The America golf cart market size was valued at $1,191.2 million in 2018, and is projected to reach at $1,627.6 million by 2026, growing at a CAGR of 3.9% from 2019 to 2026.
Golf cart is a type of low speed vehicle driven by electric motors, which is gas-powered or is specifically envisioned for utilization in golf courses for transportation of golfers and the equipment within the course premises. It is also known as non-highway or off-road vehicle with an average speed between 25 and 50 kmph.
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The major companies profiled in the America golf cart market share Club Car (Ingersoll-Rand plc.), Garia, Hitachi Chemical Co., Ltd., Star EV (JH Global Services, Inc.), Columbia Vehicle Group Inc., Evolution Electric Vehicle (HDK electric vehicles), GEM (Polaris Industries Inc.), EZ- GO (Textron Inc.), ICON Electric Vehicles, Yamaha Golf-Car Company, Smart Cart Electric Vehicles, and Bintelli Electric Vehicles.
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The significant impacting factors in the growth of the America golf cart market include increase in population coupled with rise in purchasing power, stringent government rules and regulations toward vehicle emission, and surge in the number of golf courses and country clubs. In addition, the America golf cart market analysis is influenced by high initial maintenance and purchasing cost, low power and speed, low overall drive range, technological advancement for golf carts, and reduction in cost of fuel cells and batteries. Each of these factors is anticipated to have a definite impact on the America golf cart market during the forecast period.
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A record-tying 2.6 million golfers played for the first time in 2018, matching the all-time high set in 2017, which was the fourth consecutive year that number increased. Increase in the number of golf courses is supported by the rise in number of people, who are have inclined interest toward the golf sport. This directly boosts the growth in demand for golf carts. In addition, there is an increase, though at a slower rate of around 15, in the number of country clubs and golf courses in the U.S. Further, increase in disposable income leads to the rise in expenditure of recreational time and discretionary income of the population. All these factors collectively contribute to the America golf cart market growth.
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Key Benefits for America Golf Cart Market:
- This study comprises analytical depiction of the America golf cart market trends with current trends and future estimations to depict the imminent investment pockets.
- The overall potential is determined to understand the profitable trends to gain a stronger foothold.
- The America golf cart market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current growth and forecast is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
- The study also comprises the America golf cart market opportunity which will help key players in decision making.
- America golf cart market forecast report highlights the potential opportunities for the market expansion.
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