According to a new report published by Allied Market Research, the golf cart battery market size was valued at $122.8 million in 2021, and is estimated to reach $216.5 million by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
The key players operating and profiled in the golf cart battery market analysis 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.
Other players operating in the value chain of the global golf cart battery market forecast are Brookfield Business Partners L.P., and Exide Technologies, Universal Power Group, Trojan Battery Company, Lifeline, Amstron, Microtex Energy Private Limited, Johnson Controls, Inc., and ACDelco.
North America garnered a dominant share in 2021 and is anticipated to maintain this dominance in the golf cart battery market during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. In addition, the rapid growth of the off-grid power generation, rise in demand for power in remote operations, and rise in awareness and R&D toward battery safety are the key factors expected to drive the golf cart battery market growth in North America.
By type, the lithium-ion battery segment accounted for about 62.2% of the global golf cart battery market share in 2021, and is expected to maintain its dominance during the forecast period.
On the basis of voltage rating, the 6V voltage rating segment garnered a 40.8% share in 2021 and is anticipated to grow at a rate of 6.3% in terms of revenue.
Depending on the application, the golf course segment exhibited the fastest growth in 2021 and is expected to grow at a CAGR of 6.5% during 2022–2031.
Government initiatives and investment in manufacturing of golf cart batteries, improvement in standard of living, and rapid urbanization are the key drivers of the golf cart battery market. In addition, rise in awareness concerning the benefits of electric cart buggies is expected to drive the market growth. Lithium-lead acid battery is anticipated to witness high penetration, as it is the most desired golf cart battery.
Golf carts are increasingly being used for internal transportation in a wide range of businesses. The tourism and hospitality industries, which form a major part of the service sector in developing economies, have attracted significant investment. Many businesses are investing in the hotel sector as tourism activity grows. Construction of new hotels, resorts, golf resorts, and golf courses is expected to increase, which will ultimately increase the need for golf cart batteries in the future.
Golf cart uses a number of batteries to provide the required voltage and amperage, so a replacement’s size and power requirements are crucial. Furthermore, surge in demand for electric vehicles is a major factor that contributes to the growth of the market.
Impact of COVID-19 outbreak on the market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Several industries were forced to cease operations as a result of the strict lockdowns that were enforced in many nations. The market for golf cart batteries was impacted in 2020 by the coronavirus disease of 2019 (COVID-19) on a global scale. The COVID-19 outbreak has had an impact on many areas, including flight cancellations, travel bans and quarantines, restaurant closures, restrictions on all indoor events, emergencies declared in numerous countries, a significant slowdown in the supply chain, unpredictability in the stock market, a decline in business assurance.
In addition, manufacturers of golf cart batteries are facing unexpected difficulties as a result of the crisis, including delayed production due to lockdown limitations, reduced worker availability, supply chain delays, nationwide lockdowns, and fluctuations in the price of raw materials. Furthermore, airports, railway stations, golf courses, and tourist places businesses might decrease, during the pandemic period. In addition, the final investment decisions for some of the golf cart batteries by the government and golf course owners might delay, owing to the outbreak of COVID-19, which hindered the growth of the golf cart battery market.
Originally seen on Golf Car Advisor