Golf Cart Battery Market
Golf Cart Battery Market Forecasts to 2030 - Global Analysis By Type (Lead Acid, Lithium and Other Types), Voltage Rating (6V, 8V and 12V), Sales Channel (Aftermarket, Original Equipment Manufacturer (OEM) and Other Sales Channels), Application and By Geography
According to Stratistics MRC, the Global Golf Cart Battery Market is accounted for $142.97 million in 2023 and is expected to reach $243.44 million by 2030 growing at a CAGR of 7.9% during the forecast period. The golf cart battery market refers to the industry that produces and supplies batteries specifically designed for golf carts. These batteries are essential components of electric golf carts, providing the necessary power for propulsion. Manufacturers in this market focus on developing batteries with high energy density, longer lifespan, and quick charging capabilities to meet the performance requirements of golf carts.
According to the National Golf Foundation, there were more than 16,100 golf courses in the U.S. at the end of 2020.
Market Dynamics:
Driver:
Growing demand for electric golf carts
With a global shift towards sustainable and eco-friendly transportation solutions, electric golf carts have gained substantial popularity. Golf courses, resorts, and recreational facilities are increasingly opting for electric alternatives due to their lower environmental impact and operational cost savings. As awareness of environmental issues grows, consumers and businesses alike are inclined to adopt cleaner and greener mobility options, bolstering electric golf carts. This surge in demand directly translates into an increased need for efficient and reliable golf cart batteries.
Restraint:
High initial cost
While electric golf carts offer long-term operational cost savings through reduced fuel expenses and maintenance, the upfront investment required for purchasing the vehicle and its associated batteries can be substantial. This financial barrier presents a challenge, particularly for smaller golf courses, recreational facilities, and businesses looking to adopt electric alternatives. However, the initial cost includes not only the electric golf cart but also the specialized batteries designed for optimal performance, contributing to the overall expense.
Opportunity:
Advancements in battery technology
As the industry witnesses continuous innovations, battery manufacturers strive to enhance key performance metrics such as energy density, lifespan, and charging efficiency. Technological breakthroughs lead to the development of more powerful and efficient batteries, addressing the demand for high-performance energy storage solutions in electric golf carts. Furthermore, improved battery technology not only extends the range and operational capabilities of golf carts but also contributes to overall sustainability by fostering the adoption of electric vehicles.
Threat:
Lack of standardization
The absence of universally accepted specifications and standards for golf cart batteries creates challenges for both manufacturers and consumers. This lack of standardization can lead to compatibility issues, limiting the interchangeability of batteries and hindering seamless integration across various golf carts and brands. Consequently, consumers may face difficulties in finding suitable replacement batteries, and manufacturers encounter complexities in designing products that meet diverse specifications. The absence of standardized norms also impedes technological innovation and collaboration within the industry.
Covid-19 Impact:
The widespread global economic slowdown, lockdowns, and restrictions on mobility adversely impacted the production and distribution of golf carts and their batteries. The closure of golf courses, resorts, and recreational facilities during lockdowns led to a sharp decline in the demand for golf carts, affecting the entire supply chain, including battery manufacturers. Supply chain disruptions, labor shortages, and reduced consumer spending further compounded the challenges. However, uncertainties about the duration and severity of the pandemic created a cautious approach among businesses, affecting investment decisions.
The lead acid segment is expected to be the largest during the forecast period
Lead Acid segment is prophiesed to hold the largest share during the forecast period due to its well-established presence, reliability, and cost-effectiveness. Lead acid batteries have long been the traditional power source for golf carts, offering a proven and durable solution. Golf courses, resorts, and other recreational facilities often opt for lead acid batteries due to their relatively lower initial cost compared to alternative technologies. Moreover, these batteries are well-suited for the intermittent use characteristic of golf carts, providing ample power for short bursts of activity.
The golf course segment is expected to have the highest CAGR during the forecast period
Golf Course segment is expected to have the highest CAGR during the extrapolated period. Golf courses worldwide are increasingly transitioning from traditional gas-powered carts to electric alternatives, fueled by a growing emphasis on environmental sustainability and enhanced user experience. As golf courses embrace this eco-friendly shift, there is a heightened demand for high-performance golf cart batteries. These batteries must provide reliable and efficient power for extended periods to cover the expansive terrain of golf courses.
Region with largest share:
Due to the growing acceptance of golf cart battery systems in both commercial and residential settings, as well as the growing popularity of golf carts in a variety of applications, including industrial complexes, gated communities, and golf courses, North America is expected to hold the largest share during the projection period. The regional product is growing as more people choose electric golf carts as an environmentally friendly alternative to gas-powered golf carts. Moreover, the robust tourism and hospitality industry, along with the popularity of retirement communities utilizing golf carts, further fuels demand.
Region with highest CAGR:
Because of the increased need for batteries worldwide, rising fuel prices, environmental concerns, and the growing popularity of golf carts, the Asia-Pacific region is expected to rise at a substantial pace during the prolonged time frame. The demand for energy-efficient solutions and technological advancements have led to a growing trend towards sophisticated golf cart batteries. Furthermore, government regulations pertaining to golf cart batteries have become more stringent, particularly in developed nations, as a result of growing fuel costs and public and government concerns about the environment.
Key players in the market
Some of the key players in Golf Cart Battery market include Exide Industries Ltd, GS Yuasa Corp, East Penn Manufacturing Co. Inc, Leoch International Technology Ltd, Crown Battery Manufacturing Co, Samsung SDI Co. Ltd, ReLiON Batteries, Trojan Battery Company LLC, and Continental Battery Systems.
