Due to the advantages of lithium ion batteries with high energy density, long cycle life and more environmental friendly, they are rapidly replacing lead-acid batteries as the power source of golf carts. In 2021, the global golf cart market size is about 1.69 billion US dollars, and the penetration rate of lithium battery is about 53%.
According to the research report of Global Market Insight, the global electric golf cart market size is expected to be close to $2 billion in year 2025, assuming that lithium battery golf carts account for 90%, the lithium battery golf cart market size will reach $1.79 billion, with a CAGR of 19% in year 2021-2025.
Golf cart electrification, lithium electrochemistry drive the relevant industrial chain to the domestic transfer. In 2021 and 2022 Q1, China's exported electric vehicles (golf carts accounted for 95%) were 116977 units and 87398 units correspondingly, an increase of +96.47% and 79.08% year-on-year comparison. While the global industry growth rate in the same period was between 4%-6%, which means that the proportion of domestic production increased significantly.
