The India golf cart market has been growing significantly over the past few years owing to the rising popularity of golf tourism and increasing number of golf courses in the country. Golf carts offer convenient transportation solutions for travelling within golf courses and provide comfortable commute for golfers carrying bags and equipment. The availability of electric-powered, fuel-efficient, and environment-friendly golf carts has further fuelled their demand. Additionally, golf cart manufacturers are focusing on introducing technologically advanced golf carts with improved features such as charging indicators, anti-theft mechanisms, Bluetooth connectivity and LED headlights.
The Global India golf cart market is estimated to be valued at US$ 29.57 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
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.
Key players are focusing on expanding their product portfolios by launching golf carts with new designs, features and improved battery technologies. For instance, Kogel Trailer GmbH & Co. KG launched its new ClubCar Precedent golf cart models with LED headlights and Bluetooth connectivity.
The growth of golf tourism in India is expected to open lucrative opportunities for golf cart manufacturers. States like Himachal Pradesh, Kerala, Goa and Assam are witnessing increasing investments in developing new golf courses and resorts to attract domestic and international golf tourists.
Key companies are planning to expand their presence in global markets like the Middle East, Africa and Southeast Asia. For example, Wabash National Commercial Trailer Products has set up a new manufacturing plant in Dubai to cater to the Gulf countries.
Market Drivers
Growing popularity of golf as a sport - Rising interest among the young population and emergence of new golf clubs and resorts in India are driving the demand for golf carts.
Increasing investments in golf infrastructure - Government initiatives to develop golf tourism and establishment of international standard golf courses are propelling the golf cart market.
Market Restraints
High procurement and maintenance costs - Golf carts have high initial purchase costs while their regular maintenance and repairs add to the overall expense.
Substitute transportation options - Developing public transportation systems provide alternatives to golf carts, limiting their demand.
Segment Analysis
The India golf cart market growth is dominated by the gasoline golf cart sub segment. Over 60% of the overall market share is commanded by gasoline golf carts as they are more affordable and provide better performance on undulating terrains compared to electric golf carts. While electric golf carts have lower maintenance costs and produce zero emissions, restricted range and high acquisition costs, especially of batteries, have slowed down their adoption in India. However, with rapid infrastructure development and rising tourist inflow into golf resorts and clubs, demand for high-end, special utility vehicles and electric golf carts catering to global standards is surging steadily.
Global Analysis
Regionally, Western India accounts for over 40% of the overall India golf cart market demand led by prominent golfing destinations like Maharashtra and Gujarat. These states are witnessing strong GDP growth alongside massive investments in leisure infrastructure development including golf courses, resorts and clubs. Bulk of the remaining demand comes from Southern and Northern regions of the country. Southern India, led by demand from Tamil Nadu and Andhra Pradesh, is the fastest expanding regional market for golf carts given increased foreign tourist arrivals and middle class interest in the sport. Prominent golf equipment manufacturers are also focusing on these high potential regions through strategic tie-ups with golf facility owners and dealers.
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