Seattle, WA -- (SBWIRE) -- 11/14/2019 -- A golf cart is a small vehicle designed originally to carry two golfers and their golf clubs around the golf course. Originally, golf carts were electrically powered, however, over the time gasoline –powered variants have been introduced. Generally, they are available in a variety of range of formats and are used to convey small numbers of passengers.

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The global golf cart market was valued at US$ 3,262.3 million in 2016 and is projected to exhibit a CAGR of 5.95% during the forecast period (2017–2025), reaching US$ 5,590.0 million by 2025. Growing urbanization and industrialization are driving growth of the global golf cart market. However, high initial costs of golf carts is major factor hindering growth of the market. Moreover, lack of infrastructure for charging points of golf carts in emerging economies hinders growth of the golf cart market.

Market Dynamics
Increasing urbanization and industrialization in various emerging economies such as South Korea, Brazil, South Africa, China, and India are expected to boost mall culture, theme parks, amusement parks, and smart housing projects, among others. This in turn, is expected to drive growth of the global golf cart market during the forecast period. Furthermore, increasing demand for customized products related to seating capacity and vehicle aesthetics have provided immense opportunities for market players.

Increasing demand for electric golf carts fuels the growth of the global golf cart market
On the basis of product type, electric golf carts segment held a dominant position in 2016 and is projected to retain its dominance over the forecast period. Increasing demand for pollution-free vehicles, surging prices of fuels, coupled with low costs associated with maintenance of electric carts are creating a conducive environment for the growth of the segment.

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Electric golf carts are powered by lead-acid batteries that enable the increase in its weight-to-performance ratio. Lithium golf cart batteries are half the size of a traditional lead-acid battery, and two-thirds of the battery weight, which enables the golf cart to reach higher speeds with less energy and can transport more weight.

North America holds a dominant position in the global golf cart market
On the basis of geography, the global golf cart market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. Among regions, North America held a dominant position in the global golf cart market in 2016 and is projected to retain its dominance during the forecast period. The high popularity of golf sport in this region has resulted in the establishment of a large number of golf clubs, in turn increasing the demand for golf carts in the region.

The U.S. and Canada are the major countries driving the growth of the golf cart market in North America. The Asia Pacific holds the second-largest position in the golf cart market. Increasing adoption of electric golf carts in various end-use industries such as malls, airports, and residential apartments is fueling the growth of the market in the region. China, Japan, Australia, and India are the major countries driving the growth of the market for golf carts in the Asia Pacific.

Competitive Landscape
Major companies operating in the global golf cart market are Club Car, LLC, Columbia ParCar Corp, EverGreen Electrical Vehicles, E-Z-GO, Cruise Car, Inc., Garia Luxury Golf Car, Hitachi Chemical Co., Ltd., and Maini Material Movement Pvt. Ltd.,

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