Middle East and North America Golf Cart Market to Reach $5.6 Billion by 2031: Allied Market Research
The increase in presence of premium golf courses and country clubs in the region, growth in inclination toward eco-friendly golf carts, and rise in tourism and hotel industry in the region drive the MENA golf cart market. Based on country, Morocco held the largest share in 2031, contributing to nearly 21% of the MENA golf cart market share.
Portland, OR, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the MENA golf cart market garnered $69.07 million in 2017 and is estimated to generate $125.10 million by 2031, manifesting a CAGR of 5.6% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chains, competitive scenarios, and regional landscapes. This research offers valuable guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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Report Coverage & Details:
|Market Size in 2017||$69.07 million|
|Market Size in 2031||$125.10 million|
|No. of Pages in Report||196|
|Segments Covered||passenger capacity, vehicle speed, fuel type, application, and country.|
|Drivers|| The increase in the presence of premium golf courses and country clubs in the region
Growth in inclination toward eco-friendly golf carts
Rise in the growth of the tourism and hotel industry
|Opportunities|| Technological advancement in golf carts
Reduction in the cost of fuel cells and batteries
|Restraints|| Lower power and speed
High initial maintenance and purchasing cost
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the MENA golf cart market, owing to the implementation of global lockdown which resulted in hampering the golf courses. Numerous small and large participants in the golf cart industry are confronted with issues including a suspension of production and government-mandated factory closures.
- Obtaining a new golf cart and replacement parts have been difficult due to shipping delays, several manufacturing sites being closed, and the lockdown.
- However, as quarantine restrictions and mass closures were relaxed during the pandemic’s later phases, golf courses emerged as the most coveted, socially isolated, and “safe” location for amusement. As a result, interest in the game significantly increased.
- Moreover, due to the COVID-19 outbreak, golf has grown in popularity in the Middle East, adding pressure to supply chains that are already struggling to keep up with demand, while the sport, retail, and leisure industries continue to suffer from falling output levels. This is expected to restart production facilities and supply networks, hence meeting a demand for golf-related equipment and carts.
The research provides detailed segmentation of the MENA golf cart market based on passenger capacity, vehicle speed, fuel type, application, and country. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on passenger capacity, the two-passenger segment held the highest share in 2017, accounting for more than 45% of the MENA golf cart market, and is expected to continue its leadership status during the forecast period. However, the four-passenger vehicle segment is expected to register the highest CAGR of 6.3% from 2017 to 2031.
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Based on vehicle speed, the high-speed vehicle segment accounted for the highest share in 2017, contributing to more than 70% of the MENA golf cart market, and is expected to maintain its lead in terms of revenue during the forecast period. In addition, the same segment is expected to manifest the highest CAGR of 5.9% from 2017 to 2031.
Based on fuel type, the electric segment accounted for the highest share in 2017, holding nearly 75% of the MENA golf cart market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is estimated to grow at the highest CAGR of 5.9% during the forecast period.
Based on country, Morocco held the largest share in 2017, contributing to nearly 25% of the MENA golf cart market share, and is projected to maintain its dominant share in terms of revenue in 2031. however, Saudi Arabia is expected to manifest the fastest CAGR of 6.6% during the forecast period.
Leading market players of the MENA golf cart market analyzed in the research include Club Car, Ellwee, EVOLUTION ELECTRIC VEHICLE (HDK ELECTRIC VEHICLES), Suzhou Eagle Electric Vehicle Manufacturing Co., Ltd, Electric Car UAE (Happy Jump for Electric Cars), HITACHI, STAR EV (JH GLOBAL SERVICES, INC.), Textron Specialized Vehicles Inc, Waev Inc, and Yamaha Golf Cart.
The report provides a detailed analysis of these key players in the MENA golf cart market. These players have adopted different strategies such as product development, collaborations, business expansion, partnership, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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