Golf carts are small vehicles used on golf courses to transport golfers and their equipment around the course. They are usually petrol-electric hybrids or electric vehicles with top speeds under 20 mph. Golf carts are commonly used at resorts, hotels, and private golf courses to shuttle golfers between their accommodation and the golf course. They provide comfortable and emission-free transportation for golfers of all ages and physical abilities. The global golf cart market is driven by an increasing number of resorts, hotels, and private country clubs establishing golf courses as part of their recreational facilities. This growth in the number of golf courses is fueling the demand for reliable and environmentally-friendly transportation solutions like golf carts.
The global India Golf Cart Market is estimated to be valued at US$ 25.66 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The India Golf Cart Market is witnessing high growth owing to the growing adoption of golf carts in resorts and hotels. With the rising number of resorts and hotels developing golf courses and leisure facilities, the demand for golf carts to transport golfers within the premises is increasing steadily. Additionally, the growing popularity of golf as a recreational sport among Indian tourists and business travelers is also driving the incorporation of golf carts in hotel operations. Furthermore, golf carts provide a comfortable, zero-emission solution suitable for transportation needs in large resort properties with rolling terrains. They reduce travel time and improve the golfer experience compared to walking between areas. These factors are expected to boost the sales of golf carts in India over the forecast period.
SWOT Analysis
Strength: The India Golf Cart Market has strong demand from commercial users such as golf courses, hotels and resorts. The infrastructure development across India has increased demand for golf courses and resorts which acts as a growth driver. Government policies promoting tourism also indirectly support growth of golf carts. Many local players offer customized golf carts at competitive prices.
Weakness: The unorganized sector accounts for a large share of golf cart manufacturing in India. These players have low quality standards and cannot meet BIS certification requirements thereby limiting sales potential. There is low brand awareness about technical features and benefits of golf carts across non-metro cities in India.
Opportunity: Growth in senior citizen population and their increased participation in leisure activities will augment demand. Rising health awareness is positively impacting participation in golf. The introduction of lightweight, compact electric models with smartphone connectivity and AV features can tap into new consumer segments. Partnerships with golf associations to promote usage in tournaments provides an untapped opportunity.
Threats: Fluctuations in raw material prices especially for steel and aluminum can squeeze margins for manufacturers. Imports of golf carts from China and other Asian countries provide competition on cost. High GST rates on golf carts act as a deterrent for commercial buyers.
Key Takeaways
The global India Golf Cart Market Demand is expected to witness high growth driven by infrastructure development across the country and initiatives to promote tourism. The residential and commercial construction sectors are investing heavily in building golf courses and resorts which is a major demand driver. Metros and tier I cities contribute over 60% of current sales but non-metro regions offer significant headroom for growth in future. The global India Golf Cart Market is estimated to be valued at US$ 25.66 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis India's western and southern regions have seen maximum golf infrastructure development and accounts for over 70% of total golf cart demand currently. Cities like Mumbai, Bengaluru, Chennai, Delhi NCR, Pune and Ahmedabad have many international standard golf courses attracting both amateur and professional golf tournaments. These regions are expected to continue dominating sales in coming years.
Key players operating in the India Golf Cart Market are Kogel Trailer GmbH & Co. KG, Wabash National Commercial Trailer Products, Randon Implementos, Great Dane Trailers, Inc., Gray & Adams Ltd., Utility Trailer Manufacturing Company, Hyundai Translead, Montracon Ltd., Schmitz Cargobull AG, Lamberet Refrigerated SAAS, and Fahrzeugwerk Bernard KRONE GmbH. These companies have a dominant presence across metros and tier I cities through distributor networks. Local customized golf cart manufacturers also have a significant share.
Explore more related article on this topic: https://www.ukwebwire.com/india-golf-cart-market-growth-analysis/
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