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, you may wonder: How many golf carts are there in the world?
In this article, we will tell you exactly how many golf carts there are in the world.
How Many Golf Carts Are There In The World?
There are currently around 2,097,206 golf carts in the world, as of 2022. The golf cart market size in 2022 reached over 1.7B$, and it is set to grow around 3-5% every year.
It is projected that in 2023, yearly worldwide golf cart sales will cross the 100,000 golf carts sold a year mark, while the industry grows 3-5% a year.
Golf carts were invented in 1957 by Max Weller. In 1963, Harley Davidson started producing golf carts more seriously.
Down below, we will explain to you how to get a decent estimation of the number of golf carts currently in the world.
In 2021, the golf cart market reached around 1.69B$. On average, golf carts cost around 8500$ if bought brand new.
A first estimation we can perform is the following:
We also know that golf carts used to be sold for a lot less in dollar amount than today because of inflation.
In 1970, a few years after golf carts were produced seriously, 1$US back then would be worth 7.45$US today.
This means that an 8500$ golf cart today would have been worth 1141$ back in 1970.
Estimating with an average golf cart price between 8500$ and 1141$, we get:
Market Size/Average golf cart price = estimation of the number of golf carts sold a year
1.69B$/4821 = 350549 golf carts
This number makes sense, but based on past studies, it is an aggressive overestimation. We know that about 100,000+ golf carts are sold every year, but this estimation is roughly 3.5 times as large.
We can try to get a better estimation by using only the current day golf cart average price of 8500$USD:
Market Size/Average golf cart price = estimation of the number of golf carts sold a year
1.69B/8500$ = 198823 golf carts sold a year
This estimation is still about twice larger than expected, so we can use a different estimation method, outlined below:
We know for a fact that around 77,000 golf carts were sold in the year 2016, and that the golf cart market size grows every year by about 3-5%.
2016: 77000 (number pulled from a study)
From this number, we can approximate the golf cart sales of following years by multiplying the number of sales in a year by a growth factor:
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
Total approximate golf carts sold last 6 years = 510738
Assuming a 4% growth of golf cart sales each year from 1963 to today, we can calculate the total approximate number of golf carts sold.
By performing the 4% calculation for each year, starting from our 2016 data point, going both forward and backwards in time, we arrive to a decent estimation.
We estimate that today, in 2022, there are 2097206 golf carts in the world (including destroyed or unusable carts), and that number is set to increase by about 100000 golf carts every year.
In other words, it is estimated that there are over 2 million golf carts on planet Earth in 2022.
Conclusion
There you go! After reading this article, you have learned how many golf carts there are in the world.
How many golf carts are in your neighborhood? Let us know in the comments down below!
