Pune, India, July 12, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global forklift battery market value is slated to grow at 7.7% CAGR during 2022-2028 and generate revenues worth USD 7,101 million by the end of the analysis timeframe.
Besides, the document divides the market based on product type and application spectrum by furnishing growth rate forecast for each of the verticals. Through the revenue share estimates for each subdivision, the report helps the stakeholders to understand the potential of the marketplace.
It further lists the regions that are amplifying the profitability scope of the business sphere. Moreover, basic company profiles and the strategies adopted by them are studied in detail to give the new entrants as well as existing players a deeper insight into the competitive sphere of the industry.
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The expansion of the market can be attribute to numerous factors such as cloud-based innovation in forklift batteries which is increasing the product uptake. Moreover, massive technological advancements in the form of smart-grid energy battery services are further boosting the development of industry.
For those unaware, electric forklifts are powered by a battery, which functions as both a stabilizer for the equipment as well as a source of energy. The battery serves to safeguard the environment by operating with little-to-no noise, emitting less pollution, and also due to its rechargeable capabilities.
These benefits are anticipated to increase the penetration of such products across various applications and bolster the growth of the industry through the stipulated timeline.
Notably, solar-based forklift batteries with embedded energy storage systems are likely to emerge as promising avenue for the enterprises in worldwide forklift battery market in the forthcoming years.
On the contrary, constant fluctuations in prices, combined with the threat of substitutes like propane & gasoline are estimated to restrain the demand and challenge the progress of the business sphere through 2028.
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Segmental Overview:
To examine the market size and gain a reliable outlook on the industry space, the market is categorized into lithium-ion battery, lead-acid battery, and others, based on type. In terms of application spectrum, the business sphere is split into warehouses, construction, retail, manufacturing, and others.
Regional Analysis:
Credible experts cite that Asia Pacific forklift battery industry is reckoned to grow at a decent rate through 2028, on account of rapid urbanization, flourishing construction sector, along with extensive usage of equipment for fast & efficient logistics operations.
Competitive Dashboard:
Toyota Material Handling Group (TMHG), Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, TotalEnergies SE (Saft Groupe SA), Crown Equipment Corporation, Systems Sunlight S.A., East Penn Manufacturing Company Inc., Storage Battery Systems LLC, EnerSys Ltd., Linde Material Handling GmbH, and Exide Industries Limited among others are the established names who are magnifying the competitive gamut of global forklift battery industry. The strategies undertaken by the aforementioned companies in the form of alliances, mergers & acquisitions, partnerships, and agreements are assessed as well.
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Global Forklift Battery Market, By Type (Revenue, USD Million, 2018-2028)
- Lithium-Ion Battery
- Lead-Acid Battery
- Others
Global Forklift Battery Market, By Application (Revenue, USD Million, 2018-2028)
- Warehouses
- Construction
- Retail
- Manufacturing
- Others
Global Forklift Battery Market, Regional Analysis (Revenue, USD Million, 2018-2028)
- North America
- Asia Pacific
- Europe
- South America
- Middle East & Africa (MEA)
Global Forklift Battery Market, Competitive Dashboard (Revenue, USD Million, 2018-2028)
- Toyota Material Handling Group (TMHG)
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- TotalEnergies SE (Saft Groupe SA)
- Crown Equipment Corporation
- Systems Sunlight S.A.
- East Penn Manufacturing Company Inc.
- Storage Battery Systems LLC
- EnerSys Ltd.
- Linde Material Handling GmbH
- Exide Industries Limited
Table of Content:
FIGURES AND TABLES
PART 1. INTRODUCTION
- Report description
- Objectives of the study
- Market segment
- Years considered for the report
- Currency
- Key target audience
PART 2. METHODOLOGY
PART 3. EXECUTIVE SUMMARY
PART 4. MARKET OVERVIEW
- Introduction
- Drivers
- Restraints
- Impact of COVID-19 pandemic
PART 5. MARKET BREAKDOWN BY TYPE
- Lead-acid battery
- Lithium-ion battery
- Others
PART 6. MARKET BREAKDOWN BY APPLICATION
- Construction
- Manufacturing
- Retail
- Warehouses
- Others
PART 7. MARKET BREAKDOWN BY REGION
- Asia-Pacific
- Europe
- North America
- Middle East and Africa (MEA)
- South America
PART 8. KEY COMPANIES
Related Report:
Forklift Market Size, Industry Analysis Report, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
The forklift market is set to witness immense growth in coming years owing to growing e-commerce, logistics and industrial sectors, increasing use of class V type forklifts, growing trend of warehouse automation, and increasing adoption of CNG/LPG forklifts. A forklift is referred as a small industrial vehicle having a mechanically or electrically operated platform attached at the front. It also has a fork that can be lowered or raised mainly for insertion beneath the cargo for moving and lifting purposes. These can further be driven by electrical batteries or combustion engines. Forklifts also serve the different needs of numerous industries such as warehouses and large storage facilities. From a regional frame of reference, the growing e-commerce, logistics as well as industrial sectors across Europe will boost the employment of forklifts for efficient handling of materials.
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