The combined growth rate of the Golf Cart battery market from 2020-2024 is nearly 5%

The Golf Cart battery market is likely to grow by $92.65 million between 2020 and 2024, with a compound annual growth rate of nearly 5 percent, according to a recent announcement by international market research firm of Technavio.

North America is the largest golf cart battery regional market in 2019 and is expected to provide some growth opportunities for market suppliers during the forecast period. The presence of numerous golf courses, coupled with a large number of golf enthusiasts, as well as high demand for golf carts from the commercial sector, will contribute significantly to the growth of the golf cart battery market in the region during the forecast period. During the forecast period, 72 per cent of the market growth came from North America. The United States and Canada are major markets for golf cart batteries in North America. However, in terms of growth, market growth in the region will be slower than in other regions. By battery Type, lead-acid batteries dominate the market because of 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 as a result of innovative technologies, such as the addition of carbon to lead-acid batteries, which have helped to improve their efficiency and overcome technical deficiencies related to slow charging, short life and maintenance requirements. Golf carts are powered by deep-circulation lead-acid batteries, which provide a steady current over a longer period of time because they have thicker plates that allow for deep discharge and operation at maximum capacity. However, because lithium-ion battery costs more than lead acid batteries, the development of golf cart demand for lithium-ion battery is influenced by cost factors. However, lithium-ion Battery’s cost advantage is expected to improve further as lithium-ion battery costs continue to fall and production capacity continues to grow in the international market. The growing popularity of golf in developing Asian countries will lead to market growth during the forecast period. Developing countries in Asia are becoming the next big market for golf because of their huge population base and growing middle class.