Forklift Battery Market

Global Forklift Battery Market is valued at USD 5.16 Billion in 2021 and is expected to reach USD 8.34 Billion by 2028 with a CAGR of 7.1% over the forecast period.

Global Forklift Battery Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand for forklifts and rising technological advancements in this field are the major factors driving the growth of the Global Forklift Battery Market.

Scope of Global Forklift Battery Market Report:-

Batteries are the electrical heart of forklifts. As the forklifts batteries provide power to industrial trucks for lifting heavy items rapidly as they need constant power supply to function properly. There are variety of industrial batteries ranging from size to density are available & are used by forklifts trucks. These types are not same as they differ from each other due to setup, system, charging requirements and price tags. The primary types of forklift batteries include lead acid forklift batteries and lithium-ion forklift batteries. In which, lead acid batteries are long-standing for forklifts, while lithium-ion batteries are newer technology and have many different chemistries. This type of battery is more compact and energy dense than lead-acid. The lifespan of the forklift battery is always extended when proper maintenance regimens are observed.

Covid-19 has shown a slightly negative impact on the market as the effects of this global pandemic have rippled through many lives and have upended aspects of energy materials and renewable generation & conversion market which includes battery-powered electric vehicles, grid storage, and personal electronic devices. Also due to pandemic, the businesses have shut down, the road traffic ground to a standstill, and the demand for electric automobiles dropped. Consequently, it has impacted the forklift battery market. However, after the impact of the Covid-19 has fallen great changes have occurred in public transportation habits during the COVID-19 pandemic, and it has been observed that approximately 20% of individuals may prefer electric micro-mobility devices working with lithium batteries due to the risk of infection in closed areas such as public buses or metros. Thus, with the increasing use of renewable energy sources and the increasing importance of the concept of sustainability, energy storage systems including forklifts batteries are compatible with renewable energy technologies which has become more and more important. This has led the growth of the market in recent times.

Global Forklift Battery Market Segmentation:-

Global Forklifts Battery Market is segmented into type, application, and region & country level. On the basis of type, the global forklifts battery market is segmented into Lithium-ion (Li-ion), Lead–Acid, and Others. On the basis of application, the market is segmented into warehouses, construction, manufacturing, retail & wholesale stores, and others.

By Type

• Lithium-ion (Li-ion)
• Lead–Acid
• Others

By Application

• Warehouses
• Construction
• Manufacturing
• Retail & Wholesale Stores
• Others

Forklift Battery Manufacturers:-

Some of the key players of the global forklift battery market are such as

• EXIDE INDUSTRIES LTD.
• Hoppecke
• EnerSys
• East Penn Manufacturing Company
• Crown Equipment Corporation
• Navitas Systems
• SBS Storage Battery Systems, LLC
• Saft
• Microtex Energy Private Limited
• Southwest Battery Company 
• Others.

Recent Developments

News- Vedanta Aluminium Joins Hands with GEAR India to Deploy Lithium-Ion Forklift Fleet

On January 5^th, 2022; Vedanta Aluminium Business, one of the India's leading producers of aluminium has announced that it has signed an agreement with Gemini Equipment and Rentals Private Limited (GEAR) India. The aim of the agreement is to deploy a lithium-ion battery-powered electric forklift fleet in the country. With this initiative Vedanta Aluminium has undertaken one of the largest deployment of lithium-ion battery-powered electric forklift fleets in India.

Forklift Lithium Battery New Energy Solution of Vision

On July 10^th, 2020; Vision Group which is one of the leading battery manufacturers developed a new energy solution Forklift lithium battery. The products can be applied to a full range of global brand forklift trucks such as European, Japanese, Korean and American brands, with its modular design. Also, it has built a BMS intelligent platform, real-time monitor the battery health status in the cloud and realize the visualization of battery status.

