India Golf Cart Market was valued at US$ 17.3 Million in 2021 and is expected to surpass US$ 100.5 Million by 2030, registering a CAGR of 21.8% during the forecast period (2022-2030), according to the India Golf Cart Market, 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), by Regulator Type (Single Stage and Dual Stage), published by Coherent Market Insights.
A golf cart is a small vehicle used to carry two golfers with their golf clubs in and around the golf course. Generally, a golf cart is battery operated and its price ranges from under US$ 1,000 to over US$ 20,000, depending upon several factors. Battery operated vehicles are used for internal transportation of man or material with an average speed of 25-50 km/h. Moreover, including electrically operated large vehicles such as buses and excluding battery-operated vehicles with material handling equipment fitted in it such as a forklift, pallet trucks, etc.
The India Golf Cart Market was estimated to account for US$ 17.3 Mn in terms of value in 2021 and is predicted to grow at a CAGR of 21.8% during the forecast period (2022 to 2030).
Key Developments
Key companies are focused on acquisitions, in order to extent their market presence and portfolio. For instance, in June 2022, Club Car, LLC, a manufacturer of electric and gas golf, utility and personal transportation automobiles, has acquired Garia A/S, a manufacturer of electric street legal low-speed vehicles, through this acquisition Club Car, LLC plans to increase their global reach and accelerate their growth globally.
Market Driver
Growth of infrastructure plays a crucial role in growth of the country’s economy. Significant investment is being made in the construction and renovation of infrastructures including airports, golf courses, housing projects, and amusement parks. In the Union Budget 2016–2017, the government announced plans to revive over 160 unserved and underserved airports across India. Over the next 10 years, about 50 airports are expected to begin operations, thus creating significant demand for golf carts as golf carts are preferred for transportation of passengers as well as luggage at airports. According to India Brand Equity Foundation (IBEF) 2016, the government of India invested around INR 25 Tn for the next three years. This includes INR 8 Tn for the development of 27 industrial clusters across the country and INR 5 Tn for development of transportation facilities. Moreover, in February 2016, Adlabs Entertainment (AEL) announced plans to set up two new theme parks in north and south India over the next five years. Thus, these factors are expected to support growth of the India golf cart market during the forecast period.