SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Golf Carts – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: April 2021
Executive Pool: 872
Companies: 42 – Players covered include Garia Inc.; Hitachi Chemical Co. Ltd; Ingersoll Rand plc; JH Global Services, Inc.; Maini Materials Movement Pvt. Ltd.; Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.; Textron Specialized Vehicles Inc.; Tomberlin; Xiamen Dalle Electric Car Co. Ltd.; Yamaha Golf Car Company; and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Electric, Gasoline, Solar); Application (Golf Course, Commercial Services, Personal Services)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Golf Carts Market to Reach $2.2 Billion by 2026
Amid the COVID-19 crisis, the global market for Golf Carts estimated at US$1.7 Billion in the year 2020, is projected to reach a revised size of US$2.2 Billion by 2026, growing at a CAGR of 4.1% over the analysis period. Electric, one of the segments analyzed in the report, is projected to record a 4.3% CAGR and reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gasoline segment is readjusted to a revised 3.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $470.7 Million in 2021, While China is Forecast to Reach $429.6 Million by 2026
The Golf Carts market in the U.S. is estimated at US$470.7 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$429.6 Million by the year 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR.
Solar Segment to Reach US$395 Million by the year 2026
In the global Solar segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$229.5 Million in the year 2020 will reach a projected size of US$306 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.