Persistence Market Research (PMR) forecast that the INR 46 Crore golf cart market in India will expand to INR 212.1 Crore over 2024 riding on a rampant CAGR of 21%. In 2016, golf courses were the largest consumers of gold carts, however, the segment is expected to lose its share to other segments over the next couple of years.
The country’s recent economic scaling has had a subsequent effect on its industrial growth and urban development activities. Golf carts are emerging as a smart internal transportation solution across various industrial domains present in the country. Moreover, expansion of the manufacturing sector in the country is creating a further demand for golf carts. This, in turn, is expected to propel the golf cart market in India.
Apart from golf courses, these carts are being increasingly used in hotels, resorts and airports. Remarkably, their use in airports has increased subsequently in recent times. As per the 2016–2017 Union Budget, the government of India is aiming to revamp over 160 unserved and underserved airports across the country. The government plans to reinstate 50 airports during the next 10 years, which is expected to trigger a robust demand for golf carts from airport management bodies as these carts are quite efficient in transporting both luggage as well as passengers. Likewise, amusement/theme parks entail smooth internal transport facilities and rely heavily on golf carts on transporting visitors from one ride to another. Over the next six to eight years, as many as 12 new premium amusement/theme parks are expected to come up in the country creating a considerable demand for golf carts, particularly the large seating capacity segment.
While demand for golf carts continues to gain traction, factors such as high maintenance costs and low-quality offerings by domestic players remain as the major hurdles of the market. Moreover, lack of standards & regulations is leading to the manufacturing of low-quality golf carts as local manufacturers not necessarily comply with stipulated quality norms.
- In 2016, electronic golf cart segment stood at a market valuation of INR 45.6 Crore and is expected to have relatively higher demand as compared to other product type segments. In terms of value, the electric golf cart segment currently accounts for over 98% share of the market. Whereas, the gasoline golf carts are expected to witness sluggish demand during the forecast period as they are least economical and bring environmental concerns.
- Based on siting capacity, medium (6–8 seater) is expected to be the predominant segment of the market throughout the assessment period. The segment is expected to account for more than 21% market share in terms of value by the end of 2026, expanding at CAGR of 23.4%. The growth opportunities for small (2–4 seater) segment is expected to be limited to golf courses and hotels & resorts.
- On the basis of end users, airports, hotel & resorts, and golf course segments are collectively expected to account for more than 60% of the market by the end the forecast period.
Imported golf carts held over 69% share of the market in 2015 out of which Club Car LLC and Yamaha Golf Car Company collectively accounted for 50% share. Some of the prominent domestic players in the golf cart market in India include Speedways Electric, Maini Material Movements Pvt. Ltd., Gdrive Golf Carts, Auto Power India, Prevalance Limited, Carieall Car Pvt. Ltd., Nebula Automotive and Volmac Engg. (P) Ltd. These companies are actively focusing on introducing innovative products at affordable prices and expanding distribution network throughout the country.
Long Term Outlook: The long term outlook for golf cart market in India remains positive, with the market set to witness a value CAGR of 21 % between 2016 and 2024.