Golf carts are small, light electric-powered vehicles that carry two to four adults and are primarily used for transportation on golf courses. They are fuel-efficient and provide easy mobility for golfers across the course while carrying golf bags and equipment. The growing popularity of golf as a recreational sport and increasing number of golf courses in India are the major factors augmenting the demand for golf carts. The Indian golf cart market caters to the rising number of golf enthusiasts in the country.
The global India Golf Cart Market is estimated to be valued at US$ 25.66 million 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 increasing popularity of outdoor recreational activities such as golf, hiking, cycling, and camping has boosted the demand for golf carts in India over the years. As more people are participating in recreational sports for health, fitness, and leisure purposes, the need for convenient transportation means within golf courses has grown significantly. Golf carts provide easy mobility without intensive physical activity and are preferred for riding across golf courses. The rising awareness about environment-friendly transportation has further augmented the sales of electric golf carts in the country. Furthermore, increasing hotel bookings and staycation trends have encouraged the development of more golf courses and resorts, thus driving the demand for golf carts in India.
Segment Analysis
The India golf cart market is dominated by 4 seater golf carts which account for nearly 35% of the market share. 4 seater golf carts are preferred for their passenger carrying capacity and suitability for family usage for leisure activities at golf courses. 6 seater golf carts hold the second largest share and are utilized by larger families and also rented out by golf course operators for commercial purposes.
Key Takeaways
The global India Golf Cart Market Share is expected to witness high growth. The global India Golf Cart Market is estimated to be valued at US$ 25.66 million in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis:
The Western region of India accounts for over 40% of the total golf cart market led by high concentration of golf courses in states like Maharashtra and Gujarat. Eastern states like West Bengal and Odisha are emerging as high potential markets and are expected to be the fastest growing regional markets in the forecast period driven by rising recreational activities.
Key players:
Key players operating in the India golf cart market are Yamaha Golf-Car Company, Club Car, LLC, AriensCo, KC Golf Cart, and Columbia Vehicle Group Inc. Yamaha Golf-Car Company leads the market with over 30% share owing to its wide distribution network and diversified product portfolio catering to both personal and commercial segments.
For more insights, read- https://www.ukwebwire.com/india-golf-cart-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.ukwebwire.com/immunology-market-value-demand-analysis-and-forecast/
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