According to a recent report published by Allied Market Research, titled,“America Golf Cart Market by Passenger Capacity, Type, Fuel Type, Application, And Capacity: Opportunity Analysis and Industry Forecast, 2019-2026,”the America golf cart market size was valued at $1,191.0 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.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 – https://www.alliedmarketresearch.com/request-sample/5376
Growth in population coupled with rise in purchasing power, strict government rules & regulations toward vehicle emission, and rise in number of golf courses and country clubs fuel the growth of the global America golf cart market. On the other hand, high initial maintenance and purchasing cost, low power & speed, and low overall drive range hamper the growth to some extent. However, technological advancements for golf carts and reduction in cost of fuel cells as well as batteries are expected to create multiple opportunities for the key players in the industry.
The 4 passengers segment to lead the trail during the forecast period-
Based on passenger capacity, the 4 passengers segment accounted for more than half of the total market share in 2018 and is expected to dominate through 2019–2026. The fact that it has more leg space and load carrying capacity when compared with basic two-seater golf carts spurs the growth of the segment. The 8 and more passengers segment, on the other hand, is expected to grow at the fastest CAGR of 7.0% till 2026.
The open segment to maintain its dominance during the estimated period-
Based on type, the open segment contributed to more than four-fifths of the total revenue in 2018 and is anticipated to be dominant during the study period. The simple, rugged and powerful nature of open golf carts drive the growth of the segment.
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U.S to retain its top status till 2026
Based on region, U.S. generated the highest share in 2018, accounting for more than three-fourths of the total market. The presence of leading golf manufacturers, which are constantly contributing to the development of better golf carts by incorporating convenient and safety features into the cart has propelled the growth. On the other hand, Brazil would showcase the highest CAGR of 7.3% throughout the study period.
Frontrunners in the Industry
Leading market players discussed in the America golf cart market report include Garia, Hitachi Chemical Co., Ltd., Columbia Vehicle Group Inc., ICON Electric Vehicles, Evolution Electric Vehicle (HDK electric vehicles), Club Car (Ingersoll-Rand plc,), GEM (Polaris Industries Inc.), EZ-GO (Textron Inc.), Bintelli Electric Vehicles, Yamaha Golf-Car Company, Star EV (JH Global Services, Inc.), and Smart Cart Electric Vehicles.
Automobile companies focus on the production of advanced golf carts that have lower particular emission and are of relatively low cost. The new Solo Rider technology and the adaptive golf cart designed for a single user allows disabled people to access the golf course and the game as well. Innovations such as extreme golf carts and solar power golf carts also boost the growth of the America golf cart industry. One of the most recent developments in the golf cart technology is the Golf Board, a golf cart that is inspired by the skateboard.
The Golf Board is driven by front and back gear boxes providing power to all four wheels. The rider controls the vehicle in an upright position as if riding skateboard, leaning right or left to make turns. The Golf Board has been well received by the golfing community as it speeds up the game and according to the manufacturers has up to 75% less impact on turf than traditional golf carts. Such advancements for golf cart are expected to create numerous opportunities for the key players for America golf cart market growth.
The key players profiled in the America golf cart market share include 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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