Golf Cart Battery Market: Current Analysis and Forecast (2022-2028)

Golf Cart Battery Market: Current Analysis and Forecast (2022-2028)

A golf cart battery is a type of rechargeable lead-acid battery that is specifically designed to power electric golf carts. These batteries typically have a capacity of 6 to 8 volts and can be connected in series or parallel to create a higher voltage system for the cart. They are designed to provide a reliable and long-lasting power source for the cart, with many lasting for several years with proper maintenance. In recent times, the golf cart battery market has witnessed significant demand which can be attributed to the increasing demand for electric vehicles around the world and their increasing adoption of electric cart buggies coupled with rapid urbanization and increasing disposable income of the individual.

The Golf Cart Battery Market is expected to grow at a steady rate of around 6% owing to the increasing demand for the golf cart along with the increasing adoption of the electric canal board and lighting for camping among others. Major companies in the market are focusing to provide golf cart batteries with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in June 2022, Club Car acquired Garia A/S a Denmark-based manufacturer of electric low-speed vehicles for utility, consumer, and golf markets which will support the golf cart segment business of the organization.

• Based on the battery, the market is segmented into li-ion battery and lead-acid battery. The Li-ion battery segment is expected to witness significant market growth during the forecast period owing to the longer battery life, high energy density, low self-discharging rate, lower maintenance, and ability to work on a wider temperature range. Additionally, the growing demand for electric vehicles around the world is expected to support market growth. For instance, according to the IEA, the demand for the li-ion battery has doubled and reached approximately 340 GWh for the year 2021 compared to 160 GWh for 2020, globally. Also, the increasing investment and government support for the development of the Li-ion battery coupled with the decreasing price is expected to propel the market growth.
• Based on the voltage, the market is segmented into 6V, 8V, and 12V. The 6V segment is expected to witness a significant CAGR during the forecast period owing to their increasing adoption of lighting applications to power club golf cart buggies. Also, the requirement of deep cycling and the longer life of the 6V battery is expected to support the growth. In addition, the lower weight, fast recharge, and higher energy density of these batteries as well as the incorporation of these batteries in golf cart vehicles will propel the demand.
• Based on application, the market is segmented into the electric coach, golf cart, and others. The golf cart segment is expected to register significant growth during the forecast period attributed to its versatility and convenience in a variety of settings such as golf courses, gated communities, parks, and industrial complexes. Additionally, the increasing popularity of golf cart rentals for tourism and recreation, as well as the growing interest in electric vehicles, has also contributed to the increase in demand for golf carts battery.
• For a better understanding of the market adoption of the golf cart battery industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America led the market in 2021. This is mainly due to the increasing popularity of golf carts in various applications, such as golf courses, gated communities, and industrial complexes. Additionally, the growing adoption of electric golf carts in North America is also expected to drive market growth. The North American market is also characterized by the presence of major players such as Trojan Battery Company, Exide Technologies, and EnerSys, among others. In addition, the increasing number of golf course along with the growing number of golf tournament in the region are expected to support market growth and also opens a lucrative opportunity for the golf cart vehicles and golf cart battery market. For instance, according to the National Golf Foundation, U.S, in the year 2021, there are approximately 37.5 million people reached the golf course out of which 25.1 million people played golf 12.4 million people participated in off-course golf activities such as driving, golf simulation, and others.
• Some of the major players operating in the market include Power Solutions, CROWN BATTERY, Clarios, RELiON Batteries, EXIDE INDUSTRIES LTD., ENERSYS, GS Yuasa International Ltd., Leoch International Technology Limited Inc, SAMSUNG SDI CO., LTD, and East Penn Manufacturing Company.