Portland, OR, Nov. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. forklift battery market generated $822.2 million in 2019, and is anticipated to garner $1.30 billion by 2027, growing at a CAGR of 7.1% from 2020 to 2027.
Advent of fuel cells forklifts as an alternative to electric forklift and expanding warehouses spaces and the manufacturing industry drive the growth of the U.S. forklift battery market. However, high cost associated with Li-ion battery hampers the market growth. On the contrary, increase in penetration of green logistics is expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- Prolonged lockdown across various countries has resulted in a temporary ban on import-export and disrupted the supply chain.
- Chine is the major manufacturer of forklift batteries. However, the troubled political relations between China and the U.S. has affected the demand-supply.
- However, as the lockdown has lifted in some countries, the market is expected to get back on track with the production of electric vehicles.
The U.S. forklift battery market is segmented on the basis of type, capacity, and application. Based on type, the market is divided into lithium-ion, lead-acid, fuel cell, and others. The lead-acid battery segment dominated in 2019, accounting for more than three-fourths of the market. However, the lithium-ion battery segment is expected to register the highest CAGR of 7.5% during the forecast period.
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On the basis of capacity, the market is classified into 0-600 Ahr, 600-1200 Ahr, and above 1,200 Ahr. The 0-600 Ahr segment held the largest share in 2019, accounting for nearly two-thirds of the market. Moreover, the segment is expected to manifest the highest CAGR of 7.2% during the forecast period.
Based on application, the market is categorized into warehouses, manufacturing, construction, retail & wholesale stores, and others. The warehouses segment is anticipated to portray the highest CAGR of 7.6% during the forecast period. In addition, the segment held the lion’s share in 2019, accounting for more than one-fourth of the market.
The U.S. forklift battery market report includes an in-depth analysis of the major market players such as Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Storage Battery Systems, LLC, Exide Technologies, Flux Power Holdings, Inc., Total SE, Bulldog Battery Corporation, OneCharge, and ForeverPure Corporation.
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