South Korea Golf Cart Market Overview:
The global South Korea Golf Cart Market is expected to register a CAGR of
~ 6.90% from 2023 to 2030 and hold a value of over USD 2.05 billion by 2030.
The golf cart is fundamentally a small motorized vehicle that is extensively
used to carry passengers and other golf equipment. These carts are also cast-off
to carry less heavy items in shopping malls, airports, hotels, and other
entertainment places.
The major purpose of these carts was to carry the kits and equipment of
the golfers on the golf course to offer enjoyable and smoother rounds, now it
is expansively used in commercial places including railway stations, zoos,
multi-residential complexes, wildlife sanctuaries, theme parties, and
exhibition centers.
The
COVID-19 epidemic continues to impact the demand for these cars. Additionally,
shut down of golf courses, resorts, clubs, and others owing to
government-enforced lockdown during the epidemic has damagingly impacted the
market growth. Moreover, disturbance in the supply chain and inaccessibility of
raw materials owing to limitations on import-export and transportation coupled
with closed manufacturing facilities created a halt in golf car production.
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Cart Market
However,
the market is anticipated to bounce back after the pandemic, due to the removal
of restrictions and market demand returning to pre-pandemic levels.
Furthermore, growing the adoption of golf due to health concerns among the
populace is likely to assist in driving the popularity of golf after the pandemic
and is expected to reinstate market demand to a pre-pandemic level.
Key Players
·
Yamaha Golf-Car Company (US)
·
STAR EV (US)
·
Garia A/S (Denmark)
·
Bradshaw Electric Vehicles (UK)
·
E-Z-GO (US)
·
Marshell Green Power (China)
·
Spoleman OÜ (Estonia)
·
Polaris Industries Inc. (US)
·
Guangdong Lvtong New Energy Electric
Vehicle Technology Co. LTD. (China)
·
Speedways Electric (India)
·
Autopower (India), among others
Regional
Analysis
North
America dominated this market with a market size of 0.98 billion in 2020 and is
anticipated to continue its dominance in the region. In the North American, the
U.S. contributed the largest market share. The market is driven by the supreme
number of golf courses existing in the U.S.
Europe
held the second-largest revenue market in 2020. Developing golf
tourism and a growing number of elderly
villages & resorts are driving the market’s growth in the region
Asia
Pacific is anticipated to witness an eye-catching CAGR over the estimated
period. The market is driven by the rising awareness regarding golf and a growing
number of golfers across emerging countries of the Asia Pacific. Additionally, the
growing number of golf courses in Asia Pacific is driving market growth.
Market Segmentation
The Global South Korea Golf Cart Market has been segmented
into Product Type and Application
Based on
the product type, The Global South Korea Golf Cart Market has been segmented into electric,
gasoline, and solar. The electric golf car segment held the largest South Korea
Golf Cart Market share of 80.35% in 2020. Electric golf cars are highly accepted
carts worldwide owing to their various benefits, including low running cost,
noiseless operation, improved comfort, high speed, and others. Additionally, dipping
the cost of electric golf cart batteries and strict emission norms enforced by
government bodies positively influence segment growth.
Based on
the application, The Global South Korea Golf Cart Market Size has been segmented
into the golf course, personal services, and
commercial services. The golf course segment accounted for the largest market
share in 2020 and is anticipated to continue its dominance from 2021 to 2030.
This type of car is mainly employed on golf courses for the transportation of
golf equipment and golfer. Therefore, the growing number of golf courses
worldwide is fueling the demand for these carts globally.
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