According to a new report published by UnivDatos Markets Insights, the Forklift Battery Market was valued at USD 24 billion in 2020 and grow at a CAGR of around 35% from 2022-2028. The analysis has been segmented into Type (Lithium-ion Batteries, Lead-acid Batteries, Nickel-cadmium Batteries); Voltage (24 Volts, 36 Volts, 48 Volts, 72 Volts); Application (Warehouses, Wholesale Stores, Construction Sites, Manufacturing Industry); Region/Country.
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The Forklift Battery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Forklift Battery market. The Forklift Battery market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Forklift Battery market at the global and regional levels.
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Market Overview
The global Forklift Battery Market is expected to grow at a significant rate of around 7% during the forecast period. It is mainly owing to the factors such as the soaring e-commerce industry across the globe is propelling the expansion of warehouses which is creating demand for forklifts in material movement applications, which, in turn, is escalating the growth of the forklift battery market. Further, the rising shift toward electric forklifts is expected to drive the global forklift battery market during the forecast period. Construction, warehouse, and manufacturing industries in developing countries such as India, China, and Brazil have been growing over the last few years. These industries are increasingly adopting electric forklifts to reduce their carbon footprint. For instance: In June 2022, Vedanta Aluminum, a leading producer of aluminum in India, commissioned the country’s largest electric fleet of 27 forklifts, powered by lithium-ion batteries.
OneCharge, Electrovaya, Flux Power Holdings Inc., Exide Industries Ltd., Amara Raja Batteries Ltd., ENERSYS, Narada Power Source Co. Ltd, Trojan Battery Company LLC, Iberdrola, andGS Yuasa International Ltd.
COVID-19 Impact
The sudden outbreak of coronavirus has caused a health emergency across the globe that has significantly affected various industrial verticals. The pandemic has halted activities in various industries due to the surge in active virus cases that led to the urgent shutdown of ongoing work. Further, the disruption in the supply chain has manufacturing industry and witnessed severe losses due to temporary factory shutdowns and low production volume which impacted the growth of retail, e-commerce, manufacturing, and logistics sectors.
The global Forklift Battery market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on voltage, the forklift battery market is categorized into 24 Volts, 36 Volts, 48 Volts, and 72 Volts. The 36 volts forklift battery segment caters to a significant market share. The 36 volts forklift battery is designed to work in material handling applications. Stand-up counterbalanced forklift trucks with 36 volts batteries are ideal choices for energy-intensive applications. In addition, a large warehouse where there are narrow aisles 36 volts forklift battery is an ideal option that enhances operation’s performance around the clock and increases productivity.
· Based on application, the forklift battery market is classified into warehouses, wholesale stores, construction sites, and the manufacturing industry. The warehouse’s segment acquired the highest share in the forklift battery market. During covid-19 the warehousing and logistics sector emerged attractive and has been the largest beneficiary during the pandemic due to an increased shift to online shopping from discretionary to essentials. Nowadays, consumers need doorstep access to their required products, and they need them within a short period. As a result, the e-commerce sector has significantly boosted wherein the players are ramping up supply and expanding storage, thereby propelling the growth of new and modern warehousing spaces which in turn is accentuating the market size of the forklift battery.
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Forklift Battery Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the booming e-commerce and quick commerce market, the last-mile and just-in-time deliveries, omnichannel operations, and the need for strengthening the supply chains across industries have steered the preference for Grade A warehousing facilities which in turn is propelling the demand for forklift batteries in the region.
Additionally, along with e-commerce, third-party logistics (3PL) has been another major accelerator of the sector's rise in favorable industrial developments, and supportive government announcements have attracted multinational corporations to set up or expand their manufacturing hubs in the countries like India, China, and others. For instance, In 2022, the Indian government announced National Logistics Policy that also seeks to complement the PM Gati Shakti National Master Plan and proposes a framework to set up MMLPs in key markets to ensure faster first and last-mile connectivity.
The major players targeting the market include
· OneCharge
· Electrovaya
· Flux Power Holdings Inc.
· Exide Industries Ltd.
· Amara Raja Batteries Ltd.
· ENERSYS
· Narada Power Source Co. Ltd
· Trojan Battery Company LLC
· Iberdrola
· GS Yuasa International Ltd
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Forklift Battery market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Forklift Battery market?
• Which factors are influencing the Forklift Battery market over the forecast period?
• What are the global challenges, threats, and risks in the Forklift Battery market?
• Which factors are propelling and restraining the Forklift Battery market?
• What are the demanding global regions of the Forklift Battery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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Table of Content:-
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE FORKLIFT BATTERY MARKET
6 FORKLIFT BATTERY MARKET REVENUE, 2020-2028F
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY VOLTAGE
9 MARKET INSIGHTS BY APPLICATION
10 MARKET INSIGHTS BY REGION
11 FORKLIFT BATTERY MARKET DYNAMICS
12 FORKLIFT BATTERY MARKET OPPORTUNITIES
13 FORKLIFT BATTERY MARKET TRENDS
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 PRICING ANALYSIS
17 STRATEGIC INSIGHTS
18 COMPETITIVE SCENARIO
19 COMPANY PROFILED
20 DISCLAIMER
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