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

Report Description

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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.

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“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.

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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.

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Research Methodology

Research Methodology for the Golf Cart Battery Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global golf cart battery market were the three major steps undertaken to create and analyze the adoption of golf cart battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global golf cart battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the golf cart battery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the golf cart battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as battery, voltage, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the golf cart battery market. Further, we conducted factor analysis using dependent and independent variables such as battery, voltage, and applications of golf cart battery. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the golf cart battery market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global golf cart battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the golf cart battery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global golf cart battery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global golf cart battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of voltage, battery, and application in the global golf cart battery market.

The main objective of the Global Golf Cart Battery Market Study

The current & future market trends of the global golf cart battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the golf cart battery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of voltage, battery, and application.
• Define and analysis of the regulatory framework for the golf cart battery
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the golf cart battery market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the golf cart battery market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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