Golf carts are very useful vehicles that you often see in golf courses and in small localities alike for transportation.
With the sheer amount of golf carts you have seen in the world, which are currently numbered at over 2 million units, you may wonder: How many golf carts are made each year?
In this article, we will tell you exactly how many golf carts are made each year.
How Many Golf Carts Are Made Each Year?
It is estimated that around 100,000 golf carts are made and sold each year in 2022, throughout the globe. The golf cart market has reached a size of over 1.7B$ in 2022. These numbers are set to increase by about 3-5% each year.
A 2016 study found out that around 77,000 golf carts were sold in 2016, and the golf cart market expands in size by about 3-5% year over year.
Using this information, we can estimate the golf cart sales for each subsequent year:
2017: 77000+77000*(((3+5)/2)%) = 80080
2018: 80080+80080*(((3+5)/2)%) = 83283
2019: 83283+*83283(((3+5)/2)%) = 86614
2020: 86614+86614*(((3+5)/2)%) = 90079
2021: 90079+90079*(((3+5)/2)%) = 93682
2022: 93682+93682*(((3+5)/2)%) = 97429
These numbers show the grow of the golf cart market size year over year, and expose the high likelihood of golf cart sales crossing the 100,000 mark in 2023.
There are currently between 400 and 600 golf carts being built or planned worldwide at any given time these days, and these drive market demand for golf carts.
The world golf cart market is still increasing year over year, despite slowing down due to the 2020 pandemic, which closed various golf courses and generated a materials shortage.
In 2020, the worldwide golf cart market size hovered around 1.62B$.
By 2027, the worldwide golf cart market size is projected to reach 2B$.
By 2028, the worldwide golf cart market size is projected to reach 2.55B$.
By 2031, the worldwide golf cart market size is projected to reach 5.4B$.
The 2022 US golf cart manufacturing US market size alone is project at 982.1M$USD.
The growth of the golf cart market size can be attributed to many factors, including the building of new golf courses across the globe. There are also more people picking up golf as a sport or hobby every single year.
The United States of America currently have 16,752 golf courses built, and Canada has as many as 2633. On top of the courses built in these 2 countries, there are more planned or being built.
Another reason for the growth of this sector is how useful golf carts are for traveling in hotels, resorts, and residential areas with not much parking. However, most golf carts are sold for golf-related uses.
Golf carts are also a very attractive option for the global market because they are more affordable than cars, especially for electric models.
Electric golf carts are attractive vehicle options for the people who are environmentally conscious.
Electric golf carts are becoming more popular because they have less moving parts and thus break down less easily than gas-powered carts, meaning less maintenance costs.
They also pollute less than gas-powered golf carts. Rising fuel prices also steer the golf cart market towards electric golf carts over gas powered golf carts.
There you go! After reading this article, you learned how many golf carts are made and produced each year, and the reasons why the market size is growing.
Do you have a golf cart? Do you plan on buying a golf cart? Let us know in the comments down below!