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?
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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?
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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?
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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.
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Golf Cart Battery Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.37% |
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Market growth 2021-2025 |
USD 58.48 million |
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Market structure |
Fragmented |
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YoY growth (%) |
1.97 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 59% |
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Key consumer countries |
US, Canada, Japan, UK, and Australia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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. |
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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 |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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