Golf Cart Market Size

Golf Cart Market Growth Projections and Opportunities

The market for golf cart batteries is supposed to grow by about 5.14% each year from 2022 to 2030. This growth is happening because more people are using golf carts, and there's a bigger need for batteries to power them. As more cities grow and more industries develop, the use of golf carts is expected to increase. Places like malls, smart housing areas, theme parks, and the travel and tourism business will likely use more golf carts. This is because of the growing urbanization and industrialization in many countries. Golf carts are becoming popular in these areas for transportation, and this will create a strong demand for golf carts in the future.

The global market for golf cart batteries will grow faster than expected in the coming years because of the increasing use of golf carts. Golf cart batteries have other uses too, like powering electric canal boats, outdoor lights, and other things. These batteries are good for the environment and don't cause pollution. Because of this, more people are using them, and their use is increasing every day. This will shape the trends in the market in the years to come.

There are different types of golf cart batteries. The two main types are lithium-ion and lead-acid batteries. In 2021, lead-acid batteries were more popular, holding a market share of 51.77%. This is because lead-acid batteries are cheaper and easier to install compared to lithium-ion batteries. Lithium-ion batteries cost twice as much as lead-acid batteries with the same capacity.

When it comes to the product type, golf cart batteries come in different voltages like 6V, 8V, and 12V. In 2021, the 6V segment had the largest market share worldwide. The 6V golf cart battery is preferred because it has a lower depth of discharge, the longest range (56 amps), higher capacity, and a longer lifespan compared to other voltages. Golf courses use these batteries more to transport golfers and their equipment, and this is driving up the demand for golf cart batteries.

In 2021, the market for golf cart batteries was valued at USD 165,427.8 thousand and is expected to reach USD 252,727.3 thousand by 2030, growing at a rate of 5.14% each year from 2022 to 2030. Asia-Pacific holds the largest market share at 40.5%, followed by Europe at 24.5%. North America is expected to have the highest growth rate at 5.74%, followed by Asia-Pacific at 5.63% during the forecast period from 2022 to 2030.