Procurement Market Intelligence Report
Golf Carts
Sourcing Guide & Market Intelligence
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Golf Carts Global Overview
Definition
Summary
Golf carts are small electric-powered or gas-operated vehicles that transport people and supplies around a golf course. They help expedite golfers' movement around the course, assist disabled golfers, and comfort all golfers. Furthermore, despite their name, golf carts are used in other commercial and industrial settings, such as retirement communities, resorts, parks, and factories.
This Report Includes:
- Golf Carts
- Two Seater Golf Carts
- Four Seater Golf Carts
Not in this Report:
- All-Terrain Vehicles (ATV)
- Airport Utility Vehicles
- Farm Utility Vehicles
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Global Golf Carts Procurement Trends
Discover the top international trends affecting procurement in the global Golf Carts market.
Warning Trends
Tariffs to negatively impact the commercial vehicles and components sector
- In June, the Trump Administration implemented 25.0% tariffs on all automobile and automobile parts imported into the United States, except for those imported from the United Kingdom, which face a reduced 10.0% tariff rate. Additionally, the administration raised tariffs on the import of aluminum, copper, and steel to 50.0%, all vital inputs for automotive manufacturing, and raised the tariffs on heavy trucks made outside the United States to 25.0%.
- In 2024, the value of automotive imports totaled $388.9 billion, which accounted for over a quarter of the total US automotive market revenue that year. Thus, these tariffs are likely to significantly increase the cost of motor vehicles, parts, and maintenance services, as both foreign manufacturers and domestic manufacturers with foreign sub-suppliers face higher import costs.
- According to the US International Trade Commission, Mexico and Canada account for 47.4% of motor vehicle imports to the United States, and 54.1% of motor vehicles bodies and parts. According to Anderson Economic Group (AEG), a Michigan-based economic consultancy, the broad-based 25.0% tariff could raise new car prices by $1,000 to $4,000, and up to $10,000 if manufacturers are unable to mitigate the tariff’s impact.
- Germany is a major exporter of crane trucks, vehicles, vehicle seating and interior trim, and other components in the sector. The higher automotive and metals tariffs will mean that many German companies, even those operating in the United States, will face higher costs to import subcomponents to their facilities in the United States.
- According to Telemetry Insights, many auto parts suppliers will be unable to absorb the tariffs or adjust to mitigate the tariff impact (e.g., relocating their facilities or splitting efforts across three countries). The introduction of 50.0% metals tariffs could drive up production costs further.
United States announces new tariffs on all imported steel
- In February 2025, the United States announced 25.0% tariffs on all imported steel with no exemptions or exceptions. The tariffs took effect on March 12, 2025. On June 4th, these tariffs were increased further to 50%. These tariffs were not impacted by a recent court decision that temporarily suspended duties on certain goods as they were implemented under Section 232 of the Trade Expansion Act.
- Previously, countries such as Canada, Mexico, and Brazil, the top exporters of steel to the United States, had exemptions from tariffs. These have now been removed and all imported steel, regardless of origin, will be subject to the 50.0% tariff. However, on May 8th, the US announced an agreement with the United Kingdom to remove all levies on steel exported from the UK.
- When tariffs on steel imports were introduced in March 2018, they contributed to an increase in the price of steel and steel products. According to the Bureau of Labor Statistics, the price of steel-milled products increased by 10.2% in the year after the tariffs were implemented. This market heavily relies on steel as an input and may be impacted by this policy.
Global Golf Carts Market - Suppliers by Region
| Country/Region | Number of Suppliers |
|---|---|
| #1 China | 3,870 |
| #2 Europe | 1,530 |
| #3 United States | 1,400 |
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Geography Drilldown - US
Average Cost of Golf Carts
United States
2026 Market Pricing$4,300.00 to $XX,XXX.XX
per electric golf cartAverage Price
Prices in the Golf Carts market range from $4,300.00 to $XX,XXX.XX, depending on Engine Type, Features, Size, Brand and Condition. For example, lower prices are associated with Gas powered ($500 to $6,000), whereas higher prices are associated with Electric powered ($7,000 to $14,260).
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Golf Carts Category Price Trends
Pricing trends are indicated by the compound annual growth rate (CAGR) during a set period of time. For the Golf Carts market, prices in the US have declined -4.1% from 2022 to 2025. Subscribers can access price trend forecasts, price driver projections and forward-looking cost structure data. Learn more
United States (2022-2025)
United States (2025-2028)
Compound Annual Growth Rate
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Cost Analysis - Total Cost of Ownership for Golf Carts
Total cost of ownership is Medium in the Golf Carts market. The average cost of ownership differs depending on the contract but generally includes costs negotiated before the contract begins, costs billed during the contract period and unforeseen costs.
