New York, USA, July 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global forklift battery market is predicted to generate a revenue of $7,191.9 million by 2026 and grow at a stable CAGR of 6.6% during the forecast period from 2019-2026. The extensive report provides a concise layout of the forklift battery market’s current framework including prime aspects of the market, such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Forklift Battery Market
Drivers: The growing demand for forklift trucks to lift heavy objects in the manufacturing and construction industries is the prime factor projected to drive the growth of the global forklift battery market during the forecast period. In addition, the rising cloud-based innovations in forklift batteries is also estimated to boost the market growth by 2026.
Opportunities: The rising adoption of solar-based forklift batteries with sustainable energy storage system is the major factor anticipated to create abundant growth opportunities for the global forklift battery market during the analysis timeframe. Moreover, California is the leading region that uses forklift batteries with solar energy that is also expected to offer ample market growth opportunities by 2026.
Restraints: Daily price variations of lead is the major factor estimated to hinder the market growth.
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Segments of the Forklift Battery Market
The report has fragmented the market into a few segments based on type, application, and regional analysis.
Type: Lithium Ion (Li-ion) Sub-segment to Have the Fastest Growth Rate
The lithium ion (Li-ion) sub-segment of the global forklift battery market is anticipated to have the fastest growth rate and register a revenue of $1,348.5 million by 2026. This growth rate is attributed to the battery type’s integrated features like maximum productivity and lifespan along with a recharge efficiency of around 98% that can easily prevent battery heating. Moreover, lithium-ion batteries are low cost as compared to other types which is yet another factor expected to bolster the sub-segment’s growth by 2026.
Application: Manufacturing Sub-segment to be Highly Dominant
The manufacturing sub-segment is predicted to hold the highest market share and garner a revenue of $2,066.2 million during the 2019-2026 forecast years due to the growing focus towards easing out the operations in several production units. The rising utilization of smart appliances along with the constant need of forklift trucks in the manufacturing industries are some other factors projected to propel the sub-segment’s growth during the analysis timeframe.
Region: Market in the Asia-Pacific Region to Witness More Growth Opportunities
The forklift battery market in the Asia-Pacific region is anticipated to have the highest market share and gather a revenue of $2,704.2 million during the analysis timeframe. This immense growth rate is attributed to the falling forklift battery prices, significant growth in renewable power generation capacity of the region, and an enormous growth in the logistics operations in countries like India, Japan, and China. Additionally, the growing population and the consequent demand for new constructions is another factor estimated to uplift the market growth in the Asia-Pacific region by 2026.
Key Market Players
Some key forklift battery market players include
- Saft
- Storage Battery Systems, LLC.
- East Penn Manufacturing Company
- EXIDE INDUSTRIES LTD.
- Microtex Energy Private Limited
- Southwest Battery Company
- Navitas System LLC Corporate.
- Johnson Controls
- ENERSYS.
- Crown Equipment Corporation
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in January 2020, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a leading manufacturer of forklift trucks, announced its launch of brand-new Jungheinrich lithium-ion battery technology to augment the market growth and smooth out some manufacturing operations.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Breaking down the Competitive landscape as per your requirement for Forklift Battery Market
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