Golf carts or golf buggies are small vehicles used to transport golfers and their equipment around golf courses. They are easy to operate and maintain and offer environment-friendly transportation solution around large golf courses. Golf carts help reduce travel time between holes and clubhouses. With increasing number of golf courses and rising participation in golf sports, demand for specialized golf carts is growing in India.
The global India Golf Cart Market is estimated to be valued at US$ 25.66 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising popularity and participation in golf sports across India presents a major market opportunity for golf cart manufacturers. According to reports, golf participation in India has grown over four folds in the last decade with number of golfers increasing from 50,000 to over 2,00,000 currently. This is attributed to growing interest among young working professionals and increasing number of golf courses coming up across major cities. States like Maharashtra, Karnataka, Delhi, Punjab, Haryana etc are witnessing higher growth in number of golfers. With continued efforts to promote golf as a sport and develop world class golfing infrastructure, golf cart demand is expected to significantly grow to meet needs of new golfers, private golf clubs and resorts coming up across India. This rising popularity and participation in golf presents a lucrative opportunity for golf cart manufacturers to tap into the burgeoning Indian market.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the India golf cart market is low as it requires high initial investments and established brand image.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple brands offering golf carts. Buyers can negotiate on prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as changing suppliers involves compliance and testing requirements.
Threat of new substitutes: The threat of substitutes is low as golf carts have no close substitutes for transportation on golf courses.
Competitive rivalry: The competition is high among existing players to gain market share.
SWOT Analysis
Strength: India golf cart market has witnessed growth owing to rising number of golf courses and players in the country.
Weakness: High initial investment and maintenance cost of golf carts is a challenge for small businesses. Supply chain disruptions can raise prices.
Opportunity: Golf tourism is growing which will drive demand for advanced and stylish golf carts. Introduction of electric golf carts provide an opportunity due to focus on sustainable transportation.
Threats: Economic slowdown can decrease discretionary spending on golf activities impacting sales. Rise in number of used and refurbished golf carts act as alternatives.
Key Takeaways
The India Golf Cart Market Share is expected to witness high growth during the forecast period led by projects to develop new golf courses. The western and southern regions dominate current sales due to high number of professionals and tourists playing golf. The global India Golf Cart Market is estimated to be valued at US$ 25.66 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis: The western and southern regions are major markets for golf carts in India. Cities like Delhi, Mumbai, Bengaluru, Chennai and Ahmedabad have leading golf courses driving local sales.
Key players: Key players operating in the India golf cart market are Yamaha Golf Cars, Club Car, EverGreen Electrical Vehicles, Garia and Navitas EV.
For more insights, read- https://www.newsstatix.com/india-golf-cart-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.newsstatix.com/immunology-market-trends-size-and-share-analysis-2/
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The global Golf Cart market is poised to expand at a CAGR of over 5.5% during the forecast period (2019-2028)The recent report on the global Golf Cart market published by the Fact.MR includes the impact of COVID-19 on the Growth of Golf Car market.
Severe economic crisis are being faced by each and every country of the world.
This has affected each and every market in the world and it will take a good amount of time to recover.
The Golf Cart market study includes the current market scenario on the global platform and also forecasts the market development during the forecast period.