Billed During
Maintenance
Fuel
Buyer Power in Procurement Negotiations
In 2026, buyer power amounts to -0.9 in the United States. Buyer power is most positively impacted by Recent Developments. It is most negatively impacted by Recent Price Trend. Subscribers can access details on eight other factors that impact buyer power. Learn more
United States
Buyer power forecasts: your glimpse into the future
Develop strategies for the upcoming year and identify unforeseen opportunities for buying now
- Actionable "Buy Now" and "Buy Later" insights
- Near-real-time updates to current and forecast Buyer Power Scores
- Methodology and weightings for Buyer Power Score Components
Supply Chain Risk
The average level of supply chain risk is assessed as Medium, which has a negative impact on buyer power. The level of supply chain risk is affected by industry volatility, barriers to entry, competition, import penetration, regulation and industry financial risk. Buyers in this market can mitigate procurement and supply chain management risks by monitoring risk levels for individual first and second tier suppliers:
1st
Tier Suppliers
- Iron & Steel Manufacturers
- Structural Metal Product Manufacturers
- Engine & Turbine Manufacturers
- Tire Manufacturers
- Metal Stamping & Forging Manufacturers
2nd
Tier Suppliers
- Iron Ore Mining Firms
- Aluminum Manufacturers
- Screw, Nut & Bolt Manufacturers
- Plastic & Rubber Machinery Manufacturers
- Metalworking Machinery Manufacturers
Biggest Golf Carts Suppliers in the US by Revenue
The largest Golf Carts vendors by revenue in the US are Textron Inc., Yamaha Corp and Garia Inc. Subscribers can sort and filter by market share concentration, profit level and other factors. Learn more
| Supplier | Operational Size | Headquarters | Number of Employees | Market Share (%) | Market Share Performance (3yr trend) | Total Revenue ($ million) | Profit Level (%) | Risk Level |
|---|---|---|---|---|---|---|---|---|
| Yamaha Corp | Global | Hamamatsu, JP | >10,001 | 15-20 | ||||
| Textron Inc. | Global | PROVIDENCE, RI | >10,000 | 25+ | ||||
| Garia Inc. | International | Houston, TX | 101-250 | 5-10 | ||||
| Ingersoll Rand Inc. | Global | DAVIDSON | >10,000 | 5-10 | ||||
| Nordic Group of Companies Ltd. | Global | Baraboo, WI | 1,001-10,000 | 5-10 | ||||
| Deere & Co | National | MOLINE, IL | >10,000 | < 5 | ||||
| King of Carts LLC | National | Surfside Beach, SC | 25-50 | < 5 | ||||
| NB Golf LLC | Regional | Sioux Falls, SD | <25 | < 5 | ||||
| Xiamen Dalle New Energy Automobile Co. Ltd. | Global | Xiamen, CN | 51-100 | < 5 | ||||
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Profit Analysis
The average profit margin across vendors in the Golf Carts market is 8.5% and steady. Profit levels shift depending on suppliers' spend on wages, purchases and overhead. The highest cost component for vendors is Purchases. The cost trend for this component is falling, when considering movement between 2025 and 2026. To understand cost forecasts for 2027 and uncover the implications on profit, start your subscription. Learn more
Vendor & Supply Chain Analysis
Vendor risk is moderate due to strong demand trends; however, volatile inputs such as steel can pose a financial risk since they can significantly cost vendors.
The golf cart market has a high market share concentration. The top four vendors are all manufacturers, including Textron, Yamaha, Ingersoll Rand, Inc., and Garia, which together make up more than 50.0% of market revenue.
Golf cart vendors are exposed to a moderate supply chain risk, primarily due to the volatility of steel prices. As a globally traded commodity, steel prices are subject to large fluctuations due to trends in supply and demand, international trade laws, currency exchange rates, and more.
Supplier Information
Yamaha Corp
Yamaha Corp is a public company operating globally in the manufacturing sector. The company's offerings include golf carts and portable generators. Founded in 1887, the company is currently headquartered in Hamamatsu, Japan with an estimated employee count of over 10,000. Subscribe to learn more
Textron Inc.
