Europe Golf Cart Market size surpassed USD 150 million in 2020 and is predicted to witness 5.5% CAGR between 2021 and 2027.
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The growing popularity of recreational activities among the youth and aging population in Europe is driving the industry expansion. Moreover, an increasing participation rate in golfing activities among the youth is anticipated to boost the demand for golf carts.
The COVID-19 pandemic inflicted high economic & social losses in European countries including the UK, France, Germany, and Italy. The unavailability of raw materials, electric components, and labor impacted industrial production in European countries. The industry witnessed growth in 2021 due to the increasing participation in golfing activities and supportive government measures for the automotive industry. The ability to safely play golf during the COVID-19 pandemic to boost the physical & mental health of participants supported industry outlook.
Europe Golf Cart Market, By Fuel Type
The electric golf carts segment will increase exponentially during the forecast period. The positive market outlook can be attributed to stringent government regulations to curb pollution levels and improved electric golf cart functionalities. Several companies are manufacturing golf carts with advanced batteries to improve performance and vehicle range.
These lithium-ion battery packs feature aluminum casings with superior battery management systems; they come with a five-year warranty. Lithium-ion batteries can store high energy density and can be recharged multiple times without the risk of wearing out. The government aims to significantly increase the production of e-vehicle batteries by 2025. To uplift local firms, the European Commission approved around USD 3.5 billion in funding in 2020 for the electric-vehicle battery supply chain.
Competitive Industry Landscape
The key players in the Europe golf cart market include G H Varley Pty Limited, Garia, Guangdong Marshell Electric Vehicle Co., Ltd., HDK Electric Vehicle, Polaris Industries, Inc., Yamaha Golf-Car Company, E-Z-GO, Club Car, Hawk Carts, KT Pan Company Limited, Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd., and STAR EV CORPORATION.
Companies are adopting partnership strategies with dealers & distributors to strengthen their regional market position. For instance, in March 2021, STAR EV CORPORATION partnered with Reesink e-Vehicles, a distributor in the UK, for product sales. As per this agreement, Reesink e-Vehicles will be able to sell various utility vehicles of STAR EV, such as golf carts and off-road vehicles, in the UK and Ireland.