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Golf Cart Battery Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR45635
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The golf cart battery market share is expected to increase by USD 58.48 mn from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.37%.

This golf cart battery market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers golf cart battery market segmentation by type (lead-acid battery and li-ion battery) and geographic (North America, APAC, Europe, South America, and MEA). The golf cart battery market report also offers information on several market vendors, including Brookfield Business Partners L.P., C and D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., Leoch International Technology Ltd., and Samsung SDI Co. Ltd. among others.

What will the Golf Cart Battery Market Size be During the Forecast Period?

Golf Cart Battery Market Size

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Golf Cart Battery Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The increase in the popularity of professional golf tournaments is notably driving the golf cart battery market growth, although factors such as surging interest in off-course golfing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the golf cart battery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Golf Cart Battery Market Driver

An increase in the popularity of professional golf tournaments is the major driver for the golf cart battery market. The interest in professional golf tournaments is increasing steadily as the sport continues to increase in popularity as a championship game. Owing to its global expansion and popularity, golf was re-introduced as an Olympic sport at the 2016 summer Olympics held in Rio de Janeiro after 112 years. Professional golf tournaments are experiencing substantial growth in viewership in recent years. For instance, the final day coverage of the Professional Golfers Association (PGA) Championship by National Broadcasting Co. (NBC) held in Paris, France, in October 2018 had a total audience delivery of 2.71 million, an increase of almost one-fifth over 2014. Thus, the growing popularity of professional golf tournaments and the increasing participation rates are driving the demand for golf carts, and subsequently, will drive the growth of the global golf cart battery market during 2021-2025.

Key Golf Cart Battery Market Trend

Multiple uses for golf carts is the major trend driving the growth of the golf cart battery market. The use of golf carts is not limited only to golf courses, as they are being used for various other commuting purposes. The trend of using golf carts for daily transportation is a growing trend. Battery-powered golf carts do not involve any major emissions; therefore, compliance with stringent regulations on vehicular emissions and the rising fuel prices are contributing to their growing popularity in transport or short commute applications, such as shopping, commuting inside a neighborhood, recreational purposes, and on planned community roads. Golf carts are also becoming popular among older people because of the convenience and low speeds at which they operate. Another sector that is widely deploying golf carts is the tourism sector, especially places of religious pilgrimage that are visited by a large number of ailing pilgrims and older people. Therefore, the growing use of golf carts for various purposes will drive the demand for golf carts, and in turn, the growth of the global golf cart battery market during the forecast period.

Key Golf Cart Battery Market Challenge

Surging interest in off-course golfing is the major hindrance to the growth of the golf cart battery market. Off-course golf outlets include indoor simulators, driving ranges, and other popular locations such as Topgolf International and Drive Shack. This type of participation is expected to increase further as the popular off-course golf brands continue to increase their presence and offerings. The off-course driving ranges offer the most advanced golf games and technology along with a wide range of facilities, including game lounges, restaurants and bars, and event rooms. In addition, these ranges are not affected by inclement weather. These off-course golf locations can accommodate all kinds of players, irrespective of age or skill levels. In addition, these outlets appeal to all types of people, including those who otherwise would not participate in golf. However, the growing popularity of off-course golf participation will hamper the growth of the golf cart battery market, as these locations do not require golf carts for players to commute.

This golf cart battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global golf cart battery market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the golf cart battery market during the forecast period.

Who are the Major Golf Cart Battery Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Brookfield Business Partners L.P.
  • C and D Technologies Inc.
  • Crown Battery Manufacturing Co.
  • East Penn Manufacturing Co. Inc.
  • EnerSys
  • Exide Industries Ltd.
  • Exide Technologies
  • GS Yuasa Corp.
  • Leoch International Technology Ltd.
  • Samsung SDI Co. Ltd.

 

This statistical study of the golf cart battery market encompasses successful business strategies deployed by the key vendors. The golf cart battery market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The golf cart battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Golf Cart Battery Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the golf cart battery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global renewable electricity market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Golf Cart Battery Market?

