Forklift Battery Market Size, Share, Growth Report 2032

Forklift Battery Market Size & Industry Perspective:

The global forklift battery market was valued at $5.2 billion in 2021 and is anticipated to surpass $10.3 billion by the end of 2030. The market is projected to grow with a considerable CAGR of 7.05 % during the forecast period. The report is an in-depth study of growth factors, restraints, opportunities, and challenges in the market.

Forklift Battery Market: Overview

Forklift batteries are referred to the batteries that supply power to forklift trucks. These batteries hold high energy density and power. Typically, lithium-ion batteries and lead-acid batteries are used in forklift trucks owing to their convenience during their utilization in operations associated with material handling. Lead-acid batteries consist of sulphuric acid, water, and a mixture of electrolytes in combination. On the other hand, lithium-ion batteries do not hold water, which in turn makes them highly maintenance-free. Nowadays, the forklift battery has a broad range of applications in different areas like warehousing, construction, and others. These batteries are highly available at economical rates and require less hassle to maintain. Additionally, they have low energy to volume and energy to weight ratio.

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Key Insights

• As per the analysis shared by our research analyst, the global forklift battery market is estimated to expand annually at a CAGR of around 7.05% over the forecast period (2022-2030)
• In terms of revenue, the global forklift battery market was valued at nearly $5.2 billion in 2021 and is anticipated to hit $10.3 billion by 2030
• The market is projected to expand at a significant rate during the forecast period owing to rapid industrialization witnessed in the emerging economies
• Based on type, the lead-acid battery segment accounted for the largest market share in 2021
• On basis of application, the warehouses segment to contribute majorly towards the overall market share in 2021
• On the basis of region, the Asia-Pacific region is predicted to be a key revenue generator for the global market over the forecast timeline

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COVID-19 Impact:

The outbreak of the Covid-19 has significantly impacted global businesses since the first quarter of the pandemic. Due to the constant spike in the Covid cases globally, the governments were compelled to put lockdowns and bans on transportation. The manufacturing sector faced severe loss owing to the temporary shutdown of factories.Various spaces like logistics, e-commerce, and retail also witnessed huge losses due to the low production volume and halted goods movement. Furthermore, the norms associated with the Covid-19 have imposed limitations on the logistics service operations. Such a market landscape has severely disrupted the growth trajectory of the global forklift battery market.

On the contrary, other sectors like healthcare, pharmaceuticals, food & beverage were in operations, and therefore the demand for inter-logistics and material stacking work kept the global market going during the pandemic period. However, the market players are innovating ways to foster growth in the global market. Also, resumed operations in businesses all across the globe are likely to accentuate the growth trajectory of the global market in the forthcoming years exponentially.

Forklift Battery Market: Growth Drivers

Rapid industrialization among growing economies will drive the growth of the global market.

The global forklift battery market is growing largely in developing regions due to rapid urbanization and industrialization. Such fast-paced industrialization can be attributed to the efficient government support extended to the manufacturing industry in order to lower manufacturing costs. For instance, the Government of India announced a ‘make in India’ campaign to support the businesses to manufacture products in India and help develop the domestic manufacturing sector. Additionally, to support this campaign, governments are offering subsidies to investors. Apart from this, the growing world middle class population is further proliferating the need for consumer goods and thereby encouraging manufacturing companies to establish their business framework in developing regions. Thus, the growing setup of infrastructure and manufacturing frameworks in developing regions is increasing the requirement for forklift trucks to streamline the day-to-day operations.

Forklift Battery Market: Restraints

Large downtime for electric forklifts is likely to restrain the growth of the global market.

The demand for forklift batteries is growing day by day, but the need for large downtime for these forklifts is likely to restrain consumers from adopting such batteries in the forthcoming years.

Forklift Battery Market: Opportunities

Fast proliferating construction sector is likely to offer ample impetus to the growth of the global market.

Construction activities are increasing all across the globe owing to the growing income of people. Governments of different regions are also making initiatives to renovate the public infrastructure and work on a green building framework, which in turn is significantly boosting the growth of the construction sector globally. Therefore, such a landscape is likely to provide many lucrative growth opportunities in the global market as forklift batteries are widely utilized in construction equipment to assist in completing different tasks.

Forklift Battery Market: Challenges

High power consumption is a huge challenge in the global market.

Power consumption is a crucial concern in every space all across the globe. Similarly, the high-power consumption by forklift batteries has emerged as a key challenge in the global market due to the fast-depleting fossil fuels along with the constantly growing prices.

Forklift Battery Market: Segmentation

The global forklift battery market can be segmented into application, type, and region.

By application, the market can be segmented into retail, wholesale stores, construction & warehouses, and others.

By type, the market can be segmented into lead-acid batteries and lithium-ion batteries.

Recent Developments

• Enersys, in January 2021, expanded its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc (IBCI). It has undertaken the sales and service operations of EnerSys motive power products in Alabama.
• Erikoglu Emaye Bakir Tel San. A. S. And The HOPPECKE Batterien GmbH & Co. K.G. in March 2019 announced an exclusive partnership at CeMAT Eurasia.

Forklift Battery Market  Report Scope:

Forklift Battery Market: Regional Landscape

Asia Pacific accounts for the largest share in the global forklift battery market due to the fast-growing industrial output in the region. Additionally, the high rate of urbanization and industrialization is significantly impacting the growth of the regional market.

Forklift Battery Market: Competitive Landscape

Some of the significant players in the global forklift battery market include:

• Systems Sunlight S.A.
• Crown Equipment Corporation
• Storage Battery Systems LLC
• NITCO
• Enersys
• East Penn Manufacturing Company
• Microtex Energy Private Limited
• Exide Industries Limited
• Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH.

Global forklift battery market is segmented as follows:

By Application

• Warehouses
• Manufacturing
• Construction
• Retail and Wholesale Stores
• Others

By Type

• Lithium Ion (LI-ion)
• Lead Acid Battery
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa