The India golf cart market is estimated to be valued at US$ 25.66 Mn in 2023 and is expected to exhibit a CAGR of 21. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A golf cart is a small vehicle designed to carry two or more golfers and their golf clubs around a golf course or on land. They are usually powered by electricity or gasoline. Golf carts provide convenient transportation on golf courses and allow golfers to get from one hole to the next without having to walk. They are available in various styles like pull carts for individual players, gasoline powered or electric golf carts that can seat 2-6 golfers along with their bags.
Market Dynamics:
The India golf cart market is expected to grow at a significant rate owing to growing interest among people for golf activities as a recreational sport. As disposable incomes are rising, more people are taking golf as a hobby and weekend activity which is driving demand for golf carts. India Golf Industry Survey 2018 revealed that golf participation grew over 20% from 2014 to 2018 and the number of golf facilities also increased from 126 to 162 in the same period, indicating rising popularity of the sport. This is creating robust demand for golf carts used on golf courses across the country. In addition, increasing investments by golf manufacturers for development of golf facilities and infrastructure is also fueling the market growth. However, high costs associated with golf carts may restrain the market to some extent.
SWOT Analysis
Strength: Three sentence explanation about strength here.
Weakness: The high cost of maintenance and repairs of golf carts is a major weakness. Golf cart batteries require regular maintenance and replacement, which increases overall ownership costs. Manufacturing golf carts locally also increases production costs.
Opportunity: Growing interest among young population can provide new opportunities. Increasing investments by government and golf associations to promote golf tourism is another opportunity area.
Threats: Slow adoption of electric vehicles pose challenges. Rising raw material costs can increase threat from other competing modes of transport.
Key Takeaways
India Golf Cart Market Demand is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing investments in golf infrastructure and tourism in the country. Growing health awareness and interest of young population in golf are further fueling market growth.
Regional analysis: The North region dominates the India Golf Cart market currently. The region accounts for around 35% of the total market share due to presence of many golf resorts and courses. Western region is expected to witness fastest growth during the forecast period led by upcoming golf projects and tournaments.
Key players: Key players operating in the India Golf Cart market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. Auto Power leads the market with over 20% share owing to wide service network and innovative product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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