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According to the announcement issued by Technavio, an international market research institution, the golf cart battery market size is likely to grow by $92.
65 million from 2020 to 2024, with a compound annual growth rate of nearly 5%.
North America was the largest regional market for golf cart batteries in 2019 and this region is expected to provide some growth opportunities
for vendors in the market during the forecast period.
The presence of numerous golf courses, coupled with the large number of golf enthusiasts, and high demand for golf carts from commercial establishments, will significantly drive the golf cart battery market growth
in the region during the forecast period.
72% of the market growth during the forecast period will come from North America
.
The United States and Canada are the major markets
for golf cart batteries in North America.
However, in terms of growth rate, the market growth in this region will be slower than that in other regions
.
By battery type, lead-acid batteries dominate the market share
due to their low-cost advantage over other battery technologies.
The recyclability of lead-acid batteries increases the availability of raw materials, which is another factor
driving their use.
In addition, the performance of lead-acid batteries has been improving due to innovative technologies, such as the addition of carbon to lead-acid batteries, which helps to improve their efficiency and overcome technical shortcomings
related to slow charging, short lifespan, and maintenance requirements.
Golf carts use deep-cycle lead-acid batteries for power propulsion because these batteries have thicker plates that can be deeply discharged and operated at maximum capacity, so they can provide a stable current for a longer period of time
.
However, since lithium-ion batteries cost more than lead-acid batteries, the development of golf cart demand for lithium-ion batteries is affected by cost factors
.
However, with the continuous decline in the cost of lithium-ion batteries, coupled with the continuous growth of production capacity in the international market, the cost advantage of lithium-ion batteries is also expected to be further improved
.
The growing popularity of golf in developing Asian countries will lead to the growth of the market during the forecast period
.
Developing Asia is becoming the next big market for golf because of their huge potential
due to their large population base and growing middle-class population.
According to the announcement issued by Technavio, an international market research institution, the golf cart battery market size is likely to grow by $92.
65 million from 2020 to 2024, with a compound annual growth rate of nearly 5%.
North America was the largest regional market for golf cart batteries in 2019 and this region is expected to provide some growth opportunities
for vendors in the market during the forecast period.
The presence of numerous golf courses, coupled with the large number of golf enthusiasts, and high demand for golf carts from commercial establishments, will significantly drive the golf cart battery market growth
in the region during the forecast period.
72% of the market growth during the forecast period will come from North America
.
The United States and Canada are the major markets
for golf cart batteries in North America.
However, in terms of growth rate, the market growth in this region will be slower than that in other regions
.
By battery type, lead-acid batteries dominate the market share
due to their low-cost advantage over other battery technologies.
The recyclability of lead-acid batteries increases the availability of raw materials, which is another factor
driving their use.
In addition, the performance of lead-acid batteries has been improving due to innovative technologies, such as the addition of carbon to lead-acid batteries, which helps to improve their efficiency and overcome technical shortcomings
related to slow charging, short lifespan, and maintenance requirements.
Golf carts use deep-cycle lead-acid batteries for power propulsion because these batteries have thicker plates that can be deeply discharged and operated at maximum capacity, so they can provide a stable current for a longer period of time
.
However, since lithium-ion batteries cost more than lead-acid batteries, the development of golf cart demand for lithium-ion batteries is affected by cost factors
.
However, with the continuous decline in the cost of lithium-ion batteries, coupled with the continuous growth of production capacity in the international market, the cost advantage of lithium-ion batteries is also expected to be further improved
.
The growing popularity of golf in developing Asian countries will lead to the growth of the market during the forecast period
.
Developing Asia is becoming the next big market for golf because of their huge potential
due to their large population base and growing middle-class population.