Increasing Demand for Forklifts is One of the Major Factors Driving the Growth of the Global Forklift Battery Market

As the forklifts are heavily preferred by numerous fleet management industries to handle the goods in the warehouses and industries. Also, the forklifts have capabilities that includes the high weight carrying & lifting capacities, fast movement in compact spaces & others. This has led the increased demand for forklifts. For example; according to the Industrial Truck Industry; there are approximately 850,000 forklifts currently in operation in United States, and the number is growing. Though, the forklift batteries play crucial role in the operation of the forklifts in the industries. For instance, according to Toyota industries estimation the lead acid batteries power 90 percent of electric forklifts in operation. Consequently, with increasing demand for forklifts, the demand for forklift batteries is also increasing.

In addition, the competition between present leading players to launch new innovative battery technologies is also boosting the growth of the market. As the lithium-ion battery is the key to all electric mobility solutions future. Also, with increasing advantages of using electric forklifts for material handling, also its operation on the batteries make them ideal. Although lead-acid batteries are the conventional power source for forklifts, the Li-ion batteries are now considered as alternative power sources. Thus, the market players are focused on investing a huge pile of money in R&D in the search of the most suitable battery for electric forklifts. For instance; Mitsubishi Caterpillar Forklift America Inc. (MCFA), a manufacturer of forklifts under the Jungheinrich brand has recently announced the launch of its Jungheinrich Lithium-ion battery technology. This Lithium-ion power solution offers superior energy efficiency, zero maintenance and long-life cycles for greater uptime and productivity as compared to traditional lead acid batteries.

The trend of technological advanced battery products may boost the growth of the market within the forecast period. However, high price range of the forklift batteries may restrain the growth of the market. In spite of that, various advancements in this field may create more growth opportunities for the further growth of the market.

Asia Pacific is Expected to Show the Fastest Growth in the Global Forklift Battery Market.

Geographically, Asia Pacific to show a fastest growth in the global forklift battery market due to the growing urbanization, and expansion of major industries such as construction, electronics, food processing, furniture, and increasing demand for industrial forklifts in this region. As the importance of forklifts in the industries is increasing with its added-value benefits which has increased the demand for forklifts from the various industrial sectors in this region. With this increasing importance, leading players are also contributing to the growth of the market by improving their product sales of forklift batteries into the region. For example; one of the Chinese leading players Wisdom Industrial Power Co., Ltd is a manufacturing and trading combo of specialized in Lithium battery for over 17 years in new energy vehicles, forklifts, and storage power. Its battery solutions are already replaced for these famous forklift brand including Toyota, Yale, Hyster, Crown, TCM, Linde, Doosan.  

North America is expected to witness a significant growth in the global forklift battery market owing to present of key players for automotive, manufacturing, logistic chain, e-commerce, and warehouses, thus creating high demand for forklifts. The leading players such as East Penn Manufacturing Company, Crown Equipment Corporation, NITCO, American Battery Company, and others are mainly contributing to the growth of the market in this region. In the industrial sector perspective, the leading economies such as U.S. and Canada have boosted the demand for forklifts as a fastest mobility and heavy load transportation solution.

On Special Requirement Forklift Battery Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 5.16 Billion
Base year considered	2020
Forecast Period CAGR %:	7.1%
Market Size Expected in 2028:	USD 8.34 Billion
Tables, Charts & Figures:	175
Pages	200
forklift battery Manufacturers	EXIDE INDUSTRIES LTD., Hoppecke, EnerSys, East Penn Manufacturing Company, Crown Equipment Corporation, Navitas Systems, SBS Storage Battery Systems LLC, Saft, Microtex Energy Private Limited, Southwest Battery Company, Others.
Segments Covered	By Type, By Application
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits of Global Forklift Battery Market Report:-

• Global Forklift Battery Market report covers in-depth historical and forecasts analysis.
• Global Forklift Battery Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, and Regional and Country levels.
• Global Forklift Battery Market report helps to identify opportunities in the marketplace.
• Global Forklift Battery Market report covers an extensive analysis of emerging trends and the competitive landscape.