LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global forklift battery market to grow at a CAGR of close to 9% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the legislative support for battery recycling as one of the key emerging trends in the global forklift battery market. Various major battery manufacturers in the US have collaborated to establish the Corporation for Battery Recycling (CBR) to support battery recycling for future use. Call2Recycle conducts a program with the CBR in the US and Canada. The European Union (EU) has imposed strict legislation for battery recycling. However, when compared with the US, the current rate of lead-acid battery collection is low in the EU. All battery manufacturers must adhere to the regulated recycling levels. The end-products of recycling are lead scrap, which can be used in the battery industry as a secondary metal.
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In this report, Technavio analysts highlight the increasing demand for electric forklift applications as a key factor contributing to the growth of the global forklift battery market:
Increasing demand for electric forklift applications
The mechanical, automotive, food and beverage, logistics, chemical, timber, paper printing, and retail and wholesale companies are the end-users of battery-powered forklifts. Most end-users prefer electric forklifts owing to their low GHG emissions and noise levels. Apart from its environmental benefits, electric forklifts are able to reduce the requirement on fuel, which is a major cost component of logistics operations. For example, the cost of propelling an electric forklift is 50% less than the cost of propelling an internal combustion engine (ICE) forklift and also have a longer lifespan than ICE forklifts.
According to a senior analyst at Technavio for energy storage, “The usage of lead-acid batteries in material handling equipment is cost-efficient and offers high resilience in harsh environments that involve chemicals, dirt, and vibration. Lead-acid batteries require low maintenance than other types of batteries. Planning for the use of lead-acid batteries and their replacement is consistent, simple, and predictable. Technical innovations such as the advent of fast charging during operator downtime improve the cost efficiency of electric forklifts and their batteries.”
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Global forklift battery market segmentation
This market research report segments the global forklift battery market into the following applications (warehousing, manufacturing, and construction) and key regions (the Americas, APAC, and EMEA).
In 2017, The warehousing segment held the largest share of the market owing to the increasing number of warehouses globally. The manufacturing and construction industries are growing steadily due to the increase in manufacturing and construction activity in several developing countries.
APAC was the leading region for the global forklift battery market in 2017, accounting for a market share of nearly 41%. However, by 2022, APAC is expected to witness a market growth of nearly 2%.
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