This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Golf Trolley Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global golf trolley products market was valued at USD 8.8 billion in 2022 and is projected to expand at a CAGR of 5.5% from 2023 to 2030. The growing popularity of golf as a leisure activity among the youth is driving the demand for golf trolley products. Moreover, the increasing availability of automated golf trolleys that can be controlled using a remote control is facilitating the growth of the market. Major players are introducing new products in the market to cater to the rising demand of customers. For instance, in June 2021, Motocaddy launched a new M Series range of golf trolleys. The range includes the M1 Pro, M1 DHC, and M3 Pro models.
The market is segmented on the basis of product type, which includes electric trolleys, pull trolleys, and push trolleys. The electric trolley segment accounted for the highest share in 2022 and is expected to maintain its dominance throughout the forecast period. This can be attributed to the growing demand for electric trolleys as they offer comfort and convenience to golfers. Furthermore, the increasing popularity of remote-controlled electric golf trolleys is propelling the growth of the market.
The market also includes several accessories such as bags, umbrellas, and scorecard holders that are used in combination with golf trolleys. These accessories offer additional convenience and portability to golfers. The increasing demand for these accessories is fueling the growth of the market. Moreover, the rising number of golf courses worldwide is expected to drive the demand for golf trolley products in the future.
Furthermore, the increasing use of social media platforms and online campaigns by major companies has gained traction among customers. For instance, in April 2021, Motocaddy launched a new online campaign ‘Get Moving with Motocaddy’ to promote its products. The company has also hosted several golf tournaments, which have further aided the growth of the market. Additionally, the increasing number of initiatives taken by the government to promote golf as a sport is expected to further drive the growth of the market.
Product Insights
The electric golf trolleys segment led the market and accounted for a share of around 73.3% in 2022. The increasing penetration of electric golf trolleys in golf courses across the world has been driving the demand for electric golf trolleys over the years. According to an article published by The Telegraph, in October 2019, 1 in 2 golfers now use an electric trolley or a motorized cart. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are driving the demand for electric golf trolleys worldwide.
The manual golf trolleys segment is anticipated to expand at the fastest CAGR of 5.7% over the forecast period. Growing awareness regarding the benefits of manual golf trolleys such as being more maneuverable, more convenient, and more affordable as compared to electric golf trolleys are some of the key factors driving the market growth revenue. According to an article published by GolfAssessor, in December 2019, 9 out of 10 golfers prefer to use manual golf trolleys due to its convenience and affordability. In addition, increasing demand for lightweight and compact golf trolleys is another factor accelerating the growth of the market.
Distribution Channel Insights
Golf trolleys are primarily distributed through sporting goods stores and golf specialty stores. According to the Global Market Insights, Inc. report in 2021, the golf specialty stores channel accounted for the major share of over 42.2% in 2020. This is mainly due to the availability of a wide range of golf trolleys for golfers to choose from. Golf specialty stores also offer value-added services such as repair, after-sales services, and free demonstration for customers.
The online distribution channel accounted for a significant share of over 34.9% in 2020. The popularity of online shopping has increased significantly over the past few years due to the convenience and ease of purchase. Furthermore, the availability of discounts and offers on the purchase of golf trolleys on e-commerce websites has further increased the demand for golf trolleys in the online distribution channel.
Type Insights
The motorized golf trolley segment accounted for the highest revenue share of 76.2% in 2022. The convenience and comfort provided by motorized golf trolleys are a major factor driving the segment’s growth. Furthermore, the increasing demand for motorized golf trolleys from senior golfers is a key driver of the market. Motorized golf trolleys are equipped with features such as LED lighting, scorecard holder, and drink holder, which enhances the user’s golfing experience. The rising trend of golf tourism, which includes golf trips, is also fueling the demand for motorized golf trolleys.
The manual golf trolley segment is expected to expand at the highest CAGR of 8.7% over the forecast period. Manual golf trolleys are cost-effective and require less maintenance compared to motorized golf trolleys. The increasing trend of amateur golfers is expected to drive the manual golf trolley segment. Additionally, the rising trend of golf tourism is also anticipated to propel the demand for manual golf trolleys.
Regional Insights
Europe is expected to dominate the golf trolley products market owing to the increasing number of golf courses in the region. Moreover, the rising number of golfers in the region is anticipated to drive the demand for golf trolleys in the coming years. For instance, according to the PGA European Tour, the number of golfers in the U.K. has increased from 4 million to 5 million in the last decade. Furthermore, the presence of prominent players, such as PowaKaddy, Stewart Golf, and Motocaddy, in the region is likely to further fuel the growth of the market.
Asia Pacific is expected to witness the highest CAGR over the forecast period. This can be attributed to the increasing number of golf courses in countries such as Japan, China, and India. Moreover, the rising disposable income of the population in the region is further expected to drive the growth of the market. For instance, according to the World Bank, the per capita GDP in India increased from USD 929 in 2012 to USD 1,839 in 2018.
Financial Projections
In this part of the golf trolley products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your golf trolley products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a golf trolley products business comes from the sale of trolleys and accessories, wholesale and retail sales, rentals, and potentially service and repair. Here you will find a list with a description of each of them and other possible sources of profit such as advertising, sponsorships, and partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the golf trolley products business running will be described. The list of operating expenses includes wages, rent, taxes, materials, advertising, equipment maintenance and repairs, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the golf trolley market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Clicgear launched the Clicgear 2.0, a new version of the Clicgear trolley with a range of features such as an improved handle grip and folding mechanism.
– In September 2022, Motocaddy launched the S-Series trolley, a range of trolleys designed for golfers who prefer a lightweight and compact trolley.
– In October 2022, Cart-Tek launched the GRi-1500, a remote-controlled trolley with a range of features such as an adjustable speed and a built-in GPS.
Some of the prominent players in the golf trolley market include:
– Clicgear
– Bag Boy Company
– Motocaddy
– Big Max
– Sun Mountain Sports
– Stewart Golf
– PowaKaddy International Ltd.
– Cart-Tek
– Sureshot
– PowerBug
Global Golf Trolley Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Golf Trolley products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Electric Trolley
– Push Trolley
– Pull Trolley
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Offline
– Online
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of the Global Golf Trolley Products Market?
[A]: The global golf trolley products market is expected to register a CAGR of 5.4% over the forecast period (2020-2025). The market is driven by an increasing demand for high-end golf trolleys, as well as the growing popularity of golf as a recreational activity.
[Q]: Who are the Key Players in the Global Golf Trolley Products Market?
[A]: Some of the key players in the global golf trolley products market include Big Max, Clicgear, Motocaddy, PowaKaddy, Bag Boy, and Sun Mountain.
[Q]: What are the Factors Driving the Market Growth?
[A]: The growing popularity of golf as a recreational activity and the increasing demand for high-end golf trolleys is driving the growth of the global golf trolley products market. In addition, advancements in technology and the introduction of innovative products are also expected to contribute to the growth of the market.
[Q]: What Region Offers the Largest Opportunity for Sales of Golf Trolley Products?
[A]: North America is expected to be the largest region in the global golf trolley products market due to the presence of a large number of golf courses in the region.
[Q]: What are the Potential Challenges for the Market?
[A]: The high cost of golf trolleys may act as a restraint for the global golf trolley products market. In addition, the low awareness about the benefits of golf trolleys among the general population is expected to pose a challenge for the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
