Portland, OR, Sept. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global golf cart battery market was estimated at $122.8 million in 2021 and is expected to hit $216.5 million by 2031, registering a CAGR of 5.9% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $122.8 Million |
| Market Size in 203 | $216.5 Million |
| CAGR | 5.9% |
| No. of Pages in Report | 238 |
| Segments Covered | Voltage Rating, Type, Application, and Region. |
| Drivers | Rapid urbanization |
| Increasing popularity of lithium-ion batteries, camper homes, golf carts, and electric cart buggies | |
| Opportunities | Rising deployment of advanced batteries and eco-friendly nature of the same |
Covid-19 scenario-
- Manufacturing firms across the world faced supply chain and demand crisis due to labor shortages, which impacted the global golf cart battery market negatively.
- Moreover, halt in construction of new electric utility infrastructures, renewable power plants, electric vehicles, and other power plants worsened the market condition even more. However, the market has already started getting back on track.
The global golf cart battery market is analyzed across voltage rating, type, application, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on voltage rating, the 6V segment contributed to around two-fifths of the global golf cart battery market revenue in 2021, and is expected to dominate by 2031. The same segment would also showcase the fastest CAGR of 6.3% throughout the forecast period.
By type, the lithium segment held more than two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 6.2% throughout the forecast period.
Based on application, the golf course segment nearly two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also showcase the fastest CAGR of 6.5% throughout the forecast period.
Based on region, the market across North America generated nearly two-fifths of the global market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, simultaneously, would manifest the fastest CAGR of 6.4% during the forecast period. The other regions studied in the report include LAMEA and Europe.
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The key market players analyzed in the global golf cart battery market report include Clarios Crown Battery Manufacturing Co., Enersys, Exide Industries Ltd., GS Yuasa Corp., Samsung SDI Co. Ltd., C&D Technologies Inc., ReLiON Batteries, Leoch International Technology Ltd., and East Penn Manufacturing Co. Inc.
These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the golf cart battery industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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