According to a new report published by UnivDatos Markets Insights, the golf cart battery market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Battery (Lead Acid Battery and Li-Ion Battery); voltage (6V, 8V, and 12V); Application (Electric Coach, Golf Cart, and Other); Region/Country.
The golf cart battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the golf cart battery market. The golf cart battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the golf cart battery market at the global and regional levels.
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Market Overview
A golf cart battery is a type of rechargeable lead-acid battery that is specifically designed to power electric golf carts. These batteries typically have a capacity of 6 to 8 volts and can be connected in series or parallel to create a higher voltage system for the cart. They are designed to provide a reliable and long-lasting power source for the cart, with many lasting for several years with proper maintenance. The global market for electric automobiles and their growing acceptance of electric cart buggies, along with rapid urbanization and rising individual disposable income, have contributed to a major increase in demand for golf cart batteries in recent years. Also, the stringent government regulation for emissions and increasing investment in battery manufacturing across the countries are expected to support the market growth during the forecast period.
Factors such as technological advancement coupled with the growing number of infrastructural developments along with new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Power Solutions, CROWN BATTERY, Clarios, RELiON Batteries, EXIDE INDUSTRIES LTD., ENERSYS, GS Yuasa International Ltd., Leoch International Technology Limited Inc, SAMSUNG SDI CO., LTD, and East Penn Manufacturing Company
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the golf cart battery market due to the increasing number of cases and forced lockdown. Also, the traveling restriction and inclination of individuals for indoor sports during covid impacted the market negatively. Additionally, the halt in operational activities such as battery manufacturing and disruption in the supply chain affected the golf cart battery market.
The global golf cart battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the battery, the market is segmented into li-ion battery and lead-acid battery. The Li-ion battery segment is expected to witness significant market growth during the forecast period owing to the longer battery life, high energy density, low self-discharging rate, lower maintenance, and ability to work on a wider temperature range. Additionally, the growing demand for electric vehicles around the world is expected to support market growth. For instance, according to the IEA, the demand for the li-ion battery has doubled and reached approximately 340 GWh for the year 2021 compared to 160 GWh for 2020, globally. Also, the increasing investment and government support for the development of the Li-ion battery coupled with the decreasing price is expected to propel the market growth.
· On the basis of voltage, the market is categorized into 6V, 8V, and 12V. The 6V segment is expected to witness a significant CAGR during the forecast period owing to their increasing adoption for lighting applications to power club golf cart buggies. Additionally, the need for deep cycling and the 6V battery's longer lifespan is expected to drive growth. The demand will also increase as a result of these batteries' decreased weight, quick recharging, increased energy density, and inclusion into golf cart vehicles. Also, the li-ion batteries have discharging rates of 1C and 2C and the charging range could be 6.8V to 7.2V which provides an additional advantage over other batteries.
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golf cart battery market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held a prominent market share in 2021. This is mainly due to the increasing popularity of golf carts in various applications, such as golf courses, gated communities, and industrial complexes. Additionally, the growing adoption of electric golf carts in North America is also expected to drive market growth. The North American market is also characterized by the presence of major players such as Trojan Battery Company, Exide Technologies, and EnerSys, among others. In addition, the increasing number of the golf course along with the growing number of golf tournament in the region are expected to support market growth and also opens a lucrative opportunity for the golf cart vehicles and golf cart battery market. For instance, according to the National Golf Foundation, U.S, in the year 2021, there are approximately 37.5 million people reached the golf course out of which 25.1 million people played golf 12.4 million people participated in off-course golf activities such as driving, golf simulation, and others.
The major players targeting the market include
· Power Solutions
· CROWN BATTERY
· Clarios
· RELiON Batteries
· EXIDE INDUSTRIES LTD.
· ENERSYS
· GS Yuasa International Ltd.
· Leoch International Technology Limited Inc
· SAMSUNG SDI CO., LTD
· East Penn Manufacturing Company
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the golf cart battery market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the golf cart battery market?
• Which factors are influencing the golf cart battery market over the forecast period?
• What are the global challenges, threats, and risks in the golf cart battery market?
• Which factors are propelling and restraining the golf cart battery market?
• What are the demanding global regions of the golf cart battery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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golf cart battery market Report Coverage
Report Attribute
Details
Base year
2021
Forecast period
2022-2028
Growth momentum
Accelerate at a CAGR of over 6%
Market size 2020
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Regional analysis
North America, Europe, APAC, Rest of World
Major contributing region
North America to Dominate the global golf cart battery market
Key countries covered
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia
Companies profiled
Power Solutions, CROWN BATTERY, Clarios, RELiON Batteries, EXIDE INDUSTRIES LTD., ENERSYS, GS Yuasa International Ltd., Leoch International Technology Limited Inc, SAMSUNG SDI CO., LTD, and East Penn Manufacturing Company
Report Scope
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling
Segments Covered
By Battery; By Voltage; By Application; By Region/Country
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analyses, and customized reports that help shape winning business strategies for our clients.
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