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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

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 accounted for US$ 12.1 Mn in terms of value and 1747 Units in terms volume of in 2019 and is expected to grow at CAGR of 21.0% for the period 2020-2027.

Market Dynamics- Drivers

  1. Rapid urbanization and industrialization are expected to drive growth of the India golf cart market during the forecast period

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.

  1. Ease of operations is expected to propel the India golf car market growth over 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.

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 .Due to the Lockdown, there is a shortage of the workers at the manufacturing facilities. Due to the less manpower, the manufacturing facilities are struggling to move the products. Owing to the above mentioned factors, the COVID-19 pandemic is expected to India golf cart market growth in upcoming years.

Statistics:

Electric Golf Cart segment held dominant position in product type in 2019, accounting for 98.2% share in terms of value, followed by Gasoline Golf Cart

Figure 1: India Golf Cart Market Share (%) in terms of Value, By Region, 2019

India Golf Cart  | Coherent Market Insights

Market Dynamics- Restraints

  1. High maintenance cost is expected to restrain growth of the India golf cart market during the forecast period

Generally, golf carts are similar to motor vehicles and require timely repair and maintenance operations for smooth functioning. Majority of golf carts in India are electric and come with a large set of lead-acid batteries. These batteries require numerous maintenance services such as periodic water level check/change, battery terminal corrosion check, shedding and internal shorting. Furthermore, lead-acid batteries are relatively less efficient and require frequent recharging. Golf cart motor is another component with high maintenance requirements. Thus, these factors are expected to restrain growth of the market over the forecast period.

  1. Low-quality products offered by local players are expected to hinder the India golf cart market growth over the forecast period

The majority of golf carts in India are imported from the U.S. Although over the years domestic manufacturing of golf carts has increased in India, import still holds the major share in the India golf cart market. This is typically due to the non-compliance of domestic golf cart manufacturers with international product standards. As a result, most golf carts manufactured in India require higher maintenance and have shorter average life as compared to imported carts. Hence, these factors are expected to hinder the India golf cart market growth in the near future.

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India Golf Cart Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 12.1 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 21.0% 2027 Value Projection: USD 49.4 Mn
Geographies covered:
  • India
Segments covered:
  • By Product Type: ELECTRIC and GASOLINE
  • By Seating Capacity: 2–4 Seater, 6–8 Seater and 10+ Seater
  • By Application: PSUs, Railways, Hotel/Resorts, Golf Courses, Airports, Housing Projects and Others
Companies covered:

Yamaha Golf-Car Company, 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 Auto Power.

Growth Drivers:
  • Rapid urbanization and industrialization
  • Ease of operations is expected to propel the India golf car market
Restraints & Challenges:
  • High initial Cost

Market Opportunities

  1. Increased import duties and ‘Make in India’ campaign can present lucrative business opportunities

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).

  1. Advancements in technology can provide major growth opportunities

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 2: India Golf Cart Market Value (US$ Mn), 2016 - 2027

India Golf Cart  | Coherent Market Insights

The India Golf Cart Market was valued at US$ 12.1 Mn in 2019 in terms of value and and 1747 Units in terms volume in 2019 and  is forecast to reach a value of US$ 49.4 Mn by 2027 at a CAGR of 21.0% between 2020 and 2027.

Market Trends

  1. Growing preference for custom-made golf carts

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.

  1. Rising number of golf cart rental services

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.

Competitive Section

Major companies involved in the India golf cart market are Yamaha Golf-Car Company, 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 Auto Power.

Key Developments

Major companies in the market are focused on product launches, in order to expand product portfolio. For instance, in June 2019, Club Car, a brand of Ingersoll Rand, launched offerings Onward.  

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. 

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.

Market Taxonomy

This report segments the India Golf Cart Market on the basis of Product Type, Seating Capacity, Application and Region. On the basis of Product Type, India Golf Cart Market is segmented into ELECTRIC and GASOLINE. On the basis of Seating Capacity, the India Golf Cart Market is segmented into 2–4 Seater, 6–8 Seater and 10+ Seater. On the basis of Application, the India Golf Cart Market is segmented into PSUs, Railways, Hotel/Resorts, Golf Courses, Airports, Housing Projects and Others.

Key features of the study:

  • This report provides an in-depth analysis of the India Golf Cart Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the India Golf Cart Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the India Golf Cart Market includes Yamaha Golf-Car Company, 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 Auto Power.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, Application up gradation, market expansion, and marketing tactics
  • The India Golf Cart market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the India Golf Cart Market

Detailed Taxonomy:

  • India Golf Cart Market, By Product Type:
    • ELECTRIC
    • GASOLINE
  • India Golf Cart Market, By Seating Capacity:
    • 2–4 Seater
    • 6–8 Seater
    • 10+ Seater
  • India Golf Cart Market, By Application:
    • PSUs
    • Railways
    • Hotel/Resorts
    • Golf Courses
    • Airports
    • Housing Projects
    • Others
  • Company Profiles
    • Auto Power.
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Carrieall Car Private Limited
    • Club Car, LLC
    • GDrive Golf Carts
    • Maini Material Movement Pvt. Ltd.
    • Nebula Automotive Pvt. Ltd.
    • Prevalence Ltd
    • Speedways Electric
    • Volmac Engg. (P) Limited
    • Yamaha Golf-Car Company

Browse all the market data tables and figures on “India Golf Cart Market - Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Product Type
      • Market Snippet, By Seating Capacity
      • Market Snippet, BY Application
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Seating Capacity Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. India Golf Cart Market - Impact of Coronavirus (Covid-19) Pandemic
    • Short Term
    • Long term
  5. India Golf Cart Market, BY Product Type, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • ELECTRIC
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • GASOLINE
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. India Golf Cart Market, By Seating Capacity, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • 2–4 Seater
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 6–8 Seater
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 10+ seater
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. India Golf Cart Market, By Application, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Product Type Trends
    • PSUs
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Railways
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Hotel/Resorts
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Golf Courses
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Airports
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Housing Projects
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. Competitive Landscape
    • Company Profiles
      • Auto Power.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Carrieall Car Private Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Club Car, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • GDrive Golf Carts
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Maini Material Movement Pvt. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Nebula Automotive Pvt. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Prevalence Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Speedways Electric
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Volmac Engg. (P) Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Yamaha Golf-Car Company
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “India Golf Cart Market -forecast to 2027”.

Frequently Asked Questions

The Indian market for Golf Cart is expected to reach USD 20.6 Million by 2022.
Rapid urbanization and industrialization are expected to drive growth of the India golf cart market during the forecast period.
Electric Golf Cart sub-segment holds the largest market share among Product Type segment contributing 99.2% market share in terms of value in 2019.
Golf Clubs sub-segment holds the largest market share among End-user segment contributing 24.8% market share in terms of value in 2019.
Key players operating in the India Golf Cart market are Yamaha Golf-Car Company, 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 Auto Power.
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