Wilmington, Delaware, United States, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The forklift battery market was estimated to have acquired US$ 22.3 billion in 2021. It is anticipated to register a 6.8% CAGR from 2022 to 2031, and by 2031, the market is likely to gain US$ 43.1 billion. Stricter environmental regulations are propelling the market. Forklift operators are turning to energy-efficient batteries to reduce their carbon footprint and meet emissions standards. Advanced battery technologies are gaining traction as a result.
The rise of e-commerce and automated warehousing systems boosts demand for forklift batteries. These batteries are powering a new era of high-intensity, round-the-clock operations, pushing the boundaries of endurance and energy storage.
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While lithium-ion batteries are, well-known, emerging chemistries, like solid-state batteries, are sparking interest. These promise higher energy density, faster charging, and improved safety, potentially reshaping the forklift battery landscape.
Global Forklift Battery Market: Key Players
The global forklift battery market is fiercely competitive, marked by a multitude of players striving for prominence. These competitors are characterized by their relentless pursuit of innovation, energy efficiency, and sustainability. They invest heavily in research and development to enhance battery performance and extend lifespan, all while reducing environmental impact.
Market players often vie for strategic partnerships and collaborations to strengthen their market position. The introduction of smart battery management systems and cutting-edge charging technologies is a testament to their commitment to offering cost-effective, eco-friendly, and technologically advanced solutions, ultimately satisfying the diverse needs of end-users across various industries. The following companies are well-known participants in the global forklift battery market:
- Exide Industries Ltd.
- East Penn Manufacturing Industry Company
- Amara Raja Batteries Ltd.
- ENERSYS
- Flux Power Holdings Inc.
- GS Yuasa International Ltd.
- Accumulatorenwerke HOPPECKE
- Carl Zoellner & Sohn GmbH
- Narada Power Source Co. Ltd
- Trojan Battery Company, LLC
- OneCharge
- Electrovaya
- Iberdrola
- Crown Equipment Corporation
- Others
Key Findings of the Market Report
- In the forklift battery market, lithium-ion batteries are emerging as the dominating type due to their superior energy efficiency, longer lifespan, and eco-friendly characteristics.
- In the forklift battery market, the dominating voltage is the 48 Volt range, striking a balance between power and efficiency, meeting the diverse needs of industrial applications.
- Warehouses stand as the dominant end-user in the forklift battery market. With the growth of e-commerce and automated storage solutions, they lead in battery demand and innovation.
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Market Trends for Forklift Batteries
- Forklift battery systems are increasingly modular, allowing easy scalability and quick replacements, reducing downtime and operational disruptions.
- Quick-charging solutions are evolving to reduce forklift downtime, enhance productivity, and streamline operations.
- IoT-driven battery management systems are gaining ground, offering real-time monitoring and predictive maintenance, improving battery longevity.
- Manufacturers focus on lightweight battery materials, enhancing forklift performance and reducing energy consumption.
- An alternative to traditional batteries, hydrogen fuel cells are emerging as a viable, eco-friendly power source for forklifts, providing longer operational hours.
Global Market for Forklift Batteries: Regional Outlook
- A growing emphasis on sustainable practices drives the North America market, and stringent environmental regulations have led to a surge in the adoption of energy-efficient forklift batteries. The rapid expansion of e-commerce and warehousing operations further bolsters demand in this region.
- Europe is at the forefront of embracing advanced battery technologies. With a strong focus on reducing carbon emissions and transitioning towards greener alternatives, lithium-ion, and hydrogen fuel cell forklift batteries are making significant headway. The region's mature logistics sector and commitment to sustainability drive innovation and growth.
- Asia Pacific represents a flourishing market due to its robust manufacturing sector, with countries like China, Japan, and India taking the lead. Increased warehousing needs and the pursuit of more efficient and eco-friendly materials handling drive the adoption of electric forklifts and lithium-ion batteries in this region. Government incentives for electric vehicle adoption stimulate growth in the forklift battery market.
Product Portfolio
- Exide Industries offers a diverse portfolio of automotive, industrial, and home inverter batteries. Their range features advanced technology, exceptional durability, and a commitment to eco-friendliness, catering to a wide array of energy storage needs.
- East Penn Manufacturing is renowned for its comprehensive lineup of high-quality batteries, spanning automotive, industrial, and motive power solutions. Their products are synonymous with reliability, performance, and innovation.
- Amara Raja Batteries Ltd. presents a robust product portfolio encompassing automotive, industrial, and home UPS batteries. Their offerings are characterized by cutting-edge technology, exceptional longevity, and a dedication to sustainability, catering to diverse energy storage requirements.
Global Forklift Battery Market Segmentation
Type
- Lithium-ion Battery
- Lead-acid Battery
- Nickel-cadmium Battery
- Others
Voltage
- 24 Volt
- 36 Volt
- 48 Volt
- 72 Volt
- Others
End-user
- Warehouses
- Wholesale Stores
- Construction Sites
- Manufacturing Industry
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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