India Market Study on Golf Carts: Hotels/Resorts End User Segment Anticipated to Create High Value Opportunity Through 2024


India Golf Carts Market
  • Report code : PMRREP13447 |
  • Industry : Automotive |
  • Published On : Jan-2017 |
  • Pages : 139 Pages |
  • Format :

Persistence Market Research analyzes the India golf cart market in a new publication titled “Golf Cart Market: India Industry Analysis and Forecast, 2016–2024”. This study provides data for 2015 along with a forecast for the period (2016–2024). The main objective of the report is to identify dynamics in the market and provide recent updates and insights affecting various segments of the India golf cart market. To provide better understanding of the market, the report also includes an analysis of drivers, restraints, and trends in all five regions, namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa which influence the current market scenario and future status of the India golf cart market over the forecast period.

Scope of this report

Battery operated vehicles (BOVs) used for internal transportation of man and material, with an average speed of 25–50 Kmph have been included in the report. Large electrically operated vehicles such as bus and excluding battery operated vehicles with material handling equipment fitted in it such as forklift, pallet trucks, etc. have also been included in the scope of this report.

Report Contents

To understand the demand for golf carts in the Indian market, the report has been categorized into three sections, namely, by product type, by seating capacity and by application. The report analyzes the golf cart market in India in terms of volume (Units) and value (INR Crore). The report assesses market performance in terms of value contribution. The report also includes Persistence Market Research’s analysis of factors boosting domestic demand, factors hampering market growth, opportunities for existing and upcoming players in the market, and existing trends with respect to technology, imports and key players in the market. These key inclusions help clients acquire a multi-dimensional view of the market.

The subsequent sections analyze the India golf cart market on the basis of product type, seating capacity and application, and present a comprehensive forecast for the period 2016–2024.

The final section of the report provides the India golf cart market structure and a detailed competition landscape with company market share and performance, to provide report audiences with a dashboard view of key players operating in the India golf cart market along with their business strategies. This would enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.

The India golf cart market is segmented as follows:

By Product Type

  • Electric
  • Gasoline

By Seating Capacity

  • Small (2–4 Seater)
  • Medium (6–8 Seater)
  • Large (10+ Seater)

By Application

  • Golf Courses
  • Airports
  • Hotel & Resorts
  • Railways
  • Housing Projects
  • PSUs
  • Others

Research methodology

To deduce the market size the report considers various aspects based on secondary research. Furthermore, key data points such as application-wise split and market split by product type and seating capacity, and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses total revenue generated and expected revenue contribution by the golf cart market in India.

The report begins with sizing the base year in terms of value (INR Crore) and volume (Units). This forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, data is triangulated via different analysis based on supply side, demand side, imports & exports and other dynamics of the India golf cart market. To develop the market forecast, Persistence Market Research has conducted factor analysis to understand the impact of various forces/factors on the target market. It is imperative to note that in an ever-fluctuating economy, the report not only provides forecasts in terms of CAGR but also analyzes the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand market predictability and to identify the right opportunities across the India golf cart market.

Another key feature of this report is an analysis of the India golf cart market and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the golf cart market in India. To understand key segments in terms of their growth and performance in the India golf cart market, Persistence Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the golf cart market.

The report covers an in-depth analysis of all components of the value chain in the golf cart market in India. Furthermore, company share analysis of key market participants has been included to provide a brief overview of existing market potential.

Over time golf carts have emerged as a viable means of transportation in various end use applications and is just not limited to golf courses. Other places where golf carts find application include airports, hotels & resorts, tourist spots, zoos, railway stations, educational institutions, public and private events such as auto expo, marriages etc. Golf carts are generally designed to run at an average speed of 25–50 kmph, depending upon the mode of operation of the vehicle. In India, golf carts are emerging as a favorable means of transportation as they offer various advantages including low operation costs, pollution free operations, reliability and sustainability. Increased demand for these motorized vehicles has been witnessed in the past and a robust growth opportunity exists in the near future.

The golf cart market in India was valued at nearly INR 37 Crore in 2015 and is projected to be valued at nearly INR 215 Crore in 2024. The market value is slated to increase at a CAGR of 21.0% over the forecast period. Sales volume of golf carts in India stood at 824 units in 2015 and is projected to increase at a CAGR of 17.4% over the forecast period, to reach 3,529 units by the end of 2024. The India golf cart market is expected to grow four-fold by 2024.

India Golf Cart Market Analysis, By End User

Golf Clubs

  • This segment was estimated to be valued at INR 14.0 Crore by 2016 end and is projected to create incremental opportunity of INR 22.2 Crore between 2016 and 2024
  • The segment is slated to be valued in excess of INR 35 Crore by 2024, expanding at a CAGR of 12.6% over 2016–2024
  • Only 30% of the golf courses in India are commercialized. Commercialization of golf courses and initiatives such as promotion of golf tourism are expected to significantly contribute to the growth of the segment over the forecast period

Hotels/Resorts

  • This segment was estimated to be valued at INR 6.8 Crore by 2016 end and is projected to create incremental opportunity of INR 42.7 Crore between 2016 and 2024
  • The segment is anticipated to be valued in excess of INR 45 Crore by 2024, expanding at a CAGR of 28.1% over 2016–2024
  • By the end of 2024, this segment is expected to account for the largest market value share owing to robust growth of the hospitality industry and increasing adoption of golf carts to ferry people and luggage in hotels and resorts

Airports

  • This segment was estimated to be valued at INR 3.0 Crore by 2016 end and is projected to create incremental opportunity of INR 12.7 Crore between 2016 and 2024
  • The segment is slated to be valued at more than INR 14 Crore by 2024, expanding at a CAGR of 23.2% over 2016–2024
  • Upcoming major airport projects over the next five years are expected to create significant demand for golf carts. Furthermore, expansion of existing airports is also expected to contribute to the growth of the segment

Railways

  • This segment was estimated to be valued at INR 2.7 Crore by 2016 end and is projected to create incremental opportunity of INR 11.1 Crore between 2016 and 2024
  • Companies/organizations are looking to capitalize on lenient government regulations over the operation of golf carts at railway stations by deploying more number of carts for promotion and advertisement activities.

india golf cart market

Analyst Viewpoint

“Increasing adoption of golf carts as a means of advertising is a growing trend

Golf carts are increasingly being used as a means of marketing and promotion at various places such as railway stations, housing projects and golf courses. These carts are specifically modified to accommodate banners and advertisement boards for different products and services. Railway stations are a major platform for such promotional and advertisement activities. According to the Minister of State for Railways, around 70 golf carts have been deployed at 48 major railway stations as part of CSR activities by various companies, NGOs, trusts and corporate firms. Some manufacturers have deployed golf carts at airports such as Chennai Airport, where they provide free transportation to travellers and instead charge the companies/firms that want to advertise their products or services.” --- Analyst (Automotive), Persistence Market Research

Company Profiles

  • Yamaha Golf-Car Company
  • Club Car, LLC
  • Speedways Electric
  • Maini Material Movement Pvt. Ltd.
  • Prevalence Ltd.
  • Auto Power
  • Nebula Automotive Pvt. Ltd.
  • GDrive Golf Carts
  •  Carrieall Car Private Limited
  • Volmac Engg. (P) Limited
  • Others
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