59% growth in golf cart battery market

From 2020 to 2025, the market size of golf cart batteries is expected to grow by 58.48 million dollars. The report predicts that the market will grow at a compound annual growth rate of 3.37%. 59% market growth over the forecast period.

From 2020 to 2025, the market size of golf cart batteries is expected to grow by 58.48 million dollars. The report predicts that the market will grow at a compound annual growth rate of 3.37%. During the forecast period, 59% of the market growth will come from North America. The United States and Canada are the main markets in North America. The market growth in this region will be faster than that in other regions. During the forecast period, the increase in the number of golf courses and golf tournaments will promote the growth of the North American market.HHS-ENERGY

The market research report divides the golf cart battery market by type (lead-acid battery and lithium-ion battery) and region (North America, Asia Pacific, Europe, South America and MEA). The numerous golf courses, together with the demand for golf carts from a large number of golf enthusiasts and commercial institutions, are expected to drive the global demand for golf cart batteries in the forecast period.

Golf cart battery market: main driving factors

The main driving force of the golf cart battery market is the popularity of professional golf competitions.

With the increasing popularity of golf as a championship game, people’s interest in professional golf championships is also growing steadily. Due to the expansion and popularity of golf in the world, golf was re listed as an Olympic event at the 2016 Rio de Janeiro Summer Olympics after 112 years. In recent years, the number of visitors to professional golf tournaments has increased significantly.

For example, in October 2018, the report on the last day of the PGA championship held by NBC in Paris, France, attracted 2.71 million viewers, an increase of nearly one fifth over 2014. Therefore, with the popularity of professional golf events and the improvement of participation rate, the demand for golf carts is also increasing, which will drive the growth of the global golf cart battery market from 2021-2025.