A golf cart or golf car is a small vehicle, which designed to carry two golfers and their golf clubs around a golf course. Golf carts are available in a wide range of formats and are used to convey a small number of passengers at less speed and shorter distances. According to the American National Standards Institute (ANSI), a golf cart is a self-propelled vehicle driven by electric motors and internal combustion engines typically meant for and used on golf courses for transporting golfers and their equipment. Battery operated vehicles (BOVs) used for internal transportation of man and material, with an average speed of 25–50 Kmph.
The India Golf Cart Market was estimated to account for US$ 17.3 Million in terms of value in 2021 and is predicted to grow at a CAGR of 21.8% during the forecast period (2022 to 2030).
Recent Developments:
Market Driver:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 17.3 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 21.8% | 2030 Value Projection: | US$ 100.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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. |
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Restraint:
India Golf Cart Market - Impact of Coronavirus (Covid-19) Pandemic:
India has imposed nationwide lockdown to restrict the spread of COVID-19 disease. For instance, Government of India have imposed lockdown from 25 March to 1 July until the further notice. Moreover, due to the Lockdown, there were shortage of the workers at the manufacturing facilities. And due to the less manpower, the manufacturing facilities were struggling to move the products so the supply chain and logistics of the golf manufacturing industries got hampered. Owing to that, the COVID-19 pandemic hindered India golf cart market growth.
Market Trends
A recent trend observed in the India golf cart market is increasing demand for customization by end users in relation to vehicle aesthetics and seating capacity. To leverage this opportunity, manufacturers have expanding their offerings and providing customized solutions according to end-use applications. There is increasing demand for luxury, vintage and outdoor catering carts in India. Hotels & resorts, rental services, and amusement parks are some of the major end users with high demand for customization.
Growing popularity golf carts as a means of internal transportation have resulted in increasing adoption of various events such as expos, symposiums, tradeshows, exhibitions, and weddings. However, the need for golf carts in such events is limited to a couple of days or weeks. Thus, most end users prefer rental services in such situations. Event management firms are increasingly opting for golf cart rental to meet their internal transportation needs.
Market Opportunity:
As per the Union Budget 2016-2017, custom duties on imported golf carts in India was increased from 10% to 60%. This six-fold increase on custom duties has opened up wide opportunities for Indian manufacturers to elevate their sales and market share. Furthermore, the government of India’s ‘Make in India’ campaign is expected to create viable environment for the manufacture of golf carts in India by attracting significant FDI. Apart from this campaign, the government is focused on initiatives such as The National Electric Mobility Mission Plan (NEMMP 2020), Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME) and National Green Tribunal Act (2010).
The India golf cart market is in nascent stage and hence there are multiple opportunities for technological advancements to capitalize. Among these, regenerative banking is the major where technology conserves energy that is usually wasted as heat during braking. Another major development to increase the reliability of golf carts is to adopt solar-electric hybrid. Development of batteries such as Lithium-ion batteries and lithium polymer batteries are expected to significantly increase travel range and load-carrying capacity of golf carts.
Figure 1. India Golf Cart Market, Revenue Share (%), By Product Type Segment, 2021
In India Golf Cart Market, by Product Type segment, electric segment dominated the global market in 2021, accounting for 98.2% share in terms of value
Figure 2: India Golf Cart Market (US$ Mn) Analysis and Forecast, 2017 - 2030
India Golf Cart Market was valued at US$ 17.3 Mn in 2021 and is expected to reach US$ 100.5 Mn by 2030, growing at a CAGR of 21.8% between 2022 and 2030.
Major players operating in the India Golf Cart Market include Leading Companies active in the market include 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.
A golf cart or golf car is a small vehicle, which designed to carry two golfers and their golf clubs around a golf course. Golf carts are available in a wide range of formats and are used to convey a small number of passengers at less speed and shorter distances. According to the American National Standards Institute (ANSI), a golf cart is a self-propelled vehicle driven by electric motors and internal combustion engines typically meant for and used on golf courses for transporting golfers and their equipment. Battery operated vehicles (BOVs) used for internal transportation of man and material, with an average speed of 25–50 Kmph.
In 2021, India Golf Cart Market is estimated to reach US$ 17.3 Million in terms of value.
Market Dynamics
India has witnessed rapid urbanization in the last two decades. According to the World Bank, over 33% of the Indian population lived in urban areas in 2015 as compared to 18% in 1965. Growing urbanization combined with increasing industrialization has led to boost in mall culture, amusement and theme parks, and hi-tech and smart housing projects. Such development is expected to accelerate the demand for internal transportation, in order to carry people and goods. Furthermore, golf carts are emerging as a significant part of industries for internal transportation. Thus, rapid urbanization and industrialization are expected to drive growth of the market during the forecast period. Golf carts are battery-operated vehicles with simple build and maximum speed of up to 31 km/h. As a result of this, golf cars have become most favored vehicles in public places such as tourist spots, railway stations, and airports. Moreover, golf carts are easy to operate and do not require trained people to operate them. Besides, golf carts fall under electric vehicles, which have power of less than 250 W and are generally not categorized as motor vehicles. Hence, no transport rules are applicable to golf carts in India. Leniency in government regulations, coupled with simplicity in the manufacture of golf carts, has boosted production of golf carts in the country. Hence, these factors are expected to propel the India golf cart market growth over the forecast period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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