Asia Pacific Golf Cart Market size valued at USD 100 million in 2020 and is anticipated to exhibit a CAGR of 7% from 2021 to 2027.
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The rapid development of hi-tech smart city projects, theme parks, hotels & resorts, recreational parks, and golf courses due to rising urbanization is driving the demand for golf carts. Moreover, the rising number of golf courses along with the increasing participation rate in golfing is anticipated to boost the market growth.
Asia Pacific Market, By Fuel Type
The electric golf cart market in Asia Pacific held a high revenue share in 2021. The rising demand for electric golf carts can be credited to the growing concerns to control vehicular emissions and lower operating costs of electric golf carts. Technologically advanced batteries have various benefits including low energy consumption and provide a good range in a single charge, thereby reducing operating costs.
Golf cart manufacturers are launching high-power batteries to enhance their vehicle capacities. For instance, in January 2020, Yamaha launched the Trojan Motive T875-AGM, an advanced & reliable battery for its golf vehicles. The Absorbed Glass Mat (AGM) provides high energy to support the high electrical demand for golf carts. These batteries are easy to maintain, do not require water, have short charging cycles as compared to standard Lead Acid batteries, and are manufactured from recyclable materials.
Competitive Industry Landscape
Prominent participants operating across the Asia Pacific golf cart market include Hawk Carts, G H Varley Pty Limited, STAR EV CORPORATION, Polaris Industries, Inc., Club Car, E-Z-GO, Cario, Yamaha Golf-Car Company, Guangdong Marshell Electric Vehicle Co., Ltd., Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., KT Pan Company Limited, Garia, and HDK Electric Vehicle.
Companies are introducing new battery-powered models to reduce carbon footprints and provide high comfort & performance. For instance, in January 2022, Yamaha Golf-Car Company introduced its golf car powered by lithium-ion batteries. The Drive2 PowerTech Li with independent rear suspension is designed to offer improved comfort, reliability, and performance to customers. The lithium-ion battery, manufactured by RoyPow, has been further optimized by Yamaha and specifically made for its fuel types to provide enhanced efficiency & comfort.