July 25, 2024
India Golf Cart Market
Ict

India’s Golf Cart Market Set for Growth by Rising Affinity Towards Golf Tourism

The India golf cart market has grown exponentially in recent times owing to the increasing popularity of golf tourism and facility management services. Golf carts offer convenience, comfort, and environmental friendliness for transportation needs over golf courses. They are equipped with features such as all-terrain wheels, rear or four-wheel drives, comfortable seating, adjustable steering and speed controls tailored for safe operation. The growing senior population in India requiring assistive mobility has further boosted the demand.

The Global India Golf Cart Market is estimated to be valued at US$ 2.72 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the India golf cart market are Kogel Trailer GmbH & Co. KG, Wabash National Commercial Trailer Products, Randon Implementos, Great Dane Trailers, Inc., Gray & Adams Ltd., Utility Trailer Manufacturing Company, Hyundai Translead, Montracon Ltd., Schmitz Cargobull AG, Lamberet Refrigerated SAAS, and Fahrzeugwerk Bernard KRONE GmbH. The growing number of golf courses and tourism destinations have propelled cart rental and purchase businesses across the country. Major players are expanding their fleets in tier 1 and tier 2 cities to leverage the increasing demand. With rising leisure and sports tourism trends, golf cart requirement is likely to surge at golf resorts and courses globally.

Key players operating in the India golf cart market are Kogel Trailer GmbH & Co. KG, Wabash National Commercial Trailer Products, Randon Implementos, Great Dane Trailers, Inc., Gray & Adams Ltd., Utility Trailer Manufacturing Company, Hyundai Translead, Montracon Ltd., Schmitz Cargobull AG, Lamberet Refrigerated SAAS, and Fahrzeugwerk Bernard KRONE GmbH. The number of players entering the golf cart segment is increasing annually to meet customer needs for eco-friendly transportation and assistive mobility purposes. Key OEMs are investing in new product development including hybrid and electric variants with advanced features.

The global expansion of major golf cart manufacturers through joint ventures, acquisitions and partnerships has augmented product availability across India. Simultaneously, the concept of golf tourism is also spreading beyond developed regions impacting golf cart sales positively.

Market Key Trends

One of the primary trends witnessed across the India golf cart industry is the growing demand for technologically enhanced electric or hybrid carts. Leading players are focusing on introducing smart connectivity features, longer-range capacities, faster charging abilities and intuitive designer aesthetics to attract modern customers. Furthermore, customized golf carts tailored for wheelchair passengers, senior citizens or heavy-duty applications are gaining traction. OEMs are designing robust models for commercial and utility transportation as well. The evolution of lithium-ion batteries and compact motor technologies is aiding new product experimentation and development.

Porter’s Analysis

Threat of new entrants: Low, as high costs of establishing manufacturing facilities and achieving supply chain efficiency pose challenges for new companies. However, increasing demand provides opportunities.
Bargaining power of buyers: Moderate to high as large event management and tourism companies can negotiate lower prices in bulk purchases. However, customized designs attract niche customers.
Bargaining power of suppliers: Moderate as presence of many components suppliers impacts prices, but proprietary technologies increase switching costs.
Threat of new substitutes: Moderate as electric vehicles provide an alternative, but golf carts have distinct advantages in certain applications like large resorts and estates.
Competitive rivalry: Intense as major established brands invest heavily in new models, technologies and customize solutions to attract different customer segments.

Geographical Regions

The India golf cart market in terms of value is concentrated highly in Western and Southern regions like Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala owing to a large number of golf courses and resorts. States like Delhi NCR, Punjab, Haryana and Gujarat also account for significant shares due to rising tourism and hospitality industries.

The fastest growing region for the India golf cart market is expected to be Eastern states like West Bengal, Odisha, Jharkhand due to government initiatives to boost tourism and develop recreational infrastructure around places of natural beauty. Several golf course projects are in the pipeline in cities like Kolkata, Bhubaneshwar, Ranchi etc. which will fuel high demand over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it