India Golf Cart Market Is Estimated To Witness High Growth Owing To Growing Tourism Industry In India
Golf carts, also known as buggies, are small vehicles primarily used for transportation at golf courses or in residential areas. They provide an environment friendly mode of transportation that produce less sound and zero emissions. These carts can carry 2-4 golfers including their golf bags and gear. They come equipped with features like adjustable seats, storage compartments, and GPS systems. The global golf cart market has witnessed strong growth in developed markets, however, in India it is still in a nascent stage.
The global India Golf Cart Market is estimated to be valued at US$ 25.66 Mn or Mn in 2024 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:
One of the key drivers for the growing India golf cart market is the tourism industry in India. Golf tourism is emerging as an important segment within the leisure tourism industry in India. Several states like Himachal Pradesh, Manipur, Karnataka and Kerala are actively promoting golf tourism by developing world class golf courses and facilities. This is expected to fuel the demand for golf carts in India during the forecast period. Further, rising disposable incomes and growing interest of young population in leisure sports like golf is also expected to support the market growth. However, high initial investment and maintenance cost of electric golf carts may limit their adoption, especially in emerging golf destinations in India.
SWOT Analysis
Strength: The India golf cart market benefits from rising enthusiasm for golf as a hobby among the urban population. Many new golf courses are being built which will drive demand for golf carts over the coming years. Golf cart manufacturers in India also possess strong production capabilities and supply chains.
Weakness: Golf remains an expensive sport restricted to high income groups in India currently. The overall market size remains relatively small compared to developed markets. Golf carts also have higher maintenance costs than other utility vehicles.
Opportunity: Golf tourism is seeing rising popularity globally which could boost interest in golf in India as well. Several state governments are promoting golf to attract foreign investment and tourists. This offers scope to expand the market. New battery technologies may help reduce costs and support more affordable golf cart models.
Threats: Rising input costs of materials could squeeze profit margins for golf cart makers. Strict emission norms may lead to additional compliance costs. Competition from other recreational activities impacts interest in taking up golf long term.
Key Takeaways
The global India Golf Cart Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising interest in golf and expansion of golf courses in India. 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.
The regional analysis indicates that western and southern states like Maharashtra, Karnataka and Tamil Nadu dominate the golf cart market currently owing to higher disposable incomes and larger number of golf resorts in these regions.
Key players operating in the India golf cart market are Yamaha Motor India, Cub Cadet, Columbia Vehicle Group Inc, Textron Specialized Vehicles, Suzhou Eagle Electric Vehicle Manufacturing, and Garia A/S.
For more insights, read- https://www.pressreleasebulletin.com/india-golf-cart-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.pressreleasebulletin.com/immunology-market-trends-size-and-share-analysis/
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