Golf Cart Battery Market to exceed $217 Mn by 2032, Says Global Market Insights Inc.
Major golf cart battery market participants include Clarios, Continental Battery Systems, Crown Battery Manufacturing Co., Duracell Inc., East Penn Manufacturing Co., Inc., EnerSys, Exide Technologies, U.S. Battery Manufacturing Co., and Trojan Battery Company LLC.
Selbyville, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) —
The golf cart battery market valuation is estimated to reach USD 217 million by 2032, as reported in a research study by Global Market Insights Inc.
The surging popularity of electric golf carts due to their efficient and durable battery requirements to power their operations will boost the product demand. For instance, in November 2022, Indian EV battery maker Neuro Energy introduced Adler, a new electric golf cart range, powered by its lithium-ion batteries comprising GPRS tracker and remote assistance. Of late, electric golf carts are also equipped with medical equipment and firefighting gear to offer rapid response and assistance in large facilities, including stadiums and airports. The rising number of government initiatives for promoting the adoption of electric vehicles driven by the higher focus on environmental sustainability will also positively impact the industry growth.
The golf cart battery market from lead-acid batteries segment will surpass USD 94 million by 2032, on account of the continuous demand for replacements. Lead-acid battery technology renders enhanced reliability and durability, adding to the longevity of golf cart batteries. On account of their inexpensiveness to manufacture and purchase, these batteries are practical choice for golf cart manufacturers and consumers. The minimal efforts incurred during basic maintenance tasks, such as cleaning terminals, checking water levels, and recharging will also influence the product adoption.
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The 12-volt battery voltage segment recorded over 15% of the golf cart battery market revenue share in 2022, owing to their simplicity leading to lower manufacturing and maintenance costs. With long-standing popularity in the automotive and industrial sectors, 12-volt battery systems are witnessing widespread usage in golf carts to find and replace batteries and components. The ease of availability, cost-effectiveness and higher manufacturing rate offered by 12-volt lead-acid batteries will also drive the industry demand.
Europe golf cart battery market is anticipated to cross USD 59.5 million by 2032. The growth can be attributed to the presence of strong golfing culture in the U.K., Spain, Germany, France, and Sweden along with the consistent demand for golf cart batteries in these regions. The rising support for sustainability and environmental responsibility in European countries has led to the rising shift towards environmentally friendly battery-powered electric golf carts, such as lithium-ion and advanced lead-acid batteries. The influx of advanced charging infrastructure will also fuel the regional market growth.
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Some of the leading golf cart battery market players are Clarios, Continental Battery Systems, Crown Battery Manufacturing Co., Duracell Inc., East Penn Manufacturing Co., Inc., EnerSys, Exide Technologies, U.S. Battery Manufacturing Co., and Trojan Battery Company LLC. These firms are working on new product developments to meet the rising consumer demands. For instance, Trojan Battery Company, in January 2022, released its new lithium-ion golf battery, the Trojan GC2 48V to render fast-charging, durable, powerful, and maintenance-free benefits to golf cars owners.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Golf cart battery market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Battery type trends
2.5 Battery voltage trends
2.6 End-user trends
2.7 Sales channel trends
Chapter 3 Golf Cart Battery Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.4 Battery type launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
188.8.131.52 Increasing demand for golf carts
184.108.40.206 Government support for electric vehicles
220.127.116.11 Technological advancements in battery technology
18.104.22.168 Increasing adoption of lithium-ion batteries
22.214.171.124 Growing consumer interest in golf as a leisure activity
3.10.2 Industry pitfalls & challenges
126.96.36.199 High initial cost of golf cart batteries
188.8.131.52 Limited charging infrastructure
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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