ID: MRFR/E&P/8963-HCR | March 2021 | Region: Global | 111 pages
Golf cart batteries are batteries, which are specially designed for golf carts. Golf cart batteries are deep-cycle lead-acid batteries and are gaining momentum in the market, especially the lithium-ion type of batteries used for golf carts. Major golf cart vendors are switching from conventional deep cycle lead-acid to Li-ion batteries, owing to the latter's higher energy density and lower power duration.
The major factor driving the golf cart battery market is the increasing use of lithium-ion batteries and growing urbanization, leading to more demand for camper homes, electric cart buggies, and golf carts. Moreover, the growing energy storage industry is also likely to boost the installation of advanced lithium-ion batteries in various industries. Moreover, the high demand for golf carts powered by lithium-ion batteries is expected to offer immense growth opportunities for the market vendors; however, the lack of infrastructure and facilities to charge golf carts is expected to restrict the growth of the market participants.
The global golf cart battery market is projected to grow at a significant growth rate during the forecast period due to the increase in demand for golf cart batteries across multiple applications such as lighting for camping tents and electric canal boats. Lithium-ion batteries are high in demand as it puts less strain on the environment. In 2019, USD 350 million was invested in advanced lithium-ion technologies. As the demand for lithium-ion batteries grows, future battery price reductions are expected to be driven by the increasing improvements in battery energy density and advancements in commercializing advanced lithium-ion technologies.
The global golf cart battery market is projected to grow at ~6.21% CAGR during the forecast period.
The global golf cart battery market has been segmented based on battery type, product type, application, and region. Based on application, the global market has been segmented into golf cart, electric coach, and others. The golf cart subsegment is expected to dominate the global golf cart battery market. Additionally, countries such as the US and China are focusing on producing competitive products, which is expected to increase the manufacturing of golf cart batteries.
The key players of the global golf cart battery market are C&D Technologies Inc., Clarios, Crown Battery Manufacturing Co., Enersys, East Penn Manufacturing Co., Inc., Exide Industries Ltd, GS Yuasa Corp., Samsung SDI Co. Ltd., Leoch International Technology Ltd., and ReLiON Batteries.
Global Golf Cart Battery Market
The global golf cart battery market is expected to witness substantial growth during the forecast period owing to the rapidly growing demand for electronics devices and the growing middle-class population. The golf tourism industry is mainly focused on advancing golf cart battery technology. For instance, lithium-ion batteries have a substantially higher energy storage density that requires a smaller footprint than other existing batteries. This is expected to lead to growth in the demand for advanced lithium-ion batteries used as golf batteries globally.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type, Product Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||C&D Technologies Inc., Clarios, Crown Battery Manufacturing Co., Enersys, East Penn Manufacturing Co., Inc., Exide Industries Ltd, GS Yuasa Corp., Samsung SDI Co. Ltd., Leoch International Technology Ltd., and ReLiON Batteries.|
|Key Market Opportunities||
|Key Market Drivers||New product launches and R&D Amongst major key Players|