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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.
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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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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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.
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***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
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