South Korea Golf Cart Market:

South Korea’s golf cart market is witnessing steady growth, driven by the increasing popularity of golf and the adoption of electric carts in various sectors. The demand for eco-friendly and high-performance carts is also contributing to market expansion.

The Golf Cart Market is experiencing steady growth, driven by the increasing popularity of golf, the expansion of golf courses, and the growing use of golf carts beyond traditional golf settings. In addition to their primary use on golf courses, golf carts are now widely employed in residential communities, resorts, airports, and large industrial or commercial facilities for transportation. Their versatility, ease of use, and eco-friendly electric models make them an attractive option for short-distance travel, contributing to the rising demand across various sectors. The market is also seeing a shift towards electric golf carts, as consumers and businesses prioritize sustainability and seek to reduce emissions.

Technological advancements are playing a significant role in shaping the Golf Cart Market. Features like GPS-enabled navigation systems, improved battery performance, and enhanced safety features are becoming standard in modern golf carts. Additionally, the introduction of street-legal golf carts, which can be used for short trips in specific areas, has opened up new opportunities for manufacturers. With the rising demand for both recreational and utility golf carts, and the growing trend towards electric models, the North American golf cart market is poised for continued expansion in the coming years.

The global Golf Cart Market is expected to register a CAGR of  6.90% from 2024 to 2032 and hold a value of over USD 2.05 billion by 2032.

The golf cart is fundamentally a small motorized vehicle that is extensively used to carry passengers and other golf equipment. These carts are also cast-off to carry less heavy items in shopping malls, airports, hotels, and other entertainment places.

The major purpose of these carts was to carry the kits and equipment of the golfers on the golf course to offer enjoyable and smoother rounds, now it is expansively used in commercial places including railway stations, zoos, multi-residential complexes, wildlife sanctuaries, theme parties, and exhibition centers.

The COVID-19 epidemic continues to impact the demand for these cars. Additionally, shut down of golf courses, resorts, clubs, and others owing to government-enforced lockdown during the epidemic has damagingly impacted the market growth. Moreover, disturbance in the supply chain and inaccessibility of raw materials owing to limitations on import-export and transportation coupled with closed manufacturing facilities created a halt in golf car production.

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However, the market is anticipated to bounce back after the pandemic, due to the removal of restrictions and market demand returning to pre-pandemic levels. Furthermore, growing the adoption of golf due to health concerns among the populace is likely to assist in driving the popularity of golf after the pandemic and is expected to reinstate market demand to a pre-pandemic level.

Key Players

·        Yamaha Golf-Car Company (US)

·        STAR EV (US)

·        Garia A/S (Denmark)

·        Bradshaw Electric Vehicles (UK)

·        E-Z-GO (US)

·        Marshell Green Power (China)

·        Spoleman OÜ (Estonia)

·        Polaris Industries Inc. (US)

·        Guangdong Lvtong New Energy Electric Vehicle Technology Co. LTD. (China)

·        Speedways Electric (India)

·        Autopower (India), among others

Regional Analysis

North America dominated this market with a market size of 0.98 billion in 2020 and is anticipated to continue its dominance in the region. In the North American, the U.S. contributed the largest market share. The market is driven by the supreme number of golf courses existing in the U.S.

Europe held the second-largest revenue market in 2020. Developing golf tourism and a growing number of elderly villages & resorts are driving the market’s growth in the region

Asia Pacific is anticipated to witness an eye-catching CAGR over the estimated period. The market is driven by the rising awareness regarding golf and a growing number of golfers across emerging countries of the Asia Pacific. Additionally, the growing number of golf courses in Asia Pacific is driving market growth.

Market Segmentation

The Global Golf Cart Market has been segmented into Product Type and Application

Based on the product type, The Global Golf Cart Market has been segmented into electric, gasoline, and solar. The electric golf car segment held the largest Golf Cart Market share of 80.35% in 2020. Electric golf cars are highly accepted carts worldwide owing to their various benefits, including low running cost, noiseless operation, improved comfort, high speed, and others. Additionally, dipping the cost of electric golf cart batteries and strict emission norms enforced by government bodies positively influence segment growth.

Based on the application, The Global Golf Cart Market Size has been segmented into the golf course, personal services, and commercial services. The golf course segment accounted for the largest market share in 2020 and is anticipated to continue its dominance from 2021 to 2030. This type of car is mainly employed on golf courses for the transportation of golf equipment and golfer. Therefore, the growing number of golf courses worldwide is fueling the demand for these carts globally.

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