Growing Urban Population In Tier 2 And 3 Cities Is Anticipated To Openup The New Avanue For India Golf Cart Market
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| Golf Cart Market |
The India Golf Cart Market is estimated to be valued at US$ 25.66 Mn or Mn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Golf carts are battery-powered vehicles used to transport golfers and their
equipment around golf courses and for convenience purposes at public parks,
resort communities, and airports. Growing golf tourism in India driven by
rising numbers of golf courses is driving demand for these specialty vehicles
in the country. Golf carts come in various models suited for both personal and
commercial applications.
Market Dynamics:
India is witnessing a rapid urbanization with middle-class population shifting
to Tier 2 and Tier 3 cities. This is augmenting the construction of public
amenities such as gardens, parks, and recreational areas in these cities.
Subsequently, the demand for outdoor mobility solutions such as golf carts is
increasing from local administrations to facilitate mobility around expansive
public grounds. Moreover, the growth of India's travel and tourism industry is
propelling the development of integrated townships and residential communities which
are incorporating golf courses and grounds. This is creating widespread demand
for convenient transportation options such as golf carts for internal commute.
Additionally, rising affluence is enabling more individuals to take up golf as
a hobby as well as a business networking activity. This is driving the sales of
personal use golf carts for commute within golf courses.
Political: The government of India is taking various initiatives such as FAME India scheme to promote electric vehicles in the country, which is positively impacting the adoption of electric golf carts.
Economic: The growing GDP and disposable income has increased golf tourism and country club memberships in India, thereby driving the demand for high-end products like golf carts.
Social: Golf is seen as a luxury sport played by the affluent sections of the society. However, growing popularity of golf as a sport and rising number of golf courses are expanding the potential consumer base for golf carts.
Technological: Continuous technological advancements are aiding improved vehicle range, reduced charging time, and enhanced safety features of electric golf carts, which is attracting more customers.
Key Takeaways
India Golf Cart Market Demand was valued at US$ 25.66 Mn in 2023 and is expected to reach US$ 54.76 Mn by 2030, expanding at a CAGR of 21% during the forecast period. Factors such as growing popularity of golf tourism and rising golf participation are expected to drive the demand for golf carts in India.
Regionally, South India has emerged as the fastest growing regional market for golf carts. States like Andhra Pradesh, Karnataka, and Kerala are witnessing rising installations of golf courses and country clubs, thereby augmenting the sales of golf carts in the region.
Key players operating in the Indian golf cart market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. These players are focusing on launching innovative electric golf cart models with advanced technologies and attractive design to strengthen their position.
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