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.
Golf cart batteries are specialized rechargeable batteries designed to power electric golf carts and other low-speed electric vehicles (LSEVs). These batteries are typically deep-cycle lead-acid batteries, and they play a critical role in providing the necessary power to propel golf carts and other similar electric vehicles.
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Key characteristics and considerations related to golf cart batteries:
Deep-Cycle Design: Golf cart batteries are deep-cycle batteries, as opposed to automotive batteries, which are typically starter batteries. Deep-cycle batteries are designed to provide a steady amount of power over a longer period, making them suitable for applications like electric vehicles.
Lead-Acid Chemistry: Most golf cart batteries use lead-acid chemistry, which includes flooded lead-acid batteries and sealed lead-acid (SLA) batteries. Flooded lead-acid batteries require periodic maintenance, such as adding distilled water to the cells, while SLA batteries are maintenance-free.
Voltage: Golf cart batteries are typically 6-volt or 8-volt batteries, and they are connected in series to create the required voltage for the electric vehicle. Common configurations include 36-volt (with six 6-volt batteries) and 48-volt (with six 8-volt batteries) systems.
Capacity (Ampere-Hour Rating): The capacity of a golf cart battery is measured in ampere-hours (Ah) and indicates how much energy the battery can store. Higher-capacity batteries can provide more extended operating ranges for the golf cart.
Cycle Life: Deep-cycle batteries are designed to withstand frequent charge and discharge cycles. Golf cart batteries are expected to have a relatively long cycle life, making them suitable for daily use.
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.
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.
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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.
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.
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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