Summary

Global Golf Cart Battery Market is expected to grow at a significant rate of around 6% during the forecast period. A golf cart battery is a type of rechargeable lead-acid battery that is specifically designed to power electric golf carts. These batteries normally range from 6 to 8 V and could be added in a series or in parallel combination to produce higher voltage and electricity. They are made to offer the cart a dependable and durable power source and can operate for a longer duration. The global market for electric automobiles and their growing acceptance of electric cart buggies, along with rapid urbanization and rising individual disposable income, have contributed to a major increase in demand for golf cart batteries in recent years. Also, the stringent government regulation for emissions and increasing investment in battery manufacturing across the countries are expected to support the market growth during the forecast period. For instance, in November 2020, the Indian government launched a monetary scheme named Production Linked Incentive (PLI) program to support the production of lithium-ion batteries at the local level.

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 are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst battery, Li-ion category to witness higher CAGR during the forecast period”
Based on 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, it is expected that rising global demand for electric vehicles will support market expansion. Further, rising government funding and investment in Li-ion battery research and development, together with falling costs, will spur industry expansion. For instance, according to IEA, the electric vehicle sales share for China in the years 2020 and 2021 was 5% & 16%, for the USA 2% & 5%, and for Europe, it was 10% and 17% respectively and expected to register significant growth in coming time.

“Amongst voltage, the 6V segment to hold a significant share in the market in 2020.”
On the basis of voltage, the market is categorized into 6V, 8V, and 12V. The 6V segment is expected to witness a significant CAGR during the forecast period owing to their increasing adoption for lighting applications to power club golf cart buggies. Additionally, the need for deep cycling and the 6V battery's longer lifespan is expected to drive growth. The demand will also increase as a result of these batteries' decreased weight, quick recharging, increased energy density, and inclusion into golf cart vehicles. Also, the li-ion batteries have discharging rates of 1C and 2C and the charging range could be 6.8V to 7.2V which provides an additional advantage over other batteries.

“North America to hold a significant share in the market.”
In 2020, North America held a significant share of the global golf cart battery market. This is mainly due to the increasing popularity of golf carts in various applications, such as golf courses, gated communities, and industrial complexes along with the rising adoption of the golf cart battery system in a commercial and residential settings. Additionally, the growing adoption of electric golf carts in North America is also expected to drive market growth. Also, the growth in the market is driven by factors such as increasing urbanization, rising demand for electric vehicles, and the rising popularity of golf as a sport. Also, the increasing individual income and changing lifestyle coupled with the increasing investment and growing number of the tournament in the region are expected to support the market expansion. For instance, according to National Golf Foundation, the US has registered a growth of 36% in junior girls’ participation compared to the 15% in 2000.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global golf cart battery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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