Fort Collins, Colorado, May 12, 2024 (GLOBE NEWSWIRE) --
The growing popularity of leisure sports drives the need for golf cart batteries.
The increasing popularity of golf as a leisure activity and the proliferation of golf courses globally are significant drivers for the golf cart battery market. Most of the world's golf courses are situated in the west with the United States boasting the highest number at approximately 17,000. The transition to electric golf carts, propelled by environmental consciousness and the demand for energy-efficient transportation, further amplifies the need for golf cart batteries. Moreover, governmental incentives and subsidies for electric vehicle adoption, including golf carts, are anticipated to drive market growth in the foreseeable future.
Technological advancements in battery technology represent another pivotal driver for the golf cart battery market. Manufacturers are concentrating on developing high-performance, durable, and fast-charging batteries to improve the overall efficiency of golf carts. For instance, lithium-ion batteries are gaining traction in the market owing to their superior energy density, extended lifespan, and rapid charging capabilities compared to traditional lead-acid batteries.
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Segmentation Overview:
The golf cart battery market has been segmented into voltage, type, application, and region.
The lead acid battery accounted for a significant market share in 2023.
- The market is segmented by type into lithium and lead-acid batteries. The lead-acid battery category currently holds a significant share of the type segment of the golf cart battery market. This is due to its long-standing presence in the golf cart industry, lower upfront costs compared to lithium batteries, and widespread availability.
Golf courses will likely register a significant market share in 2023
- The market segmentation based on application includes golf course, personal, and commercial services. Golf Courses hold a significant share of the application segment of the golf cart battery market. This can be attributed to the widespread use of golf carts on golf courses worldwide, as they provide a convenient and efficient means of transportation for players navigating the course. The popularity of golf as a sport and leisure activity, coupled with the increasing number of golf courses globally, drives the demand for golf cart batteries in this category.
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Golf Cart Battery Market Report Highlights:
- The golf cart battery market growth is anticipated at a CAGR of 4.6% by 2032.
- Increasing demand for electric golf carts and technological advancements in golf cart batteries are driving the market growth.
- Asia Pacific is expected to observe significant growth during the forecast period. Factors driving this growth include the increasing number of golf courses, rising popularity of golf, and growing adoption of electric golf carts in countries such as Japan, China, and South Korea.
- Some prominent players in the golf cart battery market report include East Penn Manufacturing, Trojan Battery Company, Exide Technologies, U.S. Battery Manufacturing, Discover Energy, RELiON Batteries, Fullriver Battery, Axion Power International, Dyno Battery, Crown Battery, and Leoch Battery.
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