ID: MRFR/E&P/8963-HCR | March 2021 | Region: Global | 111 pages
Golf cart battery market is projected to grow at ~6.50% CAGR during the forecast period.
Global Golf carts are vehicles that run by batteries. Golf carts have simple construction have to speed up to 31 KMPH. 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, so the batteries used in the Golf cart are produced carefully.
A golf cart can't function without batteries, so the battery used in the Golf cart is a matter of serious concern. Golf carts are used in many places, so global golf cart batteries are also increasing with the increasing demand. Apart from that, various reasons for Global Market growth, such as increasing use of lithium-ion batteries, rising camper homes, golf carts, electric cart buggies, and urbanization. Furthermore, the growing demand for electric vehicles also contributes to the growth of the market.
The high demand for golf carts will boost the Global Golf cart battery Market growth in the forecast period. Global Golf cart battery is also used for various applications such as electric canal boats, lighting for camping, and other things. The Global Golf cart battery doesn't cause any pollution, and it is safe for the environment. As a result, its use is increasing every day, and it will boost the Market trends in the coming years.
The outbreak of coronavirus has hampered many businesses around the world. Now almost all the countries in the world are suffering due to the covid-19 pandemic. To take safety measures, governments worldwide have imposed a lockdown that has affected the growth of many industries. The manufacturing sector was affected the most due to the huge gap in supply and demand the industries suffered losses. Import & export and travel restrictions further caused a huge problem for the industries, and the production work was halted. Due to this, golf cart production was also declining, affecting the Global Market. Social distancing guidelines and lockdown in railways, airports, and other places declined the market's demand. So overall, the covid-19 pandemic had a negative impact on the Global Market. The key players were trying to maintain the demand of the Market. The market will see positive growth when the situation comes back to normal.
The major key players in the Global Golf cart battery Market are
These are the major key players in the Global Golf cart battery Market, and among them, Exide Industries Ltd contributing highly to the market.
Many factors positively influence the Global Golf cart battery market, and they are called the market drivers. One of the major drivers of the Market is the high demand for lithium-ion batteries. The manufacturing cost of lithium-ion batteries is low, and it will boost production. In addition, the rising demand for golf in various regions will boost the demand of the Market. The developed countries have a huge demand for golf, and these regions have great potential due to the large population. According to the census in 2019, the world population was 10.9 billion.
Furthermore, increasing income of middle-class people and economic development will drive the Global Golf cart battery Market. Urbanization will also play a huge role in driving the Market. There are many places like airports, railways, and golf courses where golf carts are suing. With rapid urbanization, the number of airports, railways stations, and golf courses increasing will boost the Market size.
Golf carts can't run without golf cart batteries, so increasing golf tourism in different regions will increase the production of lithium-ion. The rising popularity of golf will bring opportunities for the Market. Apart from that Golf cart battery is safe for the environment, and growing environmental concerns will generate more opportunities for the Market. Tourism and hospitality industries are contributing highly in the developed countries, so the governments are investing highly in it. So the construction of new golf courses, resorts, and hotels will increase, which will create opportunities for the Global Golf cart battery Market.
One of the major restraints in the Global Market is the cost factor of lithium-ion batteries. The cost of lithium-ion batteries cost more than lead-acid batteries. Additionally, there is rapid advancement in battery technology, and it will help manufacture advanced batteries; as a result, it will hamper the Market.
A major challenge is the underdeveloped regions don't have all the facilities and infrastructure needed for golf carts. And the lack of infrastructure in these regions has become a major challenge for the Global Market. The market's key players are trying their best to overcome these challenges and boost the Market trends.
Cumulative growth analysis
The Global Golf cart battery industry is showing significant growth over the years. Increasing population with changing lifestyle of people, and rapid urbanization will propel the demand of Golf cart battery industry, and the market is expected to register a healthy CAGR of 6.21% in the forecast period.
The Global Golf cart battery industry is segmented based on battery type, product type, application, and region.
Based on type, the Global Market is segmented into the electric coach, golf cart, and others. Among these golf carts holds the highest Global Market share owning to rapid use of Golf cart batteries. Being used in various places will boost the demand for them in the golf cart segment.
Based on battery type, the Global Market is segmented into 6V, 8V, and 12V.
The Global Market is divided into flooded batteries and VRLA batteries based on product type.
Based on region, the Global Market is segmented into North America, Asia Pacific, Europe, and the rest of the world. Among them, North America was accounted for the highest Global Market share in 2019.
The major regions in the Global Golf cart battery Market are North America, Asia-Pacific, Europe, and the rest of the world. In 2019 North America had the highest share in the Market. It is expected to dominate the market in the forecast period, owing to the increasing number of golf courses, economic development, and high demand for golf carts in this region. North America is expected to hold a 72% share in the forecast period of the market. Asia-pacific is also a strong region for the Market. Asia-Pacific region has major countries like China, Japan, and India, and the increasing population with economic development will boost the market in this region. China is focusing on boost golf tourism; as a result, it will drive the Global Market demand more in the coming years. Europe will also see substantial growth in the Market due to the increasing adoption of golf carts in this region.
This global Global Golf cart battery Market report is based on the qualitative and quantitative analysis of the Market. This report highlights the market based on market overviews, covid-19 analysis, market dynamics, and analysis of the Global Market. This research report also shows the regional analysis, competitive landscape, and recent market development.
By product type
By battery type
|Market Size||2030: Significant Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|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||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The golf cart battery market is predicted to grow at a 6.21% CAGR between 2020- 2027.
North America will lead the global golf cart battery market.
Growing urbanization and growing energy storage industry are the key factors driving the global golf cart battery market growth.
The lack of infrastructure and facilities to charge golf carts may limit the global golf cart battery market growth.
Key contenders profiled in the global golf cart battery market include 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.