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According to the new research report titled “Forklift Battery Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 7,759.94 million by 2028, registering a CAGR of 7.1% from 2021 to 2028.
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.
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.
The forklift battery market is segmented into type and application. The type segment includes batteries such as lithium ion, lead-acid, and others. The others segment includes nickel-cadmium battery and sodium-sulfur battery. The lead-acid battery segment held the largest market share owing to its wide application in most of the end-use industries. Lead-acid batteries are cost-effective and have established the brand image in the market. In the application segment, the manufacturing segment holds the highest market share as it handles a diverse set of material handling with loading and unloading needs.
The COVID-19 pandemic has adversely affected the global forklift battery market. Manufacturing, e-commerce, and warehouse activities across the world have suffered temporary shut down during the lockdowns. Measures such as social distancing also impacted operations. However, demand recovery in manufacturing as well as e-commerce sectors across the world after lockdowns is likely to drive the growth of the forklift battery market. .
Key Findings of Study:
Several players operating in the forklift battery market are adopting significant strategic initiatives. For instance, in 2021, Enersys, the global leader in energy solutions expanded its Manufacturer Representative Agreement with Industrial Battery & Charger, Inc. IBCI has taken the responsibility for sales and services of all EnerSys motive power products in the state of Alabama. Motive power batteries are used in electric forklift trucks and other industrial electric powered vehicles.
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