In January 2015, Technavio, one of the top technology research and advisory firms in the world, released a new report titled Global Golf Cart Market 2015-2019. The report details the market and what to expect from it in the immediate future. A few of the factors for the increased vitality of the golf cart market that are presented in the report are improved economic conditions and the evolution of consumer lifestyles.

“As income levels increase worldwide, participation in golf is also increasing, which is affecting the popularity of the game,” said Faisal Ghaus, the vice president of TechNavio. “Moreover, the game has seen a marked increase in participation from both the genders.”

Ghaus also commented on the technology aspect of the golf cart market, such as the development of more efficient, longer-lasting batteries. “With the improved features and advantages of lithium-ion batteries, vendors are increasingly using them in newer models of golf carts, which is expected to boost the overall market growth,” he proclaimed.

Other factors leading to growth in the market include the introduction of solar-powered golf carts and other technology, a rise in consumer confidence and the emergence of strong economies in China and India. Also, golf has been slated for inclusion in the 2016 Summer Olympics to be held in Brazil.

The report also brought to light a few challenges facing the market for new golf carts, and one of the largest obstacles is a lack of infrastructure for parking and charging them. Despite these challenges, Technavio predicts the market will grow by 4.29 percent through 2019.