New York, United States , July 04, 2024 (GLOBE NEWSWIRE) -- The Global Golf Cart OEMs Market Size is Expected to Hold a Significant Share by 2033, at a Compound Annual Growth Rate (CAGR) of 4.7% during the projected period.
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The industry that produces and supplies golf carts and associated parts is known as the original equipment manufacturers (OEMs) sector. These manufacturers design, engineer, and produce golf carts for a wide range of uses, including golf courses, personal use, commercial, and industrial use. The manufacturer offered a variety of customization options, allowing golfers and course operators to tailor the carts to their preferences. This trend catered to individual style preferences, gave branding opportunities for golf courses, and evoked a sense of luxury. Original OEM components are vital for maintaining and repairing golf carts, assuring top performance and longevity. Interstate Golf Cars is a reputable supplier of OEM golf cart parts such as batteries, tires, motors, and controllers. However, one of the most significant challenges is competition from other modes of transportation on golf courses, such as walking or using pushcarts. The conventional approach of walking the course is preferred by certain players, which lowers the demand for golf cart OEMs.
Browse key industry insights spread across 243 pages with 111 Market data tables and figures & charts from the report on the "Global Golf Cart OEMs Market Size, Share, and COVID-19 Impact Analysis, By Type (Electric Golf Carts, Gasoline Golf Carts, Solar-powered Golf Carts), By Equipment (Performance Upgrades, Comfort & Convenience, Entertainment & Technology, Exterior Enhancements), By Application (Industrial Use, Commercial Use, Personal Use, Golf Courses), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The electric golf carts segment is expected to grow at the fastest CAGR during the projection period.
Based on the type, the global golf cart OEMs market is categorized into electric golf carts, gasoline golf carts, and solar-powered golf carts. Among these, the electric golf carts segment is expected to grow at the fastest CAGR during the projection period. Utilizing cutting-edge battery technology, including lithium-ion batteries, to provide greater energy efficiency, longer battery life, and quicker charging times. To enhance user experience and operational efficiency, digital displays, AI-based fleet management systems, and GPS navigation are all being combined.
The performance upgrades segment is predicted to dominate the global golf cart OEMs market during the projection period.
Based on the equipment, the global golf cart OEMs market is categorized into performance upgrades, comfort & convenience, entertainment & technology, and exterior enhancements. Among these, the performance upgrades segment is predicted to dominate the global golf cart OEMs market during the projection period. Enhancing the whole experience can be achieved by including options such custom dashboards, GPS, and music systems. Safety and visibility can be increased with upgraded lighting and signal systems, particularly on busy roads and in low-light conditions.
The golf courses segment is expected to hold a significant share of the global golf cart OEMs market during the projection period.
Based on the application, the global golf cart OEMs market is categorized into industrial use, commercial use, personal use, golf courses. Among these, the golf courses segment is expected to hold a significant share of the global golf cart OEMs market during the projection period. The category with the fastest rate of growth during the predicted period is golf courses. This truck is mostly used to transport golfers and their equipment around golf courses. Consequently, there is a growing need for these carts due to the growing number of golf courses worldwide.
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North America is projected to hold the largest share of the global golf cart OEMs market over the projection period.
North America is projected to hold the largest share of the global golf cart OEMs market over the projection period. The increased use of utilities and recreational vehicles is predicted to drive considerable growth in the industry in the region. The growing need for eco-friendly transportation on golf courses, retirement communities, and resort locations is driving this market. In addition, a surge in golf tourism and technical advancements fuel market expansion in this area. Due to the large number of golf courses found in American towns and cities, golf is becoming more and more popular throughout the nation, which is propelling regional market expansion.
Europe is expected to grow at the fastest CAGR growth of the global golf cart OEMs market during the projection period. Adding to the market expansion is the sport's increasing popularity in developed European nations. The golf industry is now well-established in Europe's north and west and is progressively spreading into the continent's southeast and central regions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global golf cart OEMs market are Yamaha Golf-Car Company, E-Z-GO, Club Car, Cushman, Garia, and others.
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Recent Developments
- On June 2024, Jimmy Fallon joins TaylorMade and Kith to debut a golf cart priced at $35,000 to promote a brand-new equipment line and one of the most expensive golf carts ever built.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global golf cart OEMs market based on the below-mentioned segments:
Global Golf Cart OEMs Market, By Type
- Electric Golf Carts
- Gasoline Golf Carts
- Solar-powered Golf Carts
Global Golf Cart OEMs Market, By Equipment
- Performance Upgrades
- Comfort & Convenience
- Entertainment & Technology
- Exterior Enhancements
Global Golf Cart OEMs Market, By Application
- Industrial Use
- Commercial Use
- Personal Use
- Golf Courses
Global Golf Cart OEMs Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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