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Golf Cart Battery Market Worth USD 216.5 million by 2031 | North America Dominate by US, Canada

Golf Cart Battery Market projected to grow at a CAGR of 5.9% from 2022 to 2031.

The increasing golf enthusiast in developing nations are the emerging trends in the golf cart battery market.”
— Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, May 22, 2024 /EINPresswire.com/ --

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.

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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.

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.

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.

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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.

Moreover, 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.

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.

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.

Impact of COVID-19 outbreak on the market

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.

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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.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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