A golf cart battery is a type of rechargeable lead-acid battery that is specifically designed to power electric golf carts. These batteries normally range from 6 to 8 V and could be added in a series or in parallel combination to produce higher voltage and electricity. 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. In recent times, the golf cart battery market has witnessed significant demand which can be attributed to the increasing demand for electric vehicles around the world and their increasing adoption of electric cart buggies coupled with rapid urbanization and increasing disposable income of the individual.
The Golf Cart Battery Market is expected to grow at a steady rate of around 6% during the forecast period (2022-2028) owing to the increasing demand for the golf cart along with the increasing adoption of the electric canal board and lighting for camping among others. Major companies in the market are focusing to provide golf cart batteries with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in June 2022, Club Car acquired Garia A/S a Denmark-based manufacturer of electric low-speed vehicles for utility, consumer, and golf markets which will support the golf cart segment business of the organization.
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According to UnivDatos Market Insights (UMI)’ research report “Global Golf Cart Battery Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the increasing number of golf tournaments and increasing participation of the individual.
Based on application, the market is segmented into the electric coach, golf cart, and other. The golf cart segment is expected to register significant growth during the forecast period attributed to its versatility and convenience in a variety of settings such as golf courses, gated communities, parks, and industrial complexes. Additionally, the increasing popularity of golf cart rentals for tourism and recreation, as well as the growing interest in electric vehicles, has also contributed to the increase in demand for golf carts battery.
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Based on the 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.
North America to witness extensive growth.
For a better understanding of the market adoption of the golf cart battery industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America led the market in 2021 with the highest market share. This is mainly due to the increasing popularity of golf carts in various applications, such as golf courses, gated communities, and industrial complexes along with the rising adoption of the golf cart battery system in commercial and residential settings. Additionally, the growing adoption of electric golf carts in North America is also expected to drive market growth. Also, the growth in the market is driven by factors such as increasing urbanization, rising demand for electric vehicles, and the rising popularity of golf as a sport. Also, the increasing individual income and changing lifestyle coupled with the increasing investment and growing number of tournaments in the region are expected to support the market expansion. For instance, according to National Golf Foundation, the US has registered a growth of 36% in junior girls’ participation compared to the 15% in 2000.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the golf cart battery market are 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
“Global Golf Cart Battery Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Battery (li-Ion Battery and Lead-Acid Battery)
2. By Voltage (6V, 8V, AND 12V)
3. By Application (Electric Coach, Golf Cart, and Other)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (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)
Key questions answered in the study:
1. What are the current and future trends of the global golf cart battery industry?
2. How the industry has been evolving in terms of battery, voltage, and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global golf cart battery industry?
5. What is the customer orientation, purchase behavior, and expectations from the global golf cart battery suppliers across various region and countries?
Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THEGOLF CART BATTERY MARKET
6 GOLF CART BATTERY MARKET REVENUE (USD BN), 2020-2028F
7 MARKET INSIGHTS BY BATTERY
8 MARKET INSIGHTS BY VOLTAGE
9 MARKET INSIGHTS BY APPLICATION
10 MARKET INSIGHTS BY REGION
11 GOLF CART BATTERY MARKET DYNAMICS
12 GOLF CART BATTERY MARKET OPPORTUNITIES
13 GOLF CART BATTERY MARKET TRENDS
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 PRICING ANALYSIS
17 VALUE CHAIN ANALYSIS
18 COMPETITIVE SCENARIO
19 COMPANY PROFILED
20 DISCLAIMER