Golf Cart Battery Market Market segmentation by region

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59% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets in North America. Market growth in this region will be faster than the growth of the market in regions.

An increasing number of golf courses and golf tournaments will facilitate market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 led to a temporary closure of non-life-sustaining businesses, which includes sports activities such as golf. This led to the postponement or cancellation of several golf tournaments across the region, thereby impacting the sales of golf equipment, including golf carts, in 2020. In addition, other areas of application of golf carts such as zoos, and airports, among others, are also witnessing limited visitors, thereby reducing the demand for golf carts in Q1 of 2021 due to the COVID-19 second wave. This is expected to slow down the growth of the golf cart battery market in the region due to government-imposed lockdown again in Q1 of 2021. However, reorganized supply chains and a reduction in lockdown measures in Q2 of 2021 are expected to boost the market growth in North America during the forecast period.

What are the Revenue-generating Type Segments in the Golf Cart Battery Market?

Golf Cart Battery Market Segmentation

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The numerous golf courses, coupled with the huge number of golf enthusiasts and the demand for golf carts from commercial establishments, are expected to drive the demand for golf cart batteries globally during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the golf cart battery market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Golf Cart Battery Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3.37%

Market growth 2021-2025

USD 58.48 million

Market structure

Fragmented

YoY growth (%)

1.97

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 59%

Key consumer countries

US, Canada, Japan, UK, and Australia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Brookfield Business Partners L.P., C and D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., Leoch International Technology Ltd., and Samsung SDI Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Golf Cart Battery Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive golf cart battery market growth during the next five years
  • Precise estimation of the golf cart battery market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the golf cart battery industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of golf cart battery market vendors

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1. Executive Summary                           

2. Market Landscape                             

                2.1 Market ecosystem             

                                Exhibit 01:  Parent market

                                Exhibit 02:  Market characteristics

                2.2     Value chain analysis       

                                Exhibit 03:  Value chain analysis: Renewable electricity

                                2.2.1    Inputs

                                2.2.2    Electricity generation

                                2.2.3    Electricity transmission

                                2.2.4    Electricity distribution

                                2.2.5    End-users

                                2.2.6    Innovations

3. Market Sizing                       

                3.1     Market definition            

                                Exhibit 04:  Offerings of vendors included in the market definition

                3.2     Market segment analysis             

                                Exhibit 05:  Market segments

                3.3     Market size 2020             

                3.4     Market outlook: Forecast for 2020 - 2025              

                                Exhibit 06:  Global - Market size and forecast 2020 - 2025 ($ million)

                                Exhibit 07:  Global market: Year-over-year growth 2020 - 2025 (%)

4. Five Forces Analysis                          

                4.1 Five Forces Summary        

                                Exhibit 08:  Five forces analysis 2020 & 2025

                4.2     Bargaining power of buyers        

                                Exhibit 09:  Bargaining power of buyers

                4.3     Bargaining power of suppliers   

                                Exhibit 10:  Bargaining power of suppliers

                4.4 Threat of new entrants    

                                Exhibit 11:  Threat of new entrants

                4.5 Threat of substitutes         

                                Exhibit 12:  Threat of substitutes

                4.6 Threat of rivalry   

                                Exhibit 13:  Threat of rivalry

                4.7 Market condition

                                Exhibit 14:  Market condition - Five forces 2020

5. Market Segmentation by Type     

    5.1 Market segments

                                Exhibit 15:  Type - Market share 2020-2025 (%)

                5.2     Comparison by Type      

                                Exhibit 16:  Comparison by Type

                5.3     Lead-acid battery - Market size and forecast 2020-2025  

                                Exhibit 17:  Lead-acid battery - Market size and forecast 2020-2025 ($ million)

                                Exhibit 18:  Lead-acid battery - Year-over-year growth 2020-2025 (%)

                5.4     Li-ion battery - Market size and forecast 2020-2025          

                                Exhibit 19:  Li-ion battery - Market size and forecast 2020-2025 ($ million)

                                Exhibit 20:  Li-ion battery - Year-over-year growth 2020-2025 (%)

