Golf Cart Battery Market Research, 2031
The global golf cart battery market size was valued at $122.8 million in 2021, and is projected to reach $216.5 million by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
A golf cart cannot function without batteries, so the battery used in the golf cart is an inevitable accessory. Due to the widespread use of golf carts, the demand for golf cart batteries is rising globally. In addition, there are a number of factors driving the expansion of the global market including the rising popularity of lithium-ion batteries, camper homes, golf carts, electric cart buggies, and urbanization. Moreover, the industry is expanding as a result of the rising demand for electric vehicles. Golf carts also require multiple batteries to supply the necessary voltage and amperage, so it is important that a replacement's size and power requirements match up. Numerous 6V, 8V, or 12V batteries are used in golf carts as opposed to a single 6V, 8V, or 12V battery. A replacement battery should only have one combination, which is why it is recommended to check before purchasing.
Depending on the type,the lithium segment registered the highest market share of about 43.3% in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to rising in deplothe payment of golf cart batteries as it does not cause any pollution, thus safe for the environment. As a result, this surge is anticipated to boost the global market growth in the coming years.
The golf cart battery market forecast is segmented into type, voltage rating, application, and region. Depending on type, the market is segmented into lithium-ion battery and lead acid battery.
On the basis of voltage rating, it is categorized into 6V, 8V, and 12V. Based on application, it is categorized into golf course, personal services, and commercial services. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The golf cart battery market analysis covers in-depth information about the major golf cart industry participants. Some of the major players in the market include C&D Technologies Inc., Clarios Crown Battery Manufacturing Co., Enersys, East Penn Manufacturing Co. Inc., Exide Industries Ltd., GS Yuasa Corp., Samsung SDI Co. Ltd., Leoch International Technology Ltd., and ReLiON Batteries. Other players operating in the value chain of the golf cart battery market are Brookfield Business Partners L.P., and Exide Technologies, Universal Power Group, Trojan Battery Company, Lifeline, and Amstron. The key players have adopted numerous strategies such as product launch, acquisition, and business expansion to stay competitive in the golf cart battery market. The market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021‐“2031. The report includes the study of the golf cart battery market with respect to the growth prospects and restraints based on regional analysis. The study includes Porter‐™s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the golf cart battery market growth.
By type, lithium-ion segment dominated the market. This is attributed to the fact that the major benefits associated with lithium-ion batteries include low maintenance, long service life, and higher productivity in cold environment Furthermore, the growing demand for electric vehicles contributes to the growth of the market.
By voltage rating, the 6V segment dominated the global golf cart battery market share in 2021. 6V golf cart battery offers lower depth of discharge, has the longest range at 56 amps, higher capacity, provides more charge cycles than the other voltage batteries and longer lifespan owing to which it is increasingly used for the transportation of golfers and equipment within golf course area, which is expected to surge the demand for golf cart batteries.
By application, the golf course segment dominated the global golf cart battery market in 2021. During the last few decades, many country clubs started to create private courses. On the other hand, non-club golfers frequently played the sport off-course in open fields, orchards, and cow pastures.
By region, Asia-Pacific dominated the global golf cart battery market in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in demand for renewable power generation in Asia-Pacific, especially in China, Japan and India. These countries witness rise in need for continuous and stable power supply due to increase in population, and is therefore, expected to fuel the growth of market in upcoming years.
IMPACT OF COVID-19 ON THE GLOBAL GOLF CART BATTERY MARKET
The global spread of Coronavirus has a huge impact on various industries and countries across the globe. Owing to lockdown in economies across the globe, there has been decrease in growth rate of industries such as construction & building, transportation, oil & gas, energy, food processing, electronics, pharmaceuticals, and textiles. In addition, manufacturing firms in the U.S. faced supply chain and demand crisis due to labor shortages, which hampered the growth of the golf cart battery market. Furthermore, other industries such as pharmaceuticals, chemicals, healthcare, textile, and automotive have put R&D activities and production on hold owing to lack of funding, which in turn hampered the growth of the market during the pandemic period. Furthermore, halt in construction of new electric utility infrastructures, renewable power plants, electric vehicle, and other power plants, due to lack of workers and increase in demand‐“supply gaps hampered the market growth in the pandemic period. Thus, all these factors collectively resulted in sluggish growth of the global golf cart battery market in 2021.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the golf cart battery market analysis from 2021 to 2031 to identify the prevailing golf cart battery market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the golf cart battery market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global golf cart battery market trends, key players, market segments, application areas, and market growth strategies.
Golf Cart Battery Market Report Highlights
| Aspects | Details |
 By Voltage Rating |
|
 By Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | Samsung SDI Co. Ltd., Crown Battery Manufacturing Co., Exide Industries Ltd, Enersys, C And D Technologies Inc., Leoch International Technology Ltd., ReLiON Batteries, GS Yuasa Corp., East Penn Manufacturing Co. Inc., Clarios |
Analyst Review
The demand for golf cart battery is fueled by increase in professional golf tournaments and the growing number of golf courses across the world will be crucial in driving the growth of the market, rapid growth in electric vehicle sector, and mainstream adoption of charging station, and these are expected to drive the golf cart battery market growth during the forecast period.
In addition, the battery plays a key role as a power source in the electric golf cart, much like fuel in conventional vehicles. The range of the golf cart is totally dependent on the type of battery used. However, the higher advantages offered by li-ion batteries such as long battery life, higher load carrying capacity, long distance can be covered and relatively small in size are driving the li-ion battery demand in the global golf cart batteries. Development of electric vehicles and incentives to attract customers and their charging infrastructure is increasing consumption of golf cart battery in the solar charging systems sector, which, in turn, is projected to drive the golf cart battery market growth in the coming years.
Moreover, government initiatives & investments toward different solar infrastructure projects in airports, railway stations, golf courses, and tourist places are expected to create opportunities for key players operating in the market during the forecast period. Solar infrastructure projects provide charging stations for electric carts used in airports, railway stations, golf courses, and tourist attractions.
Among the analyzed regions, North America is expected to account for the highest revenue in the market during the forecast period, followed by North America, Europe, and LAMEA. Asia-Pacific accounted for 38% of the total global golf cart battery market share in 2021, and is expected to maintain its dominance during the forecast period.
The CXOs further added that sustained economic growth and the development of professional golf tournaments and the growing number of golf courses across the world have surged the demand for golf cart battery.
The increasing golf enthusiast in developing nations are the emerging trends in the golf cart battery market.
The factors such as increase in population, rise in disposable income, improvement in the standard of living and urbanization are the growth factors drives the golf cart battery market growth.
Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global golf cart battery market trends.
The global golf cart battery market was valued at $122.8 million in 2021, and is projected to reach $216.5 million by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
North America will provide more business opportunities for Golf Cart Battery Market in coming years.
The key players operating and profiled in the report include, C&D Technologies Inc., Clarios Crown Battery Manufacturing Co., Enersys, East Penn Manufacturing Co. Inc., Exide Industries Ltd., GS Yuasa Corp., Samsung SDI Co. Ltd., Leoch International Technology Ltd., and ReLiON Batteries. Other players operating in the value chain of the global golf cart battery market are Brookfield Business Partners L.P., and Exide Technologies, Universal Power Group, Trojan Battery Company, Lifeline, Amstron, Microtex Energy Private Limited, Johnson Controls, Inc., and ACDelco.
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