June 15, 2024
India Golf Cart Market

India Golf Cart Market Is Projected To Driven By Increasing Interest In Golf Tourism

Golf carts, also known as buggies or trolleys, are designed to transport golfers and their equipment around a golf course. They are battery powered and provide low-speed motorized transportation on greens and fairways. Golf carts are essential for golfers to navigate large golf courses effectively and efficiently. Golf carts enable golfers of any age or physical ability to enjoy the game. They are eco-friendly, cost-effective, and safe modes of transportation compared to other motor vehicles on golf courses. The rising interest in golf as a recreational sport and the growth of golf tourism in India has increased the demand for high-quality and durable 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 key trends

The golf cart market in India is witnessing considerable growth driven by increasing interest in golf tourism. States like Maharashtra, Karnataka, Tamil Nadu, Haryana, and Delhi NCR are emerging as popular golf tourism destinations in India owing to the presence of internationally designed golf courses and favorable climatic conditions. Various state governments are promoting golf tourism by organizing national and international golf tournaments which is further driving the golf cart rental business. Leading golf cart manufacturers are focusing on developing technologically advanced electric golf carts with extended battery life, GPS tracking, Bluetooth connectivity, and USB charging ports to attract more tourists and professional golfers. The growing popularity of environmentally-friendly electric golf carts compared to gas-powered variants is another major trend in the India golf cart market.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as golf cart manufacturing does not require high capital investments or technology. However, established brands have strong brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous golf cart manufacturers. However, customers tend to choose reputed brands for quality and service assurance.

Bargaining power of suppliers: Parts suppliers have low to moderate bargaining power due to the availability of substitute parts suppliers and commoditized parts. However, technologically advanced components suppliers may wield some pricing power.

Threat of new substitutes: Low threat as other utility vehicles cannot substitute golf cart functionally for use in golf courses. Electric vehicles pose a potential long-term threat.

Competitive rivalry: Intense rivalry among existing golf cart manufacturers. Competition is based on pricing, product features, brand image, and after-sales service.

Key Takeaways

The India Golf Cart Market Demand is expected to witness high growth during the forecast period due to the increasing number of golf courses and rising participation in golf. 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 western region currently dominates the market due to a large number of golf courses located in states like Maharashtra and Karnataka. Major golf cart manufacturers are focusing on expanding their footprint in emerging golf hubs through partnerships with golf associations.

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., and Gray & Adams Ltd. Kogel Trailer GmbH & Co. KG is one of the largest golf cart manufacturers globally, known for its luxury fleet solutions. Wabash National Commercial Trailer Products is an American manufacturer catering to commercial transportation and logistics needs.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it