Rapid Expansion of Hospitality Sector to Bolster Global Golf Cart Market Growth: says Research NesterIncreased penetration of international hotels with modern infrastructure such as golf courses, swimming pools and spas across the globe are opening their branches in robust economies such as India, China and others. These increasing international hotel brands across the globe are anticipated to increase the adoption of golf carts to provide better services to their customers. Further, rising number of resorts in tourist destinations such as Thailand, Malaysia, Italy, and others are increasing their demand for golf carts for transportation solutions including delivering food, laundry services and guest commuting services.
Global golf cart market is anticipated to expand at a significant annual compound growth rate (CAGR) of 6.14% during the forecast period i.e. 2016-2023.
The electric powered golf cart segment by fuel type is projected to dominate the global golf cart market by the end of period 2023. The electric powered based segment is anticipated to expand at a CAGR of 7.50% during the forecast period i.e. 2016-2023. The advancement in golf carts and ease of availability of electric golf carts is expected to bolster the growth of electric golf cart segment. Moreover, the low maintenance cost associated with electric golf carts and zero emission advantages are making electric golf carts suitable for various sectors such as golf courses, airports and others.
Global golf cart market is segmented on the basis of fuel type, end-user and region. Based on the end user type, the segment is further sub-divided into the golf courses, hotel & resorts, tourist destinations, airports, residential & commercials and others. With 49.30% share, golf courses segment held the largest segment in 2016. Golf courses segment is further projected to witness the CAGR of 6.78% during the forecast period i.e. 2016-2023.
The report titled “Global Golf Cart Market Outlook 2023” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of global golf cart market which includes profiling of Ingersol Rand PLC, Hitachi Chemicals, Yamaha Motors Co. Ltd, and Textron. The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Golf Cart Market Outlook 2023”, analyses the overall golf cart industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in Global Golf Cart Market in near future.