New York, USA, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to a recently published report by Research Dive, the global forklift battery market is estimated to generate $7,191.9 million by 2026, and exhibit a CAGR of 6.6% from 2019 to 2026. Our analysts states that the cloud-based innovation in forklift batteries and huge growth in demand for forklifts across the globe are the major factors expected to boost the growth of global forklift battery market during the forecast period. On the contrary, price volatility in lead and the availability of substitutes such as propane or gasoline forklifts are predicted to hinder the market growth in the coming future.
Lithium ion segment to Grow at Fastest Pace
By type, the lithium ion (Li-ion) segment is expected to grow at the fastest rate and generate a revenue of $1,348.5 Million by the end of 2026. This can be majorly attributed to integrated features of Li-ion forklift batteries, such as maximum lifespan, low maintenance cost, and high productivity.
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Manufacturing Segment to be Most Lucrative by 2026
By application, the manufacturing segment is estimated to account for the largest share in the market and garner a revenue of $2,066.2 million over the forecast period. This is mainly due to the increasing usage of smart appliances in manufacturing industry and the growing focus of manufacturers toward smoothening the operations in production plant.
Warehouse segment is the fastest moving segment and is expected to generate revenue of $1,711.7 million by the end of 2026, growing at a CAGR of 7.0 %, significantly owing to huge demand for warehousing forklifts and newly invented forklift batteries, increasing the efficiency of logistics. Moreover, rising the number of warehousing activities worldwide, owing to the constant growth of the retail sector is projected to boost the growth of forklift battery market.
Europe to Create Massive Growth Opportunities for Market Investors
By region, Europe market for forklift battery is projected generate $1,970.6 million and create lucrative opportunities for market investors during the forecast period, owing to the continuous growth in construction projects in the region. Besides, the existence of highly integrated inventory and manufacturing facilities in the region is predicted to boost the regional market growth by 2026.
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Key Market Players
The top players operating in the global forklift battery industry include -
- East Penn Manufacturing Company
- Crown Equipment Corporation
- ENERSYS
- Microtex Energy Private Limited
- EXIDE INDUSTRIES LTD.
- Navitas System, LLC Corporate
- Southwest Battery Company
- Saft
- Johnson Controls
- Storage Battery Systems, LLC.
Further, the report outlines various aspects of these key players such as recent strategic moves, key developments, product portfolio, business performance, and SWOT analysis.
These key players are adopting several strategies such as partnerships, mergers & acquisitions, product launches, and others to hold a significant position in the overall industry. For instance, in April 2019, Navitas Systems LLC, a leading provider of lithium energy storage products for industrial, commercial, and government customers, announced to have secured a new building near its current 48,000 sq. ft. Ann Arbor Michigan R&D and Manufacturing facility in order to focus exclusively on production of its popular ‘Starlifter’ line of lithium forklift batteries.
Trending Reports-
Warehouse segment is the fastest moving segment and is expected to generate revenue of $1,711.7 million by the end of 2026, growing at a CAGR of 7.0 %, significantly owing to huge demand for warehousing forklifts and newly invented forklift batteries, increasing the efficiency of logistics. Moreover, rising the number of warehousing activities worldwide, owing to the constant growth of the retail sector is projected to boost the growth of forklift battery market.