forklift battery Market

The global forklift battery market is expected to grow from US$ 4,816.54 million in 2021 and is projected to reach US$ 7,759.94 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

Technological innovations in forklift trucks such as quick battery charging may reduce the downtime of forklift trucks and can improve the overall operational efficiency at material handling and warehouses. Fast charging technology enables material handling centers to charge the battery at its desired level in short time so that forklift trucks can be reused immediately. Whereas the conventional battery charging requires 8 hours of run-time and additional 8 hours to cool before reuse. To avoid downtime, additional batteries must be purchased for each shift. Therefore, fast charging technology can help warehouses and material handling centers to save the spending on additional batteries and increase work efficiency by reducing downtime. Thus, the fast-charging feature is expected to propel the growth of the forklift battery market in the coming years.

The forklift battery market is segmented on the bases of type, application, and geography. Based on type, the market is bifurcated into lithium ion, lead-acid, and others. The lead-acid segment represented a larger share of the overall market in 2020. In terms of application, the forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores and other applications. In 2020, the manufacturing segment accounted for the substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for the significant share in the global market.

Favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Any impact on industries is therefore projected to have a negative influence on the region's economic development. Currently, due to the COVID-19 outbreak, the US is the world's worst affected country, thus affecting the sudden stands still across all the industries present in the region.

The US is the worst-hit country in North America, with millions of infected individuals facing severe health conditions across the country. Since the US has a larger industrial and forklift battery player, the outbreak has severely affected the production of each player as the supply chain of battery components has adversely affected majority of manufacturing industry. In addition, the region has witnessed slowdown in manufacturing industries during the first two quarter of 2020 and this factor has reduced the operations in factor and warehouses. Thus, the factor has adversely impacted to the forklift battery market in the region.

The forklift battery market players in the region had experienced a downfall in production quantities and deliveries and revenues because of lesser human movement during the first phase of the virus phase and closure of manufacturing units. However, due to growth of consumer goods and essential items, the demand for forklift battery has sustained.

The overall forklift battery market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the forklift battery market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the forklift battery market.

A few major players operating in the global forklift battery market are Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh; Crown Equipment Corporation; ForeverPure Corporation; Exide Industries Limited; EnerSys; OneCharge, Saft Groupe SA; Storage Battery Systems, LLC; East Penn Manufacturing Company; and Microtex Energy Private Limited.