PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1446964
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1446964
Golf Cart Battery Market Forecasts to 2030 - Global Analysis By Type, Voltage Rating, Sales Channel (Aftermarket, Original Equipment Manufacturer and Other Sales Channels), Application and By Geography
According to Stratistics MRC, the Global Golf Cart Battery Market is accounted for $142.97 million in 2023 and is expected to reach $243.44 million by 2030 growing at a CAGR of 7.9% during the forecast period. The golf cart battery market refers to the industry that produces and supplies batteries specifically designed for golf carts. These batteries are essential components of electric golf carts, providing the necessary power for propulsion. Manufacturers in this market focus on developing batteries with high energy density, longer lifespan, and quick charging capabilities to meet the performance requirements of golf carts.
According to the National Golf Foundation, there were more than 16,100 golf courses in the U.S. at the end of 2020.
Market Dynamics:
Driver:
Growing demand for electric golf carts
With a global shift towards sustainable and eco-friendly transportation solutions, electric golf carts have gained substantial popularity. Golf courses, resorts, and recreational facilities are increasingly opting for electric alternatives due to their lower environmental impact and operational cost savings. As awareness of environmental issues grows, consumers and businesses alike are inclined to adopt cleaner and greener mobility options, bolstering electric golf carts. This surge in demand directly translates into an increased need for efficient and reliable golf cart batteries.
Restraint:
High initial cost
While electric golf carts offer long-term operational cost savings through reduced fuel expenses and maintenance, the upfront investment required for purchasing the vehicle and its associated batteries can be substantial. This financial barrier presents a challenge, particularly for smaller golf courses, recreational facilities, and businesses looking to adopt electric alternatives. However, the initial cost includes not only the electric golf cart but also the specialized batteries designed for optimal performance, contributing to the overall expense.
Opportunity:
Advancements in battery technology
As the industry witnesses continuous innovations, battery manufacturers strive to enhance key performance metrics such as energy density, lifespan, and charging efficiency. Technological breakthroughs lead to the development of more powerful and efficient batteries, addressing the demand for high-performance energy storage solutions in electric golf carts. Furthermore, improved battery technology not only extends the range and operational capabilities of golf carts but also contributes to overall sustainability by fostering the adoption of electric vehicles.
Threat:
Lack of standardization
The absence of universally accepted specifications and standards for golf cart batteries creates challenges for both manufacturers and consumers. This lack of standardization can lead to compatibility issues, limiting the interchangeability of batteries and hindering seamless integration across various golf carts and brands. Consequently, consumers may face difficulties in finding suitable replacement batteries, and manufacturers encounter complexities in designing products that meet diverse specifications. The absence of standardized norms also impedes technological innovation and collaboration within the industry.
Covid-19 Impact:
The widespread global economic slowdown, lockdowns, and restrictions on mobility adversely impacted the production and distribution of golf carts and their batteries. The closure of golf courses, resorts, and recreational facilities during lockdowns led to a sharp decline in the demand for golf carts, affecting the entire supply chain, including battery manufacturers. Supply chain disruptions, labor shortages, and reduced consumer spending further compounded the challenges. However, uncertainties about the duration and severity of the pandemic created a cautious approach among businesses, affecting investment decisions.
The lead acid segment is expected to be the largest during the forecast period
Lead Acid segment is prophiesed to hold the largest share during the forecast period due to its well-established presence, reliability, and cost-effectiveness. Lead acid batteries have long been the traditional power source for golf carts, offering a proven and durable solution. Golf courses, resorts, and other recreational facilities often opt for lead acid batteries due to their relatively lower initial cost compared to alternative technologies. Moreover, these batteries are well-suited for the intermittent use characteristic of golf carts, providing ample power for short bursts of activity.
The golf course segment is expected to have the highest CAGR during the forecast period
Golf Course segment is expected to have the highest CAGR during the extrapolated period. Golf courses worldwide are increasingly transitioning from traditional gas-powered carts to electric alternatives, fueled by a growing emphasis on environmental sustainability and enhanced user experience. As golf courses embrace this eco-friendly shift, there is a heightened demand for high-performance golf cart batteries. These batteries must provide reliable and efficient power for extended periods to cover the expansive terrain of golf courses.
Region with largest share:
Due to the growing acceptance of golf cart battery systems in both commercial and residential settings, as well as the growing popularity of golf carts in a variety of applications, including industrial complexes, gated communities, and golf courses, North America is expected to hold the largest share during the projection period. The regional product is growing as more people choose electric golf carts as an environmentally friendly alternative to gas-powered golf carts. Moreover, the robust tourism and hospitality industry, along with the popularity of retirement communities utilizing golf carts, further fuels demand.
Region with highest CAGR:
Because of the increased need for batteries worldwide, rising fuel prices, environmental concerns, and the growing popularity of golf carts, the Asia-Pacific region is expected to rise at a substantial pace during the prolonged time frame. The demand for energy-efficient solutions and technological advancements have led to a growing trend towards sophisticated golf cart batteries. Furthermore, government regulations pertaining to golf cart batteries have become more stringent, particularly in developed nations, as a result of growing fuel costs and public and government concerns about the environment.