                5.5     Market opportunity by Type       

                                Exhibit 21:  Market opportunity by Type

6. Customer landscape                         

                6.1     Overview           

                                Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                                Exhibit 22:  Customer landscape

7.    Geographic Landscape                 

                7.1     Geographic segmentation           

                                Exhibit 23:  Market share by geography 2020-2025 (%)

                7.2     Geographic comparison

                                Exhibit 24:  Geographic comparison

                7.3     North America - Market size and forecast 2020-2025        

                                Exhibit 25:  North America - Market size and forecast 2020-2025 ($ million)

                                Exhibit 26:  North America - Year-over-year growth 2020-2025 (%)

                7.4     APAC - Market size and forecast 2020-2025          

                                Exhibit 27:  APAC - Market size and forecast 2020-2025 ($ million)

                                Exhibit 28:  APAC - Year-over-year growth 2020-2025 (%)

                7.5     Europe- Market size and forecast 2020-2025        

                                Exhibit 29:  Europe- Market size and forecast 2020-2025 ($ million

                                Exhibit 30:  Europe - Year-over-year growth 2020-2025 (%)

                7.6     South America- Market size and forecast 2020-2025         

                                Exhibit 31:  South America- Market size and forecast 2020-2025 ($ million)

                                Exhibit 32:  South America - Year-over-year growth 2020-2025 (%)

                7.7     MEA - Market size and forecast 2020-2025           

                                Exhibit 33:  MEA - Market size and forecast 2020-2025 ($ million)

                                Exhibit 34:  MEA - Year-over-year growth 2020-2025 (%)

                7.8     Key leading countries    

                                Exhibit 35:  Key leading countries

                7.9     Market opportunity by geography           

                                Exhibit 36:  Market opportunity by geography ($ million)

