In the forecast report, 59% of the market growth is mainly derived from the North American market in the United States and Canada, and the increasing number of golf courses and golf tournaments will promote the growth of the North American market during the forecast period.
Popularity of professional golf tournaments fuels growth in golf cart batteries
As the popularity of professional golf tournaments has grown, more and more people have become involved in the sport. At the same time, after 112 years, the 2016 Rio Summer Olympics Golf Tournament was included in the Olympic Games, and the ratings of professional golf tournaments ushered in a new period of explosive growth.
In October 2018, the final day of broadcast of the Professional Golfers Association (PGA) Championship held by NBC in Paris, France, totaled 2.71 million viewers, an increase of nearly 20% over 2014.
Hence, the increasing popularity and increasing participation in professional golf events is driving the demand for golf carts, which in turn will drive the growth of the global golf cart battery market from 2021-2025. The popularity of professional golf will be the driving force driving the growth of the global golf cart battery market.
Golf carts are no longer just for golf courses
The use of golf courses in the past has only served the golf courses. But with the rise of other commuting needs and the application of lithium batteries, it has been found that battery-powered golf carts no longer involve any significant emissions;
This works even better for those complying with strict regulations on vehicle emissions and rising fuel prices. People are increasingly enjoying golf cart journeys in short commute applications. For example, short-distance shopping, entertainment and sightseeing.
Among the elderly, golf cart operation and speed are low, which has a good effect on the development of local tourism. Especially for those who like to participate in religious pilgrimage sites, it will be a wonderful experience. The use of golf carts has gradually expanded.
The cylindrical lithium-ion battery market share is expected to increase to USD 11.88 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.42%.
The solar PV market share in APAC is expected to increase to USD 150.13 million by 2026, and the market’s growth momentum will accelerate at a CAGR of 21.74%.