Key players in the market
Some of the key players in Golf Cart Battery market include Exide Industries Ltd, GS Yuasa Corp, East Penn Manufacturing Co. Inc, Leoch International Technology Ltd, Crown Battery Manufacturing Co, Samsung SDI Co. Ltd, ReLiON Batteries, Trojan Battery Company LLC, and Continental Battery Systems.
Key Developments:
In June 2023, Trojan Battery Company partnered with TheGolfCartFarm, an online seller of golf cart accessories and parts, allowing the latter to sell its line of lithium-ion batteries. The strategic partnership will improve the functionality and longevity of golf carts and utility vehicles by giving owners easy access to premium Lithium-ion batteries.
In March 2022, Samsung SDI and Stellantis N.V. announced they would create a joint venture and invest more than $2.5 billion in a production facility for EV cells and modules in Kokomo, Indiana, in the United States. Samsung SDI, Stellantis, and the state government of Kokomo, Indiana, USA, launched the investment announcement event and signed the joint venture agreement to build an EV battery facility.
Types Covered:
- Lead Acid
- Lithium
- Other Types
Voltage Ratings Covered:
- 6V
- 8V
- 12V
Sales Channels Covered:
- Aftermarket
- Original Equipment Manufacturer (OEM)
- Other Sales Channels
Applications Covered:
- Commercial Services
- Personal Services
- Golf Course
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Golf Cart Battery Market, By Type
- 5.1 Introduction
- 5.2 Lead Acid
- 5.3 Lithium
- 5.4 Other Types
6 Global Golf Cart Battery Market, By Voltage Rating
- 6.1 Introduction
- 6.2 6V
- 6.3 8V
- 6.4 12V
7 Global Golf Cart Battery Market, By Sales Channel
- 7.1 Introduction
- 7.2 Aftermarket
- 7.3 Original Equipment Manufacturer (OEM)
- 7.4 Other Sales Channels
8 Global Golf Cart Battery Market, By Application
- 8.1 Introduction
- 8.2 Commercial Services
- 8.3 Personal Services
- 8.4 Golf Course
- 8.5 Other Applications
9 Global Golf Cart Battery Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Exide Industries Ltd
- 11.2 GS Yuasa Corp
- 11.3 East Penn Manufacturing Co. Inc
- 11.4 Leoch International Technology Ltd
- 11.5 Crown Battery Manufacturing Co
- 11.6 Samsung SDI Co. Ltd
- 11.7 ReLiON Batteries
- 11.8 Trojan Battery Company LLC
- 11.9 Continental Battery Systems
List of Tables
- Table 1 Global Golf Cart Battery Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 4 Global Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 5 Global Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 6 Global Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 7 Global Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 8 Global Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 9 Global Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 10 Global Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 11 Global Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 12 Global Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 13 Global Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 14 Global Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 15 Global Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 16 Global Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 17 Global Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 18 Global Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 19 North America Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
- Table 20 North America Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 21 North America Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 22 North America Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 23 North America Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 24 North America Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 25 North America Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 26 North America Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 27 North America Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 28 North America Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 29 North America Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 30 North America Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 31 North America Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 32 North America Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 33 North America Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 34 North America Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 35 North America Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 36 North America Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 37 Europe Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
- Table 38 Europe Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 39 Europe Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 40 Europe Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 41 Europe Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 42 Europe Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 43 Europe Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 44 Europe Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 45 Europe Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 46 Europe Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 47 Europe Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 48 Europe Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 49 Europe Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 50 Europe Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 51 Europe Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 52 Europe Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 53 Europe Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 54 Europe Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 55 Asia Pacific Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
- Table 56 Asia Pacific Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 57 Asia Pacific Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 58 Asia Pacific Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 59 Asia Pacific Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 60 Asia Pacific Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 61 Asia Pacific Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 62 Asia Pacific Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 63 Asia Pacific Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 64 Asia Pacific Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 65 Asia Pacific Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 66 Asia Pacific Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 67 Asia Pacific Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 68 Asia Pacific Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 69 Asia Pacific Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 70 Asia Pacific Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 71 Asia Pacific Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 72 Asia Pacific Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 73 South America Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
- Table 74 South America Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 75 South America Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 76 South America Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 77 South America Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 78 South America Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 79 South America Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 80 South America Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 81 South America Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 82 South America Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 83 South America Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 84 South America Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 85 South America Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 86 South America Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 87 South America Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 88 South America Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 89 South America Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 90 South America Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 91 Middle East & Africa Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
- Table 92 Middle East & Africa Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
- Table 93 Middle East & Africa Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
- Table 94 Middle East & Africa Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
- Table 95 Middle East & Africa Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
- Table 96 Middle East & Africa Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
- Table 97 Middle East & Africa Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
- Table 98 Middle East & Africa Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
- Table 99 Middle East & Africa Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
- Table 100 Middle East & Africa Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 101 Middle East & Africa Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
- Table 102 Middle East & Africa Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
- Table 103 Middle East & Africa Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 104 Middle East & Africa Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
- Table 105 Middle East & Africa Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
- Table 106 Middle East & Africa Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
- Table 107 Middle East & Africa Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
- Table 108 Middle East & Africa Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
