LONDON--(BUSINESS WIRE)--The global golf cart battery market research report by Technavio predicts the market to post a CAGR of more than 5% during the period 2019-2023.
A key driver for the global golf cart battery market is the increase in the popularity of professional golf tournaments. The interest in professional golf tournaments has been increasing steadily as the sport continues to increase in popularity as a championship game. Golf was re-introduced as an Olympic sport at the 2016 summer Olympics held in Rio de Janeiro after 112 years due to its global expansion and popularity. Professional golf tournaments are experiencing substantial growth in viewership in recent years.
This global golf cart battery market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the multiple uses for golf carts as one of the key trends in the global golf cart battery market:
Global golf cart battery market: Multiple uses for golf carts
The use of golf carts is not limited only to golf courses because they are being used for various other commuting purposes. The battery-powered golf carts do not involve any major emissions. Hence, compliance with stringent regulations on vehicular emissions and the increasing fuel prices are contributing to their growing popularity in transport or short commute applications such as shopping, commuting inside a neighborhood, recreational purposes, and on planned community roads.
“The golf carts fall under the low-speed vehicle category as their top speed usually does not exceed 20 miles per hour. They are not legally considered motor vehicles. However, many countries are concentrating on amending their motor vehicle laws to accommodate golf carts on their roads,” says a senior analyst at Technavio for research on energy storage.
Global golf cart battery market: Segmentation analysis
This golf cart battery market analysis report segments the market by battery type (lead-acid battery and lithium-ion battery) and geography (the Americas, APAC, and EMEA).
The lead-acid battery segment held the largest golf cart battery market share in 2018, accounting for approximately 86% of the market. This segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with around 77% of the market share, followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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