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Golf Cart Battery Market Trends

ID: MRFR//8963-CR | 111 Pages | Author: Chitranshi Jaiswal| April 2023

Golf Cart Battery Market Overview

Golf Cart Battery Market Size was valued at USD 0.18 Billion in 2023. The Golf Cart Battery market industry is projected to grow from USD 0.19 Billion in 2024 to USD 0.27 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.6% during the forecast period (2024 - 2032). Increasingly popular adaptations of golf carts globally and rapid industrialization and urbanization are the key market drivers enhancing market growth.

Golf Cart Battery Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Golf Cart Battery Market Trends

  • Growing interest and upgrades to golf carts are driving the market growth

Market CAGR for golf cart batteries is driven by the rising demand for golf cart batteries due to rising fuel prices, environmental worries, and the widespread adoption of golf carts, and there is a rising demand for batteries worldwide. There are many applications outside golfing for golf carts. That's why you won't find them working exclusively at golf clubs. Increasing fuel prices and environmental concerns among governments and customers have resulted in tight government guidelines for golf cart batteries, especially in industrialized nations. Fuel price increases over the projection period are expected to boost interest in electric vehicles and drive demand for golf cart batteries. Demand for golf cart batteries is predicted to rise due to high fuel prices and environmental concerns over the forecast period.

Additionally, investment in manufacturing and the government initiative of golf cart batteries raised living standards. With increased awareness of the benefits of electric cart buggies, the market is projected to expand. Lithium-lead acid batteries are expected to be widely used as the most popular choice for golf carts. Furthermore, a growing number of companies are adopting the usage of golf carts for employee mobility. Significant resources have been poured into the tourist and hospitality industries because of their prominence in the service sector of developing nations. As the number of tourists rises, more companies are making hotel investments. The future demand for golf cart batteries is predicted to rise as more hotels, resorts, and golf courses are built. Therefore, the increasing prevalence of rechargeable batteries is fueling the expansion of the international market.

For instance, Aisin Seiki Ltd has created a micro-sized electric car motor. The new product uses the framework of the electric four-wheel-drive system known as E-four and is intended to be the primary motive behind the new class of ultra-compact electric vehicles. As a result, the demand for golf cart batteries is predicted to grow throughout the forecasted time due to rising urbanization. Thus, the driving factor is the golf cart battery market revenue.

Golf Cart Battery Market Segment Insights

Golf Cart Battery Type Insights

The golf cart battery market segmentation, based on type, includes lithium-ion and lead acid batteries. In 2022, the lithium-ion segment led the golf cart battery market in revenue because lithium-Ion batteries have a high power-to-weight ratio, are highly efficient, function well in various temperatures, and have recyclable construction.

Golf Cart Battery Product Type Insights

The golf cart battery market segmentation, based on product type, includes 6V, 8V, and 12V. The 6V segment is anticipated to grow at a CAGR of 5.14% over the projected period, making up the largest market share due to the growing popularity of 6V golf cart batteries due to their many advantages over other voltage batteries, including their lower depth of discharge, longer range (56 amps), higher capacity, and a wider range of charge cycles.

Figure 1: Golf Cart Battery Market by Product Type, 2022 & 2032 (USD Billion)

Golf Cart Battery Market by Product Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Golf Cart Battery Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American golf cart battery market will dominate because the battery system is becoming increasingly commonplace in both commercial and residential settings, and golf carts are becoming increasingly popular in a wide range of settings, including golf courses, gated communities, and industrial complexes. Market expansion is likely partly fueled by the increasing popularity of electric golf carts in North America.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Golf Cart Battery Market Share By Region 2022 (USD Billion)

Golf Cart Battery Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s golf cart battery market accounts for the second-largest market share because of the increased need for renewable energy sources and the widespread adoption of battery-powered automobiles. Further, the German golf cart battery market held the largest market share, and the UK golf cart battery market was the fastest-growing market in the European region.

The Asia-Pacific golf cart battery market is expected to grow at the fastest CAGR from 2024 to 2032 because of the growing number of people, cities, and factories. Increasing demand for electric vehicles in countries also contributes to regional growth in the market, and the growing funding for research contributes to the rapid spread of cutting-edge technological solutions in this region. Moreover, China’s golf cart battery market held the largest market share, and the Indian golf cart battery market was the fastest-rising market in the Asia-Pacific region.