8. Drivers, Challenges, and Trends                    

                8.1 Market drivers     

                                8.1.1 Increase in the popularity of professional golf tournaments

                                8.1.2    Growing number of golf courses across the world

                                8.1.3    High demand for golf carts powered by Li-ion batteries

                8.2 Market challenges              

                                8.2.1    Surging interest in off-course golfing

                                8.2.2    Drawbacks in using lead-acid batteries

                                8.2.3    Lack of infrastructure and facilities to charge golf carts

                                Exhibit 37:  Impact of drivers and challenges

                8.3 Market trends      

                                8.3.1    Multiple uses for golf carts

                                8.3.2    Introduction of solar-powered golf carts

                                8.3.3    Stringent government regulations toward vehicle emission

9. Vendor Landscape                             

                9.1     Overview           

                                Exhibit 38:  Vendor landscape

                9.2     Landscape disruption    

                                Exhibit 39:  Landscape disruption

                                Exhibit 40:  Industry risks

                9.3     Competitive scenario    

10. Vendor Analysis               

                10.1  Vendors covered            

                                Exhibit 41:  Vendors covered

                10.2  Market positioning of vendors  

                                Exhibit 42:  Market positioning of vendors

                10.3  Brookfield Business Partners L.P.              

                                Exhibit 43:  Brookfield Business Partners L.P. - Overview

                                Exhibit 44:  Brookfield Business Partners L.P. - Business segments

                                Exhibit 45:  Brookfield Business Partners L.P. - Key offerings

                                Exhibit 46:  Brookfield Business Partners L.P. - Segment focus

                10.4  C and D Technologies Inc.            

                                Exhibit 47:  C and D Technologies Inc. - Overview

                                Exhibit 48:  C and D Technologies Inc. - Product and service

                                Exhibit 49:  C and D Technologies Inc. - Key offerings

                10.5  Crown Battery Manufacturing Co.            

                                Exhibit 50:  Crown Battery Manufacturing Co. - Overview

                                Exhibit 51:  Crown Battery Manufacturing Co. - Product and service

                                Exhibit 52:  Crown Battery Manufacturing Co. - Key offerings

                10.6  East Penn Manufacturing Co. Inc.             

                                Exhibit 53:  East Penn Manufacturing Co. Inc. - Overview

                                Exhibit 54:  East Penn Manufacturing Co. Inc. - Business segments

                                Exhibit 55:  East Penn Manufacturing Co. Inc. – Key news

                                Exhibit 56:  East Penn Manufacturing Co. Inc. - Key offerings

                                Exhibit 57:  East Penn Manufacturing Co. Inc. - Segment focus

                10.7  EnerSys

                                Exhibit 58:  EnerSys - Overview

                                Exhibit 59:  EnerSys - Business segments

                                Exhibit 60:  EnerSys– Key news

                                Exhibit 61:  EnerSys - Key offerings

                                Exhibit 62:  EnerSys - Segment focus

                10.8  Exide Industries Ltd.       

                                Exhibit 63:  Exide Industries Ltd. - Overview

                                Exhibit 64:  Exide Industries Ltd. - Business segments

                                Exhibit 65:  Exide Industries Ltd.– Key news

                                Exhibit 66:  Exide Industries Ltd. - Key offerings

                                Exhibit 67:  Exide Industries Ltd. - Segment focus

                10.9  Exide Technologies         

                                Exhibit 68:  Exide Technologies - Overview

                                Exhibit 69:  Exide Technologies - Business segments

                                Exhibit 70:  Exide Technologies - Key offerings

                                Exhibit 71:  Exide Technologies - Segment focus

                10.10  GS Yuasa Corp.               

                                Exhibit 72:  GS Yuasa Corp. - Overview

                                Exhibit 73:  GS Yuasa Corp. - Business segments

                                Exhibit 74:  GS Yuasa Corp. – Key news

                                Exhibit 75:  GS Yuasa Corp. - Key offerings

                                Exhibit 76:  GS Yuasa Corp. - Segment focus

                10.11  Leoch International Technology Ltd.     

                                Exhibit 77:  Leoch International Technology Ltd. - Overview

                                Exhibit 78:  Leoch International Technology Ltd. - Business segments

                                Exhibit 79:  Leoch International Technology Ltd. - Key offerings

                                Exhibit 80:  Leoch International Technology Ltd. - Segment focus

                10.12  Samsung SDI Co. Ltd.   

                                Exhibit 81:  Samsung SDI Co. Ltd. - Overview

                                Exhibit 82:  Samsung SDI Co. Ltd. - Business segments

                                Exhibit 83:  Samsung SDI Co. Ltd. – Key news

                                Exhibit 84:  Samsung SDI Co. Ltd. - Key offerings

                                Exhibit 85:  Samsung SDI Co. Ltd. - Segment focus

11. Appendix                            

                11.1 Scope of the report         

                                11.1.1 ????Market definition

                                11.1.2 ????Objectives

                                11.1.3 Notes and caveats

                11.2  Currency conversion rates for US$           

                                Exhibit 86:  Currency conversion rates for US$

                11.3  Research methodology

                                Exhibit 87:  Research Methodology

                                Exhibit 88:  Validation techniques employed for market sizing

                                Exhibit 89: Information sources

                11.4  List of abbreviations      

                                Exhibit 90:  List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Golf Cart Battery Market market growth will increase by $58.48 mn during 2021-2025.
The golf cart battery market market is expected to grow at a CAGR of 3.37% during 2021-2025.
Technavio has segmented the golf cart battery market market by type (Lead-acid battery and Li-ion battery) ,geography (North America, APAC, Europe, South America, and MEA) , and geographic (North America, APAC, Europe, South America, and MEA).
Brookfield Business Partners L.P., C and D Technologies Inc., Crown Battery Manufacturing Co., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Exide Technologies, GS Yuasa Corp., Leoch International Technology Ltd., Samsung SDI Co. Ltd. are a few of the key vendors in the golf cart battery market market.
North America will register the highest growth rate of 59% among the other regions. Therefore, the golf cart battery market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the golf cart battery market market growth are:
  • increase in the popularity of professional golf tournaments
  • Multiple uses for golf carts
The golf cart battery market market vendors should focus on grabbing business opportunities from the lead-acid battery segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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