Golf Cart Battery Market | Growth and Analysis
Market Growth and Forecasts for 2021-2025
The golf cart battery market and it is expected to grow by $ 58.48 mn, accelerating at a CAGR of almost 3.37% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.
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Golf Cart Battery Market: Market Segments and Key Trends
The Golf cart battery market is segmented by Type (Lead-acid battery and Li-ion battery) and Geography (North America, APAC, Europe, South America, and MEA). North America led the market with 59% of the market growth set to originate from this region during the forecast period. Surging interest in off-course golfing is one of the challenges that will need to be overcome to drive growth. The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.
Golf Cart Battery Market: Top Drivers to Boost Demand
One of the primary factors that will drive market growth is the increase in the popularity of professional golf tournaments. The golf cart battery market report provides an understanding of this and all the other drivers that are likely to impact market growth. These insights will enable clients to design growth strategies that will leverage opportunities and neutralize challenges effectively.
Golf Cart Battery Market: Competitive Landscape
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. 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. are some of the major market participants.
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Golf Cart Battery Market: Key Highlights of the Report for 2021-2025
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Golf Cart Battery Market Size to Grow by $ 92.65 Million During 2020-2024
Technavio has been monitoring the golf cart battery market and it is expected to grow by $ 92.65 million, accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Golf Cart Battery Market: North America to lead market growth during the forecast period
Golf Cart Battery Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. C&D Technologies Inc., Clarios, 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. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Golf Cart Battery Market: Key Highlights of the Report for 2020-2024
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Technavio has been monitoring the global golf cart battery market and it is expected to grow by USD 92.65 million accelerating at a CAGR of almost 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Golf Cart Battery Market: Segmentation by Type
During 2019, the lead-acid battery segment accounted for the major share of the Golf Cart Battery Market. The lead-acid battery segment covers a dominant market share due to its low-cost advantages over other battery technologies. The increased availability of raw materials due to the recyclability of lead-acid batteries is another factor driving their use. Additionally, the performance of lead-acid batteries has been increasing, owing to innovations such as the addition of carbon to lead-acid batteries, which aids in increasing their efficiency and overcoming the technical drawbacks associated with slow charging, short lifecycle, and maintenance requirements. Golf carts use deep-cycle lead-acid batteries for motive propulsion as these batteries have thicker plates that are intended for deep discharge and operation at the maximum capacity, and thus, provide a steady amount of current over an extended period of time. This report provides an accurate prediction of the contribution of all the segments to the growth of the golf cart battery market size.
Golf Cart Battery Market: Segmentation by Geography
North America was the largest Golf Cart Battery Market market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of numerous golf courses, coupled with the huge number of golf enthusiasts, and the high demand for golf cart from commercial establishments will significantly drive golf cart battery market growth in this region over the forecast period. 72% of the market’s growth will originate from North America during the forecast period, with the US and Canada being the key markets for golf cart batteries in North America. However, market growth in this region will be slower than the growth of the market in other regions.
Golf Cart Battery Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. C&D Technologies Inc., Clarios and Crown Battery Manufacturing Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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