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Rising Urbanization To Propel The Growth Of India Golf Cart Market

Lucy Kart
Rising Urbanization To Propel The Growth Of India Golf Cart Market

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 21 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Golf carts are powerful, convenient and environment-friendly vehicles used for transporting golfers and their equipment within golf courses. They are equipped with rechargeable batteries and electric motors offering emission-free operation. Golf carts provide comfortable and easy mobility within golf courses over long and short distances. They help in enhancing the golfing experience and promoting the growth of golf sports in the country.

Market key trends:

One of the key trends witnessed in the India golf cart market is rising demand for eco-friendly transportation solutions. There is increasing inclination towards use of electric vehicles owing to their advantages over fuel-based vehicles such as zero emissions and low operational costs. The growing golf tourism and initiatives by government and golf associations to promote golf sports are further contributing to the demand for golf carts in the country. Additionally, introduction of technologically advanced golf carts with features such as GPS systems, USB charging ports and luxury seating are attracting more clients, thereby augmenting the market growth.

Porter's Analysis

Threat of new entrants: Low barriers to entry and the low cost of production in India is encouraging new players to enter the market. However, the established players have strong brand recognition and distribution networks which offer advantages to them.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitute products. However, customized solutions as per customer requirements enhances customer reliance.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components and spare parts suppliers in the market.

Threat of new substitutes: Substitutes like electric vehicles offer less threat as golf carts offer specialized functionality.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Key Takeaways

India Golf Cart Market Demand is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing adoption of eco-friendly solutions and growing interest of people in golf sports. Regionally, western and southern parts of India dominate the market due to higher number of golf courses and players.

Key players operating in the India Golf Cart Market are Auto Power, Volmac Engg. (P) Limited, Club Car, LLC, Carrieall Car Private Limited, Speedways Electric, GDrive Golf Carts, Maini Material Movement Pvt. Ltd., Nebula Automotive Pvt. Ltd., Prevalence Ltd., and Yamaha Golf-Car Company. Auto Power and Volmac Engg. collectively account for over 40% of the market share owing to their innovation and wide distribution network across India.

The India Golf Cart Market size for 2023 is US$ 25.66 Mn. Rapid growth of golf tourism and initiatives by government to promote sports are augmenting the demand. Advancements in battery technologies are further fueling the adoption of electric golf carts in the country. Rising health awareness and increasing disposable income also drives the golf participation, thus accelerating the golf cart sales. 

Read More- https://www.ukwebwire.com/india-golf-cart-market-size-share-and-demand-analysis/

Lucy Kart
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