The Electric Golf Carts Market is anticipated to grow at a lucrative pace in terms of revenue by 2021. Rising demand for these low-speed electric motor driven vehicles can drive growth of the global market over the forecast period (2018 to 2021). Factors such as rapid urbanization and industrialization and rise in smart residential and commercial projects can further boost the market. Growing use of eco-friendly vehicles in amusement parks and hospitality and tourism industries can propel the market during the forecast period.
Growing personal disposable income coupled with increasing number of sports events like Olympics, Commonwealth games, and such other events are expected to boost the expansion of the market in near future. Rising fuel prices and strict government guidelines regarding vehicular emissions can impel the demand for environmentally-friendly vehicles. This is anticipated to create positive impact on the global market.
Electric vehicles (EVs) offer smooth performance, produce less noise, and require low maintenance as compared to other conventional internal combustion engine vehicles. Technological advancements in long-lasting power supplies such as lithium-ion batteries can also propel the growth of the electric golf carts market. These batteries are lightweight and consume less time to power up as compared to standard lead acid batteries. Due to these features, the lithium-ion batteries are widely used in electric trollies and remote-controlled golf carts. This factor can impel growth of the global market over the forecast period.
For instance, E-Z-GO, recently introduced its ELiTE Series lithium golf cars. The company partnered with Samsung SDI to provide power to electric golf carts. The batteries are developed using Samsung SDI lithium technology. These are maintenance-free batteries and are available in configuration ranging from 60Ah, 90Ah, and 120Ah, which can be suitable for golf courses of all sizes. This series of cars consists of Samsung lithium cells packed in a single battery pack and they are said to use very less amount of energy and charge faster.
The worldwide electric golf carts market can be segmented on the basis of end-use and regions. On the basis of end-use the market can be categorized into golf courses, hotels, parks, tourist destinations, airports, residential and commercial premises, and institutions. Geographically, the market can be divided into North America, Europe, and Asia Pacific.
North America is expected to hold major market share in terms of revenue over the forecast period due to the presence of a high number of golf courses. Additionally, rising use for short rides in colleges and universities, airports, and shopping malls can further boost the product demand. The U.S and Canada are some of the largest markets for electric golf carts as golf is one of the very popular sports in these countries.
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Asia Pacific electric golf carts market is anticipated to exhibit significant growth over the forecast period. This growth can be attributed to rapid urbanization and growing disposable income of the consumers. Improving standard of living in the region can further drive the market in the forthcoming years. Growing use of electric golf carts in malls, residential estates, and airports can have a positive impact on the market.
Key players operating in the electric golf carts market include Ingersoll Rand, Inc.; Tesla Motors, Inc.; HDK Electric Vehicles; Club Car, Inc.; and Evergreen Electric Vehicles.
The market is highly competitive due to existence of recognized international companies. The companies compete with each other based on technological innovations, quality, product performance, customer service, and price. Most market players are also providing customized designs for seating capacity and aesthetics according to their intended end-use. For instance, amusement parks, rental services, hotels, and resorts are some of the the major end-users opting for customized golf carts.
Complete Report Available @ https://www.radiantinsights.com/research/global-electric-golf-carts-market-research-report-2017
The report includes six parts, dealing with:
1.) Basic information;
2.) The Asia Electric Golf Carts Market;
3.) The North American Electric Golf Carts Market;
4.) The European Electric Golf Carts Market;
5.) Market entry and investment feasibility;
6.) The report conclusion.
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