Textron Inc. is a public company operating globally in the manufacturing and information sectors. The company's offerings include unmanned aerial vehicles, tow tractors, ground power units, golf carts, all-terrain vehicles. Founded in 1923, the company is currently headquartered in PROVIDENCE, Rhode Island,... Subscribe to learn more
Garia Inc.
Garia Inc. is a private company operating internationally in the manufacturing sector. The company's offerings include golf carts. Founded in 2005, the company is currently headquartered in Houston, Texas, United States of America with an estimated 175 employees. Subscribe to learn more
Ingersoll Rand Inc.
Ingersoll Rand Inc. is a global provider of air, gas, liquid, and solid flow creation technologies. It organizes its business into two segments: the Industrial Technologies and Services segment, which designs, markets, and services a broad range of air and gas compression, vacuum and blower products, fluid... Subscribe to learn more
Nordic Group of Companies Ltd.
Nordic Group of Companies Ltd. is a private company operating globally in the manufacturing sector. The company's offerings include golf carts. Founded in 1947, the company is currently headquartered in Baraboo, Wisconsin, United States of America with an estimated 5500 employees. Subscribe to learn more
Deere & Co
Deere & Co is a public company operating nationally in the manufacturing and wholesale trade sectors. The company's offerings include soil preparation machinery, planting & seeding machinery, harvesting machines, agricultural dispersing & spraying equipment, forestry & logging equipment. Founded in 1837, Subscribe to learn more
King of Carts LLC
King of Carts LLC is a private company operating nationally in the manufacturing sector. The company's offerings include golf carts. Founded in 2009, the company is currently headquartered in Surfside Beach, South Carolina, United States of America with an estimated 37 employees. Subscribe to learn more
NB Golf LLC
NB Golf LLC is a private company operating regionally in the manufacturing sector. The company's offerings include golf carts. Founded in 1972, the company is currently headquartered in Sioux Falls, South Dakota, United States of America with an estimated 15 employees. Subscribe to learn more
Polaris Inc.
Polaris Inc. is a global designer, manufacturer, and marketer of powersports vehicles. It organizes its business into three segments: the Off-Road segment, which consists of off-road vehicles and snowmobiles for various terrains and applications; the On-Road segment, which produces motorcycles, motoroadsters,... Subscribe to learn more
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Procurement Management KPIs for the Golf Carts Market
Managing vendor performance throughout the contract period is easier when tracking specific key performance indicators (KPIs). For example, buyers should monitor Average Time to Repair and Cash Flow. Buyers may experience better performance throughout their contracts if they establish service level agreements (SLAs) based on Warranties and other factors.
| KPI | Level of Importance (1-5) | Measurements | Key Considerations |
|---|---|---|---|
| Average Time to Repair |
|
Total time to complete repairs Average length of time until repairs begin Average time spent during regular maintenance |
Vendors that frequently provide prolonged repair durations may cause buyers to face increased downtime and operational disruptions. Tracking the average time to repair may reveal to buyers whether they should renegotiate maintenance contracts or find third-party repair services to reduce downtime. |
| Cash Flow |
|
Annual financial reports of positive cash flow Quarterly financial reports of positive cash flow |
Vendors with positive cash flow are preferred because this indicates a higher level of profitability and solvency. Positive cash flows give insight into the vendors’ current and potential finances, which help determine the level of vendor risk. |
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Questions to Ask During Procurement Negotiations
How can I gain leverage during negotiations?
Quality Control
What internal testing procedures do you use to ensure product quality?
How often do you experience defects with your golf carts?
Supply Chain Risk
What percentage of your revenue has been dedicated to raw input materials for the past three years?
Do you source materials from multiple suppliers or a single supplier?
Vendor Financial Risk
What is your company's sales history for the past five years?
Has your company ever been at risk of bankruptcy?
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Golf Carts RFP Guidelines
What should my RFP include?
Organizational Overview
Buyers should describe their operations (industrial, outdoor, indoor, recreational, etc.), including terrain, weather conditions, and general transportation needs.
Buyers should provide a detailed description of their management structure, including to whom vendors will report.
Statement Of Need
Buyers should list the number of golf carts they need.
Buyers should describe the horsepower, color, roof type, and other characteristics of the golf carts they require.
Project Budget
Buyers should explicitly state the total contract amount.
Buyers should explain the schedule by which payments will be made.
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- Supply chain and vendors
- Global supplier breakdown
- Market share concentration
- Regulation and business requirements
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