Global Forklift Battery Market Share, Trends and Forecast 2024-2032
IMARC Group, a leading market research company, has recently releases report titled “Forklift Battery Market Report by Type (Lithium-ion Battery, Lead–Acid Battery, and Others), Sales Channel (OEM, Aftermarket), Application (Warehouses, Manufacturing, Construction, Retail and Wholesale Stores, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global forklift battery market.
How Big Is the Forklift Battery Market?
The global forklift battery market size reached US$ 4.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 7.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
Industry Overview of Forklift Battery
A forklift battery, also known as an electric forklift battery, is a crucial component used to power electric forklifts commonly found in warehouses, distribution centers, and manufacturing facilities. It is rechargeable and is an environment friendly alternative to traditional internal combustion engine (ICE) forklifts. It is known for its durability, longer operational life, faster-charging capabilities, and lower maintenance requirements. It is designed to provide the energy required for the efficient operation of electric forklifts and enable it to lift and transport heavy loads with ease. It is often strategically placed in the chassis of a forklift to help balance the weight of the vehicle, which is crucial for its stability and safe operation. It is more energy-efficient than internal combustion engine forklifts, converting a larger percentage of energy into useful work, that results in reduced energy consumption. It can power the forklift for longer durations and reduce the need for frequent recharging. It can also be reused many times, which reduces the cost of owning and operating electric forklifts as compared to single-use or disposable power sources. It operates more quietly than ICE forklifts and reduces noise pollution in industrial settings. It plays a vital role in the material handling industry by offering a reliable and sustainable source of power, contributing to reduced emissions and improved operational efficiency. As it assists in providing smoother acceleration and deceleration that increases operator comfort and reduces fatigue during long shifts, the demand for forklift battery is rising across the globe.
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What are the growth prospects and trends in the forklift battery industry?
The increasing focus on sustainability and reducing carbon footprints in the environment currently represents one of the primary factors impelling the market growth. In line with this, the escalating demand for forklift batteries, as they benefit in increasing productivity in material handling operations, is positively influencing the market. Additionally, the rising adoption of lithium-ion batteries, as they offer faster charging, is supporting the growth of the market. Apart from this, there is an increase in the demand for electric forklifts powered by efficient batteries for improved energy efficiency in material handling operations.
This, coupled with the rising employment of forklift batteries, as they have lower maintenance costs, is strengthening the market growth. Besides this, advancements in battery management system (BMS) technology are enhancing the performance and lifespan of forklift batteries, which is propelling the market growth. In addition, the integration of telematics systems in forklifts allows for remote monitoring and optimization of battery usage and improves operational efficiency is offering lucrative growth opportunities to industry investors.
Furthermore, the growing concerns about safety, along with the increasing trend of automation in warehousing settings, are offering a positive market outlook. Moreover, governing agencies of numerous countries are encouraging the adoption of electric forklift batteries by offering incentives, tax credits, or subsidies, which are contributing to the growth of the market.
Forklift Battery Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Lithium-ion Battery
- Lead–Acid Battery
- Others
Breakup by Sales Channel:
- OEM
- Aftermarket
Breakup by Application:
- Warehouses
- Manufacturing
- Construction
- Retail and Wholesale Stores
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH
- Amara Raja Batteries Ltd.
- Camel Group Co. Ltd.
- Crown Equipment Corporation
- East Penn Manufacturing Company
- Enersys
- Exide Industries Limited
- Flux Power
- Microtex Energy Private Limited
- Northland Industrial Truck Co. Inc. (Alta Enterprises LLC)
- Storage Battery Systems LLC
- Systems Sunlight S.A.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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