Portland, OR, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S. forklift battery market was estimated at $810.5 million in 2020 and is expected to hit $1.78 billion by 2030, registering a CAGR of 8.5% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Emergence of fuel cell forklifts as an alternative to the electric forklift and expanding warehouse spaces and the manufacturing industry drive the growth of the U.S. forklift battery market. On the other hand, high cost associated with lithium-ion battery restrains the growth to some extent. However, penetration of green logistics is expected to create lucrative opportunities in the industry.
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COVID-19 Scenario-
- The ongoing projects from various industries such as construction, oil & gas, manufacturing, and others were either on hold or cancelled, especially during the initial phase of the pandemic, which affected the sales of material handling equipment, thereby impacting the U.S. forklift battery market negatively.
- However, as situation in the United States is getting better, the market is anticipated to revive soon.
The U.S. forklift battery market is analyzed across type, capacity, and application.
Based on capacity, the 0-600 Ahr segment accounted for more than three-fifths of the total market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also register the fastest CAGR of 8.7% during the forecast period.
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Based on type, the lead acid battery segment contributed to more than three-fourths of the total market revenue in 2020, and is expected to lead the trail by the end of 2030. The Lithium Ion segment, however, would exhibit the fastest CAGR of 8.4% throughout the forecast period.
Based on application, the warehouses segment accounted for more than one-fourth of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. The same segment would manifest the fastest CAGR of 9.1% during the forecast period.
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The key market players analyzed in the U.S. forklift battery market report include Crown Equipment Corporation, East Penn Manufacturing Company, Enersys, Exide Technologies, Total SE, Flux Power Holdings Inc., Bulldog Battery Corporation, Foreverpure Corporation, Green Cubes Technology, OneCharge, Electrovaya, Storage Battery Systems LLC. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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