India Golf Cart Market was valued at US$ 17.3 Million in 2021 and is expected to surpass US$ 100.5 Million by 2030, registering a CAGR of 21.8% during the forecast period (2022-2030), according to the India Golf Cart Market, By Product Type (ELECTRIC and GASOLINE), By Seating Capacity (2–4 Seater, 6–8 Seater and 10+ Seater), By Application (PSUs, Railways, Hotel/Resorts, Golf Courses, Airports, Housing Projects and Others), by Regulator Type (Single Stage and Dual Stage), published by Coherent Market Insights.
A golf cart is a small vehicle used to carry two golfers with their golf clubs in and around the golf course. Generally, a golf cart is battery operated and its price ranges from under US$ 1,000 to over US$ 20,000, depending upon several factors. Battery operated vehicles are used for internal transportation of man or material with an average speed of 25-50 km/h. Moreover, including electrically operated large vehicles such as buses and excluding battery-operated vehicles with material handling equipment fitted in it such as a forklift, pallet trucks, etc.
The India Golf Cart Market was estimated to account for US$ 17.3 Mn in terms of value in 2021 and is predicted to grow at a CAGR of 21.8% during the forecast period (2022 to 2030).
Key Developments
Key companies are focused on acquisitions, in order to extent their market presence and portfolio. For instance, in June 2022, Club Car, LLC, a manufacturer of electric and gas golf, utility and personal transportation automobiles, has acquired Garia A/S, a manufacturer of electric street legal low-speed vehicles, through this acquisition Club Car, LLC plans to increase their global reach and accelerate their growth globally.
Market Driver
Growth of infrastructure plays a crucial role in growth of the country’s economy. Significant investment is being made in the construction and renovation of infrastructures including airports, golf courses, housing projects, and amusement parks. In the Union Budget 2016–2017, the government announced plans to revive over 160 unserved and underserved airports across India. Over the next 10 years, about 50 airports are expected to begin operations, thus creating significant demand for golf carts as golf carts are preferred for transportation of passengers as well as luggage at airports. According to India Brand Equity Foundation (IBEF) 2016, the government of India invested around INR 25 Tn for the next three years. This includes INR 8 Tn for the development of 27 industrial clusters across the country and INR 5 Tn for development of transportation facilities. Moreover, in February 2016, Adlabs Entertainment (AEL) announced plans to set up two new theme parks in north and south India over the next five years. Thus, these factors are expected to support growth of the India golf cart market during the forecast period.
India Golf Cart Market - Impact of Coronavirus (Covid-19) Pandemic:
Nearly every industry in the India was heavily impacted by the Covid-19 pandemic led to an extremely negative impact on the demand outlook for the golf cart market. Supply chain operations were disrupted causing shortage of raw materials and components required for golf cart manufacturing. This hampered the demand and manufacturing of golf cart which have wide applications in the club-and-ball sport and automotive industry. Hence the golf cart market witnessed slow growth during the pandemic.
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Browse 150 market data tables* and 90 figures* on “India Golf Cart Market forecast to 2030”
Key Trends and Analysis of the India Golf Cart Market:
- Golf carts are increasingly being used as a means of marketing and promotion at various places such as railway stations, housing projects, and golf courses. These carts are specifically modified to accommodate banners and advertisement boards for different products and services. For instance, railway stations are increasingly adopting golf carts for endorsement and advertisement activities. According to the Minister of State for Railways, around 70 golf carts have been deployed at 48 major railway stations as part of CSR activities by various companies, NGOs, trusts, and corporate firms.
- Demand for high-quality golf carts by end users such as hotels, resorts, and golf courses mostly prefer to buy imported golf carts. High-quality products by international manufacturers such as Club Car and Yamaha are boosting imports in India. Increasing imports is also due to low-quality products offered by Indian manufacturers. Moreover, the Export Promotion Capital Goods (EPCG) scheme exempts hotels, golf courses and resorts from paying customs duties on imported golf carts as these entities bring in significant amount of foreign currency to India.
- Major players operating in the India Golf Cart Market include 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.
