GOLF CART MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECAST 2019 - 2027
Overview of the Market
In 2020, the golf cart market was worth USD 2.1 billion, and by 2027, it is predicted to be worth USD 3.52 billion. During the forecast period, the market is expected to grow at a CAGR of roughly 5.8 percent (2019-2027).
The global impact of the coronavirus epidemic is felt across all industries. Most large industries' whole value chains were disrupted by the pandemic. The golf cart market has also been impacted by the epidemic as a result of the imposed lockdowns, as most people stayed home and maintained social distancing rules. Golf cart sales have decreased as a result of the pandemic, which has had a negative impact on numerous markets but has been driving industry growth. Golf cart sales have been on the rise since the second half of 2020, and this trend is projected to continue during the forecast period.
Rapid urbanization, increased per capita income, and growth in the international and national tourism industries are likely to boost demand for golf carts over the forecast period. Golf carts are low-powered, easy-to-drive vehicles with a wide range of uses, so stimulated urban expansion in savvy private activities would likely improve golf cart sales. Because the aforementioned industries are growing at a healthy rate, the golf cart market is expected to develop at a healthy rate over the projected period.
On a global scale, the COVID-19 outbreak had a significant impact on the golf cart business. COVID-19's rapid expansion in North America, Europe, and Asia prompted widespread lockdowns and a brief pause in manufacturing to prevent the virus from spreading further. Furthermore, due to lockdown and social distancing measures, golf courses were obliged to remain closed, resulting in a dramatic drop in the number of rounds played at the start of 2020, leading in a global decline in golf cart sales. The ease of customizability and use of golf carts as a slow-speed vehicle, on the other hand, is expected to boost demand for golf carts over the projection period.
The global impact of the coronavirus epidemic is felt across all industries. Most large industries' whole value chains were disrupted by the pandemic. The golf cart market has also been impacted by the epidemic as a result of the imposed lockdowns, as most people stayed home and maintained social distancing rules. Golf cart sales have decreased as a result of the pandemic, which has had a negative impact on numerous markets but has been driving industry growth. Golf cart sales have been on the rise since the second half of 2020, and this trend is projected to continue during the forecast period.
Rapid urbanization, increased per capita income, and growth in the international and national tourism industries are likely to boost demand for golf carts over the forecast period. Golf carts are low-powered, easy-to-drive vehicles with a wide range of uses, so stimulated urban expansion in savvy private activities would likely improve golf cart sales. Because the aforementioned industries are growing at a healthy rate, the golf cart market is expected to develop at a healthy rate over the projected period.
On a global scale, the COVID-19 outbreak had a significant impact on the golf cart business. COVID-19's rapid expansion in North America, Europe, and Asia prompted widespread lockdowns and a brief pause in manufacturing to prevent the virus from spreading further. Furthermore, due to lockdown and social distancing measures, golf courses were obliged to remain closed, resulting in a dramatic drop in the number of rounds played at the start of 2020, leading in a global decline in golf cart sales. The ease of customizability and use of golf carts as a slow-speed vehicle, on the other hand, is expected to boost demand for golf carts over the projection period.
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