New York, USA, March 29, 2021 (GLOBE NEWSWIRE) -- According to a latest report published by Research Dive, the global forklift battery market is estimated to generate $6,831.2 million by 2026, and exhibit a CAGR of 6.2% from 2019 to 2026.
Pre- and Post-Pandemic Market Growth by 2026
The global forklift battery industry is predicted to witness a decline in growth rate during the forecast period, owing to the occurrence of COVID-19 pandemic. As per the report, the forklift battery market was likely to exhibit a CAGR of 6.6% from 2019 to 2026 prior to COVID-19 crisis. But due to the COVID-19 pandemic, the global market is now projected to witness decrease in growth rate and exhibit a CAGR of 6.2% over the forecast period. This is mainly owing to lockdown imposed by various governments across the globe to curb the spread and severe impact of the disease.
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Current Market State Due to COVID-19
The outbreak of COVID-19 across the globe has affected the global forklift battery market in a negative way in 2020. The estimated pre COVID-19 market size for forklift battery market was $4,784.7 million in 2020 and is expected to observe declining growth and reach up to $2,870.8 million due to COVID-19 pandemic. The decrease in growth of the market is majorly attributed to complete shutdown of industries to prevent the spread of deadly virus, which has led to a huge decline in industrial operations and in manufacturing of forklift batteries. However, several various governments across the globe are taking initiatives for adoption electric vehicles as they emit low greenhouse gases and air pollutants. This is expected to drive the global market growth in the coming years.
Global Market to Recover by Q3/Q4 of 2022
The global forklift battery market is anticipated to continue to observe robust growth post-coronavirus pandemic and recover by third or fourth quarter of 2022. This can be majorly owing to the growing need for renewable energy sources and increasing penetration of population across the globe. Moreover, the continuous improvements made by scientists in battery industry to develop control pollution and enhance security systems is anticipated to create massive growth opportunities for the global forklift battery market.
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Key Market Players & Recent Development
Some of the key players operating in the global forklift battery industry include -
- East Penn Manufacturing Company
- ENERSYS
- Microtex Energy Private Limited
- Navitas System, LLC Corporate
- Crown Equipment Corporation
- EXIDE INDUSTRIES LTD.
- 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.
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