The global golf cart battery market revenue was around US$ 130 million in 2022 and is estimated to reach US$ 217 million by 2031, growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2023 to 2031.
A golf cart is a small vehicle created to transport two golfers and their golf clubs near the golf course. Golf carts come in numerous different shapes and are utilized to transport a small number of passengers at lower speeds and shorter distances. A golf cart cannot work without batteries, so the battery utilized in the golf cart is an inevitable accessory.
Market Driving Factors
The surge in reliance on golf carts for carrying equipment and transporting players is increasing the requirement for reliable & high-performance batteries in golf carts. In addition, the adoption of electric vehicles owing to the surging focus on environmental sustainability is resulting in the increasing demand for electric golf carts. Thus, these golf carts require powerful, long-lasting batteries to function. As a result, this factor is estimated to drive the market growth.
An increase in the usage of battery management systems (BMS) is estimated to propel the market expansion. BMS technology monitors and optimizes battery performance by balancing cell voltages, providing efficient charging, and offering protection from over-discharging & overcharging. Thus, the lifespan and overall performance of golf cart batteries are enhanced by the incorporation of advanced BMS solutions.
Increasing interest in off-course golfing is the primary obstacle to the market growth.
Regional Analysis
Asia-Pacific dominated the market in terms of the rate and is expected to continue its dominance. This can be attributed to the increase in demand for renewable power generation in the region, particularly in India, China, and Japan. These nations witnessed a rise in the requirement for a constant and stable power supply owing to population growth.
North America is estimated to dominate the market in terms of the largest shares. This is mainly due to the existence of key players and a massive consumer base in the region. Additionally, the immediate growth of off-grid power generation, increase in demand for power in remote operations, and surge in awareness and R&D toward battery safety are the essential elements predicted to propel the market growth.
Segmentation Insights
Voltage Rating Insight
The 12V segment is estimated to dominate the market in terms of revenue. This is mainly due to their simplicity leading to lower manufacturing and maintenance prices. 12V battery systems, which have long-standing popularity in the automotive and industrial sectors, are witnessing widespread usage in golf carts to discover and replace components and batteries and components. Furthermore, the ease of availability, price-effectiveness, and higher manufacturing rate provided by 12-volt lead-acid batteries will also propel the industry demand.
The 6V segment dominates the market in terms of the largest shares. This is largely due to the 6V golf cart battery providing less depth of discharge, having the longest range at 56 ampere (amps), higher capacity, and providing more charge cycles than the different voltage batteries. Furthermore, it offers a longer lifespan which is surging utilized for the transportation of golfers and equipment within golf course locations, which is predicted to increase the demand for golf cart batteries.
Type Insight
Lithium segment dominated the market in terms of revenue. This can be primarily attributed to the major advantages associated with lithium-ion batteries include less maintenance, extended service life, and higher productivity in cold environments. Furthermore, the surged demand for electric vehicles contributed to the market growth.
Prominent Companies
Segmentation Outline
The global golf cart battery market segmentation focuses on the Voltage Rating, Type, Application, and Region.
By Voltage Rating
By Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL GOLF CART BATTERY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GOLF CART BATTERY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GOLF CART BATTERY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GOLF CART BATTERY MARKET, BY VOLTAGE RATING
5.1 OVERVIEW
5.2 6V
5.3 8V
5.4 12V
6 GLOBAL GOLF CART BATTERY MARKET, BY TYPE
6.1 OVERVIEW
6.2 LITHIUM
6.3 LEAD ACID
7 GLOBAL GOLF CART BATTERY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 GOLF COURSE
7.3 PERSONAL SERVICES
7.4 COMMERCIAL SERVICES
8 GLOBAL GOLF CART BATTERY MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL GOLF CART BATTERY MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 CLARIOS
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 EXIDE INDUSTRIES LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 GS YUASA CORP.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 EAST PENN MANUFACTURING CO. INC.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 RELION BATTERIES
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 SAMSUNG SDI CO. LTD
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 C & D TECHNOLOGIES INC.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 ENERSYS
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 LEOCH INTERNATIONAL TECHNOLOGY LTD
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 CROWN BATTERY MANUFACTURING CO.
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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