Forklift Battery Market to Reach $4,231.0 Mn, Globally, by 2026 at 6.6% CAGR

The global Forklift Battery Market forecast is expected to be $7,191.9 million by 2026, increasing from $4,231.0 million in 2018 at a CAGR of 6.6%. Europe market share is anticipated to rise at a CAGR of 6.8% by generating a revenue of $1,970.6 by 2026. Asia-Pacific Market size will generate a revenue of $2,704.2 million by 2026.

A Forklift truck is one of the majorly used powered industrial truck for lifting of heavy items rapidly and an entire inventory reducing the pain points of manual lifting. Forklift trucks are mostly powered by electricity, propane, diesel or gasoline. As they need constant power supply to function properly, deep cycle industrial grade batteries are used that can be discharged up to 80% on a regular basis. A variety of industrial batteries ranging from size to density are used by the forklift trucks. Electric forklift trucks dependent on the batteries to operate which are easy to maintenance and lower cost.

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There are two main choices in the forklift battery industry--the lead-acid battery and the industry newbie Lithium Ion (Li Ion). They operate in their own ways respective to their own systems, setups, charging requirements, and price tags. Studies have estimated that lead acids will be the industry leader throughout the upcoming years due to its affordable price and weight. A report by Research Dive has predicted that Lead-acid segment has the significant share in the global forklift battery market and it has generated a revenue of $3,228.2 Million in 2018 and is anticipated to generate revenue of $5,462.3 Million by 2026.

Lithium ion (Li-ion) segment shall generate a revenue of $1,348.5 million in 2026, increasing at a CAGR 7.0%; this is mainly due to key advantages of lithium ion battery such as efficient charging, longer life span and safer operations. In addition, this battery provides dramatic cost savings.

Lead acid segment has dominant share in global forklift battery market; this segment will generate a revenue of $5,462.3 million by the end of 2026, at a CAGR of 6.5% till 2026. This segment has enormous opportunities due to the recent invention in the lead acid battery and subsequent advances. Market players are working on new developments that have a combination of new technology with the old ones.

Manufacturing segment has the highest market share and is projected to register a revenue of $2,066.2 million during the forecasted period, growing at a CAGR of 6.5%; this growth is because of improvements in manufacturing industries in developing and developed countries. Moreover, Forklift's versatile features in manufacturing such as accurate and proper planning, correct forklift operation and work environment awareness is anticipated to drive the demand for forklifts and eventually impel the growth of forklift battery market.

Warehouse segment is the fastest moving segment and is expected to generate revenue of $1,711.7 million by the end of 2026, growing at a CAGR of 7.0 %, significantly owing to huge demand for warehousing forklifts and newly invented forklift batteries, increasing the efficiency of logistics. Moreover, rising the number of warehousing activities worldwide, owing to the constant growth of the retail sector is projected to boost the growth of forklift battery market.

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Europe forklift battery market size will cross $1,553.5 million in 2026, increasing at a CAGR 7.0%. Europe forklift battery market is anticipated to increase at fast rate owing to heavy investments in R&D (research and developments), advancements in manufacturing and Warehouse Automation. Additionally, construction activities are consistently growing in Europe is one of the significant factors of the growing demand for forklift batteries in Europe region

Key Companies Profiled
o Crown Equipment Corporation
o East Penn Manufacturing Company
o ENERSYS.
o EXIDE INDUSTRIES LTD.
o Microtex Energy Private Limited
o Navitas System, LLC Corporate
o Saft
o Southwest Battery Company
o Storage Battery Systems, LLC
o Johnson Controls

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