Japan Golf Cart Market to Grow with a CAGR of 5.0% During 2022-2032; Growing Demand for the Vehicle from End-Use Industries to Drive the Market Growth
Kenneth Research published a report titled “Japan Golf Cart Market: Demand Analysis & Opportunity Outlook 2032” which delivers a detailed overview of the Japan golf cart market in terms of market segmentation by product type, propulsion, battery type, battery capacity, and by end-use application.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Japan golf cart market is anticipated to grow with a CAGR of 5.0% over the forecast period, i.e., 2022 – 2032. The market is segmented on the basis of battery capacity into 6V, 8V, and 12V. Out of these, the 8V segment is anticipated to garner the largest revenue of 17.6 Million by the end of 2032. Additionally, in the year 2013, the segment generated a revenue of USD 10.7 Million. Further, the market is segmented by passenger capacity into 2-seater, 4-seater, and 6-seater. Out of these, the 2-seater segment is anticipated to garner the largest revenue of USD 33.0 Million by the end of 2032. Additionally, in the year 2013, the segment generated a revenue of USD 27.8 Million.
The Japan golf cart market is estimated to garner a revenue of USD 67.6 Million by the end of 2032, up from a revenue of USD 52.0 Million in the year 2013. Growing demand for the product from different end-use industries, such as airports, golf clubs, hospitals, railway stations, college campuses, sports events, and housing projects among others, followed by the surge in adoption of golf carts for rental services are some of the major factors anticipated to drive the growth of the market during the forecast period.
Growing Concern for Environmental Pollution to Drive the Market Growth
The Ministry of the Environment and the National Institute for Environmental Studies, in one of its statistics stated that the total greenhouse gas emissions during FY2019 in Japan was 1212 Million Tonnes of carbon dioxide equivalents (Mt CO2 eq.).
The surge in GHG emissions in the nation has raised the need amongst the government of Japan to deploy stringent regulations to control vehicular emissions. As a result, there is a growing shift towards vehicles that are more environmentally friendly. Golf carts, which are known to be highly energy-efficient owing to its low curb weight, are hence, widely being deployed across different end-use purposes. Such a factor is expected to drive the demand for the vehicle, and in turn, contribute to the growth of the Japan golf cart market in the coming years.
However, the high cost of the product, along with the lack of safety of these vehicles are expected to operate as key restraint to the growth of Japan golf cart market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Japan golf cart market which includes company profiling of Yamaha Motor Co., Ltd., CLUB CAR, Textron Specialized Vehicles Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Japan golf cart market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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