$1.2bn
$XX.Xm
2,008
10
$XXX.Xm
Golf cart manufacturers have been enduring high volatility over the past five years. Although the standard golf cart has emerged as a convenient method of transportation for security personnel, retirement communities, families and other businesses and organizations, the primary market for golf carts remains the Golf Courses and Country Clubs industry (IBISWorld report 71391). While the COVID-19 pandemic sparked consumer interest in golf, health and safety regulations prevented manufacturers from fully capitalizing on evolving consumer tastes. Instead, inexpensive imports filled gaps in demand. Over the past five years, industry revenue has been falling at a CAGR of 5.4% and is expected to reach $1.2 billion in 2023, including a 0.2% contraction in 2023 alone.As interest in golf faltered over the past decades, golf cart manufacturers have struggled to expand sales. Many country clubs and golf courses withheld new carts purchases, opting to prolong existing fleets' lives. Also, manufacturers have diversified products: all-terrain golf carts offer greater durability and stronger load capacity; family vehicles offer improved safety features and vehicle styling; and consumers can legally drive low-speed vehicles (LSVs) on public streets. Targeting consumers off the golf course will encompass the broader effort to improve and diversify sales among families and individuals. Even so, rising international competition has slashed profit to 5.0% of revenue in 2023.Revenue for golf cart manufacturers will likely rebound over the next five years. Recovering economic conditions and golf's rising popularity will support the industry's recovery. Exports will also rally after faltering during the pandemic. Overall, industry revenue is expected to climb at a CAGR of 1.9% over the next five years, reaching $1.4 billion in 2028.
Industry revenue has declined at a CAGR of 5.4 % over the past five years, to reach an estimated $1.2bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Textron Inc. | 264.8 | 18.4 | 6.9 | |
Ingersoll Rand Inc. | 167.7 | 26.2 | 15.6 | |
Yamaha Motor Company Ltd. | 153.3 | 17.7 | 11.5 |
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Industry revenue is measured across several distinct product and services lines, including Electric-powered golf carts and parts, Gas-powered golf carts and parts and Solar-powered golf carts and parts. Electric-powered golf carts and parts is the largest segment of the Golf Cart Manufacturing in the US.
Electric-powered golf carts and parts dominate the industry
Companies in this industry manufacture golf carts. Industry products are used for passenger transport on golf courses and, to a lesser extent, for transportation in other settings, such as in gated and elderly communities.
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NAICS 33699 - Golf Cart Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Golf's faltering popularity threatens golf cart manufacturers. Even so, this trend reversed during the pandemic, creating stable growth from golf courses.
Learn about an industry's products and services, markets and trends in international trade.
Electric-powered golf carts have ballooned in popularity. Gas carts are louder and less eco-friendly, encouraging golf courses to upgrade to electric fleets.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Regions with a higher concentration of golf courses attract manufacturers. Companies will forge relationships with golf courses to maintain exclusive demand contracts.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Foreign manufacturers have added to price competition. Domestic producers have struggled to compete with low-cost importers.
Learn about the performance of the top companies in the industry.
Incumbents dominate the industry. These existing manufacturers have well-established product lines and markets, limiting entry.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Golf cart manufacturers benefit from a lenient regulatory environment. Street-legal carts face higher regulations.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Purchase costs are essential for golf cart manufacturers. Supply chain disruptions have led to rising costs and constrained profit.
Including values and annual change:
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Key data sources in the US include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Golf Cart Manufacturing in the US industry in United States is $1.2bn in 2024.
There are 10 businesses in the Golf Cart Manufacturing in the US industry in United States, which has declined at a CAGR of 0.0 % between 2018 and 2023.
The market size of the Golf Cart Manufacturing in the US industry in United States has been declining at a CAGR of 5.4 % between 2018 and 2023.
Over the next five years, the Golf Cart Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Golf Cart Manufacturing market in United States are Textron Inc., Ingersoll Rand Inc. and Yamaha Motor Company Ltd.
Electric-powered golf cart manufacturing and Gas-powered golf cart manufacturing are part of the Golf Cart Manufacturing in the US industry.
The company holding the most market share in United States is Textron Inc..
The level of competition is moderate and increasing in the Golf Cart Manufacturing in the US industry in United States.