Technavio, a tech-focused market research firm, has published a new report on the global golf cart market, which is expected to grow at a CAGR of around 5% during the forecast period, 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global golf cart market into the following key regions: The Americas, APAC, and EMEA.
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Top three contributors for the global golf cart market are elaborated below
Golf cart market in the Americas: North American countries led the market for golf carts in the Americas. The increased popularity of golf in the region, especially the US and Canada, is one of the primary driver for the demand for golf carts in the Americas. During the forecast period, Latin Americas countries such as Argentina and Brazil are expected to experience significant growth, leading to the growth of the golf cart market in the Americas.
According to Brijesh Choubey, a lead analyst at Technavio, specializing in research on outdoor gear, “Certain governments in Latin America are promoting their countries as golf tourist destinations. This strategy has been proving to be beneficial for improving the popularity of this sport in the region.”
Golf cart market in EMEA: The market is flourishing in this region owing to the presence of a large number of golf facilities. Europe alone has a total of 7,403 golf facilities across 40 countries. Germany, the Netherlands, and France are some of the key revenue generating countries in the golf cart market in EMEA.
Golf cart market in APAC: Factors such as increased consumer awareness about golf and the growth of the corporate sector in countries like India and China are likely to drive the growth of the golf cart market in APAC during the forecast period. Japan, China, South Korea, Australia, and New Zealand account for a majority of the demand for golf carts in this region.
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Top vendors operating in the global golf cart market are:
- Columbia ParCar
- Hitachi Automotive Systems
- Ingersoll Rand
- Textron
- Yamaha
Other prominent vendors in the market include BIG MAX, citEcar Electric Vehicles, Dongguan Excellence Golf & Sightseeing Car, Dynamic Brands (Bag Boy), Garia, ProActive, and Sun Mountain.
A more detailed analysis is available in the Technavio’s market study report titled, ‘Global Golf Cart Mart 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Golf Equipment Market 2016-2020
- Global Golf Clubs Market 2016-2020
- Global Golf Rangefinder Market 2016-2020
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