Golf carts are usually used on country clubs and golf courses. However, they can also be use on other locations such as resorts, hotels and retirement villages among others. Further these carts are used in airports, shopping malls and other places to carry the luggage within the building, for this matter, electric golf carts are preferred over other cars due to obvious reasons such as pollution. Furthermore golf carts are used at fun and entertainment places such Disneyland (California) and Essel World (India) among others. Additionally, golf carts are available on rent with some security deposits and agreement among the parties.
The market for golf carts has suffered a downfall over the past decade due to its dependency on golf courses and number of golfers across the globe. The penetration of golfers across the globe and high cost to establish new golf courses is the major factors that pose challenges to the golf cart manufacturers. The companies in golf cart manufacturing had to suffer decline in new sales due to the economic crisis, thus in order to compensate for the same companies such as Club Car, Inc. and E-Z GO have raised their renovation programs for the clubs which are trying to attract the gofers to their golf courses. However, the rising disposable income and change in lifestyle of the population across the globe are expected to raise the market. Additionally, the rising number of sports events such as Olympics, Asian Games and Commonwealth games are expected to raise the sales of golf carts across the globe.
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Golf cart market is divided into three segments, namely, electric golf cart, gas powered golf cart and diesel powered golf cart. Diesel and gasoline powered golf carts can further be segmented on the basis of motors used in the carts. The most preferred golf cart is electric golf cart, due to the fact that electric cars are produced in high quantity for the use in golf courses. Moreover, the gasoline and diesel powered golf carts are produced in small volumes due to the rise in fuel prices, demand for environment friendly vehicles, noise pollution and regulations related to emission. Further, this trend is expected to continue over the coming years as the electric cars are capable of achieving less distance and usage time as compared to gasoline and diesel cars.
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Geographically golf cart market is segmented under four regions, namely, North America, Europe, Asia-Pacific and Rest of the World. Owing to the fact that North America holds the leading number of golf course in the World, it has become the major market of the golf cart manufacturers. Moreover, the U.S. holds the most number of golf courses among other countries across the globe. Further, fun and entertainment places in North American countries such as California and United States are expected to use golf carts extensively over the coming years.
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Georgia headquarters world’s three leading manufacturers of golf carts. The leading players in golf cart market are Ingersoll Rand, Inc., Club Car, Inc., Yamaha Golf Car Company, Evergreen Electric Vehicles, Tesla Motors, Inc., Cushman, HDK Electric Vehicles, E-Z-GO, Sanyo, Hitachi and E-Way among others.