Golf Cart Battery Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the golf cart battery market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the golf cart battery industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the golf cart battery industry to benefit clients and increase the market sector. In recent years, the golf cart battery industry has offered some of the most significant technological advancements. Major players in the golf cart battery market, including  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, and others are attempting to growing market demand by investing in research and development operations.

Samsung SDI is a company that provides eco-friendly and sustainable energy solutions. They are committed to offering consumers the most innovative and cutting-edge products for electric vehicles in the automotive industry. Samsung SDI intends to introduce distinctive goods based on cutting-edge technology to solidify its market leadership in the present markets. It will also focus on technology competitiveness and marketing expertise to get a competitive edge in the lucrative next-generation markets. They also plan to create a technique for swiftly delivering flexible display materials to dominate the market for the future generation of mobile devices. In March 2022, Samsung SDI disclosed that it had inked a contract with Sungkyunkwan University to launch a course on battery technologies. A signing ceremony was held on the campus of Sungkyunkwan University, and Dong-real Shin, the president of the university, as well as other senior administrators, participated. Following the agreement, the parties will establish and run a course that teaches students about creating future rechargeable batteries to produce experts in battery materials, cells, and systems.

C&D Technologies, Inc. produces industrial batteries and electronic components that develop and market products for converting and storing electrical energy. Because of this focused effort, the company has emerged as a reputable and dominant force in producing electronic power supply and reserve power systems components. The dedication to excellent customer service has been essential to C&D's success in these significant industries. The company's main line of business is supplying backup power systems to leading telecom, data transmission, infrastructure, and utility operators so they can continue critical activities in the event of a power outage. Manufacturing facilities for C&D, which has its headquarters in Horsham, Pennsylvania, are located in the US, Mexico, China, and a joint venture in China. In May 2022, C&D Technologies created a Pure Lead Plus® VRLA battery to improve backup power for critical data center applications. The batteries increase data center performance while reducing overall operating expenses.

Key Companies in the Golf Cart Battery Market include

  • 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

Golf Cart Battery Industry Developments

January 2024: The Yamaha Golf-Car Company (YGC), a consolidated subsidiary of Yamaha Motor Corporation specializing in the sale of golf cars in the United States, has created the DRIVE H2, a golf car concept model propelled by hydrogen. Currently, the world's first concept model is on display at one of the most prestigious events in the golf industry. Yamaha's DRIVE2 CONCIERGE, a four-seater golf car primarily distributed in the United States but also internationally, serves as the inspiration for this model. Hydrogen engines are a type of internal combustion engine that operates on existing technologies while ensuring the absence of carbon dioxide (CO2) emissions throughout the combustion process. In light of the fact that this technology has the potential to enable both the continued use of internal combustion engines and decarbonization, Yamaha is additionally conducting research and development on it. Two 25-liter high-pressure hydrogen canisters are located beneath the driver's seat and behind the rear seat of the concept vehicle.

In January 2024, a Vernon-based organization declared an innovative collaboration with a nearby golf course. Throughout the forthcoming golf season, SC Carts, a manufacturer of high-end low-speed electric vehicles (LSVs), will collaborate with the Vernon Golf and Country Club to present promotional offers, special events, and demonstrations. This historic partnership signifies a momentous achievement within the golfing community, as golfers will now be granted permission to operate SC Carts' vehicles on the Vernon Golf and Country Club course. This will enable golfers to conveniently travel from their residences to the course and return. Operating on rechargeable lithium batteries, these vehicles can travel between 60 and 80 kilometers on a single charge and are street-legal on roads with a speed limit of 50 km/h or less.

May 2023: GS Yuasa Corporation has developed a technology that addresses several practical issues and improves energy density and extended service life. It achieved a high energy density of 400 Wh/kg with this technique, which is higher than typical lithium-ion batteries. With an energy density retention rate of over 90% after 200 cycles and a retention rate of over 85% after 300 cycles, it also confirmed that this technique could manufacture batteries with excellent charge-discharge cycle life performance. 

March 2022: Samsung SDI and Stellantis N.V. announced they would create a joint venture and invest more than $2.5 billion in a production facility for EV cells and modules in Kokomo, Indiana, in the United States. Samsung SDI, Stellantis, and the state government of Kokomo, Indiana, USA, launched the investment announcement event and signed the joint venture agreement to build an EV battery facility.

Golf Cart Battery Market Segmentation

Golf Cart Battery Type Outlook

  • Lithium-Ion

  • Lead-Acid

Golf Cart Battery Product Type Outlook

  • 6V

  • 8V

  • 12V

Golf Cart Battery Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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