Golf Cart Battery Market By Type (Lithium, Lead Acid), Rated Voltage (6V, 8V, 12V), Application (Golf Course, Personal Service, Commercial Service)
PORTLAND, OREGON, USA, Sept. 14, 2022 /EINPresswire.com/ —
Leading Companies in the Golf Cart Battery Industry
Major players operating and profiled in the Golf Cart Battery Market analysis are 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 LP and Exide Technologies, Universal Power Group, Trojan Battery Company, Lifeline, Amstron, Microtex Energy Private Limited, Johnson Controls, Inc. .and ACDelco. .
AMR published a report, the Golf Cart Battery market size was valued at $122.8 Million in 2021 and is projected to reach $216.5 Million by 2031, growing at a CAGR of 5, 9% from 2022 to 2031.
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Key Location of Golf Cart Battery Market:
North America has gained a dominating share in 2021 and is expected to maintain this dominance in the golf cart battery market over the forecast period. This is attributed to the presence of key players and a huge consumer base in the region.
Based on rated voltage, the 6V rated voltage segment secured a 40.8% share in 2021 and is expected to grow at a rate of 6.3% in terms of revenue.
According to the app, the golf course segment showed the fastest growth in 2021 and is expected to grow at a CAGR of 6.5% between 2022 and 2031.
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.
In addition, the rapid growth of off-grid power generation, increasing demand for electricity in remote operations, and increasing battery safety awareness and R&D are major drivers. which are expected to drive the growth of the North America golf cart battery market.
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Rising awareness about the benefits of electric strollers is expected to drive the growth of the market. The lithium-lead battery is expected to see high penetration, as it is the most sought after golf cart battery.
Government initiatives and investments in golf cart battery manufacturing, improving living standards and rapid urbanization are major drivers of golf cart battery market trends.
Additionally, golf carts are increasingly being used for internal transportation across a wide range of businesses. The tourism and hospitality industries, which form a large part of the service sector in developing economies, have attracted significant investment.
Impact of Covid-19 on Global Golf Cart Battery Industry
Additionally, golf cart battery manufacturers are facing unexpected challenges due to the crisis, including production delays due to lockdown limitations, reduced worker availability, supply chain delays, nationwide lockdowns and commodity price fluctuations.
In addition, the activities of airports, train stations, golf courses and tourist places could decrease during the pandemic period.
Additionally, final investment decisions for some of the golf cart batteries by the government and golf course owners may be delayed, owing to the COVID-19 outbreak, which has hampered the growth of the market for golf carts. golf cart batteries.
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The golf cart uses a number of batteries to provide the required voltage and amperage, so the size and wattage of a replacement is crucial.
The surge in demand for electric vehicles is a major factor contributing to the growth of the market.
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