Asia-Pacific Golf Cart Market
Asia Pacific Golf Cart Market Size Expanding to Reach USD 160 Million by 2029
Published | 28 February 2023
Asia-Pacific golf cart market is flourishing owing to fiscal and monetary policies, the expansion of new buildings, particularly in the real estate and tourism sectors, and the rise in demand from affluent consumers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific golf cart market size at USD 105.21 million in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific golf cart market size is projected to grow at a CAGR of 6.29% reaching a value of USD 159.97 million by 2029. The fiscal and monetary policies, as well as an increase in new development, particularly in the real estate and tourism industries, as well as an increase in demand from high-end consumers, are predicted to give the regional market in Asia-Pacific golf carts lucrative growth potential. Due mostly to an increase in high-end consumer demand, golf carts are steadily becoming increasingly well-liked across the nation. Also, the nation is a major market for low-speed automobiles (LSVs). Rising earnings and disposable incomes are anticipated to drive the purchasing of golf carts in India, which is on course to become the third-largest economy in the world by 2030. However, the Asia-Pacific golf cart market may be constrained by declining golf membership in several countries, including Japan.
Asia-Pacific Golf Cart Market – Overview
Two golfers and their clubs can be transported around a golf course in a golf cart, also referred to as a golf cart. Golf carts are intended to transport a small group of people over shorter distances and at a slower speed. They are available in a range of designs. For moving golfers and their equipment around golf courses, golf carts are self-propelled vehicles with internal combustion engines and electric motors. Battery-operated vehicles (BOVs), which normally travel at 25 to 50 km/h, are used for internal transportation of persons and products.
Asia-Pacific Golf Cart Market – By Application
Asia-Pacific golf cart market is segmented by end-user into Golf Course, Personal Services, and Commercial Services. The golf course segment is expected to grow during the forecast period due to the presence of a large number of golf courses across Asia Pacific. In addition, as golf has grown in popularity in recent years, so has coaching and investment in the sport. Professional golfers prefer to play on traditional golf courses, despite the high costs.
Asia-Pacific golf cart market is fiercely competitive, with Cruise Car Inc., HDK Electric Vehicle, Varley Group, Polaris Industries Inc, Star EV Corporation, Yamaha Golf-Car Company, Thai Summit Group, Karrior Electric Vehicles, Hawk Carts, Tomberlin, and Other Prominent Players. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Asia-Pacific golf cart market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Golf Cart Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Golf Cart Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Asia Pacific Golf Cart Market, By Fuel Type (Gasoline, Electric); By Seating Capacity (2–4 Seater, 4–8 Seater, and More than 8 Seater); By Vehicle Speed (Low-Speed Vehicles, High-Speed Vehicles); By End User (Golf Course, Personal Services, Commercial Services), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: February 2023
Rapid urbanization, a booming hotel and tourism sector, rising golf participation in emerging nations, technological developments in golf carts, and lower fuel and battery prices all contribute to an increase in construction activity that could boost the growth of the Asia-Pacific Golf Cart Market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Global Automotive Fuel Cell Vehicle Market Size Zooming More Than 20X to Reach Whopping USD 56 Billion by 2029
- Bangladesh Tire Market Size Growing at Steady CAGR to Reach USD 227.5 Million by 2029
- China Automotive Plastic Market will reach to US$ 9,400 Million by 2025
- Vietnam Tire Market on Growth Track: Forecast to Grow at the CAGR of 8% in the Forecast Period
- Nigeria Tire Market Size Set to Expand at Steady CAGR of 3.4% During 2023–2029