Golf Cart Battery Market is Expected to Showcase Rampant Growth Over 2030

Market Research Future (MRFR) has published a cooked research report on the “global Golf cart battery market” that contains the information from 2024 to 2030.

Global Golf cart battery Market

Golf cart batteries are the powering source for golf carts. Golf carts are safe vehicles, and they are used at various places such as airports, railway stations, golf courses, and tourist places. The simple manufacturing process and government rules have increased the production of golf carts, and it had an impact on the global golf cart battery market growth indirectly. In golf carts, batteries are the key source of power, which are generally made of either lithium-iron or lead acid one.

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Market Synopsis

According to the MRFR analysis, the global golf cart battery market was valued at USD 165,427.8 thousand in 2021 and is projected to reach USD 252,727.3 thousand by 2030 at a CAGR of 5.14%.

The global golf cart battery market is expected to grow at a faster rate due to factors such as rising urbanization and industrialization, a shift toward mall culture, high-tech and smart residential and commercial housing projects, and increased use of golf cart vehicles in hotels, the hospitality, tourism, and amusement park industries. Demand for golf cart batteries is anticipated to increase as golf carts are used for short excursions at educational facilities, including colleges, universities, and airports.  

Also, growing environmental concerns across the globe can be seen as a pedigree to boost the Golf cart battery since, golf carts do not emit gases or cause the important and healthy minerals found in the ground, such as petrol, to transform into toxins in the form of gasoline and diesel thanks to golf cart systems that can block this pollution both in micro and macro.

During the COVID-19 scenario, the impact of the COVID-19 pandemic on the global golf cart battery has been negatively impacted. Golf cart battery producers also encountered unforeseen challenges as a result of the crisis, such as production delays brought on by lockdown restrictions, decreased workforce availability, supply chain delays, statewide lockdowns, and changes in the price of raw materials.

Competitive Landscape

The Global Golf cart battery Market comprises many local and global players. The key players in the industry are involved in various strategies such as new divestment, and acquisitions to maintain and expand their market dominance. 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 are some of the prominent players in this market.

Segmentation

By Type:

• lead-acid batteries: The most popular and affordable deep-cycle batteries for golf carts are lead-acid batteries. They are made up of lead plates suspended in sulfuric acid, which causes a chemical reaction and stores energy. Lead acid batteries' lowest initial cost is their primary advantage. They are the heaviest, most maintenance-intensive, and have the shortest lifespan when compared to other golf cart battery types. Lead acid batteries can never be fully charged to their initial capacity since they undergo charge and discharge cycles.


• Lithium-Ion golf cart batteries: Lithium golf cart batteries are more expensive than lead-acid batteries, but they have many advantages over them, including a longer lifespan, fewer maintenance requirements, no power loss at low voltages, faster recharge times, and lighter weight. Deep-cycle lithium iron phosphate (LiFeO4) batteries are used in golf carts. These should not be confused with the small gadgets' lithium batteries.

By Product Type:

• 6V: The benefits of 6V golf cart batteries include their longer range (56 amps), higher capacity, more charge cycles than other voltage batteries, and lower depth of discharge. They also have a longer lifespan. The drawbacks of 6V golf cart batteries are that they are more expensive initially than 8 and 12-volt units, require 8 packs to be installed, which lengthens the installation process, and add extra weight to the golf cart. 6-volt batteries deliver the smallest depth of discharge percentage out of the three. An average running time of 80 minutes should leave you with a discharge of 35%.


• 8V:  The benefits of 8V golf cart batteries are their moderate capacity, lower initial cost than 6-volt batteries, and lighter weight when compared to 6-volt batteries. 8-volt batteries fall in the middle when it comes to range, at 56 amps. The 8-volt batteries come up 36 minutes short of the 6-volt range at 56 amps, at an average of 128 minutes. Because 8-volt batteries have a deeper depth of drain than 6-volt batteries, they will need more recharges over the course of their lifetime causing it to live less time than a 6-volt unit. An 8-volt battery pack will typically discharge by 44% if used for 80 minutes.

• 12V: The 12-volt golf cart batteries provide the shortest running minutes at 56 amps. These batteries can only deliver 110 minutes at that rate. Which is 54 minutes less than the 6-volt batteries deliver. The depth of discharge offered by 12-volt batteries is the least outstanding compared to the other three battery types.

By Region:

• North America: Asia Pacific is currently one of the fastest-growing regions for lithium batteries, owing to rapid industrialization and economic growth in countries such as China and India. The region offers significant potential for future growth, thus providing lucrative opportunities for players operating in this market. Also, the region plays a crucial role in the revenue growth of golf cart battery market.


• Europe: Europe accounts for second largest regional market share in the Golf cart battery Market owing to the increased in demand for electric vehicles and increase in consumption of 6V batteries used in ATVs, among others.


• Asia-Pacific: Asia-Pacific has dominated the golf cart battery market in 2021 and is expected to continue its dominance in the coming years as well. Asia Pacific continues to boast some of the world’s highest levels of GDP growth, the most optimistic consumers, and solid fast-moving consumer goods (FMCG). Another factor driving regional growth across the global market is the rising demand for electric vehicles in nations like China, India, and Japan.


• Middle East & Africa: Middle East countries includes GCC Countries such as UAE, Saudi Arabia, Qatar, and Bahrain, among others, are extending their investment in golf cart that would boost the golf cart battery market.


• South America: South American countries witness enormous demand due to infrastructure developments and the rising demand for golf grounds in Brazil, and Argentina, it is anticipated that the Latin America markets will experience considerable growth over the projection period.