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.
Golf carts provide convenient short-distance transportation solutions for golf courses and large industrial campuses. They are emission-free vehicles and have advantages such as low maintenance cost and high maneuverability. Growing number of golf courses and industrial parks in India is fueling the demand for golf carts in the country.
Market key trends:
The India golf cart market growth is primarily driven by the increasing number of golf courses in the country. According to Golf Association of India, the number of golf courses increased from around 150 in 2010 to over 210 in 2020. State governments are also promoting golf tourism by developing new golf courses especially in tourist destinations such as Kashmir, Himachal Pradesh, and Goa. This is positively impacting the demand for golf carts in India. Additionally, rising use of technologically advanced lithium-ion batteries in golf carts is gaining popularity. Lithium-ion battery golf carts have higher power capacity and require less maintenance compared to traditional lead-acid batteries. Manufacturers are focusing on developing electric golf carts with lithium-ion batteries to cater to the growing demand.
Threat of new entrants: Low as Golf Cart market in India requires significant investment and brand recognition to successfully establish a new business. Bargaining power of buyers: High as there are several established brands providing variety of product choices. Bargaining power of suppliers: Moderate as raw material required for Golf Carts manufacturing are easily available. Threat of new substitutes: Low as Golf Carts have no close substitutes and have carved a niche in niche Golf course market. Competitive rivalry: High among existing brands to gain market share in growing market.
Strength: Established brand recognition and distribution network. Varied product portfolio catering to different segments. Weakness: High reliance on niche Golf market for revenues. Supply chain disruptions can impact production. Opportunity: Untapped rural market and tourism sector provide growth avenues. Emerging premium and electric Golf Cart segments offer opportunities. Threats: Rising input costs and stringent emission norms can squeeze margins. Intense competition from local and international brands.
India Golf Cart Market Demand is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing popularity of golf tourism and rising disposable income. Western and Southern regions dominate the market currently due to high number of golf courses. The Eastern region is anticipated to offer lucrative growth opportunities with rising tourism and infrastructure development.
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. The Indian market is dominated by domestic brands like Auto Power and Volmac Engg. due to their widespread distribution and affordable price points. Yamaha Gulf-Car Company and Club Car LLC have a growing presence in the premium electric Golf Cart segment.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it