There’s good news for manufacturers and dealers of golf carts worldwide. A forecast report from Technavio, a market research firm, confirms a positive outlook for the industry in the next five years. The recently published report titled, Global Golf Cart Market 2018-2022, predicts that the demand for golf carts will increase by up to 6%. Furthermore, it states the increasing preference for solar-powered golf carts is one of the factors that will drive this growth.
Solar Powered Growth
Solar golf carts are a smarter alternative to electric golf carts which are costly to maintain. Electric carts need golf cart batteries which come in a variety of different voltages to run. Aside from special chargers for the batteries, electric golf carts also need routinely tune-ups and maintenance for optimum performance.
On the contrary, the solar panels installed in solar-powered golf carts are energy efficient and environmentally friendly. No electrical output or connection is needed since the mounted solar panels convert the sun’s rays into energy. Solar energy can even make the battery last longer. With the rising cost of fuel and electricity, this is the renovation the industry needs. This breakthrough technology can tremendously reduce expenditures of golf resorts and other establishments that utilize this equipment.
Development of over 200 new golf courses worldwide is an additional contributing factor that will strengthen the market. The versatility of golf carts is another contributing factor. Aside from golf courses, these utility vehicles can be useful in navigating widespread areas such as zoos and theme parks. Golf carts are also a good option for short-distance traveling.
Golf Carts Are Going Global
The Technavio report also states that countries in North, Central and South America will be the greatest contributors for the gradual rise of the golf cart industry. Countries in said regions will constitute almost 55% of the market share. The remaining percentage will be divided among countries in the EMEA (Europe, Middle East Africa) and APAC (Asia-Pacific). The Golf Around The World 2017 report from R&A listed Canada and America as among the top 10 golfing countries in the world.The report also that the two countries will likewise dominate the golf cart market. Meanwhile, the fastest growth of the golf sector will be seen in the EMEA region.
Technavio is not the only company that affirms the great potential of the golf cart market in the coming years. On May of this year ReportBuyer, a research firm based in United Kingdom, published an industry forecast report saying that the global golf cart market will register a 7.20% increase by 2023. A USD $1.6 million industry in 2016, the golf cart sector will transform to a $2.6 million industry by 2023. The report attributes the positive forecast to rise in purchasing power and strengthening economy worldwide.
The reports from Technavio and Reportbuyer slightly differs when it comes to identifying the leading companies in the golf cart market. While the Technavio forecast lists Ingersoll-RAN, Textron and Xiamen Dalle Electric Car as top cart manufacturers, ReportBuyer lists Garia, Inc and Hitachi Chemical. Still, both reports agree that the future is bright for golf cart manufacturers. Both reports provide valuable insights that golf cart companies can use in business decisions and strategies for the coming years.