New York, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest market study on “Forklift Battery Market Size, Share & Growth Forecasts to 2028 - COVID-19 Impact and Global Analysis By Type (Lithium ion, Lead-Acid, Others), Application (Warehouses, Construction, Manufacturing, Retail and Wholesale Stores, Others), and Geography”, the global forklift battery market size is expected to grow from USD 4.81 billion in 2021 to USD 7.75 billion by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
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Global Forklift Battery Market Valuations, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 4.81 Billion in 2021 |
| Market Size Value by | USD 7.75 Billion by 2028 |
| Growth rate | CAGR of 7.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 143 |
| No. of Tables | 63 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type, Application, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Forklift Battery Market - Key Industry Developments
2020: Crown launched its own V-Force branded solutions for customers who were seeking to improve forklift performance by using lithium-ion technology. Crown’s V-Force Energy Storage Systems (ESS) consists of lithium-ion batteries and chargers.
2021: OneCharge Lithium Batteries announced the opening of its company headquarters and new manufacturing facility in Garden Grove, CA. The new site is three times the size of the earlier company premises. This move is a response to the increasing market demand for various OneCharge lithium batteries.
2018: Summit Power Systems (SPS) is a division of Storage Battery Systems and a provider of forklift batteries, battery chargers and testers and various energy storage products. Serving Indiana, Michigan, Illinois and Ohio, the new facility is situated on the northwest side of Fort Wayne, Indiana.
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Market Drivers:
Expansion of warehouses across the world owing to the rise in e-commerce and consumer goods are proliferating the demand for forklift in material movement applications, which, in turn is propelling the growth of forklift battery market. Electric forklift is ideal for usage in indoor spaces such as warehouse or movement of materials inside the plants and factories. The e-commerce industry is rapidly growing in developing regions as consumers from these regions have now high-speed internet with smart phones, which is enabling them to shop a wide variety of product online with multiple payment options. Thus, the changing shift in buying patterns of consumers in developing region is helping e-commerce industry and is positively impacting to the growth of the forklift market as the size of e-commerce industry is increasing.
Regional Scope:
Asia Pacific region has the largest market for forklift battery as the region is witnessing rapid industrialization and development of public infrastructure, which is bolstering the demand for forklift trucks. Forklift battery market is characterized by ten key participants: Accumulatorenwerke Hoppecke Carl Zoellner And Sohn Gmbh; Crown Equipment Corporation; East Penn Manufacturing Company; Enersys; Exide Industries Limited; Foreverpure Corporation; Industrial Battery, and Charger, Inc.; Nitco; Storage Battery Systems, Llc; and Saft Groupe SA. Also, the report includes secondary research work on additional companies that holds a notable market share.
Batteries that provide power supply to forklift trucks or are used in forklift trucks are usually known as forklift batteries. They need high power and energy density. Forklift is an industrial truck that has ability to lift and move objects over short distances and is powered by electric batteries, propane, diesel, or gasoline. For cost effective options, the use of electric forklift is prominent, as it is easy to maintain and available at economic rates. The batteries have low energy-to-weight ratio and energy-to-volume ratio; hence, they are able to provide relatively large power despite having lower volume of cells.
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Forklift battery market is trending on application of solar rooftops on warehouses and material handling centers to charge lithium-ion batteries. Hence, the increasing solar-based charging technology is expected to bring a new trend in industries to reduce their operating cost of and to adopt green energy. In this regards forklift manufacturers are forming collaboration to develop strategic solar programme to implement solar power systems at material handing centers. For instance, In June 2019, Toyota Material Handling Europe and Eneo Solutions partnered to develop solar power and battery solutions for forklift trucks. The following technological development is expected to trend in coming years and proliferate the growth of forklift battery market as the technology requires lithium-ion battery as stationary storage for solar power.
Forklift Battery Market Type:
Based on type, the forklift battery market is bifurcated into lithium ion, lead–acid, and others. In 2020, the lead–acid segment accounted for the largest share in the market.
Forklift Battery Market Application:
Based on application, the forklift battery market is segmented into warehouses, construction, manufacturing, retail and wholesale stores, and other applications. In 2020, the manufacturing segment accounted for the largest market share.
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Browse Adjoining Reports:
Forklifts Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Warehouse Type and Counterbalance Type); Class (Class I, Class II, Class III, Class IV, Class V and Class VI); Engine Power (IC Engine Power and Electric Engine Power); Tonnage (Less than 5 ton, 5-10 ton, 11-36 ton and Above 36 ton); and Application (Warehouse, Logistics, Automotive, Manufacturing and Food Industry)
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