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.

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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.

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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.

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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.

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Original Article: http://hitechnewsdaily.com/2019/07/study-reveals-golf-cart-market-to-reach-usd-2-5-billion-by-2023/