The sales of golf carts in India reached ~2,500 (Units) in 2018, discloses the latest report on the India golf cart market by Persistence Market Research. According to the analysis, the India golf cart market is projected to grow at ~18% CAGR during the forecast period. Mounting traction in tourism and hospitality industries, as well as demand for customization in golf carts in India is projected to boost the growth of the India golf cart market during the forecast period.
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According to our brief research and deep dive analysis, tourism and hospitality industries form a major part of the service sector in India. Over the past few years, these have attracted decent investments owing to several factors. Moreover, governments have launched various initiatives over time to promote tourism. Under these, state governments have started using golf carts at tourist spots for transporting tourists, including children, elderly folks, and physically challenged people across long distances and hillocks.
The government is also focusing on increasing golf tourism in India by organizing golf events. These factors are collectively expected to boost the growth of the India golf cart market over the forecast period.
Rising Preference for Customized Golf Carts
A recent trend observed in the India golf cart market is increasing demand for customized golf carts by the consumer segment and end-use industries, attributing to aesthetic features, lavish looking vehicles, and comfortable seating capacity. To capitalize on this opportunity, manufacturers and OEMs are expanding their product portfolios and offerings in golf carts, thus, providing customized solutions in accordance to end-use applications.
There is increasing demand for luxury, vintage, and outdoor catering carts in India. Hotels & resorts, rental services, and amusement parks are some of the major end users with high demand for customization. Speedways Electric recently introduced ‘Classique Sightseeing Cart’ suited for resorts, malls, zoos, and amusement parks. The company also offers customization on seats, roofs, and luggage racks.
As per PMR’s deep dive analysis, the market is fragmented in India with local and emerging key players exploring ways to penetrate in the golf cart market. Stable governmental policies and regulations as well as demand for golf carts from various end-use industries will ensure lucrative opportunities for manufacturers.
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Favorable Governmental Policies to Push the Market Growth
Owing to factors such as stable political backdrop, governmental regulations, and initiatives to promote tourism in the country, India is projected to be one of the emerging and intensively growing markets for golf carts during the forecast period.
For instance, Indian government is focusing on initiatives such as The National Electric Mobility Mission Plan (NEMMP 2020), Faster Adoption & Manufacturing of Hybrid and Electric Vehicles (FAME), and National Green Tribunal Act (2010), all of which are expected to help in increasing awareness of use and benefits of electric vehicles to the environment and the society.
The entry of new players is expected to create significant opportunities in the India golf cart market in the period of 2019-2029.
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India Golf Cart Market: Vendor Insights
Persistence Market Research’s business analysis also highlights inventive perceptions about the competitive set-up of the India golf cart market and distinctive approaches of regional market players. Some key players in the market are 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, and among others.
Furthermore, the intensity of competition is projected to keep on elevating as demand for golf carts is bound to increase significantly in the near future. Increasing production capacity, significant developments & latest innovations, and investments in R&D to enrich product portfolio are some strategies adopted by market players. For instance, in the recent past, Ciner Group bought 75% share of the OCI Resources LP, which holds 1% share in OCI Wyoming, world’s largest producer of golf carts. This made Ciner Group one of the prominent players in the production of golf carts.
This study highlights key opportunities in the India golf cart market and finds that the market would exhibit growth at a CAGR of ~18% during the forecast period.
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