North America Golf Cart Market size crossed USD 1 billion in 2020 and is poised to expand at a CAGR of 4% from 2021 to 2027. The rising disposable income and increasing golf facilities will propel the market demand. In addition, rising golf cart deployments in hotels and resorts owing to higher efficiency and band maneuverability will support the market growth.
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The COVID-19 pandemic severely affected the automotive industry owing to the global lockdown and travel restrictions. The production process of golf carts was impacted owing to raw material & labor shortages. Manufacturing shutdowns and shipping delays affected the golf cart market revenue during the pandemic period. However, the market is witnessing recovery owing to increasing hotel & resort constructions along with the rising popularity of recreational activities among the youth.
North America Golf Cart Market, By Fuel Type
Solar golf carts are witnessing an upward trend in the market due to their environment-friendly nature. They are powered by mounting a photovoltaic panel on top of the existing roof. The charge controller converts the sun’s energy to charge golf cart batteries. Solar energy extends battery life and increases driving distances along with taking carts off the electric grid.
Solar-powered golf carts provide a better range than conventional golf carts with high mileage. Solar power also eliminates overcharging risks. Several government initiatives offer federal tax credits, rebates, and grants for manufacturing solar-powered golf carts. For instance, the U.S. Department of Energy (DoE) offers tax credits & subsidies for supporting the adoption of electric & solar-powered vehicles under its Electric Vehicle Charging & Solar initiative.
North America Market, By Country
The U.S. accounts for the highest number of golf participants and global courses around the world. According to the National Golf Foundation Report (NGF), there were over 16,100 golf courses at 14,100 facilities in the U.S. and one out of three U.S. citizens played golf, on or off-course, toward the end of 2020. The U.S. alone accounts for 43% of the world’s total golf courses. The abundant availability of golf courses and country clubs in towns & cities has made golfing quite popular, thereby supporting the rapid adoption of golf carts in this region.
Competitive Industry Landscape
Major participants in the North America golf cart market include Polaris Industries, Inc., Club Car, Yamaha Golf-Car Company, Guangdong Marshell Electric Vehicle Co., Ltd., E-Z-GO, Hawk Carts, STAR EV CORPORATION, HDK Electric Vehicle, and G H Varley Pty Limited.
Companies are emphasizing on launching new electric golf carts to gain a competitive edge over rivals and capture greater market shares. For instance, in April 2021, Polaris GEM launched a new line of offerings for its street-legal GEM vehicles. The all-new electric personal carts consist of panoramic sky roofs, new sports tires & rims, premium upholstery options, audio, and interior glow lighting. These new options offer over 10,000 configurations to customers, leading to the creation of its own personalized cart.