Key Developments:
In June 2023, Trojan Battery Company partnered with TheGolfCartFarm, an online seller of golf cart accessories and parts, allowing the latter to sell its line of lithium-ion batteries. The strategic partnership will improve the functionality and longevity of golf carts and utility vehicles by giving owners easy access to premium Lithium-ion batteries.
In 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.
Types Covered:
• Lead Acid
• Lithium
• Other Types
Voltage Ratings Covered:
• 6V
• 8V
• 12V
Sales Channels Covered:
• Aftermarket
• Original Equipment Manufacturer (OEM)
• Other Sales Channels
Applications Covered:
• Commercial Services
• Personal Services
• Golf Course
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Golf Cart Battery Market, By Type
5.1 Introduction
5.2 Lead Acid
5.3 Lithium
5.4 Other Types
6 Global Golf Cart Battery Market, By Voltage Rating
6.1 Introduction
6.2 6V
6.3 8V
6.4 12V
7 Global Golf Cart Battery Market, By Sales Channel
7.1 Introduction
7.2 Aftermarket
7.3 Original Equipment Manufacturer (OEM)
7.4 Other Sales Channels
8 Global Golf Cart Battery Market, By Application
8.1 Introduction
8.2 Commercial Services
8.3 Personal Services
8.4 Golf Course
8.5 Other Applications
9 Global Golf Cart Battery Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Exide Industries Ltd
11.2 GS Yuasa Corp
11.3 East Penn Manufacturing Co. Inc
11.4 Leoch International Technology Ltd
11.5 Crown Battery Manufacturing Co
11.6 Samsung SDI Co. Ltd
11.7 ReLiON Batteries
11.8 Trojan Battery Company LLC
11.9 Continental Battery Systems
List of Tables
1 Global Golf Cart Battery Market Outlook, By Region (2021-2030) ($MN)
2 Global Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
3 Global Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
4 Global Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
5 Global Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
6 Global Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
7 Global Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
8 Global Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
9 Global Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
10 Global Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
11 Global Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
12 Global Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
13 Global Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
14 Global Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
15 Global Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
16 Global Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
17 Global Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
18 Global Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
19 North America Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
20 North America Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
21 North America Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
22 North America Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
23 North America Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
24 North America Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
25 North America Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
26 North America Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
27 North America Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
28 North America Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
29 North America Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
30 North America Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
31 North America Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
32 North America Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
33 North America Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
34 North America Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
35 North America Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
36 North America Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
37 Europe Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
38 Europe Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
39 Europe Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
40 Europe Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
41 Europe Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
42 Europe Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
43 Europe Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
44 Europe Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
45 Europe Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
46 Europe Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
47 Europe Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
48 Europe Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
49 Europe Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
50 Europe Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
51 Europe Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
52 Europe Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
53 Europe Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
54 Europe Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
55 Asia Pacific Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
56 Asia Pacific Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
57 Asia Pacific Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
58 Asia Pacific Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
59 Asia Pacific Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
60 Asia Pacific Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
61 Asia Pacific Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
62 Asia Pacific Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
63 Asia Pacific Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
64 Asia Pacific Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
65 Asia Pacific Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
66 Asia Pacific Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
67 Asia Pacific Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
68 Asia Pacific Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
69 Asia Pacific Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
70 Asia Pacific Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
71 Asia Pacific Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
72 Asia Pacific Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
73 South America Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
74 South America Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
75 South America Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
76 South America Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
77 South America Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
78 South America Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
79 South America Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
80 South America Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
81 South America Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
82 South America Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
83 South America Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
84 South America Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
85 South America Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
86 South America Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
87 South America Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
88 South America Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
89 South America Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
90 South America Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
91 Middle East & Africa Golf Cart Battery Market Outlook, By Country (2021-2030) ($MN)
92 Middle East & Africa Golf Cart Battery Market Outlook, By Type (2021-2030) ($MN)
93 Middle East & Africa Golf Cart Battery Market Outlook, By Lead Acid (2021-2030) ($MN)
94 Middle East & Africa Golf Cart Battery Market Outlook, By Lithium (2021-2030) ($MN)
95 Middle East & Africa Golf Cart Battery Market Outlook, By Other Types (2021-2030) ($MN)
96 Middle East & Africa Golf Cart Battery Market Outlook, By Voltage Rating (2021-2030) ($MN)
97 Middle East & Africa Golf Cart Battery Market Outlook, By 6V (2021-2030) ($MN)
98 Middle East & Africa Golf Cart Battery Market Outlook, By 8V (2021-2030) ($MN)
99 Middle East & Africa Golf Cart Battery Market Outlook, By 12V (2021-2030) ($MN)
100 Middle East & Africa Golf Cart Battery Market Outlook, By Sales Channel (2021-2030) ($MN)
101 Middle East & Africa Golf Cart Battery Market Outlook, By Aftermarket (2021-2030) ($MN)
102 Middle East & Africa Golf Cart Battery Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
103 Middle East & Africa Golf Cart Battery Market Outlook, By Other Sales Channels (2021-2030) ($MN)
104 Middle East & Africa Golf Cart Battery Market Outlook, By Application (2021-2030) ($MN)
105 Middle East & Africa Golf Cart Battery Market Outlook, By Commercial Services (2021-2030) ($MN)
106 Middle East & Africa Golf Cart Battery Market Outlook, By Personal Services (2021-2030) ($MN)
107 Middle East & Africa Golf Cart Battery Market Outlook, By Golf Course (2021-2030) ($MN)
108 Middle East & Africa Golf Cart Battery Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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