  cart industry is slated to depict over 5 CAGR
  through 2032. This is on account of the growing
  awareness of the convenience, comfortable ride,
  and comparatively low-cost travel options
  associated with these vehicles.
• The region is also amplifying the production of
  golf carts with a high passenger carrying
  capacity. These factors are anticipated to lead
  to the widespread adoption of these carts in
  hotels, clubs, resorts, and residential
  apartments, strengthening the regional market
  outlook.

• Competitive Analysis

• Polaris Industries Inc, Club Car, HDK Electric
  Vehicle, KT Pan Company Limited, Yamaha Golf -Car
  Company, Garia and Hawk Carts.

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