Allied Market Research published a report that claims, the global golf cart market was estimated at $1.6 billion in 2016 and is expected to hit $2.5 billion by 2023, registering a CAGR of 7.20% during the estimated period. The report provides an in-depth analysis of drivers & opportunities, changing market trends, competitive market scenario, and market size & estimates.
Access Full Summary: https://www.alliedmarketresearch.com/golf-cart-market
Increase in population, as well as globalization, rise in purchasing power, and stringent government rules & regulations toward vehicle mission, have fueled the growth of the global golf cart market. On the other hand, high initial maintenance & purchasing cost, low power & speed, and low overall drive range have restrained the growth to some extent. However, technological advancement for golf cart and reduction in cost of fuel cells as well as batteries have created multiple opportunities in the segment.
Electric golf cart segment to maintain its dominance till 2023
Based on product, electric golf cart segment is held the largest market share, accounting for almost half of the total market share by 2023. The solar golf cart segment, on the other hand, is anticipated to register the fastest CAGR of 9.1% throughout 2017-2023. This is due to the fact that solar golf carts offer several tax benefits as well as emit fewer toxic pollutants.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/2099
Personal services segment to dominate till 2023
Based on application, the golf course segment contributed to 42.7% of the total market and is anticipated to be dominant throughout 2017-2023. Simultaneously, the personal services segment is projected to grow at 8.6% CAGR during the study period. The fact that golf carts provide an effective transport alternative at residential complexes, commercial spaces, utilities, and recreational grounds have driven the growth.
North America to rule the roost and Asia-Pacific to remain lucrative till 2023
Based on the region, North America held the biggest share of the market in 2016, accounting for more than one-third of the total market. The Asia-Pacific market, on the other hand, is projected to register the fastest CAGR of 8.6% during the study period. This is due to rapid urbanization in countries such as India and China and increase in disposable income in the region.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/2099
Leading players in the market
The key market players analyzed in the report include Hitachi Chemical Co. Ltd, Ingersoll Rand plc, Garia Inc., Tomberlin, X iamen Dalle Electric Car Co. Ltd., JH Global Services, Inc., Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Maini Materials Movement Pvt. Ltd., Textron Specialized Vehicles Inc., and Yamaha Golf Car Company. Adopting several high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to retain their strong stand in the golf cart industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.