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Europe Golf Cart Market Set To See Strong Growth by 2025

Author : Rahul Varpe | Published Date : 2019-08-06 

Europe is slated to emerge as a promising golf cart market contender, supported immensely by the European Golf Course Owners Association’s vision 2020, which aims to find answers to Europe’s dwindling golfing culture and put efforts towards attract more participation to the sport. Ireland, which is home to some 400 golf courses, could stand out as a lucrative customer base. Reports suggest that consumer spending in the Republic of Ireland was approximately €379 million, while the entire island spending was around €540 million on the game back in 2017.

From a regional perspective, North America is among the world’s biggest golf cart markets. The factors influencing the notable demand for golf carts in the region include its dominant golfing culture. North America, specifically the U.S., has apparently given rise to the notion of golf carts being used for a host of different applications besides the sport. In recent years, it has been observed that people across small American towns are ditching conventional automobiles in favor of golf carts, especially in areas dedicated for elderly people who need an easy means of transportation.

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Asia Pacific is also expected to emerge as a prominent market player over the forecast timeframe, with growing purchasing power and popularity of the sport expected to foster industry growth. Apparently, out of over 100 new golf projects currently under several stages of design, construction and development, 30% are present in Asia. Considering the sport’s rising acceptance in the region and the number of projects currently under development, APAC golf cart market share is slated to witness sizable demand.

According to the National Golf Foundation, in the U.S., there are around 6.1 million on-course participants and 4.1 million off-course only participants among the young adults in the age group of 18-34 years. The number of golfers aging 65 or more have increased almost by 17% to 4.2 million in 2018. Golf has become more accessible than ever in the U.S., with 75% of facilities open to the public including 2,515 municipal, 8,390 daily fee and 3,708 private golf facilities. Rising number of people engaged in this game is positively impacting the revenue share of the U.S. golf cart market.

Increasing tourism is also significantly contributing to expand golf cart market size. Golf carts also find applications in beaches, luxury resorts, farmhouses, airport terminals, etc. Several resorts intend to offer in-resort golf cart rental services for customer convenience. Resorts also dedicate a huge area to golf courses for customer engagement to increase their visitor base. As of 2019, over 64% new course projects in the world are linked with resort development and are expected to influence golf cart industry outlook.

With the budding interest of people of all age groups in golf, there has been a major upsurge in the number of golf facilities in resorts worldwide. Out of a record base of around 100 active golf projects worldwide, over 30 percent exist in the Asia Pacific. Toward 2018 end, Resort Condominiums International (RCI) announced that it has been planning a 30 percent increase in resorts in India by the end of 2020, which will contribute to accelerating golf cart market share.

Besides substantial impact of resorts, airports also play a vital role to promote the golf cart market growth. The rising need to transport passengers, move heavy luggage, and allow staff to move from one complex to another quickly and efficiently enhance the use of low-speed utility vehicles will impel product demand.

Browse key industry insights spread across 200 pages with 383 market data tables & 9 figures & charts from the report, “Golf Cart Market ” in detail along with the table of contents:

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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