DUBLIN--(BUSINESS WIRE)--The "Forklift Battery Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The forklift battery market was valued at USD 5 billion in 2021 and is estimated to surpass a net valuation of USD 8.47 billion with a solid CAGR of over 7.83% during the forecast period 2022-2027.
Companies Mentioned
- Crown Equipment Corporation
- East Penn Manufacturing Company
- Enersys
- Amara Raja Batteries Ltd.
- Exide Industries Limited
- Storage Battery Systems, LLC
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- Flux Power Holdings Inc.
- Narada Power Source Co. Ltd.
- Trojan Battery Co. LLC
Key Market Trends
Lead-Acid Battery Is Expected to Witness High Growth
Among all the battery chemistry available for the forklift truck, lead acid has been found to be the most reliable in terms of power backup and cost. Manufacturers across the globe have preferred lead acid batteries as the only solution for power supply in commercial forklift trucks.
Discovered in the late 1920's lead-acid battery has made revolutionary changes in the segment of forklift trucks since its inception. These batteries are rechargeable and provide a high power-to-weight ratio for the forklift trucks, thus gauzing the manufacturers' attention. With a high power-to-weight ratio, these batteries have proved themself as the most reliable power-saving source in forklift trucks.
These batteries come in the combination of lithium and graphite, which carries high energy density and lower discharge rates compared to other available battery chemistry. In addition, the net weight of the complete battery module is comparatively much less, thus offering higher power output to the trucks during dynamic utility.
Moreover, lead-acid batteries require less maintenance compared to other battery chemistry, making them a perfect choice for manufacturers and consumers fighting with challenges of battery maintenance. Although with time after 2012, the lithium-ion battery has also emerged as another substitute for lead acid batteries in forklift trucks, the adoption rates of the lead-acid battery have been much prominent in the segment and are expected to increase during the forecast period 2022-2027.
Asia-Pacific likely to Exhibit the Highest Growth Rate during the Forecast Period
The Asia-pacific region has been the key growth enabler for the forklift battery market. The region is identified as the epicenter for battery production, with widely spared several downstream industries, including semiconductors, electronics, and chemicals. In addition, countries like China, South Korea, India, and ASEAN have been the major pillars of battery production globally.
During Covid-19, the demand for batteries reduced owing to lockdowns announced across the globe. Further, the production also got reduced after social distancing measures were announced by governments. Yet, this has affected the demand for forklift batteries moderately. Production has seen back in the growth phase soon after Q2 2021, and China leads the forefront to maintain strong supply chain abilities to deliver batteries to forklift truck manufacturers across the globe.
Transit agencies, warehouses, and logistics across various countries have been significantly promoting the adoption of forklift trucks to keep the process of material handling seamless. This helps the demand for the battery as the key power of the house of forklift trucks to grow. Therefore considering all the mentioned factors, demand for forklift batteries are expected to witness the highest growth in Asia-pacific during the forecast period 2022-2027.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 PESTLE Analysis
5 MARKET SEGMENTATION
5.1 Battery Type
5.1.1 Lead-Acid
5.1.2 Lithium-Ion
5.1.3 Others
5.2 Application Type
5.2.1 Warehouse
5.2.2 Manufacturing
5.2.3 Construction
5.2.4 Retail & Wholesale Stores
5.2.5 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Crown Equipment Corporation
6.2.2 East Penn Manufacturing Company
6.2.3 Enersys
6.2.4 Amara Raja Batteries Ltd.
6.2.5 Exide Industries Limited
6.2.6 Storage Battery Systems, LLC
6.2.7 Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
6.2.8 Flux Power Holdings Inc.
6.2.9 Narada Power Source Co. Ltd.
6.2.10 Trojan Battery Co. LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/6nt0jz
