Golf cart battery Market Research Report Forecast Till 2030

Golf Cart Battery Market Size was valued at USD 0.17 Billion in 2022. The Golf Cart Battery market industry is projected to grow from USD 0.18 Billion in 2023 to USD 0.27 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.14% during the forecast period (2023 - 2032). Increasingly popular adaptations of golf carts globally and rapid industrialization and urbanization are the key market drivers enhancing market growth.

Market CAGR for golf cart batteries is driven by the rising demand for golf cart batteries due to rising fuel prices, environmental worries, and the widespread adoption of golf carts, and there is a rising demand for batteries worldwide. There are many applications outside golfing for golf carts. That's why you won't find them working exclusively at golf clubs. Increasing fuel prices and environmental concerns among governments and customers have resulted in tight government guidelines for golf cart batteries, especially in industrialized nations. Fuel price increases over the projection period are expected to boost interest in electric vehicles and drive demand for golf cart batteries. Demand for golf cart batteries is predicted to rise due to high fuel prices and environmental concerns over the forecast period.

Additionally, investment in manufacturing and the government initiative of golf cart batteries raised living standards. With increased awareness of the benefits of electric cart buggies, the market is projected to expand. Lithium-lead acid batteries are expected to be widely used as the most popular choice for golf carts. Furthermore, a growing number of companies are adopting the usage of golf carts for employee mobility. Significant resources have been poured into the tourist and hospitality industries because of their prominence in the service sector of developing nations. As the number of tourists rises, more companies are making hotel investments. The future demand for golf cart batteries is predicted to rise as more hotels, resorts, and golf courses are built. Therefore, the increasing prevalence of rechargeable batteries is fueling the expansion of the international market.

For instance, Aisin Seiki Ltd has created a micro-sized electric car motor. The new product uses the framework of the electric four-wheel-drive system known as E-four and is intended to be the primary motive behind the new class of ultra-compact electric vehicles. As a result, the demand for golf cart batteries is predicted to grow throughout the forecasted time due to rising urbanization. Thus, the driving factor is the golf cart battery market revenue.

Market Segmentation

Golf Cart Battery Type Insights

The golf cart battery market segmentation, based on type, includes lithium-ion and lead acid batteries. In 2022, the lithium-ion segment led the golf cart battery market in revenue because lithium-Ion batteries have a high power-to-weight ratio, are highly efficient, function well in various temperatures, and have recyclable construction.

Golf Cart Battery Product Type Insights

The golf cart battery market segmentation, based on product type, includes 6V, 8V, and 12V. The 6V segment is anticipated to grow at a CAGR of 5.14% over the projected period, making up the largest market share due to the growing popularity of 6V golf cart batteries due to their many advantages over other voltage batteries, including their lower depth of discharge, longer range (56 amps), higher capacity, and a wider range of charge cycles.

Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American golf cart battery market will dominate because the battery system is becoming increasingly commonplace in both commercial and residential settings, and golf carts are becoming increasingly popular in a wide range of settings, including golf courses, gated communities, and industrial complexes. Market expansion is likely partly fueled by the increasing popularity of electric golf carts in North America.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Major Players

Leading market players are investing heavily in research and development to expand their product lines, which will help the golf cart battery market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the golf cart battery industry must offer cost-effective items.

Product Code: MRFR/AM/6126-HCR

1 EXECUTIVE SUMMARY

2 MARKET INTRODUCTION

3 RESEARCH METHODOLOGY

RESEARCH PROCESS
PRIMARY RESEARCH
SECONDARY RESEARCH
MARKET SIZE ESTIMATION
TOP DOWN & BOTTOM-UP APPROACH
FORECAST MODEL
LIST OF ASSUMPTIONS

4 MARKET DYNAMICS

OVERVIEW
DRIVERS
- INCREASING DEMAND AND ADAPTATION OF GOLF CARTS
- GROWING URBANIZATION ALONG WITH INCREASING INDUSTRIALIZATION
RESTRAINTS
- COST-INTENSIVE LITHIUM-ION BATTERIES
OPPORTUNITIES
- GROWING ENVIRONMENTAL CONCERNS
IMPACT ANALYSIS OF COVID-19
- IMPACT ON THE ENERGY & POWER INDUSTRY
- IMPACT ON THE GOLF CART BATTERY MARKET
- IMPACT ON THE SUPPLY CHAIN OF THE GOLF CART BATTERY MARKET
- IMPACT ON MARKET DEMAND FOR GOLF CART BATTERY
- IMPACT ON PRICING OF GOLF CART BATTERY

5 MARKET FACTOR ANALYSIS

SUPPLY CHAIN ANALYSIS
- RESEARCH & DEVELOPMENT
- RAW MATERIAL & COMPONENT SUPPLY
- MANUFACTURING & ASSEMBLY
- SALES & DISTRIBUTION
- END USERS
- END USERS (GOLF CART MANUFACTURERS)
PORTER'S FIVE FORCES MODEL

6 GLOBAL GOLF CART BATTERY MARKET, BY TYPE

OVERVIEW
- GOLF CART BATTERY: MARKET ESTIMATES & FORECAST BY TYPE, 2020
LEAD ACID
- LEAD ACID: MARKET ESTIMATES & FORECAST BY REGION,2020
LITHIUM ION
- LITHIUM ION: MARKET ESTIMATES & FORECAST BY REGION,2020

7 GLOBAL GOLF CART BATTERY MARKET, BY PRODUCT TYPE

OVERVIEW
- GOLF CART BATTERY: MARKET ESTIMATES & FORECAST BY PRODUCT TYPE, 2023-2032
6V
- 6V: MARKET ESTIMATES & FORECAST BY REGION, 2023-2032
8V
- 8V: MARKET ESTIMATES & FORECAST BY REGION, 2023-2032
12V
- 12V: MARKET ESTIMATES & FORECAST BY REGION, 2023-2032

8 GLOBAL GOLF CART BATTERY MARKET, BY REGION

OVERVIEW
NORTH AMERICA
- US
- CANADA
- MEXICO
EUROPE
- GERMANY
- FRANCE
- UK
- ITALY
- SPAIN
- REST OF EUROPE
ASIA-PACIFIC
- CHINA
- INDIA
- JAPAN
- SOUTH KOREA
- REST OF ASIA-PACIFIC
SOUTH AMERICA
- BRAZIL
- ARGENTINA
- REST OF SOUTH AMERICA
MIDDLE EAST AND AFRICA
- SAUDI ARABIA
- UAE
- SOUTH AFRICA
- REST OF MIDDLE EAST & AFRICA

9 COMPETITIVE LANDSCAPE

INTRODUCTION
GLOBAL MARKET STRATEGY ANALYSIS
COMPETITIVE BENCHMARKING
MARKET SHARE ANALYSIS, 2032
THE LEADING PLAYER IN TERMS OF NUMBER OF DEVELOPMENTS IN GLOBAL GOLF CART BATTERY MARKET
KEY DEVELOPMENTS

0 COMPANY PROFILES

C&D TECHNOLOGIES, INC
CLARIOS
EXIDE INDUSTRIES LTD
GS YUASA INTERNATIONAL LTD
SAMSUNG SDI CO, LTD
DURACELL INC
LEOCH INTERNATIONAL TECHNOLOGY LIMITED
INTERSTATE BATTERIES
CROWN BATTERY
RELION BATTERIES
EAST PENN MANUFACTURING COMPANY

APPENDIX